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2020-12-31-accounts

REGISTERED COMPANY NUMBER: 08759028 (England and Wales) REGISTERED CHARITY NUMBER: 1154851 REGISTERED CHARITY (SCOTLAND) NUMBER: SC045004

REPORT OF THE TRUSTEES AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2020

FOR

THE PATHOLOGICAL SOCIETY OF GREAT BRITAIN AND IRELAND

Raffingers LLP 19-20 Bourne Court Southend Road Woodford Green Essex IG8 8HD

THE PATHOLOGICAL SOCIETY OF GREAT BRITAIN AND IRELAND

CONTENTS OF THE FINANCIAL STATEMENTS for the year ended 31 December 2020

Page
Report of the Trustees 1 to 10
Report of the Independent Auditors 11 to 14
Statement of Financial Activities 15
Balance Sheet 16
Cash Flow Statement 17
Notes to the Cash Flow Statement 18
Notes to the Financial Statements 19 to 28

THE PATHOLOGICAL SOCIETY OF GREAT BRITAIN AND IRELAND

REPORT OF THE TRUSTEES for the year ended 31 December 2020

The trustees present their report and accounts for the year ended 31 December 2020.

The accounts have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the charitable company's governing document, the Companies Act 2006 and the Statement of Recommended Practice, "Accounting and Reporting by Charities", issued in March 2015.

PUBLIC BENEFIT

The trustees have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the aim and objectives and in planning the charity's future activities. The aims of the charity for the public benefit are detailed in the 'Objectives and Activities' section of this report.

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THE PATHOLOGICAL SOCIETY OF GREAT BRITAIN AND IRELAND

REPORT OF THE TRUSTEES for the year ended 31 December 2020

OBJECTIVES AND ACTIVITIES

The Pathological Society is dedicated to the "Understanding of Disease-Guiding Therapy" in the medical scientific and lay communities. It provides a forum for the presentation of new scientific and medical research findings with the aim of improving knowledge and understanding of human disease. As stated in the constitution; "The objectives of the Society shall be to advance pathology and facilitate communications between pathologists" but this has expanded to recognise its role in the wider community. The Society conforms to its stated objectives by the publication of its Journals, The Journal of Pathology and The Journal of Pathology: Clinical Research, by the organisation of meetings of the Society, by support of other scientific meetings and of a variety of educational and research schemes (see below).

The Society is also a Scottish registered charity and operates in Scotland.

In setting the objectives and activities for the year, the Society has referred to the guidance issued by the Charity Commission on public benefit. In particular, the Society considers how planned activities contribute to the objectives and activities they have set and how these provide public benefit. For the past year, due to the Covid-19 pandemic, the Society's normal activities have had to adapt accordingly, especially in relation to scientific meetings as well as some grant activities.

The Pathological Society serves the public in a variety of ways. Through its scientific and educational meetings (the largest Pathology meeting in the UK and Ireland), the doctors and scientists who manage patients are kept up to date in the latest knowledge about the causes of diseases and its diagnosis. Our flagship journal, The Journal of Pathology, now in its 128th year of publication continues to enjoy high international esteem and is widely recognised as the preferred journal in which to publish scientific papers on the mechanisms of disease. Our more recent journal, The Journal of Pathology: Clinical Research (JPCR), publishes papers on the application of investigations and trials in clinical scenarios. Together they keep our members, pathologists worldwide and clinicians in other disciplines, appraised of developments in our understanding of the nature and causes of disease and in the resultant current expansion of new methods in diagnosis and treatment. This has immediate significance for patients, in helping to ensure that their management is supported by pathology based on the best diagnostic methods. In June 2020 we were pleased to announce that JPCR has its first Impact Factor, 3.489 which has resulted in a significant increase in submissions. The Society's provision of grants schemes for research training for its trainee (Concessionary) members will help to ensure that successive cohorts of young UK pathologists will have opportunities to contribute to these advances in medical care. We are hopeful that research will be able to recommence having been halted by the Pandemic.

The Pathological Society is also committed to enhancing the understanding of medical science by the general public and to this end runs Public Lectures; the most recent was given at the joint meeting with the British Division of the International Academy of Pathology (BDIAP) held in Harrogate, UK in July 2019; Prof Louise Jones gave an enlightening talk on the 100,000 Genomes Project and Cancer. The next Public Lecture is planned for the Manchester Pathology 2021 Virtual Conference (6-8 July). The Public Lectures are filmed, with the permission of the lecturer, the videos are available on the Society's website. We also run the Public Engagement grant scheme which will fund a wide range of activities that help the public to understand disease, the pathology underlying the disease and the work of pathologists in the investigation, diagnosis and clinical management of disease. This has been expanded to accommodate applications for virtual events.

The Society continues to explore additional means of informing the public about research into human disease and the practice of pathology; it is envisaged that some of this will be conducted in association with other learned societies.

The Society normally runs two major scientific meetings per year. These meetings are open to the entire medical and scientific community and not restricted to Society members. Both Winter and Summer meetings include sessions dedicated to those in training. All our summer meetings are run jointly with the BDIAP. As this has become established as the major pathology meeting in the UK and Ireland other specialist societies are increasingly collaborating in the development and delivery of these meetings. The format of these meetings will change with an increasing on-line element within the programme. This will allow more delegates to attend without the added expense of travel and accommodation.

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THE PATHOLOGICAL SOCIETY OF GREAT BRITAIN AND IRELAND

REPORT OF THE TRUSTEES for the year ended 31 December 2020

The attendance at the most recent summer meetings averages approximately 500. The Society underwrites all these meetings on a 50/50 basis with the BDIAP in order to maintain registration fees at affordable levels. In 2020 there was a winter meeting, held in London, which was the 3rd Joint Meeting with the Royal Society of Medicine. There was no summer (Joint Meeting with the BDIAP) in 2020 as the BDIAP were co-organisers of the ECP 2020 which became a fully virtual event. Whilst no face to face educational events were possible over the last year, the Society has introduced on-line sessions for trainees over the past year.

Our current schemes include:

RESEARCH GRANTS:

Best Trainee Research Impact & Best Trainee Research Paper Awards - introduced in 2017

- Research Impact Award to encourage pathology trainees to highlight the most impactful research in the last 36 months and offer £500 and a Medal.

- Research Paper Award to encourage pathology trainees to highlight their best published single research paper relevant to pathology in the last 12 months and offers £500 and a certificate. Our current annual allocation is £1,000 for each Award.

Cuthbert Dukes Medium Grant Scheme

This scheme was launched in 2019 to encourage early-mid career pathology researchers, in particular academic trainees, to undertake investigation tissue-based research and offers up to £20,000 with one deadline per annum.

Cancer Research UK/Pathological Society Pre-Doctoral Research Bursary

These jointly funded grants were introduced in 2018 and provide short term funding to allow clinicians to get involved in cancer research and provides funding for up to £45,000 for salary and/or research expenses for up to 12 months, with two deadlines per annum. The initial 3 year agreement with CRUK ended in 2020 and has been extended for a further 3 year period.

Early Career Pathology Research Grant - Hodgkin & Leishman

These were introduced in 2018 to trainees in their first few years of training to undertake investigative research, with two deadlines per annum. The Hodgkin offer up to £1,000 and Leishman up to £2,000. Our current annual allocation is £10,000.

Equipment Scheme

This scheme is aimed at supporting pathologists engaged in research by providing funds for multi-user equipment. Our current annual allocation for this scheme is £20,000 with two deadlines per annum.

International Collaborative Scheme

This is aimed at promoting collaboration in scholarly pathological activities between pathologists from any institution outside of the UK and UK pathologists. Our current annual allocation for this scheme is £20,000 with one deadline per annum.

Jean Shanks Foundation/Pathological Society (JSPS) Joint Research Grants

The five-year agreement with the Jean Shanks Foundation launched in 2018 provides a jointly funded range of research schemes to facilitate trainees in pathology to develop their academic and research schemes ranging from early career support through to support for new independent investigators. This initiative will result in a significant increase in the Society's research grant spend. The trustees of the Society agreed to commit money from the Society's investment funds to support this.

Applications have been considered by the Research Sub-committee during 2020 and a range of high-quality applications were recommended for support and these recommendations were endorsed by the Finance and General Purposes Sub-committee.

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THE PATHOLOGICAL SOCIETY OF GREAT BRITAIN AND IRELAND

REPORT OF THE TRUSTEES for the year ended 31 December 2020

All schemes have two application deadlines per annum:

- JSPS Pre-Doctoral Research Bursary - to promote research in pathology to fund short projects for early career clinical academic research trainee pathologists for a period of 3, 6, 9 or 12 months. This covers salary and/or research expenses to a maximum of £40,000.

- JSPS Clinical PhD Fellowship - To provide 3 years of PhD funding for clinical trainee histopathologists to increase the research skills, abilities and interests of those medically qualified trainee histopathologists working on tissue-based projects in pathology. Funding covers salary, university fees and consumables of up to £15,000 pa for 3 years.

- JSPS Clinical Lecturer Grant - To offer histopathology trainees post MD/PhD who wish to continue research part-time whilst completing clinical training (part-time). Covers up to £200,000 over a maximum of 4 years and covers 50% salary (with 50% of salary provided by the NHS - similar to the NIHR Clinical Lectureships) and provides up to £15,000 consumables per annum.

- JSPS Clinical Lecturer Support Grant - To offer support for continuing research projects over a 2 year period by academic trainee histopathologists following the award of a PhD or MD, when progressing through the final stages of histopathological training leading up to the award of CCT. Covers £50,000 per annum funding over a 2 year period to be used flexibly to fund the costs of employing a research technician or assistant and associated consumables costs.

- JSPS Intermediate Research Fellowship - to support newly accredited pathologists during the period between completing their training (passing FRCPath part 2/completing the Certificate of Completion of Training) and obtaining full funding for a Clinician Scientist post through MRC, The Wellcome Trust, CRUK etc. Covers up to £100,000 over a maximum of 2 years and covers 50% of salary costs (with 50% of salary provided by the NHS) and up to £15,000 of consumables per annum.

- JSPS Clinical Academic Research Partnership - to offer support for NHS consultants who wish to undertake research. The aim is to encourage consultants with and MD or PhD (or equivalent) who are currently not research active, to participate in high quality research collaborations with established leading biomedical researchers.

PhD Sponsorships - supports a 3-year PhD and covers a stipend, research & training allowance, conference allowance and up to £15,000 per annum for consumables. Rates are set at MRC rates. Current annual allocation for this is £210,300.

Small Grant Schemes

This is divided into four separate schemes, namely the Trainees' Small Grant, the Consultant's Pump Priming Small Grant, Postdoctoral Collaborative Small Grant and the Trainees Collaborative Small Grant. These awards are designed to support laboratory expenses for Trainees (speciality trainees or academic trainees) and consultants within their first five years of appointment to generate pilot data to support subsequent applications to major funding agencies. The maximum grant available is £10,000. The current annual allocation for these schemes is £10,000 for the Trainees Collaborative and £40,000 for all others.

Trainee-Clinical Scientist Partnership in Morpho-Molecular Pathology

This new scheme was introduced in 2019 to create long lasting scientific partnerships between trainee pathologists and clinical scientists in the pathology and genomics arenas, with funding up to £50,000 for a maximum of 3 years. This scheme has one deadline per annum.

Visiting Fellowships

The Fellowships are for members of the medical and allied scientific professions working in pathologically related bio-medical research to enable travel to other institutions to learn new techniques of value in their research. Applicants need not be Society members. Fellowships are available for a period of study of up to twelve months.

Preference is given to applicants wishing to learn new techniques in the fields of molecular and cell biology. A maximum sum of £5,000 is allocated to any one person. The current annual allocation to this scheme is £20,000.

EDUCATION GRANTS:

Case Report Prize for Undergraduate & Concessionary (Trainees) Members

Applicants are required to submit a case report and review of the literature of a standard suitable for publication that goes beyond basic morphological and immunohistochemical diagnostics. A prize of £100 is offered and the opportunity to present the case as an oral presentation at a Summer Meeting of the Society.

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THE PATHOLOGICAL SOCIETY OF GREAT BRITAIN AND IRELAND

REPORT OF THE TRUSTEES for the year ended 31 December 2020

Educational Grant Scheme

This scheme is designed to provide support to Academic staff for projects in relation to medical and scientific education (undergraduate and post-graduate) that foster the general area of understanding disease. Our current annual allocation for this scheme is £10,000 with two deadlines per annum.

The following Education grants are available. Following the introduction of Associate Undergraduate Membership, these grants are restricted to Associate Undergraduate members:

Intercalated Degree Awards

These awards provide fees (up to £9,000) and stipend (£4,500) and £1,500 for consumables for able medical, dental or veterinary students to intercalate a year's Science training and study for a BSc or MSc degree. We support up to 10 awards per annum.

Vacation and Elective Bursaries for Undergraduate Students

We will support any undergraduate medical, dental or veterinary student to a maximum of £150 per week for up to 8 weeks to undertake a project on any topic that bears on the issue of 'understanding disease' during elective or vacation periods. With two deadlines per annum, our current annual allocation for this scheme is £30,000.

The Jean Shanks Foundation & Pathological Society Summer Joint Studentships (JSPS)

This scheme was introduced in 2020 in order to support Year 1 & Year 2 medical and dental students to carry out a research project in pathology during vacation periods. Up to £200 per week, with a maximum of £1,000 per student. The Society would like to thank the Trustees of the Jean Shanks Foundation for co-finding this important initiative. The current annual allocation for this scheme is £50,000.

Undergraduate Essay Prize

We make an award of £500 every year for the best essay written by an undergraduate on a pathologically orientated title. Winning entries can be seen on our website.

Pathological Society Meeting Bursary for Undergraduates

This covers travel costs of up to £250 to attend a Pathological Society meeting.

Students Society Bursary Scheme

This scheme is to provide support for the promotion of the understanding of pathology amongst medical, dental, biomedical students. The sum requested should not exceed £500, current annual allocation £4,400.

All schemes are competitive and clear guidelines are published on our website. They are advertised on our website and in our journals where appropriate. They are awarded by the Society Committee and/or after consideration by the relevant Sub-committees.

OTHER GRANTS:

Pathological Society Meetings Bursary

Bursaries are made available to cover the cost of registration fees for Society members who are post graduate students (PhD, MD or MSc) or Pathology Trainees and wish to present their research at Society meetings. An applicant whose work is/has been selected for presentation in a plenary session will be favoured.

Public Engagement Scheme

This was established in order to foster and promote greater awareness by the lay public of advances in understanding disease which may include support of educational ventures with schools and further education colleges. Our current annual allocation for this scheme is £10,000.

Open Scheme

In addition to the above, the Open Scheme is designed to be a source of funds for other activities not covered by the above schemes but that will foster the Society's mission. Our current annual allocation for this scheme is £10,000.

Travel & Conference Bursary

These bursaries are to promote scientific communications at major international meetings. Applicants whose work has been selected for presentation are favoured.

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THE PATHOLOGICAL SOCIETY OF GREAT BRITAIN AND IRELAND

REPORT OF THE TRUSTEES for the year ended 31 December 2020

Society Lectures & Awards

The Society makes several awards for Academic and other achievements. These include the Oakley Lecture for achievements by a young researcher: this has been held annually at Joint Meetings with the BDIAP (in the summer). The Sir Nicholas Wright Lecture introduced in 2017 and the first lecture was given at the Maastricht Pathology 2018 meeting. This is held in alternative years with the Oakley Lecture from 2018.

We promote the discipline among trainees (including PhD students and biomedical scientists) by offering a significantly discounted membership fee (£10 per annum) which includes all benefits as well as electronic access to the Journal of Pathology and other substantial subsidies (e.g. registration fees etc) including complimentary membership of the European Society of Pathology. On occasions we can provide Society members with other benefits, such as reduced prices from the Society journals' publishers.

STRATEGIC REPORT

Achievement and performance

Charitable activities

The main source of income to the Society is from The Journal of Pathology and as scientific publication migrates to the Open Access model, there is a significant potential for loss of income from the Journal of Pathology. Prof Simon Herrington, Editor-in-Chief and Wiley-Blackwell have been working hard to maintain the success of the Journal and its high impact factor, a major consideration for subscribers.

The budget of our regular meetings continues to fall well within the resources, representing less than 10% of annual turnover and 1% of current assets. A separate trading company "Pathology London 2014 Ltd" was set up to manage the Society's involvement in the joint meeting with the European Society of Pathology in London. This is a wholly owned subsidiary of the Society and its directors are Professor Sir Nicholas Wright and Dr Nicholas Rooney and, since 2016, Professor Graeme Murray, current treasurer of the Society and a decision was taken to close this company as had not been utilised since 2014. Pathology London 2014 was closed on 29 September 2020.

Investment policy

The Society has considerable investments held mostly in funds managed by our advisors, Cazenove Capital Management, the charities investment arm of Schroders. The investment policy is reviewed annually by the trustees bearing in mind the current income from the journals and membership subscriptions. A presentation is given by the portfolio director, Jeremy Barker, to all the trustees at the January Committee Meeting. The treasurer is in regular contact with the investment team and reviews/forwards relevant documentation to the trustees. The funds available to the Society are principally represented by the Investment portfolio held by the investment fund managers and consist of a variety of quoted investments and government stock. The trustees are aware of the level of income that is available from the investment portfolio and its ability to replace loss of income from the journals.

The value of Listed investments has decreased from £7,798,039 to £7,635,309 at the end of the current year. This decrease is due to unrealised losses on the revaluation of the investment due to volatile stock market conditions. The trustees believe that this downturn will be corrected in the long run.

The Society is faced with a potential loss of income supporting its grants whilst facing increased expenditure. However, the cost of accommodation has stabilised since the Society entered an agreement with The Royal College of Pathologists to lease office accommodation within the new Royal College of Pathologists building at 6 Alie Street. The Society moved to its new office in April 2019. and will increase the reliance on investment and journal income. Until the long-term financial position is clearer, reserves will be maintained to allow investment income to replace the loss of journal income.

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THE PATHOLOGICAL SOCIETY OF GREAT BRITAIN AND IRELAND

REPORT OF THE TRUSTEES for the year ended 31 December 2020

STRATEGIC REPORT Financial review

Financial position

The financial results for the year to 31 December 2020 are shown in the attached financial statements.

Income has decreased for the year under review to £1,168,755 (2019: £1,369,508) primarily due to an decrease in income from the listed investments and the lack of meetings and events. Subscription income is relatively stable at £86,857 (2019: £83,232) but on its own would not enable the Society to function. The main areas of expenditure continue to be charitable grants £616,207 (2019: £861,662), Society meetings £157,006 (2019: £467,322) and support costs of the society £270,246 (2019: £288,318).

Overall income has exceeded expenditure by £19,443 (2019: £586,935) after realised and unrealised investment gains and losses. Fund balances total £8,338,027 (2019: £8,318,584).

It is the policy of the charitable company that unrestricted funds which have not been designated for a specific use should be maintained at a level equivalent to between three and six month's expenditure. The trustees consider that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the charitable company's current activities while consideration is given to ways in which additional funds may be raised. This level of reserves has been maintained throughout the year.

The trustees have assessed the major risks to which the charitable company is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks.

Securing the future of pathology

To ensure the future success of the Society, it has modified its subscription structures to encourage recruitment and greater involvement of more junior pathologists. In addition, as noted above, the Trainees' Sub-committee continues to develop. Changes have already been reflected in a significant up-turn in membership numbers and progression from concessionary to ordinary membership. There had been a drop in membership numbers in recent months largely due to lack of Undergraduate activity due to the pandemic. Meetings to promote academic pathology amongst trainees have also been supported by The Society as well as the additional JSPS Summer Student bursary scheme for Year 1 & 2 medical students. The National Academic trainee network meetings continue, with 2 being held in 2020 (the October meeting was held on-as a virtual event), in conjunction with the Winter Society meetings. Other stand alone meetings had to be postponed, cancelled or held on line due to Social Distancing regulations. The Society plans to continue these meetings, which are valued by the trainees.

To encourage applications for pathology amongst medical graduates, the Undergraduate Committee was established with funding to support attendance at conferences. We aim to promote interest in Pathology even before university, establishing careers days for sixth form students in association with the College and BDIAP. Unfortunately, it was not possible to hold a meeting in 2020.

The Society continues to support the Pathological Society Winter School, which trains participants in advance diagnostics and research skills and the programme now includes molecular pathology. The Society now fully underwrites the course and we need to ensure the course remains competitive with others around the UK.

STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document

The charitable company is a company limited by guarantee.

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THE PATHOLOGICAL SOCIETY OF GREAT BRITAIN AND IRELAND

REPORT OF THE TRUSTEES for the year ended 31 December 2020

STRUCTURE, GOVERNANCE AND MANAGEMENT Risk management

The Society performed a risk analysis, which has identified the main areas of risk as loss of membership, litigation, loss of accommodation, loss of key staff or services, financial losses on meetings and loss of income from the Journal of Pathology.

To protect the membership database and members confidential information, an external company was contracted to manage and secure our data off-site.

Litigation is covered jointly with the publishers of the Journal of Pathology, Wiley-Blackwell, by our own insurance and, by the change of legal status of the Society to become an incorporated charitable company.

All trustees are required to inform the Society of their financial interests and those of family members of significant others in an annual, signed declaration. At the start of all grant awarding sessions, committee members are required to declare any conflicts of interest and withdraw from those decisions.

Trustees and other committees

The Committee meets twice annually, normally immediately prior to the Winter and Summer Scientific Meetings. This is the formal meeting of all Trustees at which they agree the broad strategy and areas of activity for the Society, including consideration of grant awarding, investment strategy and risk management. The summer 2020 Committee meeting was held as a virtual meeting on 2 September 2020.

An Awayday was scheduled for March 2020 but this was cancelled due to the Covid-19 pandemic and will be held at a later date.

The Society other sub-committees remain in place and continue to administer the activities of the Society; these are as follows:

The Committee is aware of the Charity Commission's Governance Code and continues to apply the Code as appropriate.

REFERENCE AND ADMINISTRATIVE DETAILS Registered Company number

08759028 (England and Wales)

Registered Charity number

1154851

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THE PATHOLOGICAL SOCIETY OF GREAT BRITAIN AND IRELAND

REPORT OF THE TRUSTEES for the year ended 31 December 2020

Registered Charity (Scotland) number SC045004

Registered office

7th Floor, 6 Alie Street London E1 8QT

Trustees

Professor M J Arends Professor Of Pathology Dr E W Benbow Senior Lecturer In Pathology (resigned 2.9.20) Dr G N J Betts Consultant Histopathologist Professor S E Coupland Consultant Histopathologist (appointed 2.9.20) Professor M Du Professor of Oncological Pathology (resigned 2.9.20) Professor A M Flanagan Medical Doctor Professor H I Grabsch Professor In Gastrointestinal Pathology Professor M Ilyas Professor of Pathology Dr M Jansen Clinician Scientist-Hon Consultant Histo Dr A Mukherjee Honorary Consultant Histopathologist Professor G I Murray Professor Of Pathology Dr A M Quinn Consultant Histopathologist (resigned 2.9.20) Professor M Salto-Tellez Director Of Molecular Diagnostics, Molec Dr A Shaaban Consultant Pathologist (appointed 2.9.20) Doctor E J Soilleux University Lecturer Professor G J Thomas Professor of Experimental Pathology Dr A Winstanley Consultant Cellular Pathologist Professor K D Hunter Professor of Head & Neck Pathology Dr C Coyne Consultant Histopathologist Professor N Coleman Professor of Histopathology Dr L Moore Research Fellow/consultant Histopatholog (appointed 2.9.20) Dr G S Petts Clinical Lecturer In Pathology (appointed 20.2.20)

Auditors

Raffingers LLP 19-20 Bourne Court Southend Road Woodford Green Essex IG8 8HD

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THE PATHOLOGICAL SOCIETY OF GREAT BRITAIN AND IRELAND

REPORT OF THE TRUSTEES

for the year ended 31 December 2020

TRUSTEES' RESPONSIBILITY STATEMENT

The trustees, who are also the directors of The Pathological Society of Great Britain and Ireland for the purpose of company law, are responsible for preparing the Trustees' Report and the accounts in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The law applicable to charitable companies in England and Wales and in Scotland requires the trustees to prepare accounts for each financial year which give a true and fair view of the state of affairs of the charitable company and of the income and expenditure of the charitable company for that year. In preparing these accounts, the trustees are required to:

The trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the accounts comply with the Companies Act 2006 and the Charities and Trustee Investment (Scotland) Act 2005, the applicable Charities (Accounts and Reports) Regulations. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The trustees' report was approved by the Board of Trustees

Report of the trustees, incorporating a strategic report, approved by order of the board of trustees, as the company directors, on 21 May 2021 and signed on the board's behalf by:

Prof Graeme I Murray, Trustee

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REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF THE PATHOLOGICAL SOCIETY OF GREAT BRITAIN AND IRELAND

Opinion

We have audited the financial statements of The Pathological Society of Great Britain and Ireland (the 'charitable company') for the year ended 31 December 2020 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The trustees are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Report of the Independent Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

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REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF THE PATHOLOGICAL SOCIETY OF GREAT BRITAIN AND IRELAND

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Trustees.

We have nothing to report in respect of the following matters where the Companies Act 2006 and the Charities Accounts (Scotland) regulations 2006 require us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the Trustees' Responsibilities Statement, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

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REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF THE PATHOLOGICAL SOCIETY OF GREAT BRITAIN AND IRELAND

Our responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Independent Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) 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 be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

The extent to which the audit was considered capable of detecting irregularities including fraud:

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

We assessed the susceptibility of the charitable company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

To address the risk of fraud through management bias and override of controls, we:

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the trustees and other management and the inspection of regulatory and legal correspondence, if any.

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REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF THE PATHOLOGICAL SOCIETY OF GREAT BRITAIN AND IRELAND

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

We did not identify any irregularities, including fraud.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Independent Auditors.

Use of our report

This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006 and with regulations made under section 154 of that Act and in accordance with Section 44(1)(c) of the Charities and Trustee Investment (Scotland) Act 2005 and Regulation 10 of the Charities Accounts (Scotland) Regulations 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Mr Thurairatnam Sudarshan (Senior Statutory Auditor) for and on behalf of Raffingers LLP 19-20 Bourne Court Southend Road Woodford Green Essex IG8 8HD

21 May 2021

Page 14

THE PATHOLOGICAL SOCIETY OF GREAT BRITAIN AND IRELAND

STATEMENT OF FINANCIAL ACTIVITIES

for the year ended 31 December 2020

Notes
INCOME AND ENDOWMENTS FROM
Donations and legacies
2
Charitable activities
4
Journal of Pathology
Meetings and Events
Investment income
3
Other income
5
Total
EXPENDITURE ON
Raising funds
Investment management costs
6
Charitable activities
7
Journal of Pathology
Grants and Award payable
Meetings and Events
Total
Net (losses)/gains on investments
NET INCOME/(EXPENDITURE)
Transfers between funds
19
Net movement in funds
RECONCILIATION OF FUNDS
Total funds brought forward
TOTAL FUNDS CARRIED FORWARD		 Unrestricted
fund

£
86,857
-
24,600
196,958
-
308,415
30,457
30,457
144,780
128,665
157,006
460,908
(72,197)
(224,690)
160,470
(64,220)
7,405,141
7,340,921		 Designated
funds
£
-
860,340
-
-
-
860,340
-
-
-
616,207
-
616,207
-
244,133
(160,470)
83,663
913,443
997,106		 2020
Total
funds
£
86,857
860,340
24,600
196,958
-
1,168,755
30,457
30,457
144,780
744,872
157,006
1,077,115
(72,197)
19,443
-
19,443
8,318,584
8,338,027		 2019
Total
funds
£
83,232
848,064
157,441
251,607
29,164
1,369,508
32,206
32,206
124,506
911,313
467,322
1,535,347
752,774
586,935
-
586,935
7,731,649
8,318,584

CONTINUING OPERATIONS

All income and expenditure has arisen from continuing activities.

The notes form part of these financial statements

Page 15

THE PATHOLOGICAL SOCIETY OF GREAT BRITAIN AND IRELAND

BALANCE SHEET

FIXED ASSETS
Tangible assets
Investments
CURRENT ASSETS
Debtors
Cash at bank and in hand
CREDITORS
Amounts falling due within one year
NET CURRENT ASSETS
TOTAL ASSETS LESS CURRENT
LIABILITIES
NET ASSETS
FUNDS
Unrestricted funds:
General fund
Designated funds
TOTAL FUNDS		 31 December 2020
Notes
14
15
16
17
19		 2020
£
42,121
7,635,309
7,677,430
912,673
152,481
1,065,154
(404,557)
660,597
8,338,027
8,338,027
7,340,921
997,106
8,338,027		 2019
£
54,270
7,798,039
7,852,309
894,560
199,415
1,093,975
(627,700)
466,275
8,318,584
8,318,584
7,405,141
913,443
8,318,584

The financial statements were approved by the Board of Trustees and authorised for issue on 21 May 2021 and were signed on its behalf by:

Prof Graeme I Murray, Trustee

The notes form part of these financial statements

Page 16

THE PATHOLOGICAL SOCIETY OF GREAT

BRITAIN AND IRELAND

CASH FLOW STATEMENT
for the year ended 31 December 2020
2020
Notes
£
Cash flows from operating activities
Cash generated from operations
1
(334,425)
Net cash used in operating activities
(334,425)
Cash flows from investing activities
Purchase of tangible fixed assets
-
Purchase of fixed asset investments
(863,894)
Sale of fixed asset investments
992,594
Interest received
545
Dividends received
196,413
Net cash provided by investing activities
325,658
Change in cash and cash equivalents in
the reporting period
(8,767)
Cash and cash equivalents at the
beginning of the reporting period
227,858
Cash and cash equivalents at the end of
the reporting period
219,091		 2019
£
(353,572)
(353,572)
(60,375)
(1,806,213)
1,968,447
757
251,608
354,224
652
227,206
227,858

The notes form part of these financial statements

Page 17

THE PATHOLOGICAL SOCIETY OF GREAT

BRITAIN AND IRELAND

NOTES TO THE CASH FLOW STATEMENT for the year ended 31 December 2020

1. RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES

Net income for the reporting period (as per the Statement of Financial
Activities)
Adjustments for:
Depreciation charges
Losses/(gain) on investments
Interest received
Dividends received
Increase in debtors
(Decrease)/increase in creditors
Net cash used in operations
2.
ANALYSIS OF CHANGES IN NET FUNDS		 2020
£
19,443
12,149
72,197
(545)
(196,413)
(18,113)
(223,143)
(334,425)		 2019
£
586,935
6,685
(752,774)
(757)
(251,608)
(62,463)
120,410
(353,572)
At 1.1.20 Cash flow At 31.12.20
£ £ £
Net cash
Cash at bank and in hand 199,415 (46,934) 152,481
Cash held by investment managers 28,443 38,167 66,610
227,858 (8,767) 219,091
Total 227,858 (8,767) 219,091

The notes form part of these financial statements

Page 18

THE PATHOLOGICAL SOCIETY OF GREAT BRITAIN AND IRELAND

NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 December 2020

1. ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (Charities SORP FRS 102) , (effective 1 January 2015) the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

The financial statements have been prepared under the historical cost convention with the exception of investments which are included at market value, as modified by the revaluation of certain assets.

The charity constitutes a public benefit entity as defined by FRS 102.

The accounts are presented in sterling and are rounded to the nearest pound.

Pathology London 2014 Limited, a 100% controlled subsidiary trading company, was dissolved during the year.

A ssessment of going concern

The trustees have assessed whether the use of the going concern assumption is appropriate in preparing these accounts. The trustees have made this assessment in respect to a period of one year from the date of approval of these accounts.

The trustees of the charity have concluded that there are no material uncertainties related to events or conditions that may cast significant doubt on the ability of the charity to continue as going concern. The trustees are of the opinion that the charity will have sufficient resources to meet its liabilities as they fall due.

Critical accounting judgements and key sources of estimation uncertainty

Preparation of the financial statements requires the trustees and management to make significant judgements and estimates.

The items in the accounts where these judgements and estimates have been made include:

Income

Income is recognised when the charitable company is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

Cash donations are recognised on receipt. Other donations are recognised once the charitable company has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

Deferred income is recognised for income received in advance for events and meetings taking place in future periods.

Membership subscriptions are recognised in the year to which they relate.

Journal of Pathology

The receipts in respect of journals supplied by the Society are credited to the financial statements in the year to which they relate. The income from journals is the proportion due to the Society under the relevant agreements and is net of direct costs met by the publishers.

continued...

Page 19

THE PATHOLOGICAL SOCIETY OF GREAT BRITAIN AND IRELAND

NOTES TO THE FINANCIAL STATEMENTS - continued

for the year ended 31 December 2020

1. ACCOUNTING POLICIES - continued

Income

Meetings and events income

Income and corresponding expenditure are recognised in the period the event has taken place. This results in deferred income and accruals recognised in balance sheet.

Investment income

Dividends and interest on securities are credited in the financial statements when the Society is entitled to receive the funds.

Expenditure

Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably.

The costs of raising funds consist of investment management fees.

Journal of Pathology

The cost of distributing copies of the journal to members is recognised as a charitable activity.

Support costs for meetings

Costs incurred for the Society's events and meetings are recognised in the period in which they take place.

All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category.

Support and governance costs relating to charitable activities have been apportioned as follows: Grants and awards payable 14% Support costs for meetings 77% Journal of Pathology 9%

Grants payable

Grants payable are payments made to third parties in the furtherance of the charitable objects of the Society. In the case of an unconditional grant offer this is accrued once the recipient has been notified of the grant award. The notification gives the recipient a reasonable expectation that they will receive the one- year or multi-year grant. Grants awards that are subject to the recipient fulfilling performance conditions are only accrued when the recipient has been notified of the grant and any remaining unfulfilled condition attaching to that grant is outside of the control of the Society.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Taxation

The charity is exempt from corporation tax on its charitable activities.

Fund accounting

Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.

Designated funds comprise funds which have been set aside at the discretion of the trustees for specific purposes. The purposes and uses of the designated funds are set out in the notes to the accounts.

Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.

Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.

continued...

Page 20

THE PATHOLOGICAL SOCIETY OF GREAT BRITAIN AND IRELAND

NOTES TO THE FINANCIAL STATEMENTS - continued for the year ended 31 December 2020

1. ACCOUNTING POLICIES - continued

Cash at bank and in hand

Cash at bank and in hand represents such accounts and instruments that are available on demand or have a maturity of less than three months form the date of acquisition. Deposits for more than three months but less than one year have been disclosed as short term deposits.

Creditors and provision

Creditors and provision are recognised when there is an obligation at the balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably. Creditors and provision are recognised at the moment the charity anticipates it will pay to settle the debt. They have been discounted to the present value of the future cash payments where such discounting is material.

Investments

Listed investments are initially recognised at their transaction value and subsequently measured at their fair value as at the balance sheet date using the closing quoted market price.

Realised and unrealised investment gains (or losses) are combined in the statement of financial activities and are credited (or debited) in the year in which they arise.

2. DONATIONS AND LEGACIES

Unrestricted
Designated
funds
funds
£
£
Subscriptions
86,857
-
INVESTMENT INCOME
Unrestricted
Designated
funds
funds
£
£
Income from listed investments
196,413
-
Deposit account interest
545
-
196,958
-

3. INVESTMENT INCOME

continued...

Page 21

THE PATHOLOGICAL SOCIETY OF GREAT BRITAIN AND IRELAND

NOTES TO THE FINANCIAL STATEMENTS - continued for the year ended 31 December 2020

4. INCOME FROM CHARITABLE ACTIVITIES

Activity
Journal of Pathology
Journal of Pathology
Meetings and events
Meetings and Events
5.
OTHER INCOME
Unrestricted
funds
£
Other income
-
Other income from BDIAP
-
-
6.
INVESTMENT MANAGEMENT COSTS
Unrestricted
funds
£
Investment management
30,457
7.
CHARITABLE ACTIVITIES COSTS
Direct
Costs
£
Journal of Pathology
144,780
Grants and Award payable
-
Meetings and Events
15,425
160,205
8.
GRANTS PAYABLE
Grants and Award payable		 Designated
funds
£
-
-
-
Designated
funds
£
-
Grant
funding of
activities
(see note
8)
£
-
616,207
-
616,207		 2020
£
860,340
24,600
884,940
2020
Total
funds
£
-
-
-
2020
Total
funds
£
30,457
Support
costs (see
note 9)
£
-
128,665
141,581
270,246
2020
£
616,207		 2019
£
848,064
157,441		 2019
£
848,064
157,441		 2019
£
848,064
157,441
1,005,505
2019
Total
funds
£
8,751
20,413
29,164
2019
Total
funds
£
32,206
Totals
£
144,780
744,872
157,006
1,046,658
2019
£
861,660

continued...

Page 22

THE PATHOLOGICAL SOCIETY OF GREAT BRITAIN AND IRELAND

NOTES TO THE FINANCIAL STATEMENTS - continued for the year ended 31 December 2020

9. SUPPORT COSTS

Management
£
Grants and Award payable
82,839
Meetings and Events
125,253
208,092
Support costs, included in the above, are as follows:
Grants
and Award
payable
£
Wages
-
Social security
-
Pensions
-
Insurance
-
Postage and stationery
-
Sundries
8,614
Website & computer
62,076
Staff travel
-
Depreciation of tangible and heritage assets
12,149
Bank charges
2,182
Wages
25,500
Auditors' remuneration
6,000
Committee meetings
-
Accountancy fees
8,318
Professional and legal fees
3,826
128,665		 Governance
Finance
costs
£
£
2,182
43,644
-
16,328
2,182
59,972
2020
Meetings
and
Total
Events
activities
£
£
59,104
59,104
13,580
13,580
19,244
19,244
25,249
25,249
5,280
5,280
-
8,614
-
62,076
2,796
2,796
-
12,149
-
2,182
-
25,500
-
6,000
16,328
16,328
-
8,318
-
3,826
141,581
270,246		 Totals
£
128,665
141,581
270,246
2019
Total
activities
£
65,908
11,724
15,092
29,804
5,418
10,955
52,608
8,924
6,685
4,241
27,902
5,000
27,306
8,643
8,108
288,318

Support costs, included in the above, are as follows:

10. NET INCOME/(EXPENDITURE)

Net income/(expenditure) is stated after charging/(crediting):

Auditors' remuneration
Depreciation - owned assets		 2020
£
6,000
12,149		 2019
£
5,000
6,685

continued...

Page 23

THE PATHOLOGICAL SOCIETY OF GREAT BRITAIN AND IRELAND

NOTES TO THE FINANCIAL STATEMENTS - continued

for the year ended 31 December 2020

11. TRUSTEES' REMUNERATION AND BENEFITS

Trustees' expenses

None of the trustees (or any persons connected with them) received any remuneration during the year, there were also no travelling costs reimbursed this year (2019: £9,060).

Regarding grants received by trustees from the Society in the year: M Illyas received £10,000 (2019: £10,000) from University of Nottingham.

No committee advisors (non-trustee) received grants from the Society in the year.

12. STAFF COSTS

Wages and salaries
Social security costs
Other pension costs		 2020
£
107,430
18,672
26,548
152,650		 2019
£
115,573
14,136
18,574
148,283

The average monthly number of employees during the year was as follows:

2020 2019
Administrative staff 3 3

No employees received emoluments in excess of £60,000.

13. FINANCIAL COMMITMENTS, GUARANTEES AND CONTINGENT LIABILITIES

The company is limited by guarantee - all members having a liability not exceeding £1 per member.

14. TANGIBLE FIXED ASSETS

COST
At 1 January 2020 and 31 December 2020
DEPRECIATION
At 1 January 2020
Charge for year
At 31 December 2020
NET BOOK VALUE
At 31 December 2020
At 31 December 2019		 Fixtures
and
Computer
fittings
equipment
£
£
12,374
65,774
11,881
11,997
74
12,075
11,955
24,072
419
41,702
493
53,777		 Totals
£
78,148
23,878
12,149
36,027
42,121
54,270

continued...

Page 24

THE PATHOLOGICAL SOCIETY OF GREAT BRITAIN AND IRELAND

NOTES TO THE FINANCIAL STATEMENTS - continued for the year ended 31 December 2020

15. FIXED ASSET INVESTMENTS

Shares
Other
Additional information as follows:
Shares in
group
undertakings
£
MARKET VALUE
At 1 January 2020
1
Additions
-
Disposals
-
Revaluations
-
At 31 December 2020
1
NET BOOK VALUE
At 31 December 2020
1
At 31 December 2019
1
There were no investment assets outside the UK.
Investments (neither listed nor unlisted) were as follows:
Cash in portfolio
16.
DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Other debtors
VAT
Prepayments		 2020
£
7,568,699
66,610
7,635,309
Listed
investments
£
7,769,595
863,894
(992,594)
(72,197)
7,568,698
7,568,698
7,769,595
2020
£
66,610
2020
£
903,994
-
8,679
912,673		 2019
£
7,769,596
28,443
7,798,039
Totals
£
7,769,596
863,894
(992,594)
(72,197)
7,568,699
7,568,699
7,769,596
2019
£
28,443
2019
£
878,870
247
15,443
894,560

Page 25

continued...

THE PATHOLOGICAL SOCIETY OF GREAT BRITAIN AND IRELAND

NOTES TO THE FINANCIAL STATEMENTS - continued for the year ended 31 December 2020

17. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Trade creditors
VAT
Other creditors
Accrued expenses		 2020
£
4,050
15
940
399,552
404,557		 2019
£
929
-
52
626,719
627,700

18. ANALYSIS OF NET ASSETS BETWEEN FUNDS

Fixed assets
Investments
Current assets
Current liabilities		 Unrestricted
fund
£
42,121
7,635,309
68,048
(404,557)
7,340,921		 Designated
funds
£
-
-
997,106
-
997,106		 2020
Total
funds
£
42,121
7,635,309
1,065,154
(404,557)
8,338,027		 2019
Total
funds
£
54,270
7,798,039
1,093,975
(627,700
8,318,584

19. MOVEMENT IN FUNDS

Unrestricted funds
General fund
Designated funds
Education Grants
Finance & General Purposes Grants
JSPS Grants
Research Grants
TOTAL FUNDS		 At 1.1.20
£
7,405,141
34,610
2,887
604,233
271,713
913,443
8,318,584		 Net
movement
in funds
£
(224,690)
105,840
19,524
274,934
(156,165)
244,133
19,443		 Transfers
between
funds
£
160,470
-
(3,487)
(78,555)
(78,428)
(160,470)
-		 At
31.12.20
£
7,340,921
140,450
18,924
800,612
37,120
997,106
8,338,027

Page 26

continued...

THE PATHOLOGICAL SOCIETY OF GREAT BRITAIN AND IRELAND

NOTES TO THE FINANCIAL STATEMENTS - continued for the year ended 31 December 2020

19. MOVEMENT IN FUNDS - continued

Net movement in funds, included in the above are as follows:

Unrestricted funds
General fund
Designated funds
Education Grants
Finance & General Purposes Grants
JSPS Grants
Research Grants
TOTAL FUNDS		 Incoming
resources
£
308,415
181,242
25,000
433,784
220,314
860,340
1,168,755		 Resources
expended
£
(460,908)
(75,402)
(5,476)
(158,850)
(376,479)
(616,207)
(1,077,115)		 Gains and
losses
£
(72,197)
-
-
-
-
-
(72,197)		 Movement
in funds
£
(224,690)
105,840
19,524
274,934
(156,165)
244,133
19,443

Comparatives for movement in funds

Unrestricted funds
General fund
Designated funds
Education Grants
Finance & General Purposes Grants
JSPS Grants
Research Grants
TOTAL FUNDS		 At 1.1.19
£
6,797,175
49,000
8,915
596,960
279,599
934,474
7,731,649		 Net
movement
in funds
£
607,966
35,158
(35,113)
(55,457)
34,381
(21,031)
586,935		 At
31.12.19
£
7,405,141
84,158
(26,198)
541,503
313,980
913,443
8,318,584

continued...

Page 27

THE PATHOLOGICAL SOCIETY OF GREAT BRITAIN AND IRELAND

NOTES TO THE FINANCIAL STATEMENTS - continued for the year ended 31 December 2020

19. MOVEMENT IN FUNDS - continued

Comparative net movement in funds, included in the above are as follows:

Unrestricted funds
General fund
Designated funds
Education Grants
Finance & General Purposes Grants
JSPS Grants
Research Grants
TOTAL FUNDS		 Incoming
resources
£
528,879
221,186
-
144,482
474,961
840,629
1,369,508		 Resources
expended
£
(673,687)
(186,028)
(35,113)
(199,939)
(440,580)
(861,660)
(1,535,347)		 Gains and
losses
£
752,774
-
-
-
-
-
752,774		 Movement
in funds
£
607,966
35,158
(35,113)
(55,457)
34,381
(21,031)
586,935

20. RELATED PARTY TRANSACTIONS

Remuneration of key management personnel

The remuneration of key management personnel is as follows.

2020 2019
£ £
Aggregate compensation 152,650 148,283

The above amounts were paid to the Royal College of Pathologists for the use of 3 (2019: 3) of their employees for administrative management of the society. As part of the agreement between the two entities, in the event of the Royal College of Pathologists being required to contribute to the pension scheme that it belongs to, the society could be liable to meet the obligations of the pension costs in respect of these individuals.

21. SUBSIDIARIES

There were no subsidiaries controlled by the charity as at 31 December 2020.

This page does not form part of the statutory financial statements

Page 28