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:
- Legal duties and responsibilities of charity trustees
- Governance structure and decision-making processes
- Strategic objectives and key activities of the Society
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:
- The Chief Executive O�icer, who manages day-to-day operations
-
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:
- A Register of Interests for Trustees and key contributors
-
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:
- Education and training
- Research support and quality improvement
- Professional and public engagement
- Policy and advocacy
- Accreditation and standards development
- Peer review publications
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.
- Free and open access educational resources for healthcare professionals and the public
- Support for antimicrobial stewardship, infection prevention, and appropriate antibiotic use
- resistance
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:
- Almost 300,000 learners have accessed Society courses
- Between 3,000 and 5,000 learners were engaged at any one time during the year
- Courses supported clinicians, scientists, allied health professionals, and members of the public
6
**BRITISH SOCIETY FOR ANTIMICROBIAL CHEMOTHERAPY**
## **(A company limited by guarantee)**
- Four new courses were launched:
- Metallo-β-Lactamase (MBL) Infections: Diagnosis and Management
- Optimise Aminoglycoside Use in Clinical Practice
- Invasive Fungal Diseases: What the Healthcare Professional Needs to Know
- UTI Masterclass
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**
- The UK Antimicrobial Registry (UKAR)
- The Global Antimicrobial Stewardship Accreditation Scheme (GAMSAS)
- Global Antimicrobial Stewardship Partnership Hub (GASPH)
- The UK Outpatient Parenteral Therapy (OPAT) Programme and Drug Stability Testing Programme
- Keep Antimicrobials Working (KAW)
- Engagement with policymakers, including contributions to the UN General Assembly High-Level Meeting on AMR
## **Public engagement and advocacy**
7
## **BRITISH SOCIETY FOR ANTIMICROBIAL CHEMOTHERAPY**
## **(A company limited by guarantee)**
The Society continued to:
- Serve as Secretariat to the All-Party Parliamentary Group on AMR
- Operate a PhD Parliamentary Internship programme through the o�ice of Baroness Natalie Bennett, Dr Danny Chambers MP and Beccy Cooper MP.
- Support public education initiatives including Stop Superbugs and e-Bug schools education initiative
- Promote patient engagement, including considering development of a Patients’ Charter that will provide information to patients on their condition(s) and the role that the e�ective use of antimicrobials might play.
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:
- Publishing income from the Journal of Antimicrobial Chemotherapy
- Income from meetings and educational activities
- Unrestricted educational grants and donations
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:
- Maintain a balanced investment portfolio
- Protect capital value while generating sustainable income
-
## **Plans**
objectives. Priorities include:
-
- Expansion of education and accreditation programmes
- Strengthened public and policy engagement
-
## **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).
- give a true and fair view of the state of the charitable company's a�airs as at 30 September 2025 and of its incoming resources and application of resources, including its income and expenditure for the year then ended.
- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
- have been prepared in accordance with the requirements of the Companies Act 2006.
## **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:
- the information given in the Trustees' report is inconsistent in any material respect with the financial statements; or
- su�icient accounting records have not been kept; or
-
- we have not received all the information and explanations we require for our audit.
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:
- Enquiry of management and those charged with governance around actual and potential litigation and claims;
- Enquiry of entity sta� to identify any instances of non-compliance with laws and regulations;
- Performing audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness and reviewing accounting estimates for bias;
- Reviewing minutes of meetings of those charged with governance;
12
**BRITISH SOCIETY FOR ANTIMICROBIAL CHEMOTHERAPY (A company limited by guarantee)**
- compliance with applicable laws and regulations.
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**|**2025**2024
**£**
£
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.
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**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.
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