REGISTERED NUMBER.. 07261522 CHARITY NUMBER: 1139367 THE INTERNATIONAL SOCIETY OF ANTIMICROBIAL CHEMOTHERAPY (A company limited by guarantee) FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 THE INTERNATIONAL SOCIETY OF ANTIMICROBIAL CHEMOTHERAPY CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Pag• R•f•r•nc• and •dmInI•￿ll¥• Inf•rniatlon TruIt•￿' R•port Ind•p•ndent Audltor'8 R•port 8-10 stst•m•nt of flnancl•l actlvlti B•lanG• Sh•et 12 Not•$ t• FInanc￿l St*t•mont• 13-21 THE INTERNAT1014AL SOCIETY OF ANTIMICRO8IAL CHEMOTHEIIAPY TRUSTEES ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 REFERENCE AND ADMIN18TRATIVE INFORMATION Charlty numb•r: 1139367 Company nthnl)w. 07251522 R•9lst•r•d OM¢•: wd Floor. R•gi$ Hous• 45 Klng Williarn Stwt Londgn EC4R Prlrtelpal Olll¢•: Mgdiral microb￿a109Y Aberdeen Royal Infirnmry For•stsrhill b8rde¢n AB25 2ZN ScoU8nd, UK Trust••s.' Profassor Gèoffr8y Cocfflb5 P•rth. Australia Professor Souha Kanj 8•irut. Lèb•n¢n Profe$$or Sethal Unal IResl9ned 6 N0￿Mber 20241 Ankara. Turk•y Professor H•iman Wart￿lM Nymegen. Netherlands Profè5s0r Andrea5 V05s IR8519ned 2 No￿rn￿r 20241 Nijmegen, Netherlands Profossor Anuradha Chowdhary (Appointed 6 Novemter 20241 Dolhi. India Or Davld Jenkins I1*p￿nted 6 Novemter20241 Loughborou9h, Englanol Chlèf 0ffl¢gr Ex8cutlve Or Fiona Ma¢Kenzva Audiior A2•ts Audit S•Nic•s Chart?r8d A￿untants 2nd Floor, Regis House 45 King William Streel Londen EC4R 9AN Inv•stm•nt Manag RaIhbD￿ Invostrnent Manager Limited 8 Finsbury Circu¥ Lonolon £C2M 7AZ nk•r Thè Royal Bank of Scotland Aberd*n Busine$8 Centre Aberdeen Queen'$ Cross Br•nch 40 Abyn Place Ab8rd8en A810 1YN Sollcltor Ledin9ham Chalmws LLP. Soliuiors JohnSior￿ Houjg 52.54 R*)se str¢et Ab¢rd*n AB101HA Page 1 THE INTERNATIONAL SOCIETY OF ANTIMICR081AL CHEMOTHERAPY TRUSTEES ANNUAL REPORT FOR THE YEAR ENDED 310ECEMBER 2024 The Trustees present their annual report and financial statements of the Charity for the year ended 31 December 2024 The finanual staternent5 have beèn pr•pared in accordan￿ with the a¢¢ountiNJ polioes set out in note 2 to the accounts and comply with the Charitses Acl 2011, Companies Act 2006 and the Statement of Recomrnemdèd Practi￿.. Aw)unting and Reporting by Charitw applicablo tc> charitsès IFRS 1021 (effective January 20151. OBJECTIVES AND ACTIVITIES To advance the eolucation and thg seiènce of therapy ol infection through the ostsblishmant of an Intematic￿al fedèrth.on ol affiliatsd national and regional 50ciets•s with sirnilar airn5 and objectives to thos8 ol the Charty. In rne&ting thè objectwes, the charitaNe company shall.. al Promote the conduct of $¢ientffic research, convening international ¢ongi$sseg, conferences and symposia. bl Encourage the ctroperalion of the membots of the Charty (the "Mernber5"1 omongst thèmstlvgs and be￿een scientists belonging to so¢￿tIeS dealing with rèlated basic and dinical Scien￿$. cl Encouragethefonnatson of nab"on81 and regional s0oet￿$ interested in Iher8py of infection in those countri?s or areas where such groups (Jo not othgrwise èxist. dl Encourage an￿0[ sponsor the fom)ation of international working groups for special research, training projects or the u38 of therapeuthcs In the field of anti-infective th8rapy and co-ofdinats.ng their activibes *) Produce. publish distribute Iwh8thar gratuitously or not) or to make grants t￿ard$ thè costs of oth8rs producing, pub115hing or distributing material in any form Inc1￿1￿910uMaI9. books, pamph￿ts. reports, films. takes. programm8s or web-based material that May be 4¢gmèd dasirable for the fvrtherance or prornolion ol the Objects or for the purpose of infomiing contributors aThY others of thè nèed or progress of the Charity. Award scholaTships and bursaries raised from third paty contributions to enable attendanc8 at and travd to any intematitsn81 congresses organised by the Charity by petsons dès•rving ol such financial assistance as shall be decided at the di5eretion of the Directors and Executive Comrnitteè. Th• poll¢lè$ that hav? begn ¥doptèd In ord•r that tho object1v￿ are met are: The biennial Intemational Coror85s of Anb"microbial Chemotherapy IICCI is held in major citi85 throughout the W?￿d. Accor(lirKJ to the ICC schedule. the n8Xt 33W ICC was held In Istanbul. Turkey frorn 3 to 6 November 2024 The 34Th ICC will be held in Manila. Philippintrs from 5 to 7 December 2026. bl The Executsve Comrnittee hokys at bast tsvo matings per year to appraise the activ￿"￿$ of ISAC aThJ to receiv8 rèports from the Trustees. Workin9 groups rnay be fomied to ad(Jress current i$3utr$ with regard to ants"micro￿.al Cr￿rno￿erapY dl The highest ISAC Award (the Hamao Umè28W8 Memorial Award) given at every ICC is donatad by the Microbial Ch¢mistry Research Foundation. Japan. Thera is an outnght grant of a sum of money, tcgether with 8 ￿rtificat• 8nd medal to tr* rec4pient. The Charity has estsblished 'Young Investigators Travel Awards" to be given at gv¢ry ICC to desèrving participant5 prèsènts.ng original work to attend the ICC. The'Tom Bergan Memorial Fund, w8S •$tablished in July 2001 and the'John D8vid Williams Memonal Fund. was establisheo in 2005 Thesé Funds each provKle bvo travel gronts enabling dèsèrving young investsgatots p￿sentsn9 original work to attend the ICC. Publications The Charity publishes the Intematy'onal Joum81 of AntimicrobSal Agents IIJAAI12 volurne5 wrth 12 issues per yearl and the Journal of Glob31 Ant'microbial Resistance IJGARI which is publishe(I quarterty. ISAC as￿St5 M8mber Soaetie5 in N8tion81 and Règional Mee*'ngs. gl Membership. ISAC has 107 affiliated Member-societies. There are no rn•mbership fees. h) Financés" Historically. there have been kn m8in revenue streams of the Charity. The first is the surplus I soriety share in the or9anisation of the bienni81 ICCS. Thè profits Irun ICCS are generally shared with the local Mernber-Soci8ty Iiesl. In re￿nt years however, including 2024, the ICC has made a loss and has cost ISAC money. The second souffj¢ ¢f income is royaty payments from its joumals." IJAA and JGAR. The Charity h8$ 8ppoinied an Investment Manager who advisès and generates revenue from the Charity'5 a5Sèts. The revenue obtsined shall be used in the yearfy expenditure of tha Charrty. Page 2 THE INTERNATIONAL SOCIETY OF ANTIMICROBIAL CHEMOTHERAPY TRUSTEES ANNUAL REPORT FOR THE YEAR ENOED 31 DECEMBER 2024 ACHIEVEMENTS AND PERFORMANCE Dgvelopments and actlvlU•s ft*r thè year 2024 al Th• ISAC Officè[5 and Exerubve Ccfflmitteo members during 2024 are detailed betow.. PrÈ$ident G Coombs IAusir81181 S Kani ILebanonl 2022 2024 2024- 2028 PTesident-Ele¢t S Kani ILebanonl H W@rihÈim INelheilandsl 2022- 2024 2024- 2026 SeCrÈ￿ry-GeneT￿l S Un31 ITurkeyl A Chowdh3ry Ilndial 2019_202314' 2024 2028 Hon Treasurer H Werfheim INelheFlandsl D Jenkins IUKI 2022- 2026 2024- 2028 Imrnediate Past President A Voss (Neiherkndsi G Coombs (Auslralial 2022- 2024 2024- 2026 Ordinary memt)ers F Amer (Egypii R 8efba (Philippinesl A Chowdhary Ilndi81 D Jenkins IUKI P Munoz Ispainl K Tal&da lJapanl M David IUSAI M Falcone Ilialyl K Y8nagiharÈ lJ2panl 2022- 2025 2D22- 2026 2019-202314. 2022- 2026 2022- 2026 2019-202314" 2024- 2028 2024 . 2028 2024- 2028 Ex-officio members IJA4 Editor In Ch*f JGAR Edilor In Chief Chief Executive Officer 2022- 2024 2022- 2024 2024- 2026 2024- 2026 F MacKenz* IUKI F Tenover IUSAI M.-N Kim (South Kore81 J Muniia (Chilel S. Essack (South Alrical D Lye Isingaporei J Zhao IAJslralial ' Term extended by one year due to COVID-19 pandemic. bl Trustse face-to-face meeb'ngs took pla￿ In London In January 2023, Copènh8gen in April 2023 and Istanbul in Sept8mbèr 2023. Monthly meetings hekl via Microsoft Teams also took plach. cl ISAC conts.nuad its online webinar prograrnme. The foll¢)wing were held in 2024. Introducing the Abx Guide.. global webinar Regional Abx webinats x 4 Advan￿$ in non tuberculous mycobactèria and new risks for public heath Two member webinars lor APUA AMR in low ￿sOurce settings 8nd l or displaced populatsons Mpox resurgence." navigating the next wave Optimising p￿dIatriC antibiotic therapy.. a model-inlorm8(I precision d05iTrJ approach Antibiotic susceptibilty pattems used Yor epidemiologi¢ suNeillance of S. aureus Ants"fungal resistance in C6nd￿a and Aspergillus One health aspècts of AMR and inf8Ctions in Asi8 Rapid diagnosb'c5 and strain typing in the era of increasing AMR Orthospinal infections in the era ol increasing AMR Page 3 THE INTERNATIONAL SOCIETY OF ANTIMICR081AL CHEMOTHERAPY TRUSTEES ANNUAL REPORT FOR THE YEAR ENDED 31 DECEM8ER 2024 ACHIEVEMENTS AND PERFORMANCE- eontonued dl Publi¢ation¥'. Intèrnational Joumal of An￿mIcrOblal Aggnts The editorial office 15 Sltuatsd in Elsevier's offices in Oxford, UK. All aspects oljoumal products'on a￿ hand￿d wa the electronic Elsevier Editorial System IEESI. The nwnber of $ubmis$ions to tha joumal continues to incmase sKJnlfican￿Y as has the workload of the Editor in ChEI A eontractwas ente￿d Into bets¥een ISAC 8nd Elsevier is Éffective from 1 January 2020 to 31 Decernber2024. It automabrAlly r8n8W8d for threè years until 31 December 2027 Elsevier have a diroct contract with the IJAA Edrtor-in-chief, currently Professor Jan Li (Australia) ard pay him direct. His current o)ntiact runs from 1 January 2025 to 31 December 2027. In 2024, thè Impact Factor for IJAA decreased from 4 9 to 4.6. IJAA is now rankad in the following positK)ns in the Journal Citation Rèports". Infectious Diseases 17 1137 j¢urnals. Microbiology 34 1163 journaL Ph8m)acology & Phamiacy 58 1353 joumals. IJAA is an online only iournal. Joumal of Global AntJml¢roblal ResiStan¢è IJGARI In 2013 ISAC launched a second Journal.. the Journ81 of Global AntIM￿bial Resistance IJGARI. The tile is 100.kn owned by ISAC which ont•re(l into an inrtial five year publishing agmment with Elsevier Ltd. The Initial contract expired in December 2019 and automatically rolled over for a ftjrther three-yeaf P8wiod until Decèmber 2020. ISAC and Elsevier renewed ihe ctsntract early, effective from 1 January 2020 to 31 Dec8mbÈi 2022 It automatically rOl￿d over and now expir8s on 3fj Dseamber 2025. ISAC ttas a di￿¢( contract with the JGAR Editor-in£hief, currently PfofessorAthanasios Tsakris IAth8ns. Greeeel and pays him di￿¢t. His contract runs from 1 Octoter 2024 to 31 Dwmber 2026.. In 2023 the Impact FactordeC￿8￿ed from 3.7 to 3.2and it is now ranked in the followng positions in the Joumal Citation Reports". InfectlOU5 D15885è$ 43 1137 journals. Pharnacology & Pharrnacy". 127 1353 ioumals FINANCIAL REVIEW Overall income for the charity was £335,067 l£nil ￿$tricted incornel in 2024, compared to £314.217 l£nil rèstridadl in 2023. The increase in Un￿$t￿cted Ineome Is mainly dLe to InC￿aSed joumal royalty in(x)m8 charity expenses for the year were £340.801 lof whth £9,393 was restricted), compared ¢0 £269.783 (all unrestricted) in 2023. R•$•rv•s The application of th8 Charity's funds lor 2024 is as presented in th? accompanying audited aecounts. The balance at 31 Decernber 2024 £5,260.44212023. £4,881,787). At the 31 December 2024 charity 5 d8&gnated funds totalling £121,e61 12023.. £125.04218nd 1 restricted fund totalliry £106.76812023. £116,161) See note 16 to the finanaal statements for MO￿ details. Resep4es Policy Thtt policy of Ihe Trustees Is to maintain reserves at a minynurn 1gvo1 of £1,000.000. This provides suffic48nt funds to cover operational costs and iespond to emergency costs Planning for the bi-annual COWJ￿s$es occurs several months in advan￿ This m8an5 costs a￿ incurred well before the congress takes placè and llon-attèndance due to eX￿ptIOnal ryr¢urnstanc£s cannot be predicte(l. The Charity aim5 to k￿p suffityent in reserve to eover any unforgsetrn congress costs. Page 4 THE INTERNA TIONAL SOCIETY OF A￿lMIcRoBlAL CHEMOTHERAPY TRUSTEES ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 FINANCIAL REVIEW- contlnued Investment Pollcy The objecb've has tEen to provide Capital growth and also lo generate income for charitable purposes. The achievement of the policy is rnonilored through discussions wrth the investment managers and measuremènts against appropriate benchmarks. The Trustees ara satssfied with thè aclvu given on strategy and minimising risk ISAC'S ethi¢81 investment policy specifically excludes companies known to be dealing in tobacco. arms, alcohol and garnbling arKI also excludes pham)aceutical companies due to the conflict of Interests. The policy of the Truste85 is to maintain the investh)ent balano at a minimum lèvèl of £3.500,000. Inveslment Perfomiance The investment portfolio at 31 December 2024 had a total asset valu$ of £4,490,879 e¢mpar9d to £4,064.213 in 2023. Fixed Interest Equity 14.32 UK North America Japan Europe Asia Pacthc Etnerging Markets Global Investrnents Actively Managed Stratsgies Commc*Jits"ès Cash Totsl 2665 2212 3.76 5.55 10.10 4.87 220 100.00 Risk Manag•m•nt Thè maitsr risks to whieh the ch8ritsbla ctsmp8ny is exposèd. as identified by the Trustee5 are under a continual pr￿esS of rev18w and prO￿dureS are in place to manage those risks. Professional indernnty insurance is provided for the organisation. FUTURE PLANS During 2023. ISAC continued to progress engagementwith its Executive Committee members to deliver the society Strategy in an inclusive I transparentway. ISAC plans lo undertake a'strategy review. in September2025 in Alhens. In 2024. ISAC delivered Iwe webinars as part of the online"ISAC Acad&my and plans to continu8 thls succ8$sfrJl Initi4tive Over 2023 124 ISAC partrered wrth the Bribsh Society forAntirnicrobial Chemotherapy IBSACI to delivere4eamiNJ rnodu1e$. These were not as suc￿$￿11 a5 hoped and a decisKJn was taken to pause development ol furthèr modules. ISAC partnèrad with tsno of its Mornbar Swèties, th& Turkish Hospital Infe¢*ons and Control Associaty'on, to deliver the 33rd ICC In Istanbul, Turk8y in November 2024. It Is plannir@ the 341h ICC along wrth the Philippine SorAety for Microbiology and Infectious Dis&ases.' rt will take place in Manila in De￿rnber 2026. ISAC made availab￿ a numbar of proiact grants In 2024 and plans to conts.nuè this inth.até ISAC continues to develop the ISAC Antibiotic Treatment Gu￿elEr￿$', an open a¢￿$$ online antimicrobial treatrn8nt guidelire It Was launched in Septernber 2024 Page 5 THE INTERNATIONAL SOCIETY OF ANTIMICROBIAL CHEMOTHERAPY TRUSTEES ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 STRUCTURE, GOVERNANCE AND MANAGEMENT The International Soeièty of Antimicrobial Chemotrerapy Iprèvitsusly The International Society for Infection a Canc*rl IISACI is a crynpany lifflited by guarantee incorporated on 12 May 2010 and registered with the Charity Commission on 20 December 2010. ISAC 0￿rat&S under the rules set out in Arti¢lès Association. which were updated on 2 Octobèr 2017. The Charity has associated Member Societies throughout the wodd. The Trustéès are the Sorytrty Présidènt. Presi(Jent-Elect. Immediate Past President, Secretary-General and Honorary T￿?￿L$r￿r. Publle benefft The Tru5t?8s havè conSide￿d the Charib'e5 Comrnission's r8quiroment in respect of Public BenefiL In their view the Charity meets. in full. the critena to satrsfy the lest The Trustees. have described eartier in thi5 report the actrvities undertaken to further its charitable purposes for the public benefit Tru$tts$ The Execub've officers of tha Swety woth voluntarily for the Charity. They a￿ generally paid employees of univèrsities or hosprtals In their own country or arè let1￿ frorn paid employrnent and havè Iifflitsd rèsources and lirnited tiffle lor the Charity. The Charity supports these Officers In terns of help in fvnding travÈl in connection wrth the Charity's work and In line with the Charity's financial guidalines le.g. Meetings on progress of congresse5. on PUblI￿tIOns. aThJ with Invèstrnent Advisers and 8ankersl. Page 6 THE IKfERNATIONAL SOCIETY OF ANTIMICROBIAL CHEMOTHERAPY TRUSTEES ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 STATEMENT OF TRUSTEES, RESPONSIBILITES The twstees (who are also directofs of Thè Int8Tn8tional Society ol Antimicrobial Chemothèrapy for tre purposes of company lawl a￿ raspon51ble for preparin9 the Trusle8s' Annual Report and the financial statements In accordanco with applicable law and United Kingdom Aeeounting Stsndards (United Kingdom Generally Accepted Aeeountsffj Practice) Company law requires the trustees to prepare financial statem6nts for each financial year. which give a true and fairvi8w ofthe state of affairs ofthe charitable company and of the incorning reSoUr￿S and applicatson of iesources, ineluding the Income and expenditu￿, of the charitabl8 company for that period. In preparing these financial statements, the trtsslees are required to select SUrtab￿ accounting policies aThY then apply them consistently." observe the methods and principles In the Charities SORP 2015 IFRS 1021.. rnake judgements and estirnates that are reasonable and prudent". state whether applicable UK AcrK>untyng Stsndards have been follow￿. 5ubj.ect to any material departures disd05ed and explained in the finanaal statemènts". pr•par& the financial staternen¢s on the going ConC￿M basis unb$s It is inappro￿ate to presuma tt)ot the charitable ￿MpanY will continw In operation The trustees are responsible for keèping adequate accounting reo)rds that dtsclose wth rÈ8sonable accuracy at any b.me the financial p0s￿Orn of the charitable company and ènabla thètn to ensure that the financial statements comply with the Companiès Act 2006. They are also responsible for safeguarding the assets of the charitabl company hence for ts￿.ng reasonable steps lorthe prèv8nb.on and deiecb'on ol fraud and ot￿r irrègularities. In so far as the trustees a￿ aware. th&r• Is no relevant audit inforrnalion ol whi(* the d)aritable company'8 auditgr 1$ unaware.. and the trust8es have taken all steps that they oughtto have taken to make thefflselve5 aware olany rekvant audit Infom)ation and to estsblish that the auditor1s awa￿ of that Info￿ation. Approved by the Trustees on and signed on thèir bèhalf by Dr Davhl Jenkins Trèasurer. Director and Trustee Page 7 INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE INTERNATIONAL SOCIETY OF ANTIMICROBIAL CHEMOTHERAPY FOR THE YEAR ENDED 31 DECEMBER 2024 Opinion Wè have audrted the finanrial Ststornènts of The Intemat*onal $￿iety ol Antsmicrobial Chemotherapy (the 'charitable wmpany'l for the year ended 31 De￿mber 2024 which cornpri5e th8 Statèment of Financial Activits'es. the Balan￿ Sheet and notès lo the financial ststernents. including a summary of significant accounting policias. The financial ￿porting framèwork that has been applied in their prèparation is applicable law and United Kingdom Accounting Standards, Inc1￿11n9 Financial Raporting Standard 102 The Financial Repothng Standard epplicable in lh& UK and Republic ofNrel8nd Iunittrd Kingdom Generally Awepted Accounting Practice). In our opinion the f nanoal statements". give a true and fair view ol thè state of the ¢harrtable Cofnpany's alfairs as at 31 De￿rnber 2024, and of its incoming resource5 and applica*"on of resources, including its income and expenditure. for the year then 8ndèd, have b8en piopèrty prepared in accordance with United Kingdom GenerallyA￿pled Accounting prac*￿., and have been prepared in accordancè with the wuiremgnt5 ofthè Compan*$ Act 20C6 Baois for opinion We conduded tsur audit in accordance with Internatsonal Stan¢Jards on Auditing IUKI IISAS IUKII and applicable law. Our responsibilities under those stsndards are hjrther de5crib$d In the Audrtor's ￿SponSIbl11t1eS for th8 audit tsf the financial statements section of tsur report. We are independent of the charitabÈ company in accordan￿ with the ethical reqU1￿ments that are relevant to our audrt of the financial statements In tha UK. including the FRC'S Ethical Standard, and we have fulfille(J our other ethical responsibilitres In accordance wth thèse requirements. We believe that the audit evidènch we have obtained is Suffi￿gn¢ and appropriate to prowde a basis for Qui opinion. Conclu#lons relatlng to 9oln9 concern In auditing thè financial statements, we have condu¢Yed that the trustees, of the going concern basis ol accounbng in tho pr¶￿on ol the finanoal slatements 15 appropriate. Based on the work we havg performed, wè have not identy'fied any matènal ￿n￿rtaInt￿$ ￿lating to events or condth.ons that. in¢JivkJually orcollectively. m8y Cast significant doubt on thè CharItsb￿ Company's ability to continue 85 a goin9 conc8m for a period of al least ￿e1ve months from when the financial statements arè authorised for issue Our responsibilits"e5 and the wpon$ibilrtws ol the trustees with respect to gtsirKJ concérn are descftbed in the relevant 5ects.ons ol this report. Oth•r Infomiotion The other Information cornprises the Infomiation included in the trustees annual rawrt. other than the financi81 ststements and our auditor's report the￿on. The tiustees are responsible for the other infomatson contained wthin the annual tèport. Our opinion on the financial ststemènts ¢Joe$ not cover the other Inforrnation and, e%￿p1 to the extent othemse explicrtly stated In our report. we do not exprèss any fom) ol assurance conclu5iQll thgreon. Our sponsibility is to read the other information and, in doing so. (x)nsid8r whether the other infomaty'on is material inconsistent with the financial ststements or our knowledge obtained in the ¢x)ur5e oftho audit or otherwise appears to be materially misstateil. If we identify 5LJch material Inconsistencies or apparent matèn81 misstatements, we are required to deterTnine whether this gives rise to a material rnisststement In the financial statements thems81ves. If, based on the work we have p8rformed. we condude that there is a m8tenal misstatement of this other infornation, we are reqUI￿d to ￿port that fact. Vve have nothing to report in this regard. Oplnlons on other Ma￿T¥ prescribed by tho Companlgs A¢1 2006 In our opinion. base(l on the work und8rtaken in the course of the audit." tha informatson gNen in the tnjstees, report lincorporats.ng the directors, report) for Ihe financial year for which the fin8nci81 statements a￿ prepared is consistent with the financial statements." and the difeclors, report has been prepared ln accordance W￿th applieable legal requiwents. Page 8 INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE INTERNATIONAL SOCIETY OF ANTIMICROBIAL CHEMOTHERAPY FOR THE YEAR ENDED 31 DECEMBER 2024 Matters on which we are requlred to report by exceptlon In the luht of the knOw￿￿ge and understanding of thè charitable company and its environment obtained in the coutse of the audit, we have not identified Tllaterial rnisstaternents in the directors. ￿pOrt have nothing to report in respect of the followng matters in relation to which the Companies Act 2CrfJ6 wuirés us to ￿port to you il. in our opinion". adèquatè aecounting recoids have not been kept. or returns adequate for ouraudit have not been re￿1ve from branch8s not Visited by us." or the financial slalemenls are not in agreement with the accountsng ￿e0rdS and retums, or rtain disclosures of directors. ￿Muneration specified by law are not made, or we hava not reoived all the Inforfflation and explanations we require for our audrt- or the trustees were not entitled to prepare the financial ststements In accordance wrth the small companies, regime and take advantage of the small compani•s' exemptions In pieparing thè directors. rèport and frorn the reqUI￿rnent to prepare a strategic report. Re8ponslbSlltles of trustg9S As explained more fully in the trustees, responsibilit￿$ statement set out on pagè 7, tt)e trusteès Iwhts are also the d1￿CtOrS ol the charitable company foi Ihe purposès of company lawl are r85ponsibl8 lor the preparation of the financial statemènts and for b8ing satisfied thal they give a true and fair v￿w, and for such intemal control as the trusteès detèiminè 15 necessary to enable the preparats'on of financial statements that are free frorn material mi5Statement. whether due lo fraud or error. In p￿par1￿J the financial statemènts, the trust8e5 are r85pon5ible for assessing the charitsble company's ability to continuè as a going conc8rn. disclosing, 85 applicable, matter5 ielated to going con￿rn and using the going COn￿M basis of accounting unless thg trustees either intend to IiquKlate the charitabk company or to cease operations, or have no realistic altemative but lo do so. Auditor's responsibiliti•s for the audit of the financial statsments Our objectives are to obtain reasonable assurance about whether the finanaal statemènts as a whole ale freo Irorn material rnisslatement. whether due to fraud or effor. and to Issue an audrtor s report that includes our opinion. Reasonabk assurance Is a high level of assuranc8, but is not a guarantee that an audrt conducted in accordan wth ISAS IUKI will a￿ayS d&t8Ct a tn8teri81 misstatement when il exists Misstatements can arise from fraud or error and are consK1e￿d material if. indivKJually or in the agowate, they could reasonably be expèctèd to influence the economic deasions of users taken on the basis ol tttese financial staiements. Irregularit￿$, including fraud, arè installces of nonr apportioned to the applicable expenditure headings. Costs ol raising fund5 consist of invéstmènt management fees for the period. Co$t$ of charitabl• activrties consist of those cost5 Incurred by the charty in delivery of rt5 activits'85 and servicw to further the eharty's objectives. Governan￿ costs indude those incurt8d in thè 9ovemance of the charity and its assets and orè primarily associatad with constitutk)nal and statutory requiwments. Irrecoverable VAT is charge(J against the expenditure htr•Ying for which it was inoJrred. Ihl Tanglble fixed assets Tangible fixed 0558ts are statad at cost less a¢xumulated depreaation. Depreciation is provided on all tsngible fixed assets. at rates calculated to write ON the cost gf È%h asset on a 3tr8vJht-line basis over the asset's estimated usoful livès as follows.. Office equiprnent- 10% straight line (11 Flxed asset investments Investments are a fomi of basL financial instruments atKI arè inits"8lly recognised at their transaction value and subsequently measured 8ttho11 lair value as atthe balance sheetdate using the dosing quoted market price. All gain5 and lossos are taken to the Statement of Financial Actiwtios as they arise. Realised gains and losses on investments ar8 calculated as the dffterence btheÈn the sale proceeds and opening market value (purchase date if18terl unrealis￿ gains an¢ losse5 are ralculated a5 tha diffèrence befvveen tk market value at the year end and ?￿nIng mathet value lor purchase date if later). The charity does not acquire put optrons, derivatives or other complax fina￿la1 instruments. The Investment in subsidiaries artr mèasured at cost ￿$$ impalm￿L Page 14 THE INTERNATIONAL SOCIETY OF ANTIMICROBIAL CHEMOTHERAPY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 ACCOUNTING POLICIES - contlnued Ul Debtors Other debtors are recognised al the setuement amount due. Prepayments are valued at th* amount prepaKJ. Accruèd incom8 is maasured at the amount due to b8 received {k} Current as$8t invostmgntslshort tem) deposlts Current asset investments are short term highly liquid Invèsbnènts ar￿ ale h8ld at f8irvalue Th￿ include cash on dtposrt and cash equivalents with a maturity of le3$ than ore year. 111 Cash al bank and in hand Cash at bank and r25h in hand indudes cash and short term hvjhly liquid invesbments with a short maturity of three rnonths or le$5 trom the date of acquisition or opening of the deposit or similar accounts. (ml Creditors Creditor5 are re¢ogni5ed when there ￿ a PTe5ent obligation resutting from a past event that will probably resutt in the transfer offunds to a third party and the amount due to settle the obligation can be measurad or estsmaled re11ably. Othtri cr¢ditor5 and 8e¢ru815 S￿ recoJnis&S at their settlement amount due. In) Flnancial instrurnents The chanty only has financial assets and financial liabili*es of a kind that qualify a5 basic financial insttumènts. Basic financial in5trutn8nts are initially recognised at tran5actyon value and subsequently measured at their 5elffjement value except for bank loans which are subsequently measured at amortssed cost using the effective interest method. lo) Forelgn currency Assets and liabilibes in foreign currencies are tran518led into slerfing at the rates of excttange rulin9 at the balan￿ sheet date. Transactions in foreign currencies a￿ translated into sterfing at the rate ruliThJ on the date ol the transaction. exchaThJe differences are refiected in th• Statement of Financial Actbvities. Ipl Judgements and key sources of estlmatlon tsncertainty Accounting e$tim8tes and judgements are continually evaluated and are baseLI on historical expenence and other factors, Inoludiro expectakn.ons of future events that are believed to be reasona￿8 under the orcumstances. Tha following judgarnent5 (apart frcffi those involving 8stimate51 ha￿ been made in tre process of applying the at)ove accounty'ng policies that have had the rnost significant effect on amounts ￿COgnis•d in the financial statements. Useful economic lives of tangible assets Tha annual dèpreciatitsn charge for tangible 8$5ets is 5en5ibve to changes in the estimated useful teonomic lives and residual values of the as58ts The useful economic lives and reskyual values are re- assessed annually. They a￿ amended when ne￿$sary to refiect curont èstimates. bsssd on technologul advancernent. future Investments. economic utilisab.on and the physical condib.on of tho assets. See note 11 lor the carrying amount of the fixtures and equiprnènt and compulgr equipment aThY note12hl for the useful economic Iwes for each dass of assets. The￿ arè no key assumption5 Concetril￿ the futur8 and othèr key sources of estimat'on uncertainty at the ￿portsn9 date that have a significant risk of causing a material adjustment to the carying amounts of assets and liabilities within the next financial year. Page 15 THE INTERNAnoNAL SOCIETY OF ANTIMICROBIAL CHEMOTHERAPY NOTE8 TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OECEM8ER 2024 CHARITABLE ACTIVITIES Unr•strlct•d Funds Total 2024 Total 2023 International C¢n9ro$s of Chemoth8r8Py IJAA and JGAR Joumal Roya￿￿$ Oth¥r Joumal income 240.064 13.844 240.C64 13,844 223.074 13.441 263,908 283,908 236.615 In 2023. 011 lh• charrtab￿ actmty income was attnbut8bl• to Ihe unrèstricted fvnd. INVESTMENT INCOME Unre•trf¢tod Fund• Totsl 2024 Total 2023 Income frryn fixe¢l a$￿t Inwbments Int8rast on bank and Short tom deposit acLounts 80,82fj 533 80.626 533 77,254 448 81.189 81,1S9 77,702 In 2023. all the investrnent income was attn"￿ta￿e to the unrèstricted fund. RAISING FUNOS UnrnBtrl¢t•d Fur*do Totsl 2024 Total 2023 Investment manager leas 18.001 18,001 16.262 In 2023, 811 the inwstm•nt incLJme was attributsble to IM unr•$tn"cted fuThJ. P•ge 16 THE INTERNATIONAL SOCIETY OF ANTIMICROBIAL CHEMOTHERAPY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 CHARITABLE ACTIVITIES Unrgstrlctgd Rp8trl¢t¢d Funds Funds Total 2024 Total 2023 Expenses ol society meetings 8r¥J publiety Executiva offics exp8n5e5 Secret8rial expense Journal costs Grants bsitè costs Bank Charge5 and foreign CUr￿n movements Depreciation Sundry APSCMI costs Projed and educational International CoThJress of Antimicrobial Chemotherapy Support of non-ISAC cor¥Jresses Govgrnan¢e ¢08ts L•gal and profèssional F Executive offieo èxpènsès- insufan¢# Audit and accountancy fees 27.954 61.159 42.692 17.016 47.828 2.410 27,954 61,159 42,692 17.016 57,221 2,410 50.161 42.613 44.584 20.e77 28.433 2.452 9.393 11.932 262 212 120 3.236 11.932 262 212 120 3.236 5.58e 254 362 120 40.809 73.663 6.537 73,663 6.537 15 4.715 13.656 15 4,715 13,656 5.830 11.640 313,407 9,393 322,800 253,521 In 2023. all the ¢haritabb activity costs were attributab￿ to the unrestricted fut*. NET INCOMING RESOURCES FOR THE YEAR 2024 2023 This is stated after charging.. Auditors. fees. Au(Jit fee Othèr non-audit fees Prior year lover) l under accrual 9.800 2,520 1.536 262 9,240 2,400 Depreciation 254 TRUSTEES EXPENSES During thè y&ar 5 12023." 51 Trustees were reimbursed £28,248 12023.. £18.2361 lor trawl and other necessary costs ir￿Ur￿d dursng the year in connection wth thtr work of the charity. The Trustees received no remuneration fortl*ir sèrvices during this year or the p￿￿Ou$ peri(yJ. STAFF COSTS During the year. ISAC employed 1 person 12023." 11. Thè salary costs of £38.012 12023.. £39,￿5)lS included within secretsrial expenses. Thgre wara no èmployaès oaming above £60.000 pgr annum during this year or the prior period. Included wthin exe¢utive office expenses are costs 01 £60,627 12023. £42,081) r8charg8d from NHS Grampian for the Charity's share ol the salary of the Chief Exeeutive Office for time Spent working on the ChaTrty. In 2024, management fee5 of £4,680 12023. £4,6801 were invowl by Accord Businoss Partnership$ relating to wretarial assistance to the ISAC CEO. Page 17 THE INTERNATIONAL SOCIEff OF ANTIMICROBIAL CHEMOTHERAPY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEM8eR 2024 10. FIXED ASSET INVESTMENTS 2024 2023 Quot•d Inv•stm•nts Market value at 1 January 2024 Additions Dispos41$ Realised investrnenl 98inslllossesl Unrealised investrntrnl 98in$llSowsl 4.064,213 352,922 1310,6651 32,312 352.097 3.720.209 299,786 1178,3S81 43.370 179,216 Market value at 31 Dec•mter2024 4A90I79 4,064.213 2024 Market Valu• 2023 M•rl(•tValu• Fixed Intsre$t UK EquitEs Overséas EqUit￿S Abmatives 658,509 831.483 1,18e.202 438,419 657,458 1,176,057 2.093.070 564.294 509.017 786.272 1.203.285 537,696 509.fj65 1,069.771 1,858.161 626.816 3,114,613 4,490.879 3,038,270 4,QM.213 In 2024 th•r•wèr• no12023.' £nill inv&%trnènts in th• y$arthat represented S% ofthè managed portfolio at the ye8r•end. 11. TANG18LE FIXED ASSETS •qulpm•nt Total Cost At 1 January 2024 Addit￿n9 2,802 2.802 At 31 Decernter 2024 3.770 3,770 D•pr•¢l4tlon At 1 January 2024 Charg 1,990 262 1.9 262 At 31 De¢emt4r 2024 2.252 2,252 N•t book v•lu• At 31 Dec*mt4r 2024 1,518 1,1518 At 31 Decernber 2023 812 812 Pag• 18 THE INTERNATIONAL SOCIETY OF ANTIMICROBIAL CHEMOTHERAPY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 Doumb•r 2024 12. DEBTORS AND PREPAYMENTS 2024 2023 Propayments and acry￿d in￿rn￿ 244,718 237,622 13. SHORT TERM DEPOSITS 2Q24 2023 Amounts hekl by stockbfok•rs 101,213 80,915 14. CREDITOR8: AMOUNTS FALLING Due WITHIN ONE YEAR 2024 2023 Olhor credrtors and accrua Trad8 creditors 118,317 4.530 45.003 122,847 45.187 ANALYSIS OF NET ASSEfs BEfwEEN FUNDS- current year Tanglble flxed ••ts and Imi0stmob)ts Curr•nt l•$$ Il•blllU¢8 Total General funds Dèsignated fvnds Rèstricted frJnd$ 4,492,397 539,618 121,661 1C6,768 5.032.013 121.661 1C6,766 4.492,397 768.040 S,28OA42 16.1 ANALYSIS OF NET ASSET8 BETWEEN FUNDS- prlor y•ar Tanglbl• fix a88•ts and Inv•$bn•nts Curr•nt a•••ts I￿• Ilablllu Total Gèn&ral fund$ Oesvjnaled fvnds R¢$lri¢ted fvnds 4.06S.025 575,539 125,042 116,161 4.640,564 125.042 116.161 4,065.020 816,742 4,881,767 Pag¢ 19 THe INTERNA TIONAL SOCIETY OF ANTIMICROBIAL CHEMOTHERAPY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 16. FUNDS The movement of fvnds in the cUr￿nt year are as follows.. Investment galnsl Balance at Incomlng Outgolng 31.12.23 regour¢e$ resourc•8 Tran8fgr¥ 8alance at 31.12.24 Restricted fund¥'. Europoan Cong￿$ of Chemotherapy 116.161 19.3931 IC6,768 Dosignatsd funds: Tom Bergan JD Williarns Intemational e￿OperatIOn Fund BSI Workiro Group UTI Working Group 1,621 13.982 1,621 14,208 226 21.143 78.992 9.304 307 21.450 75.490 8,892 13.5021 14121 125,042 533 13,9141 121,661 Unwtrl¢tgd fund= General fund 4.640.564 334,534 1327,4941 384.409 5.032,013 4,881,767 33S.087 1340.8011 384,409 6.260.442 The movemtrnt of funds in the prior year are as foll¢M." Invfrslment galnsl Ilosse5} 8alaneè #t Incomlng 0￿going 31.12.22 r•sourc•8 resou￿e8 Tran8fern Balanc? at 31.12.23 Reststed Rostat•d Rostat•d Regtrlcted funds.. European Congress of Chemotherapy 116,161 116,161 Dg$1gn8ted fund$- Torn 8èrgan JD Wlliams International Co-operats'on Fund BSI Wort(ing Group UTI Working 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,￿7 448 11.9731 125.042 Unr•$trleted fund: General fund 4,372,019 313,769 1267.8101 222,586 4.640.564 4,614.747 314,217 1269,7831 222.586 4,881,767 Pagè 20 THE INTERNATIONAL SOCIETY OF ANTIMICR081AL CHEMOTHERAPY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 16. FUNDS Icontlnuedl Restrlcted funds The UK based charity 'European Congress of Ch•tnotherapy IECCI. wound up during 2019 and transferred its funds to ISAC. On re￿Ipt of this monèy ISAC agreed to form a European Working GroLP. Its primary obj8cb.ves are.. Continue the activities and meetings of the South Eastem cong￿S$ ol Chemotherapy. The organisats'on and administration ol European Summ8r Schotsls and aSso￿ated trerned meth"ngs", and generally. the promotson ol and furlheraneè of thè objècts of ECC. During th8 year, £9.393 of travel ftJnd5 were awarded to Eastern Europeans to attènd thè ICC 2024 congress in Turkey in November 2024. Designated funds The Tom Bergan Memorial Fund was established in Juty 2001. This Fund provides travel grants for youn9 investigators presenting original work to attend the ICC. The John David Williams Memorial Fund was èstablished in 2005 This Fund provKles travel grants for young investigators presenting original work to attend the ICC. The Japanese Society of Chemotherapy and Satoshi Ornura provKled sums of monèy to be used for the International Ctroperation Fund. The Endoc8rditlS and Bloodstream Infections IBSII Working Group aims to provide educatK)n In the fiekls of 8pid8rniology. pathogen8sis. diagnosis and management of Bsls through 0)nferen￿5 and conferenc pro￿ding5 and to coordinate research in the fieky. The Unngry Tract Infection IUTII Working Group prowde rneeting3 to discuss the vanous aspects of UTIS on a broad intemational base, to achieve a widely a¢￿pted ¢onsensus con￿mIng management and clinical Siudies and to corne to a growing b￿bIlographY on th1s subject, which eoukJ ￿ useful foi the daity cliniG41 decisions to be made 17. RELATED PARTY TRANSACTIONS Tl*rè wow no rglated p8rty transacb'ons during the period 12023.. none). Page 21