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|REFERENCE AND ADMINISTRATIVE<br>INFORMATION|REFERENCE AND ADMINISTRATIVE<br>INFORMATION|REFERENCE AND ADMINISTRATIVE<br>INFORMATION|REFERENCE AND ADMINISTRATIVE<br>INFORMATION|REFERENCE AND ADMINISTRATIVE<br>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<br>Voss||Nijmegen,||Netherlands|
|||Professor|Geoffrey Coombs||Perth, Australia|||
|||Dr Raphael<br>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||||||





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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

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||||Notes|Unrestricted|Restricted|Total|Total|
|---|---|---|---|---|---|---|---|
|Income from:||||Funds<br>E|Funds|2021f|2020<br>E|
|Charitable<br>Activities||||206,398||206,398|286,639|
|Investment<br>Income||||73,965||73,965|61,073|
|Total incoming<br>resources||||280,363||280,363|344,712|
|Expenditure<br>on:||||||||
|Raising<br>Funds||||16,359||16,359|14,306|
|Charitable<br>activities||||168,772||168,772|106,105|
|Total resources expended||||185,131||185,131|120,411|
|Net income/(expenditure)|before|||||||
|investment<br>gains/(losses)||||95,232||95,232|224,301|
|Other recognised<br>gains/(losses)||||||||
|Gains/(Losses)<br>on investment||assets|10|479,259||479,259|197,941|
|Net movement<br>in funds||||574,491||574,491|422,242|
|Reconciliation<br>offunds:||||||||
|Total funds brought<br>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|





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|||||||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<br>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|





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|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|



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||||||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<br>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<br>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|



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||||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|






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|11.|TANGIBLE FIXEDASSET|S|||
|---|---|---|---|---|
||||Office||
||||equipment<br>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<br>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<br>and accrued income||182,738|202,695|
|13.|SHORT TERM DEPOSITS||||
||||2021f|2020f|
||Amounts<br>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|





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|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|



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|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<br>E|resources|resources||(losses)|||31.12.21<br>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<br>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|



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