2021-12-31-accounts

REFERENCE AND ADMINISTRATIVE INFORMATION	REFERENCE AND ADMINISTRATIVE INFORMATION	REFERENCE AND ADMINISTRATIVE INFORMATION	REFERENCE AND ADMINISTRATIVE INFORMATION	REFERENCE AND ADMINISTRATIVE INFORMATION
Charity 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	Andreas Voss		Nijmegen,		Netherlands
		Professor	Geoffrey Coombs		Perth, Australia
		Dr Raphael Saginur			Ottawa,	Canada
		Professor	Serhat Unal		Ankara,	Turkey
		Professor	Po-Ren Hsueh		Taipei,	Taiwan
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
		8 Finsbury	Circus
		London
		EC2M 7AZ
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

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE INTERNATIONAL SOCIETY OF ANTIMICRO8IAL CHEMOTHERAPY FOR THE YEAR ENDED 31 D8comber 2021 Matters on whlch w¢ are requlred to rèport by exceptlon In the light of the knowledge and understanding of the charitable company and tts environment obtain8d in the course ol the audlt, We have not ¢dentffied matarial rni5s1atèrnents in the dir8Ctors' r8PO We have noihing lo reFRJrt in respect of the followiro matters in relalvn to whlch the Companies Act 2006 requlres us to report to you If. In ouropinion.. adequate accounting ¥ecords have not been kept, or retum5 adequat8 forgur audit have nol been received frorn branch8S not V15it8d by us., or the financial statements are not in agreement wilh the accounbng records and r8tums', or ¢ertain disclosures of direclors, remuneratv)n speclfied by law are not made., or we have not ￿ceIVed all the information and explanations we require for our audit. or the trustees were not entitled to prepare the financial staternents in accordance with the small cotnpanies. regirne and take advanlage ol the small companies, exemptions in preparin9 the dI￿¢t￿￿' report and from the ￿quirernertt to prepare a strateglc repDrt. R￿ponsIbIlIti08 of trustees As explained more lully in the truslee5' responsibilitie5 Statement Set out on pag8 7, the tnjstees (who are also thè directors of the charitable Company for the purw$es of company lawl a￿ responsib18 lor the preparalDn of the financial statements and for being sabsfied that they give a true and lair view. and for such int8m81 control as the trustees determine Is necessary to enab￿ the preparation of financial Statements that are free from material misstatement, whether duè to fraud or error. In preparing th8 financial statements. the trustees are responsible for as$e$sing the ¢harilablé company's ability to nlinue as a going concern. disclosing. as applicable. matters related to going concem and using Ihegoing concem basis o18ccounting unless the Iruslees either intend to liquidale the charitable company or to cease operations. or havg no raalistic sltemative bul to do so. Auditor's respon8ibllltles for the audlt of the flnanclal statements Our objectives are lo oblain reasonable assurance about whether the flnanclal slatements 85 8 W￿le 8fe free from material misstatement. whether due to fraud or emr. and to issue an audrttsr's report th81 includes our opinion Reasonable a5suranc8 is a high level of a5suranc8, but Is nol a guarantee that an audit conducted In accordance th ISAS IUKI will alw8ys dele¢t a matenal misslalement when il exists. Misslalements can arise from fraud or error and are considered rnaterlal if, individually or In the aggregate, they COU￿ ￿8$OnablY b8 8xpecl8d to influen¢e the economK deasions ol users taken on the basis of these financial statements. Irtegularitie5, including fraud. are inst8n¢8s of non-wrnpli8nc9 wilh and regulations. We design procédur8s in line with our responsibilities, Outlined above, to detect rnaterial misstatements in ￿SpeCt of irregular￿e5, includirvJ fraud. The specifi¢ procedu￿$ for this engagement and Ihe extent lo whlch these are capabl& of dele¢ting irregularil'es, including frawj 15 detailed below.. Enquiry ol managernenl and th058 charged with governanc8 ar(yJnd adual and potential lrtigation and claims as well as actual. su5pect8d and alleged fraud., Reviewing minute5 01 rneelings of those charged with govemance., Assessing Ihe extent of eornpliance with the laws and regul8tion$ ¢onskYered to have a diract m8tsri81 effect on the financial statements or the operations of the company through enquiry and insp8¢tion', Reviewing financial statement disclosures and lesltng to supp)rting doojmentation to asses$ Com￿18nce th appllcable laws and wulations-, Performing audit work over the risk of rnatFag8tnent bias and ov8rride of controls, including lesling of journal entrie5 and other adjustments for appropriateness, evaluating the business ratitsnale of signrficant transactions outside the normal course of busin8ss and reviewin9 accounting estimates for indicator5 of rK)tenti81 bias. Because of Ihe inherent limilalh)ns of an audit. there is a risk Ihal we will not delect all Irregularities, including those leading 10 a m8lerial misststemtrni in tho financial statemènts or non-compliancè with regulation. Thts risk In¢￿aSt$ the more that compliance with a law or regulation is removed from the events and tronsa¢lions rellecteij in the fi￿nCISI5(al8me￿ls, a5 we will be 1885 likely to b8come aware ol instances of non-¢omplian¢e. The risk is also greater regarding irr8gulariti8s occurring du8 to fraud rather than error, as fraud involves intentional concealment. forg8ry, collusKn, omissK)n or rnisrepres8ntat￿rn. A further description of our responsibilities is avatlable on the Financial Reporting Council's website at.. https."Ilw.fr¢.org.uKIOur-WorkJAudiUAudil-and-assurancelStandards-2nd-guidancelSlandards-and-guidance- for-audrtorslAuditors-responsibilrties-for-audiVDes¢riptK>n-of-aUdllOfS-￿spDnslblIrtIes-1Or-a￿[t.ÈSpx. This da$¢￿ptIOn fomis part of our auditorfs r•port. Pagè 9

			Notes	Unrestricted	Restricted	Total	Total
Income from:				Funds E	Funds	2021f	2020 E
Charitable Activities				206,398		206,398	286,639
Investment Income				73,965		73,965	61,073
Total incoming resources				280,363		280,363	344,712
Expenditure on:
Raising Funds				16,359		16,359	14,306
Charitable activities				168,772		168,772	106,105
Total resources expended				185,131		185,131	120,411
Net income/(expenditure)	before
investment gains/(losses)				95,232		95,232	224,301
Other recognised gains/(losses)
Gains/(Losses) on investment		assets	10	479,259		479,259	197,941
Net movement in funds				574,491		574,491	422,242
Reconciliation offunds:
Total funds brought forward			16	4,238,642	116,161	4,354,803	3,932,561
Total funds carried forward			16	4,813,133	116,161	4,929,294	4,354,803

						31 December	31 December
						2021	2020
					Notes
Fixed assets
Investments					10	4,074,075	3,614,780
Tangible fixed		assets			11	1,364	1,242
						4,075,439	3,616,022
Current assets
Debtors					12	182,738	202,695
Short term	deposits				13	167,348	129,322
Cash at bank		and	in	hand		533,192	421,156
						883,278	753,173
Creditors:	amounts			falling due within one year	14	(29,423)	(14,392)
Net current assets						853,855	738,781
Net assets					15	4,929,294	4,354,803
Unrestricted		funds
General Funds					16	4,687,373	4,106,346
Designated	Funds				16	125,760	132,296
Restricted	Funds				16	116,161	116,161
						4,929,294	4,354,803

HARIT	ABL	E ACTIVITIES
			Unrestricted	Total	Total
			Funds	2021	2020
International		Congress of Chemotherapy
Journal	Royalties		135,285	135,285	212,525
Other journal		income	71,113	71,113	71,114
			206,398	206,398	283,639

					Unrestricted	Total	Total
					Funds	2021	2020f
Income from fixed asset investments					73,961	73,961	61,038
Interest on bank and short term deposit accounts					4	4	35
					73,965	73,965	61,073
In 2020, all the investment		income was attributable			to the unrestricted	fund.
RAISING FUNDS
					Unrestricted	Total	Total
					Funds	2021	2020
Investment manager fees					16,359	16,359	14,306
In 2020, all the investment		income was attributable			to the unrestricted	fund.
HARITABLE ACTIVITIES
					Unrestricted	Total	Total
					Funds	2021	2020
Expenses ofsociety meetings			and publicity		1,249	1,249	20,740
Executive office expenses					708	708	8,817
Secretarial expenses					36,680	36,680	34,070
Journal costs					16,727	16,727	17,761
Support for non-ISAC	meetings						395
Grants					24,209	24,209	10,051
Website costs					3,911	3,911	2,255
Bank charges and foreign		currency		movements	18,148	18,148	(15,054)
Depreciation					236	236	293
Loss on disposal offixed asset					341	341
Sundry					(4)	(4)	(1,568)
APSCMI costs					1,711	1,711	87
Project and educational					42,988	42,988	1,132
Governance costs
Executive office expenses		—insurance			3,867	3,867	3,486
Audit and accountancy	fees				11,310	11,310	9,030
Legal and professional	expenses				6,690	6,690	14,610
					168,771	168,771	106,105

			2021	2020
				E
Quoted investments
Market value at 1 January 2021			3,614,780	3,372,502
Additions			270,135	532,178
Disposals			(290,099	(487,841)
Realised	investment	gains/(losses)	94,973	92,588
Unrealised	investment	gains/(losses)	384,286	105,353
Market value at 31 December 2021			4,074,075	3,614,780

11.	TANGIBLE FIXEDASSET	S
			Office
			equipment f	Totalf
	Cost
	At 1 January 2021		2,924	2,924
	Additions		699	699
	Disposals		(758)	(758)
	At 31 December 2021		2,865	2,865
	Depreciation
	At 1 January 2021		1,682	1,682
	Charge		236	236
	Eliminated on Disposal		(417)	(417)
	At 31 December 2021		1,501	1,501
	Net book value
	AT 31 December 2021		1,364	1,364
	At 31 December 2020		1,242	1,242
12.	DEBTORS AND PREPAYMENTS
			2021f	2020f
	Prepayments and accrued income		182,738	202,695
13.	SHORT TERM DEPOSITS
			2021f	2020f
	Amounts held by stockbrokers		167,348	129,322
14.	CREDITORS: AMOUNTS	FALLING DUE WITHIN ONE YEAR
			2021f	2020f
	Trade creditors		2,892	60
	Accruals		29,423	14,332
			32,315	14,392

NALYSIS	OF NET ASSETS	BETWEEN FUNDS —curren	t year
		Tangible fixed
		assets and	Current assets
		Investments	less liabilities	Total
		E
General funds		4,075,439	609,042	4,684,481
Designated	funds		125,760	125,760
Restricted	funds		116,161	116,161
		4,075,439	850,963	4,926,402

NALYSIS		OF NET	ASSETS BE	TWEEN F	UNDS	—prior	year
					Tangible	fixed
					assets	and	Current assets
					Investments		less liabilities			Total
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
UNDS
he movement		offunds	in the current	year are as follows
							Investment
			Balance at	Incoming	Outgoing		gains/	Tra	nsfers	Balance at
			31.12.20 E	resources	resources		(losses)			31.12.21 f
Restricted	funds:
European	Congress
of Chemotherapy			116,161							116,161
Designated		funds:
Tom Bergan			1,621							1,621
JD Williams			15,752							15,754
International
Co-operation		Fund	22,834							22,836
BSIWorking		Group	82,385		(5,851)					76,534
UTI Working		Group	9,704			(689)				9,015
			132,296		(6,540)					125,760
Unrestricted		fund:
General fund			4,106,346	280,359	(181,483)		479,259			4,684,481
			4,354,803	280,363	(188,023)		479,259			4,926,402