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2025-09-30-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 2025

BRITISH SOCIETY FOR ANTIMICROBIAL CHEMOTHERAPY (A company limited by guarantee)

CONTENTS

Page
Reference and administrative details of the charity, its trustees and advisers 3
Trustees' report 4 - 9
Independent auditor's report 10 - 13
Financial Statements 14 - 39

2

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 2025

Dr. Michael Allen, Medical A�airs, Merck Inc

Resigned 7 May 2026)

Dr. Ioannis Baltas, ID Micro Trainee, London Dr. Michelle Buckner, Professor of Antimicrobial Resistance, Birmingham Dr Alicia Demirjian Consultant Paediatric Infectious Diseases London (Appointed 15 May 2025)

Dr. Jane Democratis, Consultant Microbiologist, Leicester

Dr. Matthew Dryden, Consultant in Infection, Porton Down Dr. Aoife Fleming, Consultant Pharmacist, Cork, Ireland Dr. Naomi Fleming, Community based Pharmacist, Towcester ( Resigned 7 May 2026) Mrs. Frances Garraghan Specialist Pharmacist Manchester (Resigned 24 October 2024) Prof. Ian Gould, Consultant Microbiologist, Aberdeen ( Resigned 7 May 2026) Dr. David Jenkins, Consultant Microbiologist, Leicester Dr. Amelia (Annie) Joseph, Consultant Medical Microbiologist, Nottingham Professor Paul Long Consultant Microbiologist London (Appointed 15 May 2025) Dr. Christopher Longshaw, Medical Adviser, Shionogi

Dr. Aimee Murray, Lecturer, Exeter ( Resigned 7 May 2026) Dr Helena Parsons Consultant Microbiologist She�ield (Appointed 15 May 2025) Prof. Andrew Seaton, Infectious Disease Consultant, Glasgow Dr. Louise Sweeney, Consultant Medical Microbiologist, Manchester Ms. Sally Tipping, Lead Antimicrobial Pharmacist, Swindon Dr Miruna David (Appointed 7 May 2026) Dr Rasha Abdelsalam (Appointed 7 May 2026)

3

BRITISH SOCIETY FOR ANTIMICROBIAL CHEMOTHERAPY

(A company limited by guarantee)

Trustees’ Annual Report

For the year ended 30 September 2025

Reference and Administrative Details

Charity name: British Society for Antimicrobial Chemotherapy (BSAC)

Registered charity number: 1093118

Company registration number: 4443910

The British Society for Antimicrobial Chemotherapy is a company limited by guarantee and a registered charity. It was incorporated on 21 May 2002, having operated as an unincorporated charity since its foundation in 1971.

Registered and principal o�ice:

Gri�in House 53 Regent Place Birmingham B1 3NJ

Trustees’ Report

charity and its subsidiary for the year ended 30 September 2025. The report has been prepared in accordance with the requirements of the Charities Act 2011, the Companies Act 2006, and the Charities Statement of Recommended Practice (FRS 102).

Structure, Governance and Management

Governing document

The Society is governed by its Memorandum and Articles of Association, which are supported by Society Regulations. These documents are reviewed regularly by Council and are published on the Society’s website.

Trustees

The Trustees, who are also the Directors of the charitable company for the purposes of company law, served during the year as listed in the administrative section of this report.

4

BRITISH SOCIETY FOR ANTIMICROBIAL CHEMOTHERAPY

(A company limited by guarantee)

Appointment and induction of Trustees

Trustees are elected from among the Ordinary Members of Council in accordance with the Articles of

Association and Society Regulations. Elections are conducted through an open nomination process

and, where necessary, by ballot of the membership administered independently.

All new Trustees receive a formal induction pack covering:

training at the Society’s expense.

Organisational structure and decision-making

The Society is governed by Council, which meets three times annually to set strategy, approve

budgets, review performance, and ensure compliance with statutory obligations.

Council delegates operational responsibility to:

All delegated bodies operate within approved terms of reference and report regularly to Council.

Risk Management and Internal Controls

The Trustees recognise their responsibility for identifying and managing risks that may a�ect the

Society’s ability to deliver its charitable objectives.

A comprehensive risk register, developed in line with Charity Commission guidance, is maintained and

reviewed regularly by Council. Risks are assessed according to likelihood and impact, and mitigating actions are implemented and monitored.

The Society maintains:

These arrangements support transparency, accountability, and e�ective governance.

Objectives and Activities

Charitable objectives

The Society’s charitable object is:

chemotherapy.

5

BRITISH SOCIETY FOR ANTIMICROBIAL CHEMOTHERAPY

(A company limited by guarantee)

Strategy and activities

Each year, Council agrees a programme of work designed to further the Society’s charitable purposes. Activities during the year fell into the following key areas:

The Society continued to adapt its delivery model, expanding online and hybrid activities to improve accessibility and reach, while responding to changes in the academic publishing and education landscape.

satisfied that the Society’s activities provide clear and identifiable public benefit.

Patient and public involvement is embedded across relevant activities, including educational

initiatives and advocacy programmes.

Review of Activities and Achievements

Education and training

The Society delivered a wide-ranging programme of education covering antimicrobial resistance,

stewardship, infection prevention, diagnosis, and treatment. Courses were made freely available globally via the Infection Learning Hub.

During the year:

6

BRITISH SOCIETY FOR ANTIMICROBIAL CHEMOTHERAPY

(A company limited by guarantee)

The Society also worked with the World Health Organization to deliver facilitated antimicrobial stewardship education in Egypt.

Peer review publications

The Society continued to publish two peer review journals. The Journal of Antimicrobial Chemotherapy published 470 articles, including 172 open access articles with full text of articles accessed more than 3 million times during the year. The JAC-AMR, a fully open access journal, continued to grow in submissions, reach and reputation, publishing 231 articles and 121 conference abstracts. Full text of articles for JAC-AMR was accessed over 400,000 times.

Conferences, meetings and accreditation

The Society hosted and supported in-person, hybrid, and online conferences and workshops. All Society-organised educational activities were accredited for Continuing Professional Development through statutory Royal College schemes. Evaluation feedback was used to inform continuous improvement. During the year the Society hosted and participated in 33 events, attracting 6118 registrants from across 142 countries.

Research support

No research grant calls were issued during the year.

Major programmes

Public engagement and advocacy

7

BRITISH SOCIETY FOR ANTIMICROBIAL CHEMOTHERAPY

(A company limited by guarantee)

The Society continued to:

Community-based initiatives supported by Stop Superbugs operated across sub-Saharan Africa, with the first dedicated grants programme awarding three grants during the year.

Collaborative and partnership working

The Society worked with a range of partners across the year including supranational bodies, national bodies, philanthropic supporters, UK and international governments and ministries of health and commercial partners. These included the World Health Organisation, Ministry of Health, Egypt, Baille Gi�ord, NHS England, UKHSA and many academic organisations such as the Universities of Aberdeen, Strathclyde, Melbourne amongst others.

Financial Review

The Society’s principal sources of income were:

Net journal income amounted to £1,470,175 before in-house editorial costs. The Society’s investment

portfolio performed well, generating realised and unrealised gains of £632,306.

financial sustainability.

Reserves Policy

The Trustees’ policy is to maintain free reserves su�icient to cover at least 24 months’ expenditure, with an aspiration of 36 months, to ensure financial resilience and continuity of charitable activities.

8

BRITISH SOCIETY FOR ANTIMICROBIAL CHEMOTHERAPY

(A company limited by guarantee)

At the year end, free reserves totalled £10,798,990, exceeding the minimum policy requirement. The

Trustees consider this level of reserves to be appropriate given the scale and nature of the Society’s activities and commitments.

Investment Policy

Investments are managed by Rathbones Investment Management Ltd in accordance with powers set out in the Memorandum and Articles of Association.

The Trustees’ policy is to:

Plans

objectives. Priorities include:

Statement of Going Concern

The Trustees have a reasonable expectation that the charity will continue in operational existence for

basis.

Independent Auditor

MHA has expressed its willingness to continue in o�ice. A resolution to reappoint MHA as the Society’s

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: 24 June 2026

9

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

'charitable company') for the year ended 30 September 2025 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).

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 su�icient and appropriate to provide a basis for our opinion.

CONCLUSIONS RELATING TO GOING CONCERN

basis of accounting in the preparation of the financial statements is appropriate.

10

BRITISH SOCIETY FOR ANTIMICROBIAL CHEMOTHERAPY

(A company limited by guarantee)

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

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

OTHER INFORMATION

The Trustees are responsible for the other information. The other information comprises the information included in the Annual report, other than the financial statements and our 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.

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:

11

BRITISH SOCIETY FOR ANTIMICROBIAL CHEMOTHERAPY

(A company limited by guarantee)

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.

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.

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 e�ect thereunder.

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

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:

12

BRITISH SOCIETY FOR ANTIMICROBIAL CHEMOTHERAPY (A company limited by guarantee)

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.

Rebecca Hughes BSc (Hons) FCCA (Senior Statutory Auditor)

for and on behalf of

MHA

Statutory Auditor Northampton, United Kingdom

Date: 24 June 2026

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.

13

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 2025

Note
INCOME FROM:
Donations
2
Charitable activities
3
Investments
4
TOTAL INCOME
EXPENDITURE FROM:
Raising funds
Charitable activities
5/6
TOTAL EXPENDITURE
7
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		 Unrestricted
funds
Restricted
funds
Total funds
Total funds
2025
2025
2025
2024
£
£
£
£
46,668
74,380
121,048
121,349
2,313,620
88,199
2,401,819
2,343,020
156,072
-
156,072
159,471
2,516,360
162,579
2,678,939
2,623,840
26,906
-
26,906
25,450
2,071,872
237,039
2,308,911
2,398,970
2,098,778
237,039
2,335,817
2,424,420
417,582
(74,460)
343,122
199,420
521,312
-
521,312
622,791
938,894
(74,460)
864,434
822,211
-
-
-
-
938,894
(74,460)
864,434
822,211
938,894
(74,460)
864,434
822,211

14

BRITISH SOCIETY FOR ANTIMICROBIAL CHEMOTHERAPY (A company limited by guarantee)

RECONCILIATION OF FUNDS:

RECONCILIATION OF FUNDS:
Total funds brought forward
TOTAL FUNDS CARRIED
FORWARD		 9,860,096
1,223,443
11,083,539
10,798,990
1,148,983 11,947,973

The notes on pages 19 to 39 form part of these financial statements.

15

BRITISH SOCIETY FOR ANTIMICROBIAL CHEMOTHERAPY

(A company limited by guarantee)

BALANCE SHEET AS AT 30 SEPTEMBER 2025

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		 2025
2024
£
£
£
£
1,078,258
1,045,902
450,000
550,000
1,528,258
1,595,902
7,376,057
6,799,675
8,904,315
8,395,577
817,531
777,675
3,065,854
2,720,551
3,883,385
3,498,226
(839,727)
(810,264)
3,043,658
2,687,962
11,947,973
11,083,539
1,148,983
1,223,443
10,798,990
9,860,096
11,947,973
11,083,539		 2025
2024
£
£
£
£
1,078,258
1,045,902
450,000
550,000
1,528,258
1,595,902
7,376,057
6,799,675
8,904,315
8,395,577
817,531
777,675
3,065,854
2,720,551
3,883,385
3,498,226
(839,727)
(810,264)
3,043,658
2,687,962
11,947,973
11,083,539
1,148,983
1,223,443
10,798,990
9,860,096
11,947,973
11,083,539
11,083,539
1,223,443
9,860,096
11,083,539

16

BRITISH SOCIETY FOR ANTIMICROBIAL CHEMOTHERAPY (A company limited by guarantee)

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.

behalf, by:

Dr Christopher Longshaw

Trustee

Date: 24 June 2026

17

BRITISH SOCIETY FOR ANTIMICROBIAL CHEMOTHERAPY

(A company limited by guarantee)

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 30 SEPTEMBER 2025

Note
Cash fows from operating activities:
Net (outfow)/infow provided by operating activities
18
Cash fows from investing activities:
Dividends, interest and rents from investments
Purchase of tangible fxed 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		 2025
2024
£
£
247,382
(33,119)
119,935
126,303
(77,938)
(1,073)
1,768,066 849,893
(1,712,142)
(1,095,278)
97,921
(120,155)
345,303
(153,274)
2,720,551
2,873,825
3,065,854
2,720,551

The notes on pages 19 to 39 form part of these financial statements.

18

BRITISH SOCIETY FOR ANTIMICROBIAL CHEMOTHERAPY

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2025

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 o�ice and principal trading address is Gri�in House, 53 Regent Place, Birmingham, B1 3NJ.

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.

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 3. 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

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.

19

BRITISH SOCIETY FOR ANTIMICROBIAL CHEMOTHERAPY

(A company limited by guarantee)

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 di�erences 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.

20

BRITISH SOCIETY FOR ANTIMICROBIAL CHEMOTHERAPY

(A company limited by guarantee)

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

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

Depreciation is provided at rates calculated to write o� 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 - 5% straight line Computer and other equipment - 25% straight line

21

BRITISH SOCIETY FOR ANTIMICROBIAL CHEMOTHERAPY

(A company limited by guarantee)

1.8 Investments

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 o�ered. 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 e�ect 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.

22

BRITISH SOCIETY FOR ANTIMICROBIAL CHEMOTHERAPY

(A company limited by guarantee)

1.13 Financial instruments

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 e�ective 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.

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

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.

23

BRITISH SOCIETY FOR ANTIMICROBIAL CHEMOTHERAPY

(A company limited by guarantee)

2. INCOME FROM DONATIONS

2. INCOME FROM DONATIONS
Unrestricted Restricted Total funds Total funds
funds funds
2025 2025 2025 2024
£ £ £ £
Voluntary income: subscriptions 7,499 - 7,499 7,455
Sundry income 39,169 - 39,169 1,738
Antibiotic Guardian - - - -
Grant income - 74,380 74,380 112,156
Total donations and legacies 46,668 74,380 121,048 121,349
Total 2024 9,193 112,156 121,349
3. INCOME FROM CHARITABLE ACTIVITIES
Unrestricted Restricted Total funds Total funds
funds funds
2025 2025 2025 2024
£ £ £ £
Education 563,045 52,496 615,541 716,086
Communications 1,750,575 - 1,750,575 1,438,893
Research - 35,703 35,703 188,041
2,313,620 88,199 2,401,819 2,343,020
Total 2024 2,162,987 180,033 2,343,020

24

BRITISH SOCIETY FOR ANTIMICROBIAL CHEMOTHERAPY

(A company limited by guarantee)

EDUCATION
OPAT
Spring Meeting
Winter Meeting
E Bug Website and activities
Other meetings/workshops
E Learning
Project funding
Total
COMMUNICATION
Income arising from the society journal
and supplements
RESEARCH
UK Antimicrobial Registry
Research implementation partnerships
Total		 20252024
£
£
140,966
58,339
160,708
127,893
112,187
125,903
480
48,220
45,341
179,854
103,363
164,064
52,496
11,813
615,541
716,086
2025
2024
£
£
1,750,575
1,438,893
2025
2024
£
£
20,000
120,000
15,703
68,041
35,703
188,041

25

BRITISH SOCIETY FOR ANTIMICROBIAL CHEMOTHERAPY

(A company limited by guarantee)

4. INVESTMENT INCOME

Option to Purchase
Rental income
Listed investments
Bank interest and other investments
Total 2024		 Unrestricted
funds
Restricted
funds
Total funds
Total funds
2025
2025
2025
2024
£
£
£
£

-
-
-
18,510
-
-
-
-
119,935
-
119,935
126,303
36,137
-
36,137
14,658
156,072
-
156,072
159,471
159,471
-
159,471

5. DIRECT COSTS

5. DIRECT COSTS
**Education ** Communications Research Total 2025 Total 2024
£ £ £ £ £
Delinkage Project
743		 - - 743 1,277
Conferences and events 563,436 - - 563,436 528,893
Antimicrobial Susceptibility
Testing - - 20,130 20,130 20,169
Resistance Surveillance Legacy - - - - 3,354
Journals- editorial fees - 156,835 - 156,835 150,876
Journals - direct publishing - 280,400 - 280,400 263,352
Research grants - - 18,306 18,306 19,977
NHSE Consultancy - - - - 2,400
UK Antimicrobial Registry 198,467 - - 198,467 229,834
Sta� training - - - - 1,509
Miscellaneous 3,303 3,302 3,302 9,907 223
Other indirect costs 65,673 65,673 65,673 197,019 231,591
Wages and salaries 168,116 168,115 168,115 504,346 398,348

26

BRITISH SOCIETY FOR ANTIMICROBIAL CHEMOTHERAPY

(A company limited by guarantee)

National insurance
Pension costs
E Learning development
Strategy Meeting
Drug stability
Wounds That Won’t Heal
Irrecoverable VAT
LEAP
Public professional and political
Engagement
GAMSAS
Total 2024		 20,222
20,222
20,221
60,665
42,645
56,648
56,648
56,648
169,944
163,021
38,346
-
-
38,346
70,048
-
10,685
10,685
-
-
-
-
-
3,497
-
-
-
-
134,000
16,219
-
-
16,219
5,268
754
-
-
754
-
-
15,883
-
15,883
39,120
18,032
-
-
18,032
49,313
1,149,959
777,763
352,395
2,280,117 2,358,715
1,304,797
731,883
322,035
2,358,715

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

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

27

BRITISH SOCIETY FOR ANTIMICROBIAL CHEMOTHERAPY

(A company limited by guarantee)

EDUCATION - MEETINGS
Spring Meeting
Winter Meeting
Antibiotic Resistance and Mechanisms Workshop
ECCMID
UNGA High Level Meeting
OPAT Conference and workshops
International AMS Projects
Antimicrobial Chemotherapy Conference
Gram Negative Conference
EBRD Project
Webinars
Masterclass
London PGD Trainees
Academic Publishing Workshop
Total
RESEARCH GRANTS
Covid-19
Stop Superbugs
Total		 2025
2024
£
£
105,125
117,168
115,737
103,570
32,259
24,992
27,636
54,182
-
3,775
90,558
83,917
183
27,522
11,584
9,970
-
12,323
1,308
29,954
127,355
58,909
11,250
2,611
12,337
-
28,104
-
563,436
528,893
2025
2024
£
£
18,306
15,477
-
4,500
18,306
19,977

28

BRITISH SOCIETY FOR ANTIMICROBIAL CHEMOTHERAPY

(A company limited by guarantee)

6. GOVERNANCE COSTS

Unrestricted
funds
2025
£
Auditor's remuneration
23,300
Auditor's non audit costs 9,747
Travel
5,494
38,541
7. ANALYSIS OF EXPENDITURE BY EXPENDITURE TYPE
Expenditure on investment management
Costs of raising funds
Education
Communications
Research
Charitable activities
Expenditure on governance
Total 2024		 Unrestricted
funds
2025
£

23,300
9,747
5,494		 Restricted
funds
Total funds
Total funds
2025
2025
2024
£
£
£
-
23,300
24,628
9,747
10,576
-
5,494
5,051
38,541
40,255
Other costs
Total
Total
2025
2025
2024
£
£
£

26,906
26,906
25,450
38,541
26,906
26,906
25,450
1,149,959
1,149,959
1,304,797
777,763
777,763
731,883
352,395
352,395
322,035
2,280,117 2,280,117
2,358,715
28,794
28,794
40,255
2,308,911 2,308,911
2,424,420
2,424,420
2,424,420

29

BRITISH SOCIETY FOR ANTIMICROBIAL CHEMOTHERAPY

(A company limited by guarantee)

8. NET INCOME/(EXPENDITURE)

This is stated after charging:

2025 2024
£ £
Depreciation of tangible fxed assets:
- owned by the charity 45,582 46,152
Auditor's remuneration - audit 23,300 24,628
Auditor's remuneration - other services 9,747 10,576

During the year, no Trustees received any remuneration (2024 - £NIL). During the year, no Trustees received any benefits in kind (2024 - £NIL).

9. STAFF COSTS

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

2025 No. 2024 No.
Employees 16 13
The number of higher paid employees was
In the band £60,001 - £70,000 2 0
In the band £70,001 - £80,000 0 1
In the band £80,001 - £90,000 0 1
In the band £110,001 -120,000 1 0

One of the above employees is considered to be key management personnel. The total amount of employee benefits (including employer pension contributions) received by 1 key management personnel for their services to the charity was £129,598 (2024 - £191,912 for 2 persons).

Total sta� costs for the year amounted to £734,955 (2024 - £604,014) including Employers National Insurance of £60,665 (2024 - £42,645) and Employers pension contributions of £92,446 (2024 - £84,074).

30

BRITISH SOCIETY FOR ANTIMICROBIAL CHEMOTHERAPY (A company limited by guarantee)

10. GRANT COMMITMENTS

At 30 September 2025 the total of the Charity's future grants payable were as follows:

2025 2024
£ £
Grant commitment 328,044 345,330
11. TANGIBLE FIXED ASSETS
At 30 September 2025 the total of the Charity's future grants payable were as follows:
Computer
Freehold
and Other
Property Equipment Total
£ £ £
Cost
At 1.10.2024 1,390,404 203,089 1,593,493
Additions 75,573 2,365 77,938
At 30 September 2025 1,465,977 205,454 1,671,431
Depreciation
At 1.10.2024 346,909 200,682 547,591
Charge 44,376 1,206 45,582
At 30 September 2025 391,285 201,888 593,173
Net book value
At 30 September 2025 1,074,692 3,566 1,078,258
At 30 September 2024 1,043,495 2,407 1,045,902

31

BRITISH SOCIETY FOR ANTIMICROBIAL CHEMOTHERAPY

(A company limited by guarantee)

12. INVESTMENT PROPERTY

Valuation
At 1 October 2024
Revaluation
At 30 September 2025		 £
550,000
(100,000)
450,000

The valuation of the Investment Property has been reduced to £450,000 in line with the valuation performed in 2021 by Mr B Faulks of GJS Dillon Limited, who is a chartered surveyor and an RCIS Registered Valuer. The option to purchase granted at a value of £830,838 has now lapsed, therefore the trustees consider £450,000 to be an accurate reflection of the property value as at the balance sheet date

13. FIXED ASSET INVESTMENTS

Market value
At 1 October 2024
Additions
Disposals
Revaluations
At 30 September 2025		 Listed
securities
£
6,799,675
1,712,142
(1,768,066)
632,306
7,376,057
2025 Market 2024 Market
Quoted investments Cost value Cost value
£ £ £ £
Fixed interest securities UK 1,548,990 1,602,249 1,312,952 1,327,049
Fixed interest securities overseas - - 124,524 131,440
Equities UK 774,837 1,399,374 1,297,867 1,930,816

32

BRITISH SOCIETY FOR ANTIMICROBIAL CHEMOTHERAPY

(A company limited by guarantee)

Equities overseas
Alternatives
Total		 2,585,891
3,957,229
1,704,208
2,748,911
209,034
417,204
467,399
661,459
5,118,752
7,376,056
4,906,950
6,799,675

14. DEBTORS

Trade debtors
Prepayments and accrued income
Short term loan
VAT repayment		 2025
2024
£
£
602,778
591,024
166,400
86,651
-
100,000
48,353
817,531
777,675

Included within 2024 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 on 28th February 2025.

15. CREDITORS: Amounts falling due within one year

Other taxation and social security
Other creditors
Accruals and deferred income		 2025
2024
£
£
19,361
124,788
3,793 346,751
816,573
338,725
839,727
810,264

33

BRITISH SOCIETY FOR ANTIMICROBIAL CHEMOTHERAPY (A company limited by guarantee)

Deferred income
Deferred income at 1 October 2024
Resources deferred during the year
Amounts released from previous years
Deferred income at 30 September 2025		 £
185,334
464,202
(185,334)
464,202

Deferred income comprises project income received in advance.

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		 Balance at
1 October
2024
Income Expenditure
Transfers
in/out
Gains/
(Losses)
Balance at
30
September
2025
£
£
£
£
£
£
9,860,096 2,516,360
2,098,778
-
521,312
10,798,990

10,000
-
743
-
-
9,257
-
39,796
1,308
-
-
38,488
216,877
-
18,306
-
-
198,571
125,453
-
-
-
-
125,453
79,026
-
-
-
-
79,026
454,829
20,000
198,467
-
-
276,362
87,141
-
-
-
-
87,141
75,058
-
-
-
-
75,058
-
6,000
-
-
-
6,000
141,689
42,628
18,032
-
-
166,285

34

BRITISH SOCIETY FOR ANTIMICROBIAL CHEMOTHERAPY

(A company limited by guarantee)

Grants Income Abu Dhabi
Quality Improvement
Blood Culture Pathway
Project
AMR Animation
pAMS Educational
Programme
AMR Consultancy Services
Antibiotic Guardian
Total of funds		 27,320
-
-
-
-
27,320
6,050
12,700
-
-
-
18,750

-
8,750
-
-
-
8,750
-
17,002
183
-
-
16,819
-
9,828
-
-
-
9,828
-
5,875
-
-
-
5,875
1,223,443
162,579
237,039
-
-
1,148,983
11,083,539 2,678,939
2,335,817
-
521,312
11,947,973

STATEMENT OF FUNDS – PRIOR YEAR

Unrestricted funds
General funds - all funds
Restricted funds
Delinkage Project
EBRD Project
Donations re. Covid-19
Sponsor of Webinar
Educational grant
University of Aberdeen
(UKAR)
Drug stability
E-bug		 Balance at
1 October
2024
Income Expenditure
Transfers
in/out
Gains/
(Losses)
Balance at
30
September
2025
£
£
£
£
£
£
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

35

BRITISH SOCIETY FOR ANTIMICROBIAL CHEMOTHERAPY (A company limited by guarantee)

Stop Superbugs - - 4,500 4,500 - -
Grants GAMSAS Project 97,952 93,050 49,313 - - 141,689
Grants Income Abu Dhabi
Quality Improvement 18,214 9,106 - - - 27,320
Blood Culture Pathway
Project 2,550 3,500 - - - 6,050
1,237,689 292,189 332,576 26,141 - 1,223,443
Total of funds **10,261,328 ** 2,623,840 2,424,420 - 622,791 11,083,539
SUMMARY OF FUNDS - CURRENT YEAR
Balance at
Balance at 30
1 October Transfers Gains/ September
2024 **Income ** Expenditure in/out (Losses) 2025
£ £ £ £ £ £
General funds **9,860,096 ** 2,516,360 2,098,778 - 521,312 10,798,990
Restricted funds 1,223,443 162,579 237,039 - - 1,148,983
**11,083,539 ** 2,678,939 2,335,817 - 521,312 11,947,973
SUMMARY OF FUNDS - PRIOR YEAR
Balance at
Balance at 30
1 October Transfers Gains/ September
2024 **Income ** Expenditure in/out (Losses) 2025
£ £ £ £ £ £
General funds **9,023,639 ** 2,331,651 2,091,844 (26,141) 622,791 9,860,096
Restricted funds 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

36

BRITISH SOCIETY FOR ANTIMICROBIAL CHEMOTHERAPY

(A company limited by guarantee)

17. ANALYSIS OF NET ASSETS BETWEEN FUNDS

ANALYSIS OF NET ASSETS BETWEEN FUNDS - CURRENT YEAR ANALYSIS OF NET ASSETS BETWEEN FUNDS - CURRENT YEAR
Unrestricted Restricted Total
funds funds funds
2025 2025 2025
£ £ £
Tangible fxed assets 1,078,258 - 1,078,258
Fixed asset investments 7,376,057 - 7,376,057
Investment property 450,000 - 450,000
Current assets 2,734,402 1,148,983 3,883,385
Creditors due within one year (839,727) - (839,727)
10,798,990 1,148,983 11,947,973
ANALYSIS OF NET ASSETS BETWEEN FUNDS - PRIOR YEAR
Unrestricted Restricted Total
funds funds funds
2024 2024 2024
£ £ £
Tangible fxed assets 1,045,902 - 1,045,902
Fixed asset investments 6,799,675 - 6,799,675
Investment property 550,000 - 550,000
Current assets 2,274,783 1,223,443 3,498,226
Creditors due within one year (810,264) - (810,264)
9,860,096 1,223,443 11,083,539

37

BRITISH SOCIETY FOR ANTIMICROBIAL CHEMOTHERAPY

(A company limited by guarantee)

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
 2025
2024
£
£
864,434
822,211
45,582
46,152
(532,306)
(662,220)
(119,935)
(126,303)
(39,856)
(358,592)
29,463
245,633
247,382
(33,119)
2025
2024
£
£
2,975,034
2,655,570
90,821 64,981
3,065,854
2,720,551

20. PENSION COMMITMENTS

represents contributions payable by the company to the scheme and amounted to £92,446 (2024 £84,074). There was no unpaid pension as at the balance sheet date.

38

BRITISH SOCIETY FOR ANTIMICROBIAL CHEMOTHERAPY (A company limited by guarantee)

21. OPERATING LEASE COMMITMENTS

All operating leases ceased during the year.

22. RELATED PARTY TRANSACTIONS

10 Trustees of the charitable company received £13,533 (2024 £16,468) in relation to reimbursed expenses for travel and subsistence incurred as part of their role as trustees. In total, the charitable company paid £3,103 (2024 £5,498) 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.

39