REGISTERED NUMBER.. 07251522 CHARITY NUM8ER.. 1139367 THE INTERNATIONAL SOCIETY OF ANTIMICROBIAL CHEMOTHERAPY (A company limited by guarantee) FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Tme 114TERNATIONAL SOCIETY OF ANTIMICRO8IAL CHEMOTHERAPY CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 R•f•r•n¢• •nd •dmlnl•tr•t4v• Infom)￿10Tr Tr￿1•￿, R•port Ind•p•ndont Audltoei R•port 6-10 St•t•m•nt of Ilnanclal actlvltl•• 11 Balanc• Sho•t 12 Nots8 to th• Flnandal Stat•ThAnts 13.21 THE INTERNATIONAL SOCIETY OF ANTIMICROBIAL ¢HEMOThEWY TRUSTEES ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 REFERENCE AND ADMINISTRATIVE INFORMATION Charlty num1￿1. 1139367 Coryny nUrnb￿.. 07251522 R•glst•r•d Olfi¢•: 2M Fk#)r, Regis House 45 Kiry William Sireot London EC4R 9AN Prfn¢lp•l omc•'. Medic81 Microbiology Aberdeen Roy81 Infirmary FO￿$te￿Ill Aberdeen AB25 2ZN Scotland, UK Tru*t•••: Professor G•)ffrny Cc¥)mbs Prol8ssor Souha K8nj Profassor Sorhat Unal Profe5s0r Heiman Wertheirn Professor Antheas Voss rth, A￿tralia Beirut, Lebanon Ankara. Turk•y Nlimffjen. N￿hart3nd$ Niimeg¥n, N¢thorfands Chl•f EX•￿11¥• Offl¢•r Dr Fiona Ma¢K¥nzi• Audltor A2ets Audii Seryices Chartered Acujuntants Fkjor. Ragis Hous8 45 KINJ Williarn Str London EC4R 9AN Inv••tm•nt M•nag•r Rathbone Investment PAanager Limit•d 8 Finsbury Circus London EC2M 7AZ Bank•r The Royal Bank of Seotland Aberdeen Business Cor*tr• Ab¥r¢esn Qu¢•n'$ Cross Br•n¢h 40 Albyn Fl•c* Aberdeen AB10 1YN S¢ll¢ltor Ladingham Chalffffjrs LLP, Solicitors Johnston* Hous¢ 52-54 Rose Street Aberdeen AB10 IHA Pag¢ 1 THE INTERNATIONAL SOCIETY OF ANTIMICROBIAL CHEMOTHERAPY TRUSTEES ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 The TTusiees present their annual report and financi815tat8ments of tha Charity for the yea¥ ended 31 December 2023. The finan￿al statements have been prepared in 8¢cordan￿ with the a(thunting policies sel oul in note 2 to the a￿Unts and rxjmply with th8 Ch8ritseS Act 2011, Companies Act 2006 and the Ststemenl of R8cornm8n¢J8d Practi￿.. Aco)unting and Reporting by Ch8rities applicable to charities IFRS 1021 leffective January 20151. OBJECTIVES AND ACTIVITIES To a(Svanc8 th8 education and the srience of therapy of infeciion through the 8StatAishment of an intemation81 federation of affiliated natwjnal and re9h)nal societies wlth swnilar aims and obJ9(*'v9$ to thosa of the Charity. In meeting the objectives, the charitalA8 cornpany shall.. al Promote tha conduct of scientffic research. convenir¥J intemational coThJres5es, ￿nferenCeS and symposia. b) Ewurage the £m￿ration of the members ol the Charity Ithe "Members") amtyngst t￿MSelveS and between scientists belonging to w¢￿185 dealing Yrfith ralatod basic an<5 dinical soences. cl Encouragetheformation of natKJnal and w￿n81 soryeties interesi8d in therapy of inlèctKJn in those countries or areas where such groups do not otheThMse exist. dl Encourage andlor sponsor the fomiation of international working groups for special research. tralniTrJ proJ￿t5 or thè use ol therapeut￿$ in the held of anb-infecliv8 th8rapy and co-or(Jinating their activities. el Produ￿, publish and distribLrte 1vkneth￿ gratuitousty or noll or to make grants lowards the ¢tst$ of others producing. publishing ordSstributing mal8rial in any fonn induding joumals, books, parnph￿ts. reports. films. tak&8, programmes or web-based material that m8y be deemed desirable for the furtherance or promotion of the Objgcts or for lh$ purpose ol infomilng ujntrsbutors and others of the need or priKJr8s5 of thè Charity. Awafd scholarships and bursaries raised frorn third party contribution5 to 8nabltr attendan￿ at and travel lo any intemational congresses organised by the Charity by person5 des8rving ol such financAal assistance as shall be d￿lded at lh8 discrotion of the 01￿CtOrS and Execubve Comrnitte8. The pollcles that have boèn adoptèd In ord•r that th• oblKtlv•8 are met ar•.. Thè bionnial 1nlemat￿)naI Corore5s of Antimicrobi81 Ch8rn01herapy IICCI is held in major cities throughout the worfd. According to the ICC schedule, no congr8SS Was held in 2023. The next1331dl ICC will be held in Istanbul, TutrKey fn)m 3 to 6 November2024. The Executive Committee hokls at k*8t ￿￿tingS per year lo appraise the acbvities of ISAC and lo recaNe ￿pOrtS from the Trustees. Working groups may bo formod to address current issues wilh regard lo antimicrobial ch8rn0therapy. di The h1ghest ISAC Award (the Harnao Urn8zawa Memorial Award) given al every ICC is donated by the Microbibl Chemk%try Research Foundation, Japan. There is an outright grdnt ol a surn of money, together th a cerbficale and rn￿al to the ￿1plent. The ChaTity has established 'Young In￿stIgatOrS Travel Awards. to be given at every ICC to deservir partiapants presenting or6ginal Work to attend the ICC. The'Torn Bergan Memorial Fund, was established in July 2001 anLI the'John David Wlliams Merngrial Fund. was established in 2005. These Funds each provide two travel grants enabling deserving youThJ invèstpJators pffjsenting original work to attend the ICC. Publiralign5.' The Charity publishes Ihe lntemats.onal Jovmal of Antimi(xobial Agents IIJAAI12 volurnes with 12 Issues per yearl and Ihe Journal ol Global AntimKrobial Resistan￿ IJGARI which is published quartedy. ISAC asslsts Memb8r Societies in Nation81 and Rgglonal Mg8tings. gl Membership.. ISAC h85 105 8ffi118t￿ Mwnber-sodeties. Th8re are no mernbership fees. h} FinarThs'. Ther8 are maln revenue slream$ of thè Charity. Thè first will be the surplus I sodety share n th8 organisatK)n ol the biennial ICCS. The profits from ICCS are generally 5h8red w7th the lo(*l Member- Society lies). Thg second source of ino)me is royalty payments from its journals,. IJAA and JGAR. The Chartty has appointed an Inv851ment Managér who adwses and generates ￿VenUe from Charity's assets. The revenue obtained shall be used in the ye8rfy 8XP8nditure of th8 Charity. Page 2 THE INTERNATICWAL SOCIETY OF ANTIMICRO8IAL CHEMOTHERAPY TRUSTEES ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 ACHIEVEMENTS AND PERFORMANCE Developments and activities for the year 2023 al The ISAC Officers and Executive Committee members during 2023 arè detsi18d below.. Presld•nt G. Coornbs IAustralial 2022 - 2024 President.Ele¢t S. Kanj (Lebanonl 2022- 2024 Secretsry.General S. Unal (Turkey) 2019-202314" Hon Treasurer H Wertheim (Nelhedandsl 2022 - 2026 Immediate Past President A Voss INelher18n¢tsl 2022 - 2024 Ordinary members F. Amer (Egypti R 8ert)a IPhilippinesl A Chowdh8ry Ilndial D Jenkins IUKI P Munoz Ispainl K. Tated3 (Japanl 2022 - 2026 2022 - 2026 2019-202314" 2022 - 2026 2022 - 2026 2019-202314. Ex-officio Mem￿TS J. Li (Auslralial IJAA Editor In Chief JGAR Editor in Chief Chief Executive Officer F MacKenzie IUKI F Tenover IUSAI M.-N. Kim (Soulh Koreal D Lye (Singapore) J Zhao (Auslralial ' Term extended by one year due to COVID-19 pandemlc. bl Trustee face-to-face meetings took place in London in January 2023, Copenhagen in April 2023 and Istanbul in September 2023. Monthly meetings held via Microsoft Teams also look place. cl ISAC o)ntinued its onlino webinar programme. The foll￿r￿j wère ho￿ in 2023.. Phage pharrn8(y)kngy & Iherapy H5N1 Avian Influenza.. th8 path frorn p8nzootic to pandemic Zero by 2023. One Heallh perspectives of rabies elimination Beyond the pill. Transfomialive approaches to combat antimicrobial resistance Membrane lipid remodelling ct)nfers potymyxin ￿Sistan￿ in Gram.negatNe bacter￿9 Viral re5piralory tract infeclion5'. Superinfect￿￿5 The benefits of routine-based sequencing of p8thc&8ns Journey into the anti-infeclive field.. academic. dinir21 and industry perSp￿tIveS Page 3 THE INTERNATIONAL SOCIETY OF ANTIMICROBIAL CHEMOTHERAPY TRUSTEES ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 ACHIEVEMEKfs AND PERFORMANCE- contlnued dl Publl¢atlon•: International Journal of Antiml¢robial Aoents The 8ditorial officè is situated in Elsemer's offices in Oxford. UK. All aspects of jgumol productK)n are han¢Jled via the electronic Elsevier Editorial Systern IEESI. The number ol submissions to the joum81 ¢ontinues to incrèase svjnificanlly as has the workload of the Editor in Ch￿. The current contraci bèlw•èn ISAC and Elsevier is effective fr￿Tr 1 January 2020 to 31 t18C8mber 2024. Elsevier have 8 direct contract with the IJAA Editor-in-chief, currently Professor Jan Ll {AtBtralia} and pay hirn irect. His contract is runs from 1 Novernber 2022 to 31 Decernb8r 2024. In 2023. the Impact Factor for IJAA decreased from 10.8 to 4.9. IJAA is now ranked in th8 foll(Ming pOSit￿n5 in Ihe Journal Citation Reports.. Infectious Thsease$ 16 1132 journal5. Mierobiology 32 1161 joumals. Pharrn8cok)gy & Ph8rmacy 45 1354joumas. IJAA 15 an online only Tr)urnal. Joumal of Global Antimicroblal R•sIsts￿¢ {JGARI In 2013 ISAC launehed a second joumal.. the Joumal of Gkjbal Antimi¢robial Rgsistancg IJGARI. The titlè is 100% owned by ISAC which 8nter8d into an initial five year publishing ag￿ement wrth Elsevier Lld. The inits'al (£Jntract expired in D￿rnber 2019 and auiornatically rolled overfor a lurtherthree year period until December 2020. ISAC an(J Essevier ￿neWed the ¢ontract early. effective from 1 January 2020 to 31 December 2022. It autornalieally rollefl over and now expl￿$ on 31 December 2025. ISAC ha5 8 direct contract wrth the JGAR Editor-in-chief, currently Professor Stefania Slelani Icatania, Ilalyl and pays her direct. Her contract runs frorn 1 January 2020 to 31 December 2022 and has automalically roll￿ ovèr. In 2023 th8 Impact Factor incwsed from 4.610 3.7 and 1¢ is rK)w r8nk8d in the followng positions in the Joumal Citation Reports.. Infectious Diseases.. 38 1132 y>urnal$. Phamiacdogy & Pharmacy.. ￿ 1354 joumals FINANCIAL REVIEW Overall in¢cThe forthe charity was £314,217 l£nil mstr￿tad Incc¥nel in 2023, cornpa￿d to £357.037 l£nil resln'dedl in 2022. The decfease in Un￿tricted Income is mainly due ¢0 less joumal royalty In￿M￿ and no ICC congress being hdd in 2023 (ICC congress held in 20221. The charity expenses foi the y88r ￿re £269.783, Compa￿ to £232.587 in 2022 all of which is unr6slrictwl. R9$9nleS The apklication ofthe Chanty's fvJr%ls br 2023 is as presente(l in the accompanying audtted acwunts. The balar * 31 D8c8m￿r 2023 is £4.881,76712022'. £4.614.7471. At Ihe 31 December 2023 the charty had 5 designated fvnds tot811ing £125,042 {2022.. £130,567} and 1 rastricted lund iotalling £116,161 12022. £116,161). See ￿19 16 to Ihe financial statements for more detsils. PwJe 4 THE INTERNATIONAL SOCIETY OF ANTIMICROBIAL CHEMOTHERAPY TRUSTEES ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 FINANCIAL REVIEW- continued Re$etve$ Polky The policy of the Trusteès Is to maintsifl reseNo¥ at a minimum level ol £l,CQO.000. This provi¢Jes suffiuent funds to COV8roper8tional w5ts and respond to emergency costs. Planning for the bi-annual COngr￿s&S occurs several months In advance. Th￿ means costs are incurre(J well beftsrt the (x)ngre5S takes Jace and non-attendance due to eX￿p1K)nal ¢ircumstances can￿1 bè pr8dict8d. Charity airn5 to keep sufficient in reserve to cover any unforeseen eon9re5S (xtysts. Invostment Policy The obl￿tive has been to provide capital growth and also lo generate Income lor charitab18 purpose5. The achievement of the policy is monrtored through di5QJ55ions with the inveslfflenl man8gers and meaSurem￿ts against appropriate benthmarks. The Trust8es 8re satisfied with the advice given ￿ strategy and minimi￿n9 risk. ISAC'S ethical in¥fstsnent policy weryficaHy exdudes companies known to be dealing in t¢)bacco, Am)s. aleohol a￿1 gambling and al$0 exduijes pharm￿ut1cal companies due to the conflict of interests. The policy of the Twstees is to maintsln the investment balar￿2 at a minimum kvel of £3,500,000. Inv•stmènt P•rforniancè The investment portfolio 8131 December 2023 had a total asset value of £4.064,213 compar6d to £3,720.209 in 2022 Fixed Interèst Equity 12.30 UK North America Japan Europe Asia Pacrfic Emerging Markets Global Investments Actively Managed Strategies Commodities Cash Totsl 27.28 21.38 3.47 6.04 2.66 1.64 9.63 9.43 4.22 1.95 100.00 Rlsk Manag•m•nt The major risks to which the charitable eompany is 8xposed, ￿ id8ntffigd by thè Tr￿Slee5 are under a o)ntinual processof r8vi8w and procedure5 are in pla(x to manage those risks. Professional indemnity insurance is provided for the organi5ation. FUTURE PLANS During 2023, ISAC continued lo progress engagement with its Ex8culiv8 Cornmitt88 mernb8rs to deliverth8soThety siralegy in an indusive l transparent way. ISAC plans to und8rtaka &"5trategy leme￿ in 2025. In 2023, ISAC delivered Iiva wabinats 8$ Part of online 'lSAC Academy and ￿an5 to contsnue Ihis suc￿$s1u1 Over2023 124 ISAC partnererj wth the Britsh SoeAetyforAnb'miCro￿.aI Chemolherapy18SACI to ddiver e4eaming Fnodultrs. Th•s& We￿ not as su(tessful a5 hope# and a dac1s￿n wa5 takèn to pause d8v8k)prnent of further module5. ISAC is partnering with one of rts Mwnber Societies. the TuFkL8h Ho$pltal Infections and Control Assouatitsn, deliver the 33W ICC in lstsnbul. Turkey in November 2023. 11 is also planning the 341h Icc along with the Philippi Society for Microbi04ogy and Inleclious Dkseases". Il wll take plaGe in Manila in 2025. ISAC mad9 available a number of project gr&nis in 2023 and plans lo wntinue this initsale ISAC is in the process of developiro Ihe ISAC Antibiot￿ Trealmenl Guiddines,. an open access online antirnicrobj'al treatment guideline. It is due to belaunched in S8Pternber 2024. P&Je S THE INTERNATIONAL SOCIETY OF ANTIMICROBIAL CHEMOTHERAPY TRUSTEES ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 STRUCTURE. GOVERNANCE AND MANAGEMENT The Internat￿n81 Soaety ol Antimicrobial Chemotherapy IpW￿u$1Y The Intem8tional Soci8ty for Infeetion and Cancerl IISACI rs a o)mpany limited by 9uaranteè incorporated on 12 May 2010 and reg￿tered wth the Charty Commisgon on 20 December 2010. ISAC operates under the rules set out in Artides Associatlon. which were updatgd on 2 th￿ber 2017. Tha Charrty has associated Member Societies throughout the Mjrfd. The Trust80s are the Soryety President, P￿sIdent-Eleet, Immediate Past PresK18nt, S￿elary-Generel and Honorary Trè&%urer. Publ1¢ bonefft The Trustee5 have considered thè Charib"•s Commission's ￿qUirement in respect of Public Benefit. In thèir w•w the Charty rneets. in full. the criteria to satisfy the test The Trustees, have de$￿ted earti?r in this rgport the activities unilertaken lo further its ¢haritsbl8 purposes lor the public benefit. Tru5t••$ The Execub"ve officers of Ihe Society work voluntarity for the Charity. They are g￿er￿lY paid employees of univetsities or ho4)itals in their own wunlry or are r8tir8d from paid employment and have limrted resources and lirnit8d ts'm8 for thè Charity. The Charity supports these Oftic8rs in terns of help in funijing travel in connection wrth the Charity's work and in line with the Charity's financial guidelines le.g. Meeting¥ on pr¢gtè$$ of eongrassas, on PublicatDns, and with Investment Advisers and Bankersl. Page 6 THE INTERNATIONAL SOCIETY OF ANTIMICROBIAL CHEMOTHERAPY TRUSTEES ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 STATEMENT OF TRUSTEES. RESPONSIBILITES The trustees (who a￿ also directo￿ of The Intemational ol AnllrnScrobial Chemolherapy for the purposes ol company lawl are responsible for preparing the Trusle6s' Annual Report and the financial ststements in (xxjrdance with applicable law and United Kingdom Ac(x)untirvJ Stand8rd8 (United Kingdom Generdly Att8Pted Acwuntiro Praclicel. Company law requires the trustees to P￿pare ljnancia statements for each linancial year, which 9Ne a tr￿ and lairviewof the $laleof affairs of the charitable CL)mpany and of the incoming resour(￿ and application of resourees, including the income and expenditure. ol the charitable mmpany for th81 period In preparing these financial ststements. the trustees ar& rgquired to.. select suttable acwunting pol￿e5 and then apply them consistently.. obserye the methods and principles in the CharitK?s SORP 2015 {FRS 1021., make judgements and esiirnates th81 are reasonable and prudent., state whether applicable UK Accounting StanlÈrds have been f￿￿)wed. subject to any rnaterial departures disd0s￿ and explained in th8 financial ststements,. p￿pa￿ the financial stal8rn8nts on the going concern basis unless it L8 inappropriate to pr85ume that the c*aritable company will continue in operalion. The Iru*88s are responsible for keeping adeouale ac£ounting records that dksckjse with reasonable accuracy at any lime the financial position ol the charitable company and enable them to ensure that the financial statements cornp1y wrth the Companies Act 2006. They are also resw)nsibl8 for safeguarding the assets of the tharit8ble company and henee for taking reasonable Ster￿ for the prevention and detect￿n of fraud and oth8r irregularities. In so far as Ihè tru5t88S 8re 8ware'. there 15 no relevant audrt infomiation ol which the charitabfe comp#ny'5 auditor is unaware., and the trustees have laken all steps that they ought to have taken lo rnake themselves aWa￿OfanY relevant audit information and lo establish thal the audltor ts awarè of that infomtsiDn. Approved by the Trustees on 3 September 2024 and signed on th&r b8half by Dr H. Treasurer. Oirector and Trustee lexl Iiere Page 7 INDEPENDENT AUDITOR'S REPORT TO The MEMBERS OF THE INTERNATI(XIAL SOCIETY OF ANTIMICROBIAL CHEMOTHERAPY FOR THE YEAR ENDED 31 DECEMBER 2023 Oplnlon We have audited the finanrial statements of The Intemational Soeiety of An￿mIcrob￿lI Chemotherapy (the 'tharitab￿ company'l for the year ended 31 December 2023 which wrnpri5e the Statement of Flnancial Activrties, the Balance Sheet and notes to the finaneial stalements. Including a summary of swnrfir¥nt 8C(x)unting w)lirie5. The financial reporting frarneWo￿K that has been applied in their preparation is applicable law and Unit8d KirrfJdom AccountiNJ Standards. induding Financial Reporting Standarij 102 The Financial Repo￿n9 Standard applicable in th& UK 8nd Republic of Ireland (United Kingdom Generally Acc8Pt8d Accounting Pracb'tel. In our opinion the finanri81 st*ements'. give a true and fair view of the $tst? tyf fft¢ charita￿• eompany's affairs as at 31 December 2023. and of its incoming resources and 8ppli¢ation of resources, including its income ￿lj expendrture. for the year then ended.. have been propety pr8par8d in ￿e0r(la￿e￿1th Unrted ￿"ngdorn Generally Accepted A￿oUnt1rwj PT8ctiee,' and have been prepared in aC￿rdanCe with the requiremènts ofthe Companies Act 2￿￿. 8asl$ lor oplnlon We conducted our audit in aiwrdanee with International Standards on Audrting IUKI IISAS IUKII 8fKI applK8bl law. Our responsibilities under those standard5 are fijrther describ•d in the Auditor's respon$ibilib'e$ for the audit of the financial statements section of our report. We 8r8 Inde￿ndernt ol the charttable company in aco)rdance with the ethical reqU￿rements that are ra￿Vant to our audit of the financial statemenb in the UK. including the FRC'S Ethical Standard, and w8 haVe1u￿111ed ourother ethical resKx)nsibilities In accordanre wth th9se requirernents. Wè bdieve that the audit evidenre we hav8 obtain8(J is sufficient ond appropriate to prowde a basis for our opinion. co￿1￿$10n8 relating to going conc•m In audibng the finan￿al stalem8nts, we have concluded that the twstees, use of thg going concem basis of acc*)unting in the preparation of the finanrial statements is appropriate. Based on the ￿rk we have perfomied. we have not identif￿d any material uneertainti&s rdaling to events or conditions that, individually or colwively, may cast signrficanl doubt on the Charitab￿ company'5 ability to continue as a going concem for a period of at least twefve month5 from when the financial stslements are authorised for issue. Our responsibilitie5 an¢J the responsibilitEs of the Irustees with to goiThJ concem are describèd in the relevant sectKJns of this report. Other Informatlon Th8 other inforrnalion cornprises the inlom)ation Induded in the trustee5 8nnu81 report, other than the finanual slatements and our auditor'5 ￿portther40Th. The trustees are responsible forthe otheT information contsin8d within the annual report. Our opinion on the finana81 statements does not tover the other infom)alion and, except to the axtant otherwise explidtly stated in our report, W8 do not expre55 any form of assurance CLJnclusion thereon. Our responsibility is to the other inlomiation and. in doing so. (vnsider whelher the Oth8r irrformal￿n 15 materialty in¢￿sIStenIwith the financi81 si8ternents or ¢)ur knowledgeoblain&l in the course of the audit Or0lhen￿1s8 app8ar5 to be malerially misstated. W we identify such material In￿nsISten¢1eS or appa￿nt material misstatern8nts, we are requityd to detem?ine whether this gives rise to a material mis5tsternent in the finanual slatements Ihemselves. 11. based on the work we have perfomied. we condude that there is a rnaleri81 fflisstatem8nt of ihis other lnlom)at￿n, we are required to r8POrt that fact. We have rK*thing to ￿pOr1 in Ihis regard. Oplnlon• on other matters presuib•d by the Companleg Act 2006 In our opinion, based on the work undertaken in the course of the audrt.. the infomatKJn given in the Iwstees, ￿￿K)rt lineorporating the directors, reportl for the financial year for which Ihe financial ststements are prepared is consistent wilh the financial stalements." and Ihe diiectors. ￿port has been prepared In acuJrd8n￿ wth appI￿able IwJal rgquir8rn8nts. Page 8 INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE INTERNATIONAL SOCIETY OF ANTIMICROBIAL CHEMOTHERAPY FOR THE YEAR eNDE0 31 DECEMBER 2023 Matters on which we are requlred to report by •xc•ption In the lighl of the k￿￿edge and underslanding of the charitable company and it5 environment obtainet received all the infomiation and explanations we require for our audrt. or the Iruslee$ were not entitled tts prepare thè financial 5tat8rnents in accordance with the %nall tompankps, regime and take advantage ofthè srnall companvas. exempb'ons in preparing the directors. wort and trom the regul￿ment to prep8r8 8 Strate9i¢ report. Rè#pon8ibilf(ies of trustees As explained more fully in the trustees. r8sponsibilitiès statamènt 591 out on page 7. the trustees (who are 8180 the d1￿ClOr$ of the charitable eompany for the purposes of company lawl a￿ reS[￿nSIble for the preparation of the rinancial sla18m￿ts and for being satisfied Ihat they give a true and fair vw. and for such internal control as the trustees determin8 is n8cessary to enable the preparation ol financol statements that are free from material rnisstatemenl, whether due to fraud or error. In preparing the finanual stgtèm•nts. the trustee5 are responsi￿e for a5se$sing the charita￿• comp8Fry's ability to continue as a going eoncern. disclosing, as applicable. matters related to going Concem u5iry thegoing concem basi5 of ac(x>unting unless the twstees erther intend to liouidate the d)afitable company or to ce8se operat￿n$, or have no realistic allematNe but to do so. Audltor's M#pon#lbiliti•J forthe audit of the fin•n¢S•l $t•tements Our obj8clive5 are lo obtain reasonable assurance about whether the finanLyal statements as a whole are I￿e from matènal rnisslaternent. whether due to fraud or error, and to issue an audrtorfs ￿pOrt that includes our opinion. Reasonab￿ assurance is a high levèl ol assurance, but is 8 9uarant8e that 8n audit ctTrnducted in ac(x)rdance ith ISAS IUKI 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 b8 8xpec¢ed to influence thè economic d8Ci5ions of Lsers taken on the basis of these financAal slatements. Irregularities. including fraud. are instances of non-complianc8 Wlth laws and r8gulati￿5. We desSgn proeedures in line wth our ￿s￿nSIbIlItIes. oullineunts in accordance with the Financial Reporting Standar¢J applieable in the UK IFRS 1021 issued on 16 July 2015 las updated throu9h Update Bulletin publishemenls and are initially ￿(1)gnIsed at their traf￿￿tion value and sut)sequenUy m988urgd atthgirtsir Value as at the balance sheetdate using the dosing quo¢ed rnarket price. I gains and 105S85 are taken to the Statem￿t of Finanoal Activities as they ariso. R081wl gains and losses on investments are ca1tsjla1￿ as the drffQ￿nce between the sale proceeds and opening market value (purchase date if laterl. Unre8lis8d gains 8nd k>sses a￿ cathlated as the drfference betsveen the market value al the year end and openiThJ market value lor purthasè dale if later). The th8rity does not acquirè put optiorts. derivatives or Olher¢omp￿X financial instruments. The investment in subsidi8ri8S are m8asured at O)5t less impaimiwt. Page 14 THE INTERNATIONAL SOCIETY OF ANTIMICROBIAL CHEMOTHERAPY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 ACCOUNTING POLICIES- ¢ontinuod til Debtors Other debtors are recognised al ltte settlement amount due Prepaym8nt5 8re valued at the amount prepaid Accrued Income Is measured at the arnount due to be r8ceived. (kl Current asset inv•stmontslShort temi deposlts Current asset Investmerlts are short lem highly liquid investments and ar8 held at l¥irvatue. These Include cash on dewsrt and cash equivalents with a maturity of le5S than one y8ar. 11} Cash at bank and In hand Cash at bank and cash in hand Indudes cash and short term highly liquid inveslrnents with a short matunty of threé months or18ss from thè date ol acquisition or opening of Ihe deposit or similar accounts. {ml Creditors Creditors are recognised Wh￿ there is a present obligation ￿ultIng from a past event that will probaNy resu￿ In the transfer of fttnds to a third party and the amount du8 to settle the oblvjation can be measure or estimaied reliably. Other cr8ditors and accNals ar8 reW9nis￿ at th&r settlement amount due. Inl Flnanclal Instruments The charity only has financial ass8tS 8nd finan￿al liabilitie5 of a kind that Qualify as bos￿ fin8nual instruments. Basic finanual instruments are ini11811y recognised at transaction value an¢J subsequently measured al their setilemenl value except for bank loans which are subsoqueniiy measured at anxJrti$ed o)sl using the effective Inte￿$t metho¢J. {0) Forelgn Currency Assets and liabilities in for8un currencies are translated into $leding al the rates of exthange ruling at the balance sheet dale. Transa¢lh)ns In foreign CUr￿nOeS are ir8nskted into sterling at the rate ruling on the ale of Ihe transaction. All exchange drffe￿nCes are reflected in the Slalement of Financial Activities (pl Judgements and key sources of estimation uncertainty Accounting estimates and judgements are Continually evaluated and a￿ based on histor￿al experience and other factors. including exF>eotslions of future events that are believed lo be reasonab18 und8r the cirujmstances. The following judgements (apart frorn those invdving eslimal8sl have been made in the process of applying the above accounting polici8S that have had the most significant effe¢t on amounis recogni5ed in the financial statements.. Useful &Gonom￿ Iiv6s ollangible assels The annual eep￿ciatIon charge for tangible assets is sensikn've lo chang85 in the 85tsmated useful economic Iiv8s and r85idual values of the assets. Th8 useful economi¢ lives and residual value5 are r8- assessed annually. They are amendeij when necessary lo refiect cur￿fit estimates, based on t8chnological advan￿ment, future inv8Stmenls. economic utilisation ano the physica condition of th8 assets. See note 11 for the carrying amount of the fixtures and equipment and cornputer equipment and nole12hl for Ihe useful economic lives lor eath dass ol assets. There are no key assumptions concerning th8 futur8 and olh8r key 50urc85 of estimation uncertainly at the rew>rting date that have a signif￿nt risk of causing 8 rn81eri818djuslrnenl to the carrying amounts of assets and liabilities within the next financxal year Page 15 THE INTERNATIONAL SOCIETY OF AP4TIMICROBIAL CHEMOTHERAPY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 CHARITABLE ACTIVITIES Unr•$trl¢ted Funds Total 2023 Totsl 2022 Rèstated Intemational Coror8s5 of Ch8rn0therapy IJM and JGAR Joumal Royatties Other Joumd income 12.715 256,570 13,049 223,074 13.441 223,074 13,441 236,515 236,51S 282.334 In 2022, all ¢hè eh&ritabk activity ino)me was attributable to the unrestricted fund. Durin9 2023. £463 of unre5tsicted intom8 forth8 Intemational Congress of Chemotherapy was I￿1v& which should have been allocated in the 2022 acmunts. Therefore, the 2022 amtyjnt which was Pm¥K)usly £12,252 was mstated to £12,715 to indude this b8lan(%. INVESTMENT INCOME Unre$trl¢tgd Funds Totsl 2023 Total 2022 4ft￿Me from fixed asset investments Int8r&st on bank and short tem) depo&t aco)unts 77.254 448 77,254 448 74,616 87 77,702 n,702 74,703 In 2022, all Ihe invgstm8nt income was attributable lo the Unrestrict￿ hjnd. RAISING FUNDS Unrutrl¢ted Funds Total 2023 Totsl 2022 Investment manager lees 16.262 16,2V2 15,780 In 2022, all the investment income was ailributable lo the unrestrict8iJ fund. Page 16 THE INTERNATIONAL SOCIETY OF ANTIMICROBIAL CHEMOTHERAPY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 CHARITABLE ACTIVITIES Unr•strl¢igd Funds Total 2023 Total 2022 Restated Exp8n5e5 of wety rn8eting5 and publicty Executiv8 office expenses Secretarial expenses Joumal costs Grant5 Website costs Bank ¢har9es and fo￿l9n ￿rren￿ movements Depreciation Sundry APSCMI eosts Projecl and edu¢a¢KJnal Intemalional c￿greSS of CherrKJtherapy Governance costs ExeoJlive office expenses- Ins￿ranC Audit and a¢￿untancY fees 50.161 42,613 44,584 20,677 28,433 2,452 5,586 254 362 120 40,809 50.161 42,613 44,584 20.677 28.433 2,452 9.977 14,132 40,169 16.573 22.015 3.059 113,1081 260 189 254 362 120 41,501 66,661 5,830 11.640 5,830 11.640 4.349 10.830 253,521 253,521 21fj.807 In 2022, all the charitable activity ￿)sts w8re attributable to the unrestricted fund. During 2023. £859 of unrestricted expenditure and £6.924 01 unrestricted expenditure f&funds lor t International Congress ol Chemotherapy was paiWrec6ivad which should hav8 been alk)cated in the 2022 a¢etsunts. Therefore. the 2022 amounl which was previously £72,926 was wtsted to £66,861 to include thes8 paym8nts and r8fund5. NEf INCOMING RESOURCES FOR THE YEAR 2023 2022 Thi5 15 state£J after charging.. Auditors, fees.. Audil fee Other non-audft lees Prior year lov8rl l under accrual 9,240 2,400 8,640 2.280 1901 260 Depreciation 254 TRUSTEES EXPENSES During the year 512022.. 51 TNstees We￿ ￿mbUrSe￿ £18.236 12022.. £29,3081 lor travel and other n8ces5ary c051s incurf8(J during the year in conn8Ction wth th8 %w)rk of the charity. The Trustees received r*) rwnuneration for their seNi¢es during this year or the P￿￿OU$ p8ri0d. STAFF COSTS During the year, ISAC ernpbyod 1 pètson 12022.. 11. The salary cost5 of £39,905 12022". £35.4891 is include(J wthin secretsrial expenses. TI￿re werg no 8rnploy•es 94miro abovè £60.OLK) p8r annum during this year orthe prior peflod. Included within executive office expenses are cosls ol £ 42.081 12022". £13.6041 retharged from NHS Grampian for the Charty's share ol the salary of the Chief Executsve Office for tirne spent working on the Charity. In 2023, rnanagernenl fee5 of £4.680 12022. £4,680) were invoiced by Aco)rd Business Partnerships rdating to se￿etaria1 a$￿s￿nCe lo the ISAC CEO. Page17 THE INTERNATIONAL SOCIETY OF ANTIMICROBIAL CHEMOTHERAPY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 io. FIXED ASSET INVESTMENTS 2023 2022 Quot•d Inveslm¢nts Market value 81 1 January 2023 Additions Disposals Re81ised investment gain51llossesl Unreali8ed investrnent gain51{Ioss8s1 3,720,209 299,786 117B,3681 43.370 179.216 4.074,075 704,765 1619,6341 150,023 1589,0201 Markat valua at 31 December 2023 4.064,213 3.720.209 2023 ma￿•tvalUe 2022 Markgt Valug Cost Cost Fixed Interesl LIK Equrties ars8as Equilias Altematives 509,017 786.272 1,203.285 537.696 509.665 1.069,771 1.858.161 626.616 449.182 805,961 1.076,160 536,224 435,874 1,039,015 1,577,576 667,744 3,036270 4,064213 2,867.527 3.720.209 ID 2023 therewe￿ no12022.. £nill investmants in the yèarthat representsd 5% of the managed portfolio at Ihe year•end. 11. TANGIBLE FIXED ASSETS oirice •quipment Totol Cost At 1 J8nu8ry 2023 2.802 2.802 At 31 t)￿ernber 2023 2,802 2,802 DeprecSatlon Al 1 January 2023 Charge 1.736 254 1,736 254 At 31 D￿eMber 2023 1.990 1.990 Net book valuo At 31 December 2023 812 812 At 31 December 2022 1.066 1.066 Page 18 THE INTERNATIONAL SOCIETY OF ANTIMICROBIAL CHEMOTHERAPY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 December 2023 12. DEBTORS AND PREPAYMENTS 2023 2022 Restated p￿paYments and accrued I￿￿vre 237,622 278,451 13. SHORT TERM DEPOSITS 2023 2022 Arnuths hèld by stockbrokers 80.915 141.085 14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2023 2022 Restated Other creditors and ?￿rue¢S Trade cre¢Jitor5 45,003 184 45,187 46,608 15. ANALYSIS OF NET ASSETS BETWEEN FUNDS- eurrnnt year Tangible fixed assets and Investments Current assots less Ilabiliti•s Total General funds Designated funds Restricted funds 4,065,025 575,539 125.042 116,161 4.640.564 125,042 116.161 4.065.025 816.742 4.881,767 15.1 ANALYSIS OF NET ASSETS BETWEEN FUNDS- prlor year Tanglble flxed a$8ets and Investsnents Current a$s¢ts less Ilabrlitits Totsl Restated Restated General funds Designated funds Restricie(J funds 3.721,275 650,744 126.567 116,161 4.372.019 126,567 116.161 3,721.275 893.472 4,614,747 Page 19 THE INTERNATIONAL SOCIETY OF ANTIMICROBIAL CHEMOTHERAPY NOTES TO THE FINANCIAL STATEMENTS FOR TH£ YEAR ENDED 31 OECEMBER 2023 FUNDS The rrovement of fuThYs in Ihe current yèar Are as follows.. Inv•8tmont galntyl Ilosses} Balan¢• al Incomlng Outgolng 31.12.22 r•$our¢es re$our¢es Tran•f•rs Balanc• at 31.1223 R•$trl¢t•d funds: European Congress of Chemotherapy 116,161 116.161 D•8ignatod funds- Tom Bergan JD Williams Intem3t￿trn8l Co-operation Fund BSI WorkirrtJ Group UTI WorkiThJ Group 1,621 13.791 1,621 13,982 191 20.886 80,757 9.512 257 21.143 78.992 9,304 11,7651 12081 126.567 11.9731 125.042 Unr•strl¢t•d fund: General fvnd 4,372,019 313.769 1267.8101 222.586 4,640,564 4.614.747 314,217 1269,7831 222,586 4.881.767 The nN)vement of funds in the prior year are as folh)ws". Inv•$tmènt galnsl Ilossesl 8alan¢o at Incomlng Outgolng 31.1221 resources resource• Transforn Balaneè at 31.12.22 Rèstat•d R•$tst•d Reststed RoStrlct•d funds.. European Congress of Chemoth8rapy 116,161 116,161 D?819nal•d fvndo.. Torn Bergan JD Williams Inlemationa Co-operation Fund BSI Working Group UTI Working Group 1,621 15.754 1,621 13,791 37 12,0001 22.836 76.534 9,015 50 4.223 497 12,0001 20,886 80,757 9.512 125.760 4,807 14,0001 126,567 Vnrestrict•d fund.. Gerneral fund 4.687,373 352,230 1228,S871 1438.9971 4,372.019 4,929,294 357.037 {232.5871 1438.9971 4.614,747 Page 20 THE 114TERNATIONAL SOCIETY OF ANTIMICR081AL CHEMOTHERAPY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 16. FUNDS (contSnuedl R•slri¢t•d funds The UK b8sed charty "European C¢)ngres$ of Chemother8py IECCI. wound up during 2019 and transferred its funds to ISAC. On rewpt of this money ISAC agreed lo form a European WorklNJ Group. Its primary oty"ectNes are.. Continue the activiti8s and meelings of th8 South Eastem CoFYJr855 01 Chernotherapy, The organisation and adrninistration of European Surnmer Schools and associated themed meetings.. and gen8rally, the prornotK)n of and furiher8rKe of the objects of ECC. Doslgnated fund$ The Tom Bergan Memorial Fund was established in July 2(￿)1. This Fund providas traval grant5 for yourKJ inve5tKJalor5 p￿SentIng orwJinal work to att8nd the ICC. The Jth David Williams Memorial Fund was estsblished in 2005. This Fund provides travel grants for young investpators presenting original ￿rk to attend the ICC. The Japanese Society of Chemotherapy and Sat05hi Omura provided sum5 of money to be used for the Inlgmation81 Co-oper*ion Fund. The Endocarditss and ￿oOd51￿arn InfeCt￿n$18S1) WorkiThJ Group alms to prO￿￿e eijucation in the fields of epidemiology. pathogenesis. diagnosis and management of Bsls through conferen￿$ and conferenr proc8edings and to coordinate research in th8 field. Th8 Urinary Tract Infeelion IUTII Working Group provide meeting5 to discuss the various aspe¢ls of UTIS on a broad intemational base. lo achieve a widely accepted ￿nSensuS conceming managetnent and clinical studies and to (ome lo a grwng bibliography on thts subject. which LY)uld be useful for the daily clinical t1ecisions to be made. 17. RELATED PARTY TRANSACTIONS There were no ￿lated paty transactions durin9 the per￿{2022.. nonel. Page 21