OpenCharities

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

2022-12-31-accounts

20 Trustees’ Annual 22 Report

Applied Microbiology International (Formerly Society for Applied Microbiology)

Applied Microbiology International is a charitable company registered in England and Wales, with charity number 1123044 and company number 06462427.

APPLIED MICROBIOLOGY INTERNATIONAL

TRUSTEES ANNUAL REPORT 2022

performance 28 Structure, Plans for the future governance and[24] management

----- Start of picture text -----
[3] [6]
----- End of picture text -----

Reference and Objectives and Administrative activities Information[9] 20

Achievements and performance

Financial Review

Applied Microbiology International: Trustees’ Annual Report 2022

Since the company qualifies as small under section 383, the strategic report required of medium and large companies under The Companies Act 2006 (Strategic Report and Directors’ Report) Regulations 2013 is not required.

The Trustees present their Annual Report together with the audited financial statements of the company for the year 1 January 2022 to 31 December 2022. The Trustees confirm that the Annual Report and financial statements of the company comply with the current statutory requirements, the requirements of the company’s governing document and the provisions of the Statement of Recommended Practice (SORP), applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (second edition of the Charities SORP (FRS102) October 2019).

The Executive Committee of Trustees presents its directors’ report and audited financial statements for the year ended 31 December 2022.

Structure, Plans for the future governance and management

02 CONTENTS

REFERENCE AND ADMINISTRATIVE INFORMATION 03

APPLIED MICROBIOLOGY INTERNATIONAL

TRUSTEES ANNUAL REPORT 2022

Reference and

Executive Committee (Trustees)

Administrative Information

Charity Name:

Company registration number: Charity registration number: Registered office:

Auditors:

Solicitors:

Investment managers:

Applied Microbiology International (known as Society for Applied Microbiology until July 2022) 06462427

1123044

Salisbury House, Station Road, Cambridge CB1 2LA

Peters Elworthy & Moore, Salisbury House, Station Road, Cambridge CB1 2LA

Veale Wasbrough Vizards LLP, 24 King William Street, London EC4R 9AT

Brewin Dolphin Securities, 12 Smithfield Street, London EC1A 9BD

Cazenove Capital, 1 London Wall Place, London EC2Y 5AU

Prof Brendan Gilmore Prof Jack Gilbert Dr Suzy Moody Prof Ian Feavers

President

Vice President (from 12 July 2022) General Secretary Scientific Programme Secretary (until 12 July 2022)

Mr Oern Greif

Treasurer

Dr Emmanuel Adukwu Dr Tajudeen Bamidele (from 12 July 2022) Dr Arpita Bose (from 12 July 2022) Dr Elaine Cloutman-Green (until 12 July 2022) Prof Sally Cutler Prof Stephen Forsythe (until 12 July 2022) Dr Marcela Hernandez Garcia (until 12 July 2022) Dr Samantha Law Dr Catherine Ludden (until 12 July 2022) Prof Catherine Rees (from 12 July 2022) Prof John Threlfall Dr James Timmis (from 12 July 2022) Dr James Williamson

Company Secretary and Chief Executive: Dr Lucy Harper

04 REFERENCE AND ADMINISTRATIVE INFORMATION

REFERENCE AND ADMINISTRATIVE INFORMATION 05

APPLIED MICROBIOLOGY INTERNATIONAL

TRUSTEES ANNUAL REPORT 2022

Objectives and Activities

At Applied Microbiology International (AMI) we fundamentally believe that microbiology can solve the world’s greatest challenges and that global issues need to be solved by global teams. Teams that come from different disciplines within microbiology, from different stages of their careers and from both academia and industry. Collaboration is the key to scientific discovery. Our activities are centred around seven of the UN Sustainable Development Goals.

Economic Equality

Clean Water

Healthy Land

Food Security

One Health

Climate Action

Ocean Sustainability

We are the oldest microbiology society in the UK and with more than half of our membership outside the UK, we serve microbiologists based in universities, private industry and research institutes around the world. As a membership organisation we support those studying and working in the field of applied microbiology, from undergraduate and PhD students, to those entering the field of work, as well as seasoned professionals in academia or industry, flourishing at the height of their careers.

06 OBJECTIVES AND ACTIVITIES

OBJECTIVES AND ACTIVITIES 07

APPLIED MICROBIOLOGY INTERNATIONAL

TRUSTEES ANNUAL REPORT 2022

We provide funding to encourage research and broad participation at our events and to ensure diverse voices are around the table working together to solve the Sustainable Development Goals we’ve chosen to support. Applied microbiology has the potential to revolutionise how the global community tackles some of today’s largest challenges, from antimicrobial drug resistance and environmental sustainability to the safe supply of food. We support those studying and working in applied microbiology, opening up networks and opportunities to make advancements in, and through, applied microbiology, always combining our practical and impact-driven approach with deep scientific rigour.

We publish an industry leading magazine, The Microbiologist, and in partnership with Wiley and Oxford University Press, we publish six internationally acclaimed journals. We nurture early careers, recognise advancements, and celebrate professional capabilities through our prestigious awards. We enable collaboration between global interdisciplinary teams, use our collective expertise to influence policy across the globe, and work to inspire the next generation of microbiologists. Applied Microbiology International is a conduit for scientific discovery to improve the planet for all.

The objects for which the company is established are to advance for the benefit of the public the science of microbiology, in its application to the environment, human and animal health, agriculture and industry.

We have referred to the guidance contained in the Charity Commission’s general guidance on public benefit when reviewing our aims and objectives and in planning our future activities. In particular, the trustees have considered how planned activities will contribute to the aims and objectives they have set.

Achievements and Performance

2022 was a year of significant change for AMI. We commenced implementation of a new strategy built on our vision, mission and values and focused on seven of the UN Sustainable Development Goals.

Vision Mission Values Microbiology can We will nurture and Pushing forward, solve the worlds engage a global inclusivity, meaningful greatest challenges interdisciplinary collaboration, community, providing scientific rigour opportunities for collaboration, making advancements in, and through, applied microbiology

08 OBJECTIVES AND ACTIVITIES

ACHIEVEMENTS AND PERFORMANCE 09

APPLIED MICROBIOLOGY INTERNATIONAL

TRUSTEES ANNUAL REPORT 2022

Values

Valuable expertise, insight and partnership comes from many places: academia or industry, locally or globally, from students or seasoned professionals. We are open to all and seek out difference.

SCIENTIFIC RIGOUR

PROMOTING INCLUSIVITY

Being impact-oriented requires a high level of practical application skills. We combine this with the highest level of research and academic knowledge to be respected leaders, with the authority to make a difference.

MEANINGFUL COLLABORATION

The greatest impact in personal growth, professional advancement or for solving global challenges comes from growing and enabling interdisciplinary communities around the world. We provide spaces and places for collaborative discovery to happen.

Being attractive now, and remaining relevant longer term, requires commitment to our purpose, valuable engagement with our audiences and the courage to seize opportunities. We are a conduit for scientific discovery.

PUSHING FORWARD

In July 2022 we adopted a new name, moving from the Society for Applied Microbiology (SfAM) to Applied Microbiology International (AMI). This was accompanied by a successful rebrand and relaunch.

10 ACHIEVEMENTS AND PERFORMANCE

ACHIEVEMENTS AND PERFORMANCE 11

APPLIED MICROBIOLOGY INTERNATIONAL

TRUSTEES ANNUAL REPORT 2022

Strategic projects and their progress during 2022

----- Start of picture text -----
PROJECT PROGRESS
Re-organise AMI’s goals to aligned Two of seven Advisory Groups (AGs)
with seven UN SDGs through seven had met in 2022 and tangible outputs
Advisory Groups (AGs) which will initiated. A further three AG’s had
support AMI to create solutions to formed, ready to meet in early 2023.
address the UN SDGs.
Re-brand the organisation Re-brand, re-name and re-launch
completed in 2022.
Develop Journals Strategy Journal of Applied Microbiology and
Letters in Applied Microbiology moved
from Wiley to Oxford University Press
(OUP).
Cross-portfolio strategy and individual
journal plans created for each journal.
New journal, Sustainable Microbiology,
established for launch in 2023.
Grow Membership Membership growth by 326 achieved
in the second half of 2022.
Redevelop online content under ‘The New platform developed and launched
Microbiologist’ and resources employed to support
this in 2022. This will complement the
publication of two printed editions of
the Microbiologist magazine each year.
Develop an ambitious mission-driven Ownership thinking began to be
culture embedded in the AMI team during
2022.
----- End of picture text -----

AMI’s Members

AMI’s global community of members have access to our internationally acclaimed journals, and exclusive member discounts for conferences and events. We support our members to advance their studies and careers, providing professional development, grants and funding, conferences, networking and opportunities to collaborate, across disciplines and around the world.

We believe that involving industry partners is critical to solving global challenges, therefore during 2022 we expanded our membership offer to include corporate membership packages. We are delighted that we have now welcomed four corporate members and we are ambitious to grow this number further during 2023.

Global Ambassadors

During 2022 we established a network of Global Ambassadors. These are microbiologists with a range of expertise and knowledge across regions and sectors who support and promote applied microbiology and our organisation. They hold regionspecific knowledge about their local communities and their needs to help us to reach new audiences, grow our membership and engage a breadth of local experience and expertise to ensure the relevance and impact of AMI’s output.

12 ACHIEVEMENTS AND PERFORMANCE

ACHIEVEMENTS AND PERFORMANCE 13

APPLIED MICROBIOLOGY INTERNATIONAL

Events

We held the inaugural AMI awards event at the Science Museum London in November 2022, which also provided a platform for the launch of our new name. During this event we celebrated the brightest minds in the field and promoted the research, groups, projects, products and individuals who are shaping the future of applied microbiology. The guest of honour was Sir Jonathan Van Tam, England’s former deputy Chief Medical Officer who was named an Honorary Fellow of AMI. We announced the winners of four awards, chosen from a hotly contested field featuring nominations from more than 30 countries:

• Product of the Year Award was presented to Californiaheadquartered Hygiena, for the Innovate Autosampler III, an automatic system which is capable of sampling up to 2,000 product samples per hour.

In June 2022 we held the first face to face Early Career Scientist Research Symposium since the Covid-19 pandemic. This annual event provides Early Career Researchers with a valuable safe space and opportunity to share their research findings in a supportive and professional setting. Often, the presentations are the first time that PhD students have presented their work.

We held the Environmental Microbiology Lecture in October 2022 which marked the stepping down of Founding and Chief Editor, Professor Ken Timmis. The lecture was given by Professor Kristala Jones Prather and is available for all to view on AMI’s YouTube channel.

----- Start of picture text -----
TRUSTEES ANNUAL REPORT 2022
REFERENCE AND ADMINISTRATIVE INFORMATION 15
----- End of picture text -----

14 ACHIEVEMENTS AND PERFORMANCE

APPLIED MICROBIOLOGY INTERNATIONAL

TRUSTEES ANNUAL REPORT 2022

Policy

In November 2022 AMI held a roundtable with policy experts on the next steps for the UK in antimicrobial resistance. We brought together industry, academic, science policy experts, and other stakeholders, to review the changes outlined in the National Action Plan and provide a road map to compliment the addendum to this plan to ensure its delivery.

AMI’s pitch to explore bacteriophages as an alternative to antimicrobial drugs was selected by the House of Commons Science and Technology Committee as the winner of the My Science inquiry. Exploring regulatory barriers and opportunities for bacteriophage therapy in the UK was presented to the Committee by Professor James Ebdon, on behalf of AMI. As a result, the Committee launched an inquiry into the use of bacteriophages - viruses that are capable of destroying bacteria - as one part of the solution to antimicrobial resistance.

Diversity and Inclusion

During 2022 AMI continued to ensure diversity and inclusion within our staff, trustees and committees by creating equality of opportunity and promoting good practices that support everyone. We drew from the widest possible pool of talent when inviting speakers and chairs for our scientific meetings. We also worked with the Royal Society of Biology and our partners in the learned society sector to support and promote schemes for diversity and inclusion.

AMI encourages numerous approaches to diversity and inclusion in microbiology and undertakes inclusive practices in support of this. We value diversity and inclusion because we believe all talented microbiologists, whoever they are, should be given full recognition and support, so that we may ensure that the application of microbiology serves the needs of all citizens.

Grants

We administer grants to help our members with a variety of needs including training, meeting support, career development and assistance in attending conferences. There are different eligibility criteria and closing dates for each grant scheme, so please check each grants terms and conditions for further information about how to apply. Full details of the grants we offer are available on our website. During 2022 we provided grants of £239k (2021: £159k).

Strategic Partnerships

AMI have many longstanding affiliations and partnerships with organisations, including the Royal Society of Biology (RSB), Federation of European Microbiological Societies (FEMS), Equality, Diversity and Inclusion in Science and Health (EDIS), Sense about Science, the Science Media Centre (SMC) and the Campaign for Science and Engineering (CaSE)

Together we advocate for the microbiology community, run campaigns, develop the skills of our members, and build successful careers. By working in partnership with these organisations, we are able to increase our influence and reach new audiences.

16 ACHIEVEMENTS AND PERFORMANCE

ACHIEVEMENTS AND PERFORMANCE 17

APPLIED MICROBIOLOGY INTERNATIONAL

TRUSTEES ANNUAL REPORT 2022

2022 Achievements

GOVERNANCE

COMPANY WIDE

Hugely successful rename, rebrand and relaunch

2

Advisory Groups formed and output identified for 2023

GOVERNANCE

MARKETING & COMMS

New Microbiologist platform launched 3-6 News articles/ day 2 Feature articles/ month

3

Online EC meetings

GOVERNANCE

POLICY

AMR Roundtable event

4

New international trustees

POLICY

Winning pitch delivered to HoC Science and Technology Select Committee

PUBLISHING

EMI Lecture

GOVERNANCE

84

Registrants at AGM including decisive (93%) vote on rename

MARKETING & COMMS

First AMI Awards event:

MEMBERSHIP

24

Global Ambassadors recruited

POLICY

8 consultation responses and 2 UKSMI responses

MEMBERSHIP

326

New members in 6 months June - Nov 2022

PUBLISHING

2

Journals moved from Wiley to OUP - with new EiCs for both and Editorial board for JAM now in place.

Sustainable Microbiology proposed, agreed and ready for launch in 2023.

FINANCE

Increased ESG investment agreed. Audit tender completed

MEMBERSHIP

ECS Conference: first face-toface event since COVID-19 pandemic

18 ACHIEVEMENTS AND PERFORMANCE

ACHIEVEMENTS AND PERFORMANCE 19

APPLIED MICROBIOLOGY INTERNATIONAL

TRUSTEES ANNUAL REPORT 2022

Financial Review

Income for the year was £1.6m (2021: £2.1m), a fall of £445k (24%) compared with the previous year. This was mainly driven by the signing bonus received in 2021 from OUP of £500K.

Net assets remained strong at £11.6m at 31 December 2022 (2021: £13.1m). This strength of financial position ensures that we will be able to continue providing relevant benefits to our members in the future, whilst further building the reputation of AMI worldwide.

During the year, £6k of restricted income was received to fund the WH Pierce Prize, all of which was spent during the year.

AMI’s expenditure on charitable activities was £1.6m (2021: £1.2m) including £852k (2021: £718k) on support costs. Support costs have increased during the year by 19% this was the result of a general increase in activity in 2022 as compared with the COVID-19 restrictions AMI was working within, during 2021.

AMI made a loss in 2022 of £1.5m (2021: surplus £2.0m), which included investment losses of £1.4m (2021: 1.2m investment gains). This was driven by market losses on investments due to global instability and a challenging year for global equity markets.

Investment Policy & Performance

The Trustees’ main objective for AMI’s investments has been to seek a combination of income and capital growth over the long term (>10 years). In addition, the level of income generated should be sufficient to support the essential services of AMI for at least 6 months in the event of a catastrophic fall in the main source of income, AMI’s scholarly publications. The Trustees have delegated the day-to-day

Staff from Brewin Dolphin provide

quarterly valuation updates of the investment portfolio, including market commentaries. Several members of the AMI’s Finance Audit and Risk Subcommittee and the Treasurer and Chief Executive have access to the portfolio’s online platform.

AMI’s portfolio performance was below the chosen investment strategy due to challenging global equity performance, showed year-on-year losses with investments, ending 2022 with a £1.4 losses (2021 £1.2m gain). The Trustees have a medium risk tolerance for the investment portfolio, where the focus is on risk but also on reward and importantly stability in times of market volatility.

management of the investment portfolio to investment management companies, Cazenove Capital and Brewin Dolphin. The portfolio is managed by appropriate staff.

The service type provided by Brewin Dolphin is discretionary, so if the manager sees opportunities in the market they can be actioned without first seeking Trustee approval. However, all transactions are communicated in a timely manner to AMI. The investment mandate from the Trustees is for diversified risk, which should produce income and growth of capital over an investment time period of 10 years.

20 FINANCIAL REVIEW

FINANCIAL REVIEW 21

APPLIED MICROBIOLOGY INTERNATIONAL

TRUSTEES ANNUAL REPORT 2022

Environmental, Social and Governance (ESG) investment

AMI’s alignment with the UN SDGs is supported by its ESG investment. The proceeds of the sale of a 7.2% share of Charles Darwin House Ltd received in 2019 was invested in 2020, in the Responsible Multi-Asset Fund. This is an Environmental, Social and Governance (ESG) fund that is managed by Cazenove Capital. The fund is designed specifically for charities and is monitored against the UN Sustainable Development Goals. The principles behind this type of investment acknowledge that an organisation values ‘doing good’: that they are keen to demonstrate that

their environmental impact is being monitored, that they treat their teams well and contribute to their local communities. The Trustees agreed that this form of investment aligns very well with the values of AMI.

At the end of 2022, AMI took the decision to move all its investments into Cazenove Capital’s Responsible MultiAsset Fund. Although the decision took place in 2022, the physical movement of funds didn’t take place until early FY2023.

Policy on reserves

fund a strategic project. It is expected that these funds will be spent during 2023.

AMI holds unrestricted funds of £11.6m of which £10.1m is held in investments for the purpose of income generation and £60k is designated for future

The potential impact of Open Access and Plan S on the AMI revenue from scholarly publishing is continually under review. In the event of loss of income from scholarly publishing, which comprises over 80% of AMI’s revenue, holding this level of reserves would allow AMI to undertake a managed approach to decreasing expenditure, as well as providing sufficient time to invest in future income-generating activity. This policy is intended to provide a sufficient buffer without accumulating unnecessary levels of reserves.

activities, leaving a reserves provision of £1.5m. We have calculated that a level of £1.3m would allow AMI to operate and deliver its charitable activities for 12 months. The current level of reserves would provide AMI with several years of its current charitable activity in the form of scholarly publishing, grant provision, events, policy work and public engagement. There are no restricted fund balances at the year end.

Designated reserves of £60k have been ringfenced by the Trustees in order to

Risk management

transferring AMI’s two wholly owned journals (Journal of Applied Microbiology and Letters in Applied Microbiology) to a new publisher Open University Press.

The Trustees have assessed the major risks to which the organisation is exposed, in particular those related to the operations and finances of the charity, and are satisfied that systems and procedures are in place to mitigate our exposure to the major risks. The Trustees consider the major risks to AMI to be a decrease in revenue and poor investment performance. The potential decrease in revenue from journal publishing due to changes in the publishing landscape, specifically concerning open access publishing, could threaten the AMI’s ability to carry out its charitable objectives. AMI has been working to mitigate this risk by

AMI is mitigating the risk of poor performance of the investment portfolio, through continuous monitoring of its performance and management. In late 2022 the Trustees decided to move all of AMI’s investments to the Cazenove Responsible Multi-Asset Fund, a dedicated ESG-focused fund. This reflected the organisation’s desire to invest in line with ESG principles.

Going Concern

The Trustees continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the Accounting Policies.

After making appropriate enquiries, the Trustees have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The majority of AMI’s revenue is received through the publication of its six journals. AMI are in close liaison with Oxford University Press and Wiley, our publishing partners, to monitor revenue from our journals and as outlined above mitigate any threats to this revenue.

22 FINANCIAL REVIEW

FINANCIAL REVIEW 23

APPLIED MICROBIOLOGY INTERNATIONAL

TRUSTEES ANNUAL REPORT 2022

Structure Governance and Management

Constitution

Applied Microbiology International is a charity and a company limited by guarantee, first incorporated in 2008. The governing document is the Articles of Association and the registered charity number is 1123044 and Company number is 6462427. Our object is to advance, for the benefit of the public, the science of microbiology, in its application to the environment, human and animal health, agriculture and industry.

Organisational structure and decision-making

The management of the charity and company is the responsibility of the trustees who are also directors of the company and are elected and coopted under the terms of the Articles of Association.

Periodically, AMI hold a strategy review during which the trustees and team consider and decide upon the future direction of the organisation. In 2022 we implemented a new strategic vision, as described in the Objectives and Activities section above.

We are governed by the Executive Committee (EC) consisting of 13 members. Of these four members are Officer positions (President, Vice President, General Secretary, and Treasurer); these are appointed by the EC. The other members are nominated and elected by the membership. The Executive Committee meets three times a year, these meetings are held via Teams and enable trustees to join from across the globe.

In 2022 there were several changes to the membership of the EC. From July 2022 Professor Jack Gilbert was appointed as Vice President (from 12 July 2022), he will become president in July 2023 when Professor Brendan Gilmore retires as President. Prof Ian Feavers retired from his role as Scientific Programme Secretary in July 2022, the EC decided to replace this Officer post with a new position of International / Industry Officer, recruitment to this post is ongoing (as of April 2023).

A variety of subcommittees report to and advise the EC. These subcommittees include Finance Audit and Risk and Remuneration. In addition, the Trustees are supported by seven UN Sustainable Development Advisory Groups and the Anti Racism Working Group.

An election of the EC in 2022 to fill four vacancies left by Dr Elaine CloutmanGreen, Prof Stephen Forsythe, Dr Marcela Hernandez Garcia and Dr Catherine Ludden saw the election of Dr Tajudeen Bamidele, Dr Arpita Bose, Prof Catherine Rees and Dr James Timmis as new trustees.

The Chief Executive (CE) leads the dayto-day operations of AMI and facilitates decision-making on items that require strategic discussion, decision and celebration at each of three committee meetings per year. In addition the CE maintains further frequent contact with the trustees, in particular the Officers.

24 STRUCTURE GOVERNANCE AND MANAGEMENT

STRUCTURE GOVERNANCE AND MANAGEMENT 25

APPLIED MICROBIOLOGY INTERNATIONAL

TRUSTEES ANNUAL REPORT 2022

Induction and training of Trustees

Operations

AMI continues to operate remote working contracts for its staff team who are based across the UK and a small number who are located internationally. The team meet face to face on a monthly basis in various locations across the UK.

Membership

As at 31 December 2022 AMI had 1648 members.

All newly appointed or elected members of the EC receive an induction pack. This comprises AMI’s Articles of Association, minutes of recent committee meetings, organisational charts and papers describing the duties and responsibilities of Officers and other committee members. All members of the EC are required to complete declarations of other interests, including potential competing interests, and declare that they are not disqualified from serving as company directors or

charity trustees. Each year, all Trustees take part in governance training by Wellspring Consulting, who tailor training to provide a refresher for existing trustees and an introduction for new trustees.

Pay Policy for Senior Staff

The pay of the Chief Executive is reviewed annually by the Remuneration Committee, which comprises the Officers and the HR Manager, using internal and external benchmarks as well as key performance indicators for the previous year.

The Trustees consider the Senior Leadership Team as comprising the key management personnel of the charity in charge of directing and controlling the charity and running and operating the charity on a day-to-day basis. All trustees give of their time freely and no remuneration, linked to their position as a Trustee, was paid in the year.

AMI does not participate in any fundraising.

Trustees are required to disclose all relevant interests and register them with the Chief Executive and, in accordance with the AMI’s policy, withdraw from decisions in which conflict of interest arises.

26 STRUCTURE GOVERNANCE AND MANAGEMENT

STRUCTURE GOVERNANCE AND MANAGEMENT 27

APPLIED MICROBIOLOGY INTERNATIONAL

Plans for the Future

2023 will see the continued delivery of the strategy adopted by AMI during 2022. In particular this will include continuation of the following strategic projects:

Reorganise around 01 seven UNSDGs

AMI’s Advisory Groups (AGs) are

We will also hone the processes we use to enable these diverse and geographically disparate groups of applied microbiologists to prioritise AMI’s solutions to global challenges. In 2023, the AGs have advised we prioritise a scientific meeting highlighting the power of microbes in enabling soil health for crop production, as well as support for an online training course on the Microbiome.

informing our priorities. The majority of these groups have formed, but future work will see the establishment of the new Advisory Groups, expanding from two groups to seven groups covering all seven goals adopted by AMI and aligned with the UN SGDs:

----- Start of picture text -----
TRUSTEES ANNUAL REPORT 2022
02 Grow
Membership
We will be developing a new
membership strategy to grow our
membership internationally, through
the development of our membership
benefits provision and connecting our
journals community of authors and
editors with that of our membership.
We will also grow our Corporate
Membership.
PLANS FOR THE FUTURE 29
----- End of picture text -----

28 PLANS FOR THE FUTURE

APPLIED MICROBIOLOGY INTERNATIONAL

TRUSTEES ANNUAL REPORT 2022

03 Develop and grow international 05 partnerships

Develop a journals strategy

We will create a new journal: Sustainable Microbiology for launch during 2023 In addition, we will deliver our signature Early Career Scientist (ECS) Research Symposium in May 2023.

We will continue to develop meaningful collaborations with international and national partners to increase our reach and impact. Much of this work will happen through our new Global Ambassadors, to ensure the support and collaborations we provide are of value to applied microbiologists in different geographic regions.

06

Company strategies for 2023/2024

04 Build globally scalable systems and processes

We will be developing our membership database to ensure we can track and engage our members and their benefits efficiently and effectively.

We will continue to respond to relevant government consultations with renewed vigour provided by our Advisory Groups and will continue to work with the UK Government to investigate the regulation of bacteriophages as therapy for infectious disease.

We will perform a review of our grants provision to ensure our support remains relevant and genuinely valuable to our members.

Conclude the transfer of AMI’s investments from Brewin Dolphin to Cazenove.

We will make Diversity and Inclusion the core of our activities through the development of a Diversity and Inclusion Strategy and will implement this strategy in 2023 and into 2024.

2023 will also see the conclusion of the transfer of the organisations reserves from Brewin Dolphin, to Cazenove Capital. We are in the process of establishing an organisation-wide limit for our reserves, which will be used to ensure AMI is sufficiently well resourced in order to deliver these future plans effectively.

30 PLANS FOR THE FUTURE

PLANS FOR THE FUTURE 31

APPLIED MICROBIOLOGY INTERNATIONAL

TRUSTEES ANNUAL REPORT 2022

Trustees’ responsibilities statement

The Trustees (who are also Directors of Applied Microbiology International for the purposes of company law) are responsible for preparing the Trustees’ report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the Trustees to prepare financial statements for each financial year. Under company law the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing these financial statements, the Trustees are required to:

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

Disclosure of information to auditors

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

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

......................................................................................

Prof. Brendan Gilmore President

Date: 06/07/2023

32 PLANS FOR THE FUTURE

PLANS FOR THE FUTURE 33

APPLIED MICROBIOLOGY INTERNATIONAL

TRUSTEES ANNUAL REPORT 2022

Independent auditors’ report

to the members of Applied Microbiology International

Opinion

We have audited the financial statements of Applied Microbiology International (the ‘charitable company’) for the year ended 31 December 2022, which comprise the Statement of Financial Activities incorporating the 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 Auditors’ responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

In our opinion the financial statements:

34 INDEPENDENT AUDITORS’ REPORT

INDEPENDENT AUDITORS’ REPORT 35

APPLIED MICROBIOLOGY INTERNATIONAL

TRUSTEES ANNUAL REPORT 2022

Conclusions relating to going concern

We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where:

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 Auditors’ report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

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

We have nothing to report in this regard.

Opinion on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

Matters on which we are required to report by exception

In the light of our knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees’ report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

36 INDEPENDENT AUDITORS’ REPORT

INDEPENDENT AUDITORS’ REPORT 37

APPLIED MICROBIOLOGY INTERNATIONAL

TRUSTEES ANNUAL REPORT 2022

Responsibilities of Trustees

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

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

Auditors’ responsibilities for the audit of the financial statements

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

Irregularities, including fraud, are instances of noncompliance 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 on page 39.

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non compliance with laws and regulations, is as follows:

We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

To address the risk of fraud through management bias and override of controls, we;

38 INDEPENDENT AUDITORS’ REPORT

INDEPENDENT AUDITORS’ REPORT 39

APPLIED MICROBIOLOGY INTERNATIONAL

TRUSTEES ANNUAL REPORT 2022

In response to the risk of irregularities and noncompliance with laws and regulations, we designed procedures which included, but were not limited to:

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of noncompliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the Directors and other management and the inspection of regulatory and legal correspondence, if any.

Use of our report

This report is made solely to the charitable company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company’s members those matters we are required to state to them in an Auditors’ 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 members, as a body, for our audit work, for this report, or for the opinions we have formed.

Kathryn Hebden

Senior statutory auditor for and on behalf of Peters Elworthy & Moore Chartered Accountants Statutory Auditors Salisbury House Station Road Cambridge CB1 2LA

Date: 10/07/2023

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

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

40 INDEPENDENT AUDITORS’ REPORT

INDEPENDENT AUDITORS’ REPORT 41

APPLIED MICROBIOLOGY INTERNATIONAL

TRUSTEES ANNUAL REPORT 2022

Statement of Financial Activities

Statutory Accounts

Applied Microbiology International (Formerly Society for Applied Microbiology)

Company Registation Number: 06462427

Incorporating income and expenditure account

For the year ended 31 December 2022

----- Start of picture text -----
Unrestricted Restricted
funds funds Total 2021
Note £000 £000 £000 £000
----- End of picture text -----

INCOME
Charitable activities 2 1,333 6 1,339 1,898
Investment income 3 268 268 154
TOTAL INCOME 1,601 6 1,607 2,052
EXPENDITURE
Investment management fees 4 44 44 38
Charitable activities 5 1,608 6 1,614 1,160
TOTAL EXPENDITURE 1,652 6 1,658 1,198
NET INCOME BEFORE INVESTMENT (51) 0 (51) 854
GAINS/(LOSSES)
Gains/(losses) on investments 14 (1,433) (1,433) 1,164
NET MOVEMENTS IN FUNDS (1,484) 0 (1,484) 2,018
Total funds brought forward 13,077 13,077 11,059
TOTAL FUNDS CARRIED FORWARD 17 11,593 11,593 13,077

There were no other recognised gains or losses other than those listed above. All income and expenditure derives from continuing activities.

The notes on pages 47 to 69 form part of these financial statements.

42 STATUTORY ACCOUNTS

STATUTORY ACCOUNTS 43

APPLIED MICROBIOLOGY INTERNATIONAL

TRUSTEES ANNUAL REPORT 2022

Balance Sheet

----- Start of picture text -----
2022 2021
Note £000 £000
----- End of picture text -----

FIXED ASSETS
Fixed assets 12 - -
Intangible assets 13 92 -
Investments 14 10,089 11,300
10,181 11,300
CURRENT ASSETS
Debtors 15 911 1,360
Bank 791 677
1,702 2,037
CURRENT LIABILITIES
Creditors 16 (290) (260)
NET CURRENT ASSETS 1,412 1,777
TOTAL ASSETS 11,593 13,077
Restricted funds 17 - -
Unrestricted funds 17 11,593 13,077
TOTAL FUNDS 11,593 13,077

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

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

The notes on pages 47 to 69 form part of these financial statements.

The notes on pages 47 to 69 form part of these financial statements.

Applied Microbiology International is a charitable company registered in England and Wales, with charity number 1123044 and company number 06462427

44 STATUTORY ACCOUNTS

STATUTORY ACCOUNTS 45

APPLIED MICROBIOLOGY INTERNATIONAL

TRUSTEES ANNUAL REPORT 2022

Statement of cash flows

----- Start of picture text -----
2022 2021
Note £000 £000
----- End of picture text -----

CASHFLOWS FROM OPERATING ACTIVITIES
Net cash provided by operating activities 18 165 120
CASHFLOW FROM INVESTING ACTIVITIES
Dividends and interest 268 154
Proceeds from the disposal of fxed assets 1,084 157
Net cash moved (to)/from portfolio 84 517
Purchase of investments (1,390) (1,278)
Purchase of intagible assets (96) -
NET CASH (USED IN)/PROVIDED BY INVESTING (50) (450)
ACTIVITIES
CHANGE IN CASH AND CASH EQUIVALENTS 115 (330)
Cash and cash equivalents brought forward 677 1,007
CASH AND CASH EQUIVALENTS CARRIED FORWARD 19 791 677

Notes to the financial statements

1. Accounting policies

1.1 BASIS OF PREPARATION OF FINANCIAL STATEMENTS

The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

Applied Microbiology International meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.

1.2 GOING CONCERN

The Organisation has prepared cash flow forecasts for a period of at least twelve months from the date of approval of these financial statements (“the going concern period”). These forecasts considered the inherent risks to the organisation’s business model and analysed how those risks might affect the charitable company’s financial resources or ability to continue operations over the going concern period.

We continually monitor our actual and forecasted financial performance and manage our finances accordingly. Consequently, the trustees have concluded that there are no material uncertainties that could cast significant doubt over their ability to continue as a going concern for at least a year from the date of approval of the financial statements, and therefore have prepared the financial statements on a going concern basis.

46 STATUTORY ACCOUNTS

47

APPLIED MICROBIOLOGY INTERNATIONAL

TRUSTEES ANNUAL REPORT 2022

1.3 COMPANY STATUS

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

1.4 FUND ACCOUNTING

Restricted funds are funds that can be spent, at the discretion of the trustees, on particular restricted purposes within the objects of the Applied Microbiology International. Restrictions arise when specified by the donor, as modified by any Charity Commission scheme, or when funds are raised for particular purposes.

Designated funds comprise unrestricted funds that have been set aside by the trustees for particular purposes.

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.

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.

Membership income is recognised over the period to which the subscription relates. Memberships received in advance are included in deferred income.

Publishing income is recognised in the period that the journal was issued.

Income for meetings and conferences is recognised in the period that the meeting takes place. Income received in advance is included in deferred income.

Dividends are recognised once the dividend has been declared and notification has been received of the dividend due. This is normally upon notification by the investment advisor of the dividend yield of the investment portfolio.

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

More details of the charity’s funds are disclosed in Note 17.

Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable.

48 STATUTORY ACCOUNTS

STATUTORY ACCOUNTS 49

APPLIED MICROBIOLOGY INTERNATIONAL

TRUSTEES ANNUAL REPORT 2022

1.6 EXPENDITURE

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

Support costs are those costs incurred directly in support of expenditure on the objects of the company and include project management carried out by the AMI team. Support costs (including governance costs) are allocated to the costs of raising funds and charitable activities on the basis of the amount of time staff spend engaged in each of these elements. 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.

1.8 TANGIBLE FIXED ASSETS AND DEPRECIATION

A review for impairment of a fixed asset is carried out if events or changes in circumstances indicate that the carrying value of any fixed asset may not be recoverable. Shortfalls between the carrying value of fixed assets and their recoverable amounts are recognised as impairments. Impairment losses are recognised in the Statement of Financial Activities.

Tangible fixed assets are shown at cost less accumulated depreciation. Depreciation is provided to write off the cost of tangible fixed assets over their estimated useful lives of five years on a straight-line basis. The current capitalisation policy is £2,000. Impairment reviews are conducted when events and changes in circumstances indicate that an impairment may have occurred. If any asset is found to have a carrying value materially higher than its recoverable amount, it is written down accordingly. Impairment losses are recognised in the Statement of Financial Activities.

1.9 FINANCIAL INSTRUMENTS

The Organisation only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.

All expenditure is inclusive of irrecoverable VAT.

1.10 INVESTMENTS

1.7 INTANGIBLE FIXED ASSETS AND AMORTISATION

Intangible assets are held on the balance sheet at cost less accumulated amortisation and impairment losses. Computer software, including development costs, is capitalised as an intangible asset and amortised on a straightline basis over the expected useful life of five years. The current capitalisation policy is £2,000. Impairment reviews are conducted when events and changes in circumstances indicate that an impairment may have occurred. If any asset is found to have a carrying value materially higher than its recoverable amount, it is written down accordingly.

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

50 STATUTORY ACCOUNTS

STATUTORY ACCOUNTS 51

APPLIED MICROBIOLOGY INTERNATIONAL

TRUSTEES ANNUAL REPORT 2022

1.11 REALISED GAINS AND LOSSES

All gains and losses are taken to the Statement of Financial Activities as they arise. Realised gains and losses on investments are calculated as the difference between sales proceeds and their opening carrying value or their purchase value if acquired subsequent to the first day of the financial year. Unrealised gains and losses are calculated as the difference between the fair value at the year end and their carrying value. Realised and unrealised investment gains and losses are combined in the Statement of Financial Activities.

1.12 OPERATING LEASES

Rentals under operating leases are charged to the Statement of Financial Activities on a straight line basis over the lease term.

1.16 FOREIGN CURRENCIES

Monetary assets and liabilities denominated in foreign currencies are translated into sterling at rates of exchange ruling at the balance sheet date.

Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction.

Exchange gains and losses are recognised in the Statement of Financial Activities.

1.17 PENSIONS

The Organisation operates a defined contribution pension scheme and the pension charge represents the amounts payable by the company to the fund in respect of the year.

1.13 DEBTORS

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

1.14 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.

1.15 LIABILITIES AND PROVISIONS

1.18 CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY

In the application of the Organisation’s accounting policies, the Trustees are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. The Trustees do not consider there are any critical judgements or sources of estimation uncertainty requiring disclosure.

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

52 STATUTORY ACCOUNTS

STATUTORY ACCOUNTS 53

APPLIED MICROBIOLOGY INTERNATIONAL

TRUSTEES ANNUAL REPORT 2022

2. Income from charitable activities

----- Start of picture text -----
2022 2021
£000 £000
----- End of picture text -----

Journals and other publications 1,286 1,833
Membership 31 33
Meeting and conferences 31 13 2
Other 9 9 30
1,339 1,898

Journal income in 2021 includes a signing bonus of £500,000 from Oxford University Press, no equivalent income was received in 2022.

4. Investment management costs

2022
£000		 2021
£000
Investment managers costs 44 38
44 38

5. Analysis of expenditure by activities

Other income includes restricted donations of £6,000 to fund the WH Pierce Prize (2021: £6,000).

3. Investment income

2022
£000		 2021
£000
Investment income 268 154
268 154

----- Start of picture text -----
Support and 2022
Direct Grants Governance Total 2021
£000 £000 £000 £000 £000
----- End of picture text -----

Journals and other publications 190 - 130 320 238
Policy 126 - 163 289 157
Membership 4 - 177 181 196
Microbiologist 80 - 105 185 128
Meeting and conferences 120 - 144 264 182
Grants - 240 135 375 259
Total 520 240 854 1,614 1,160
Total 2021 369 160 631 1,160

Direct costs include the cost of staff who work directly on that activity.

Grant expenditure includes £6,000 of restricted expenditure realting to the WH Pierce Prize (2021: £6,000)

54 STATUTORY ACCOUNTS

STATUTORY ACCOUNTS 55

APPLIED MICROBIOLOGY INTERNATIONAL

TRUSTEES ANNUAL REPORT 2022

6. Analysis of grants

Grants to
institutions
£000		 Grants to
individuals
£000		 2022
Total
£000		 2021
£000
Grants and studentships 138 102 240 160
Total 2021 128 32 160

In 2022, 37 grants were made to various insitutions (2021: 47) and 108 grants to individuals (2021: 20). Grants paid to institutions are as follows:

----- Start of picture text -----
2022 2021
£000 £000
----- End of picture text -----

Anchor University, Lagos - 10
Bowen University, Nigeria - 4
Cardiff Metropolitan University 5 24
Charades Theatre Company 4 -
De Montford University 8 -
Heriot-Watt University - 3
Jagannath University, Bangladesh - 3
Kingston University - 3
Leeds Beckett University 52 -
Northumbria University - 10
Nottingham Trent University - 9
Queen’s University Belfast 17 6
Sheffeld Hallam University 6 -
Tribhuvan University, Nepal - 3
University of Birmingham 8 -
University of Belgrade 4 -
University of Nigeria - 5
University of Plymouth - 5
University of Strathclyde 15 -
University of South Wales - 3
Other grants under £3,000 19 40
Grand Total 138 128

The total grant expenditure here includes those grants that were committed to in 2022 but not paid until 2023.

56 STATUTORY ACCOUNTS

STATUTORY ACCOUNTS 57

APPLIED MICROBIOLOGY INTERNATIONAL

TRUSTEES ANNUAL REPORT 2022

7. Direct costs

----- Start of picture text -----
Journals
and other Meetings and
publications Policy Membership Microbiologist Conferences Total 2021
£000 £000 £000 £000 £000 £000 £000
----- End of picture text -----

Staff costs 72 94 25 41 232 189
Editors costs 38 38 46
Publishers costs - 56
Speaker costs 4 4 11
Professional fees 32 2 38 72 53
Events 55 55 -
Other direct 20 - 2 17 20 59 14
Total 130 126 4 80 120 460 369
Total 2021 148 107 2 38 74 369

8. Support costs

----- Start of picture text -----
Journals
and other Meetings and
publications Policy Membership Microbiologist Conferences Total 2021
£000 £000 £000 £000 £000 Grants £000 £000
----- End of picture text -----

Staff costs 68 85 92 53 74 71 443 362
Operational 15 19 21 12 17 15 99 97
Professional 7 9 9 6 8 7 46 58
Website costs 5 7 8 5 6 6 37 36
Governance 32 39 43 26 35 33 208 55
Training 3 4 4 3 4 3 21 23
Total 130 163 177 105 144 135 854 631
Total 2021 90 50 194 90 108 99 631

9. Governance costs

----- Start of picture text -----
2022 2021
£000 £000
----- End of picture text -----

Costs of rebranding & strategy project 171 4
Meeting costs 11 11
Training 4 5
Professional fees 8 11
Accountancy fees 1 12
Audit fees 13 12
208 55

10. Auditors renumeration

2022
£000		 2021
£000
Fees payable to auditor
Audit of accounts 14 12
Taxation advice 4 2
Other services 1 13
19 27

58 STATUTORY ACCOUNTS

STATUTORY ACCOUNTS 59

APPLIED MICROBIOLOGY INTERNATIONAL

TRUSTEES ANNUAL REPORT 2022

11. Staff costs

2022
£000		 2021
£000
Wages and salaries 545 437
Social security costs 59 44
Other pension costs 71 70
675 551

The Charitable company considers its key management personnel comprise, the Chief Executive Officer, the Director of Communications & Business Development, the Director of Publishing and the Finance Manager. In the prior year the Chief Executive Officer and Trustees were categorised as key management personnel, however following the creation of a Senior Leadership Team this has been revised.

The total employment benefits including employer national insurance and employer pension contributions of the key management personnel were £351,000 (2021 £131,000).

10 (2021 7) Trustees received reimbursement of expenses amounting to £9,986 (2021 £1,441). All Trustees’ expenses are reimbursement of travel and subsistence costs for Trustees attending meetings on behalf of the Charity.

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

----- Start of picture text -----
2022 2021
No. No.
----- End of picture text -----

Policy 2 2
Publishing 1 1
Microbiologist 1 -
Management and administration of the charity 8 8
12 11

The number of higher paid employees was:

2022
No.		 2021
No.
In the band £60,001 - £70,000 - -
In the band £70,001 - £80,000 1 1
In the band £110,001 - £120,001 1 1

60 STATUTORY ACCOUNTS

STATUTORY ACCOUNTS 61

APPLIED MICROBIOLOGY INTERNATIONAL

TRUSTEES ANNUAL REPORT 2022

12. Tangible fixed assets

----- Start of picture text -----
Fixtures
and Office
fittings equipment Total
£000 £000 £000
----- End of picture text -----

COST
As at 1 January 2022 & 31 December 2022 8 8 16
DEPRECIATION
As at 1 January 2022 & 31 December 2022 8 8 16
NET BOOK VALUE
At 31 December 2022 - - -
At 31 December 2021 - - -

14. Fixed asset investments

----- Start of picture text -----
Listed Investment
securities cash Total
£000 £000 £000
----- End of picture text -----

MARKET VALUE
At 1 Jan 22 11,088 212 11,300
Additions 1,390 - 1,390
Disposal proceeds (1,084) - (1,084)
Revals (1,433) - (1,433)
Movement in cash 0 (84) (84)
As at 31 December 2022 9,961 128 10,089

INVESTMENT RISK MANAGEMENT

All the fixed asset investments are held in the UK.

13. Intangible assets

----- Start of picture text -----
£000
----- End of picture text -----

COST
Additions 96
As at 31 December 2022 96
DEPRECIATION
Charge 4
As at 31 December 2022 4
NET BOOK VALUE
At 31 December 2022 92
At 31 December 2021 -

All investments are carried at their fair value. Investment in equities and fixed interest securities are all traded in quoted public markets, primarily the London Stock Exchange. Holdings in common investment funds, unit trusts and open-ended investment companies are at the bid price or the NAV of the fund. The basis of fair value for quoted investments is equivalent to the market value, using the bid price. Asset sales and purchases are recognised at the date of trade at cost (that is their transaction value).

The significance of financial instruments to the ongoing financial sustainability of the charity is considered in the financial review and investment policy and performance sections of the Trustees’ Annual Report. The main risk to the charity from financial instruments lies in the combination of uncertain investment markets and volatility in yield. Liquidity risk is anticipated to be low as all assets are traded and the commitment to intervention by central banks and market regulators has continued to provide for orderly trading in the markets and so their ability to buy and sell quoted equities and stock is anticipated to continue. The charity‘s investments are mainly traded in markets with good liquidity and high trading volumes. The charity has no material investment holdings in markets subject to exchange controls or trading restrictions.

The charity manages these investment risks by retaining expert advisors and operating an investment policy that provides for a high degree of diversification of holdings within investment asset classes that are quoted on recognised stock exchanges. The charity does not make use of derivatives and similar complex financial instruments as it takes the view that investments are held for their longer term yield total return and historic studies of quoted financial instruments have shown that volatility in any particular five year period will normally be corrected.

62 STATUTORY ACCOUNTS

STATUTORY ACCOUNTS 63

APPLIED MICROBIOLOGY INTERNATIONAL

TRUSTEES ANNUAL REPORT 2022

15. Debtors

2022
£000		 2021
£000
Accounts receivable 1 -
Prepayments 67 24
Accrued income 843 1,336
911 1,360

Deferred income consists of subscription income received in advance of £15,000 (2021 - £4,000), of which £Nil (2021 - £Nil) is shown in amounts falling due after more than one year.

RECONCILIATION OF GRANT MOVEMENTS

----- Start of picture text -----
2022 2021
£000 £000
----- End of picture text -----

Grants brought forward 156 170
Commitments made in the year 240 160
Grants paid (245) (174)
Grants carried forward 151 156

Included in 2021 accrued income is a £500,000 signing bonus as a result of entering into a journal publishing agreement with Oxford University Press. No such amount was owing in 2022.

16. Creditors: amount falling due within one year

Other taxation and social security 2022
£000
56		 2021
£000
54
Grants payable 151 156
Accruals and deferred income 83 50
290 260
£000
DEFERRED INCOME
As at 1 January 2022 4
Resources deferred during the year 15
Amounts released from previous years (4)
Deferred income at 31 December 2022 15

64 STATUTORY ACCOUNTS

STATUTORY ACCOUNTS 65

APPLIED MICROBIOLOGY INTERNATIONAL

TRUSTEES ANNUAL REPORT 2022

17. Funds

----- Start of picture text -----
Balance at 31
Balance at 1 December
January 2022 Income Expenditure Gains Transfers 2022
£000 £000 £000 £000 £000 £000
----- End of picture text -----

DESIGNATED FUNDS
Microbiology platform 128 - - - (85) 43
Strategy and branding fund 397 - (171) - (226) -
525 - (171) - (311) 43
GENERAL RESERVES 12,552 1,601 (1,481) (1,433) 311 11,550
Total Unrestricted funds 13,077 1,601 (1,652) (1,433) - 11,593
RESTRICTED FUNDS - WH - 6 (6) - - -
PIERCE PRIZE TOTAL
TOTAL FUNDS 13,077 1,607 (1,658) (1,433) - 11,593

All transfers relate to General reserves being designated for the below purposes.

DESIGNATED FUNDS

Strategy and branding fund - During 2022 the Organisation is underwent a review of the Strategy and brand and had set aside £397,000 in 2021 to fund the project. As this work is now complete any funds remaining have been transferred to the general reserves.

Microbiologist platform - During 2022 AMI launched a digital magazine platform. A designated fund of £128,000 was set aside to fund this activity. During 2022 £85,000 was spent on intangible assets, with the balance of the fund expected to be spent during 2023.

RESTRICTED FUND

The WH Pierce Prize is awarded each year to an academic at an early stage in their career who has made a substantial contribution to the science of applied microbiology.

18. Reconciliation of net movements in funds to net cash flow from operating activities

----- Start of picture text -----
2022 2021
£000 £000
Net income for the year (as per Statement of Financial Activities) (1,484) 2,018
Adjustment for :
Gains/(Losses) on investments 1,433 (1,164)
Dividends and interest (268) (154)
Amortisation Charge 4 -
Decrease in Debtors 449 (537)
Increase in Creditors 31 (43)
Net cash provided by operating activities 165 120
19. Analysis of cash and cash
equivalents
2022 2021
£000 £000
Cash in hand 791 677
----- End of picture text -----

66 STATUTORY ACCOUNTS

STATUTORY ACCOUNTS 67

APPLIED MICROBIOLOGY INTERNATIONAL

TRUSTEES ANNUAL REPORT 2022

20. Analysis of net debt

At 1
January
2022
£000		 Cash fows
£000		 At 31
December
2022
£000
Cash in hand 677 114 791

21. Pension commitments

The Charitable company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the charitable company in an independently administered fund. The pension cost charge represents contributions payable by the Charitable company to the fund and amounted to £71,000 (2021 £71,000). Contributions of £1,000 were outstanding at the balance sheet date (2021: £6,000).

22. Net assets and liabilities

----- Start of picture text -----
Unrestricted Restricted
funds funds 2022 Total
£000 £000 £000
----- End of picture text -----

Fixed assets - - -
Intangible assets 92 - 92
Investments 10,089 - 10,089
Debtors 911 - 911
Bank 791 - 791
Creditors (290) - (290)
11,593 - 11,593

All funds in 2021 were unrestricted.

23. Related party transactions

The Trustees unanimously approved Marcela Hernandez Garcia’s appointment as the Senior Editor of Journal of Applied Microbiology in 2021, for which £3,000 was received during 2021. Marcela Hernandez Garcia resigned as a Trustee in July 2022, and received no payments in 2022 for services whilst in her Trustee role.

68 STATUTORY ACCOUNTS

STATUTORY ACCOUNTS 69

Applied Microbiology International www.appliedmicrobiology.org