2020-12-31-accounts - The International Society Of Antimicrobial Chemotherapy

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Charity	number:	number:	1139367
Company		number:	07251522
Registered		Office:	2"Floor,	Regis House
			45 King William Street
			London
			EC4R 9AN
Principal	Office:		Medical Microbiology
			Aberdeen	Royal Infirmary
			Foresterhill
			Aberdeen	AB25 2ZN
			Scotland,	UK
Trustees:			Professor	Po-Ren Hsueh		Taipei,	Taiwan
			Professor	Andreas Voss		Nijmegen,		Netherlands
			Professor	Geoffrey Coombs		Perth. Australia
			Dr Raphael Saginur			Ottawa,	Canada
			Professor	Serhat Unal		Ankara,	Turkey
Chief Executive Officer			Dr Fiona MacKenzie
Auditor			Azets Audit Services
			Chartered Accountants 2"Floor, Regis House
			45 King William Street
			London
			EC4R 9AN
Investment		Manager	Rathbone	Investment	Manager	Limited
			159 New Bond Street
			London
			W1S 2UD
Banker			The Royal	Bank of Scotland
			Aberdeen	Business Centre
			Aberdeen	Queen's Cross Branch
			40 Albyn Place
			Aberdeen
			AB10 1YN
Solicitor			Ledingham	Chalmers	LLP, Solicitors
			Johnstone	House
			52-54 Rose Street
			Aberdeen
			AB10 1HA

INDEPENOENT AUDITOR'S REPORTTO THE MEMBERS OF TAE INTERNATIONAL SOCIETY OF ANTIMICROBIAL CHEMOTHERAPY FOR THE YEAR ENDED 31 DECEMBER 2020 Matters which we are required to report by exception In the Iighl of Ihp knowledge 3nd understanding of Ihe chaiilable company 2nd ils environment obiainecl In the course of the audit. we have not Ideniified maleiial miss181ements in the direclors report i¢le have nolhing 10 ieporl in resp8cI of Ihe following m311ers irt relaiton lo whieh the Companies Act 200fi leq151res u$ lo report 10 you rf, In our opinion. adequale accounting records have nol been kept. or returns adequate foT our audit have not been receiwed fioni branches not visii•d by us, or Ih& financial slaletnpnls are not In agreemenl will) Ihe accounling records and returns-, or certain disc105ures of dir&ctor8' remunerbiion specified t)y law ale not wade. Of we have. nol received all Ihe infortnalion and explanations we require lor Qui 3udil,' oi the Ifuslees werÈ not enlilled lo prepare the financial 8laiemenig In 3CCOFdanee with Ihe small companies, regime and lake 3dvanlage of IhA small con)panies' eKernpln5 n preparing the 4ireclors' report and from the Tequirement lo prepare a slr2legic repom. Responsibilities ol IrusteÈs As explained more fully In the trustèes responsibilities statement sel oiit on page. 7, the IrLislees Iwho are also the directors of the ch2rilAble cotnpany lor Ihe purposes of cotnpany lawl are r8sponsiblÈ for the preparalion ol Ihe rinJncial stalemenls and lor being $8lisfied thai Ihey gike a Irue and f31r viè.w. 3nol for siich Iiiternal control as the Iruslee5 delerm1ne is necessary lo enable the pre.paralion ol financial s131emenls that are frÉÈ frotn nialerial misstalemenl. whelher duÈ lo fraud or error In prep3rin9 the financial slalements the Irusiees are iesponsit>le loi asSsSIng the chantsble comp8ny S ability lo ¢oniinue as a going concern. disclosing, ris applicable, mallers rel3led lo going toncern and ijsing Ihe goi1i9 roncern basis of accounting uiiless IhÉ IrusiÈÈs èilher intend lo114uidale 11)e Lh$rilaOle company or to cease operations. or havc no realistic 3llerrnaiivo bul lo do so Auditor's responsibilities for the audit of thÈ fin3nti¥l statements Oui objectives are lo obtain re8sonable assuranr.e about whether the fin3ntial sialemeiils as a whole are free Ironi maierial misslateme.nl. whether duè lo fraLid or error. at)cl to ISSLie an audiior s rEPQrt th31 Incliides our opinion Reasonable assiirante Is 3 high levol of assurance, but Is not a guaraniec that an aiidil coriducled In accordance with ISAS IUKI ivill rilways delec.1 a material mis8laietnÈni when il exi515. Llisslalemenls can arise froin fraud or error and are coDsicSered malerial Il, Individually 01111 Ihe aggregate. they could reasori2bly be expecl&d lo Influence. Ihe economic dec15ions of users taken on the ba816 01 these financial slale.mp.nls Irfegularilies. including fr8ud. are Insi3nc.e5 of non.compliat)te with Irl¥Y e.nd regiJlalion8 We dp8ign pror.edLires in fraud The specific procedures lor this engagémeni and the exlenl lo which these aro capable of deler.ting Enoiiiry of In8nageniÈni and Iho¥e chaiged with gDvein3nce around a¢iual and potential liiigation and claims 8s well a% ar.lual. %115pe.cted and allege.d IraLId. Revitr.wing rninutes of nieeliiigs of111058 Lhatged wilh goioriian¢e. As%egsiTig Ihe. exlenl of comp111¢ nce with th. laws and reg1113tions considered lo have. a direct malèrial ettecl on the fiiiancial slalem.nls or Ihe opprdlions ol the coinpany through enquiry 3nd Inspection.. Reviewing financial sialemeni dis¢ltssures and lesling lo supportino do¢umeniation to assess conipliance with applicable lèivs and rpgiJjtlon&, Prlormiiig audil work over the risk of mancigemeiii bias and oi'erride of controls. Including lesling of journal trnlnos and other adsuslnienls for apprnpriale.nes evaluating the business ralion31e ol signific8nl liansacli0n oulside Ihe iiormal course ol busiiie$5 and reviewing accounling e%limates for indicalois of polenli31 bias. Bpcausp ol the Inherenl Iimiialions ol an audit, there Is a risk Ihal we will nol deieci 315 irregularities. includino Ihose leading 10 3 maler131 mi59iaien)enl In Ihe financial slalemenls or nDn-complian¢e wilh regulation This nsk Inr.rea8e5 the mole IhAI compliance with a law or regLilaliDn is reTnoved Iroim the events and Iransaclions reflecled In the finantial slaienieiils. as we will be less likely lo become aware of Instances of non-cotnplian¢e. The fisk is also greater règarding IrregulclTili¢s o¢¢urring due lo traud rather ihan error. as fraud Involve.s Inlenlional canp.e.alniei)I, forgery, tollusion, omission or Inisrepresenlalion A fijrthei descriplioi) ol our rp.si)onsibiliiies Is available. on Ilie Finai?cial Reportinq Cvunuls website at lillps IlwwN.Irc.org uklOur-WorklAudiL.Audil-and-a5surancelSlandards-8nd-gLJid8n¢e.isiandards.and.guidance- This dosciiplion forms part ol our auditor s report.

			Notes	Unrestricted	Restricted	Total	Total
				Funds	Funds	2020	2019
Income from:				F		f
Charitable Activities				283,639		286,639	164,810
Investment Income				61,073		61,073	70,125
Other Income							1,015
Total incoming resources				344,712		344,712	235,950
Expenditure on:
Raising Funds				14,306		14,306	14.400
Charitable activities				106,105		106,105	258,691
Total resources expended				120,411		120,411	273,091
Net income/(expenditure)	before
investment gains/(losses)				224,301		224,301	(37,141)
Other recognised gains/(losses)
Gains/(Losses) on investment		assets		197,941		197941	424,868
Net movement in funds				422,242		422,242	387,727
Reconciliation offunds:
Total funds brought forward			16	3,816,400	116,161	3,932,561	3,544,834
Total funds carried forward			16	4,238,642	116,161	4,354,803	3,932,561

							31 December	31 December
							2020	2019
						Notes		f
Fixed assets
Investments						10	3,614,780	3,372,502
Tangible fixed			assets			11	1,242	1,535
							3,616,022	3,374,037
Current assets
Debtors						12	202,695	172,009
Short term	deposits					13	129,322	186,566
Cash at bank			and	in	hand		421,156	266,899
							753,173	625,474
Creditors:		amounts			falling due within one year	14	(14,392)	(66,950)
Net current		assets					738,781	558,524
Net assets						15	4,354,803	3,932,561
Unrestricted			funds
General Funds						16	4,106,346	3,689,312
Designated		Funds				16	132,296	127,088
Restricted	Funds					16	116,161	116,161
							4,354,803	3,932,561

						Unrestricted	Total	Total
						Funds	2020	2019
							F
Income from fixed asset investments						61,038	61,038	70,032
Interest on	bank and short		term deposit accounts			35	35	93
						61,073	61,073	70,125
In 2019, all	the investment		income		was attributable	to the unrestncted	fund.
AISING FUNDS
						Unrestricted	Total	Total
						Funds	2020	2019
Investment	manager fees					14,306	14,306	14,400
In 2019, all	the investment		income was attributable			to the unrestricted	fund,
HARITAB	LE ACTIVITIES
						Unrestricted	Total	Total
						Funds	2020	2019
						E
Expenses of society meetings				and	publicity	20,537	20,537	89,507
Executive office expenses						8.365	8,365	49,578
Secretarial expenses						34,070	34,070	35,370
Journal costs						17,761	17,76'I	25,104
Support for	non-ISAC	meetings				395	395
Grants						10,051	10,051	6,579
Website costs						127	127	801
Advertising								2,298
APUA costs								7,639
Bank charges and foreign			currency		movements	(15,054)	(15,054)	5,671
Depreciation						293	293	293
Sundry						1,302	1,302	3,581
ICC costs								10,485
Project and	educational					1,132	1,132
Governance	costs
Executive office expenses			—insurance			3,486	3,486	3,270
Audit and accountancy		fees				9,030	9,030	8,906
Legal and professional		expenses				14,610	'I4,610	9,609
						106.105	'l06,105	258,691

						2020	2019
						F	f
Quoted	investments
Market value at			1 January		2020	3,372,502	2,964,515
Additions						532,178	623,180
Disposals						(487,841 )	(640,061)
Realised		investment		gains/(losses)		92,588	187,473
Unrealised		investment		gains/(losses)		105,353	237,395
Market value at			31 December 2020			3,614,780	3,372,502

		2020	2020	2019	2019
		Cost f	Market Value	Cost	Market Value f
Fixed Interest		306,147	341,344	423,276	462,230
UK Equities		881,915	1,150,766	767,721	1,175,332
Overseas	Equities	981,485	1,656,057	807,593	1,321,690
Alternatives		385.978	466,613	386,358	413,160
		2,555,525	3,614,780	2,384,948	3,372.502

11.	TANGIBLE FIXED ASSET	S
			Office
			equipment f	Totalf
	Cost
	At 1 January 2020		2,924	2,924
	Additions
	At 31 December 2020		2,924	2,924
	Depreciation
	At 1 January 2020		1,389	1,389
	Charge		293	293
	At 31 December 2020		1,682	1,682
	Net book value
	AT 31 December 2020		1,242	1,242
	At 31 December 2019		1,535	1,535
12.	DEBTORS AND PREPAYMENTS
			2020	2019
			f
	Prepayments and accrued income		202,695	172,009
13.	SHORT TERM DEPOSITS
			2020	2019
	Amounts held by stockbrokers		129,322	'I86,566
14.	CREDITORS: AMOUNTS	FALLING DUE WITHIN ONE YEAR
			2020	2019
	Trade creditors		60	2,032
	Accruals		14,332	64,918
			14.392	66,950

ANALYSIS		OF NET	ASSETS BE	TWEE	N F	UNDS	—curre	nt ye	a	r
						Tangible	fixed
						assets	and	Current assets
						Investments		less liabilities			Total
						f				f
General funds						3,616,022				490,324	4,106,346
Designated		funds								132,296	132,296
Restricted	funds									116,161	116,161
						3,616,022				738,781	4,354,803
ANALYSIS		OF NET	ASSETS BETWEEN FUNDS —prior					year
						Tangible	fixed
						assets	and	Current assets
						Investments f		less liabilities f			Totalf
General funds						3,374,037				315,275	3,689,312
Designated	funds									127,088	127,088
Restricted	funds									116,161	116,161
						3,374,037			558,524		3,932,561
UNDS
he movement		of funds	in the current	year are as follows:
								Investment
			Balance at	Incoming		Outgoing		gains/ Transfers			Balance at
			31.12.19 f	resources f		resources f		(losses) f			31.12.20 f
Restricted	funds:
European	Congress
of Chemotherapy			116,161								116,161
Designated		funds:
Tom Bergan			1,621								1,621
JD Williams			15,737		15						15,752
International
Co-operation		Fund	22,814		20						22,834
BSI Working		Group	77,757	4,628							82,385
UTI Working		Group	9,159		545						9,704
			127,088	5,208							132,296
Unrestricted		fund:
General fund			3,689,312	339,504		(120,411)		197,941			4,106,346
			3,932,561	344,712		(120,411)		197.941			4,354,803