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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<br>Microbiology||||||
||||Aberdeen|Royal<br>Infirmary|||||
||||Foresterhill||||||
||||Aberdeen|AB25 2ZN|||||
||||Scotland,|UK|||||
|Trustees:|||Professor|Po-Ren Hsueh||Taipei,|Taiwan||
||||Professor|Andreas<br>Voss||Nijmegen,||Netherlands|
||||Professor|Geoffrey Coombs||Perth. Australia|||
||||Dr Raphael<br>Saginur|||Ottawa,|Canada||
||||Professor|Serhat<br>Unal||Ankara,|Turkey||
|Chief Executive Officer|||Dr Fiona MacKenzie||||||
|Auditor|||Azets Audit Services||||||
||||Chartered<br>Accountants<br>2"Floor, Regis House||||||
||||45 King William<br>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<br>Cross Branch|||||
||||40 Albyn Place||||||
||||Aberdeen||||||
||||AB10 1YN||||||
|Solicitor|||Ledingham|Chalmers|LLP, Solicitors||||
||||Johnstone|House|||||
||||52-54 Rose Street||||||
||||Aberdeen||||||
||||AB10 1HA||||||





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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' eKernpl￿n5 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 $8lisfied thai Ihey gike a Irue and f31r viè.w. 3nol for siich Iiiternal control as the
Iruslee5 delerm1ne is necessary lo enable the pre.paralion ol financial s131emenls that are frÉÈ frotn nialerial
misstalemenl. whelher duÈ lo fraud or error
In prep3rin9 the financial slalements the Irusiees are iesponsit>le loi asS￿sSIng the chantsble comp8ny S ability lo
¢oniinue as a going concern. disclosing, ris applicable, mallers rel3led lo going toncern and ijsing Ihe goi1i9 roncern
basis of accounting uiiless IhÉ IrusiÈÈs èilher intend lo114uidale 11)e Lh$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 rpgiJj￿tlon&,
P*rlormiiig audil work over the risk of mancigemeiii bias and oi'erride of controls. Including lesling of
journal trnlnos and other adsuslnienls for apprnpriale.ne￿s 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.

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||||Notes|Unrestricted|Restricted|Total|Total|
|---|---|---|---|---|---|---|---|
|||||Funds|Funds|2020|2019|
|Income from:||||F||f||
|Charitable<br>Activities||||283,639||286,639|164,810|
|Investment<br>Income||||61,073||61,073|70,125|
|Other Income|||||||1,015|
|Total incoming<br>resources||||344,712||344,712|235,950|
|Expenditure<br>on:||||||||
|Raising<br>Funds||||14,306||14,306|14.400|
|Charitable<br>activities||||106,105||106,105|258,691|
|Total resources expended||||120,411||120,411|273,091|
|Net income/(expenditure)|before|||||||
|investment<br>gains/(losses)||||224,301||224,301|(37,141)|
|Other recognised<br>gains/(losses)||||||||
|Gains/(Losses)<br>on investment||assets||197,941||197941|424,868|
|Net movement<br>in funds||||422,242||422,242|387,727|
|Reconciliation<br>offunds:||||||||
|Total funds brought<br>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|





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||||||||31 December|31 December|
|---|---|---|---|---|---|---|---|---|
||||||||2020|2019|
|||||||Notes||f|
|Fixed assets|||||||||
|Investments||||||10|3,614,780|3,372,502|
|Tangible<br>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<br>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|





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|||||||Unrestricted|Total|Total|
|---|---|---|---|---|---|---|---|---|
|||||||Funds|2020|2019|
||||||||F||
|Income from fixed asset investments||||||61,038|61,038|70,032|
|Interest<br>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<br>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<br>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<br>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|



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|||||||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<br>f|Market Value|Cost|Market Value<br>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|





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|11.|TANGIBLE FIXED ASSET|S|||
|---|---|---|---|---|
||||Office||
||||equipment<br>f|Totalf|
||Cost||||
||At 1 January 2020||2,924|2,924|
||Additions||||
||At 31 December 2020||2,924|2,924|
||Depreciation||||
||At<br>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<br>and accrued income||202,695|172,009|
|13.|SHORT TERM DEPOSITS||||
||||2020|2019|
||Amounts<br>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|





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|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<br>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<br>f||less liabilities<br>f|||Totalf|
|General<br>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/<br>Transfers|||Balance at|
||||31.12.19<br>f|resources<br>f||resources<br>f||(losses)<br>f|||31.12.20<br>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<br>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|



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