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← The Pathological Society Of Great Britain And Ireland

2023-12-31-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 2023

FOR

THE PATHOLOGICAL SOCIETY OF GREAT

BRITAIN AND IRELAND

Raffingers LLP, Statutory Auditor Chartered Certified Accountants 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 2023

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 27
Detailed Statement of Financial Activities 28 to 29

THE PATHOLOGICAL SOCIETY OF GREAT BRITAIN AND IRELAND

REPORT OF THE TRUSTEES for the year ended 31 December 2023

The trustees present their report and accounts for the year ended 31 December 2023.

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, the Charities and Trustee Investment (Scotland) Act 2005, regulations applicable to those two Acts and 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.

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. Some of the Society's normal activities such as meetings and grant activities continue to take place online after the pandemic however the Winter and Summer meetings have resumed with in person meetings.

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 130th year of publication continues to enjoy very high international esteem and is widely recognised as the first choice journal in which to publish scientific papers on the mechanisms of disease. Our more recent journal, The Journal of Pathology: Clinical Research (JPCR) now in its 10th year of publication, publishes papers on the application of investigations, biomarkers 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. 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 Virtual Joint Meeting with the British Division of the International Academy of Pathology (BDIAP) in June 2023; Professor Sir Munir Pirmohamed gave an enlightening talk on "Developing and making medicines safer". The next Public Lecture is planned for the Sheffield Pathology 2024 Meeting (18-20 June, 2024). 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.

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THE PATHOLOGICAL SOCIETY OF GREAT

BRITAIN AND IRELAND

REPORT OF THE TRUSTEES for the year ended 31 December 2023

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. Summer meetings are usually 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 & accommodation.

The attendance at the most recent summer meetings averages approximately 600. The Society underwrites all these meetings on a 50/50 basis with the BDIAP in order to maintain registration fees at affordable levels. In 2023 the Winter meeting was held in person and was the first in person meeting since the pandemic. The Winter meeting was exceptionally held over 3 days. Winter Meetings are usually held in London, jointly with the Royal Society of Medicine. The Society holds a monthly online Pathology Grand Round Lecture series supported by The Jean Shanks Foundation which are open to members and non-members to attend free of charge.

Our current schemes include:

RESEARCH GRANTS:

Best Trainee Research Impact & Best Trainee Research Paper Awards

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

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 joint funding scheme ran for an initial period of three years up to 2020 and was then renewed for a further three years up to 2023. In August 2023 a decision was made to continue this scheme for a period of up to five years.

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.

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THE PATHOLOGICAL SOCIETY OF GREAT BRITAIN AND IRELAND

REPORT OF THE TRUSTEES for the year ended 31 December 2023

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 was launched in 2018 and renewed for a further five years in 2023. This 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 2023 and a range of high-quality applications were recommended for support and these recommendations were endorsed by the Finance and General Purposes Subcommittee.

All schemes have two application deadlines per annum:

- 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 £20,000 pa for 3 years.

- JSPS Clinical Lecturer Grant - To offer histopathology trainees post MD/PhD who wish to continue research parttime whilst completing clinical training (part-time). Covers up to £220,000 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 £20,000 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 £60,000 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.

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THE PATHOLOGICAL SOCIETY OF GREAT BRITAIN AND IRELAND

REPORT OF THE TRUSTEES for the year ended 31 December 2023

- Joint Grant Scheme in Partnership with the UKRI MRC - The Postdoctoral Clinical Research Fellowship is for trainee pathologists who have undertaken a PhD at some point before the start of their clinical pathology training. The aim of the Fellowship is to encourage trainees back into research to reacquire and update their research skills. The funding covers salary and consumables for up to 3 years.

PhD Sponsorships - supports a 3-year PhD and covers a stipend, research & training allowance, conference allowance and up to £20,000 per annum for consumables. Rates are set at MRC rates.

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) & 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 Grant Scheme (formerly known as Trainee-Clinical Scientist Partnership in Morpho-Molecular Pathology

This 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 biomedical 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.

Education 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 (£5,000) and £1,800 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. There are two deadlines per annum.

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THE PATHOLOGICAL SOCIETY OF GREAT

BRITAIN AND IRELAND

REPORT OF THE TRUSTEES for the year ended 31 December 2023

Vacation and Elective Bursaries for Undergraduate Students

We will support any undergraduate medical, dental or veterinary student to a maximum of £220 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 £220 per week, with a maximum of £1,100 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 £350 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 2023

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 was 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. The next Oakley lecture will be given at the Gent Pathology in June 2025.

The Wyllie Lecture & Medal has been established to mark the death of Professor Andrew Wyllie (2022) together with the 50 year anniversary (1972) of the seminal paper of Kerr, Wyllie and Currie that first described apoptosis, a major historical event for British pathology and the Pathological Society.

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. Professor Louise Jones, Editor-in-Chief and Wiley have been working hard to maintain the success of the Journal and its high impact factor, a major consideration for subscribers. The Impact Factor (IF) announced in June 2023 was 7.3, down from 9.883.

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.

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 a loss of income from the journals.

The value of Listed investments has decreased from £7,374,145 to £7,134,188 the end of the current year.

The Society is faced with a potential loss of income supporting its grants whilst facing increased expenditure and will increase the reliance on its investment portfolio. Until the long-term financial position is clearer, reserves will be maintained with judicious use of the investment portfolio 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 2023

STRATEGIC REPORT Financial position

The financial results for the year to 31 December 2023 are shown in the attached financial statements.

Income has decreased for the year under review to £1,034,792 (2022: £1,173,640) due to slight decreases in subscription income and investment income from the Journal of Pathology was stable. Subscription income has marginally decreased to £70,983 (2022: £77,419) and on its own would not enable the Society to function. The Meeting and Events income has decreased to £36,315 (2022: £111,600). The main areas of expenditure continue to be charitable grants £1,173,269 (2022: £421,385), Society meetings £280,271 (2022: £150,444) and support costs of the society £178,124 (2022: £165,555).

Overall expenditure has exceeded income by £573,832 (2022: surplus of £269,512) after realised and unrealised investment gains and losses. Fund balances total £7,853,055 (2022: £8,426,887).

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 at least 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 an increase in membership numbers in 2023. 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 inperson meeting being held in 2023. 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.

The Society continues to support the Pathological Society Winter School, which continued to be run as a virtual event for 2023. The School trains participants in advance diagnostics and research skills and the programme now includes molecular pathology. The Society now fully underwrites this course and we need to ensure the course remains competitive with others around the UK.

The society also continues to run an online Education Workshop for Members and Non-Members. The workshop was been introduced in 2021 and has been very popular amongst Consultants as well as Concessionary doctors.

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 2023

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.

Litigation is covered jointly with the publishers of the Journal of Pathology, Wiley, 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 direct 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.

The Committee meets twice annually, normally a day prior to the Winter and Summer Scientific Meetings. This is the formal meeting of all Trustees at which they agree on the broad strategy and areas of activity for the Society, including consideration of grant awarding, investment strategy and risk management. The 2022 Winter and Summer Committee meetings were held in person.

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

Registered office

7th Floor, 6 Alie Street London E1 8QT

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THE PATHOLOGICAL SOCIETY OF GREAT

BRITAIN AND IRELAND

REPORT OF THE TRUSTEES for the year ended 31 December 2023

Trustees

Dr M J Arends , Professor of Pathology Doctor R J Byers Consultant Histopathologist (appointed 29.6.23) Dr S E Coupland , Consultant Histopathologist Dr H I Grabsch , Professor Gastrointestinal Pathology (resigned 29.6.23) Dr M Jansen Clinician Scientist-Honorary Dr A Mukherjee , Honorary Consultant Histopathologist Prof G I Murray , Professor of Pathology Dr A Shaaban , Consultant Pathologist (resigned 29.6.23) Dr G J Thomas , Professor of Experimental Pathology Dr N P West Trustee Dr C Coyne , Consultant Histopathologist Dr L Moore , Consultant Histopathologist (resigned 29.6.23) Dr G S Petts , Clinical Lecturer in Pathology Dr T J Kendall , Senior Clinical Research in Pathology Professor J P C Le Quesne , Professor Of Molecular Pathology Dr N Pillay ,Group Leader/Hon Consultant Pathologist Dr M F C Amary , Consultant Histopathologist Dr D A Moore , Honorary Consultant Histopathologist Professor S C Burdak-Rothkamm , Consultant Histopathologist Professor E Soilleux , Honorary Consultant Pathologist Professor M Ilyas , Professor of Pathology Dr S D Richman Lecturer In Pathology (appointed 29.6.23)

Auditors

Raffingers LLP, Statutory Auditor Chartered Certified Accountants 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 2023

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 proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the accounts comply with the Companies Act 2006, the relevant Charity (Accounts and Reports) Regulations, the Charities and Trustee Investment (Scotland) Act 2005, the Charities Accounts (Scotland) Regulations 2006 and the provisions of the charity’s constitution. They are also responsible for safeguarding the assets of the charity 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 ............................................. and signed on the board's behalf by:

........................................................................ Prof G 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 2023 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 in relation to which the Companies Act 20016 and the Charities Accounts (Scotland) Regulations 2006 (as amended) requires us to report to you if, in our opinion: requires 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.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

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 charity'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.

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.

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.

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

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, Statutory Auditor Chartered Certified Accountants 19-20 Bourne Court Southend Road Woodford Green Essex IG8 8HD

Date: .............................................

Page 14

THE PATHOLOGICAL SOCIETY OF GREAT

BRITAIN AND IRELAND

STATEMENT OF FINANCIAL ACTIVITIES

for the year ended 31 December 2023

Notes
INCOME AND ENDOWMENTS FROM
Donations and legacies
2
Charitable activities
4
Journal of Pathology
Meetings and Events
Investment income
3
Total
EXPENDITURE ON
Raising funds
Investment management costs
5
Charitable activities
6
General
Journal of Pathology
Grants and Award payable
Meetings and Events
Total
Net gains/(losses) on investments
NET INCOME/(EXPENDITURE)
RECONCILIATION OF FUNDS
Total funds brought forward
TOTAL FUNDS CARRIED FORWARD		 2023
Unrestricted
fund
£
70,983
711,388
36,315
216,106
1,034,792
30,409
30,409
492
228,181
1,292,912
280,271
1,832,265
223,641
(573,832)
8,426,887
7,853,055		 2022
Total
funds
£
77,419
794,406
111,600
190,215
1,173,640
32,346
32,346
-
218,470
559,560
150,444
960,820
(482,332)
(269,512)
8,696,399
8,426,887

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

31 December 2023

Notes
FIXED ASSETS
Tangible assets
13
Investments
14
CURRENT ASSETS
Debtors
15
Cash at bank and in hand
CREDITORS
Amounts falling due within one year
16
NET CURRENT ASSETS
TOTAL ASSETS LESS CURRENT
LIABILITIES
NET ASSETS
FUNDS
17
Unrestricted funds:
General fund
TOTAL FUNDS		 2023
Total
funds
£
5,735
7,170,377
7,176,112
743,993
246,916
990,909
(313,966)
676,943
7,853,055
7,853,055
7,853,055
7,853,055		 2022
Total
funds
£
17,855
7,374,145
7,392,000
819,723
416,445
1,236,168
(201,281)
1,034,887
8,426,887
8,426,887
8,426,887
8,426,887

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

............................................. Prof G 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 2023
2023
Notes
£
Cash flows from operating activities
Cash generated from operations
1
(813,044)
Net cash used in operating activities
(813,044)
Cash flows from investing activities
Purchase of fixed asset investments
(2,609,366)
Sale of fixed asset investments
3,001,522
Movement in capital accounts
35,253
Interest received
7,770
Dividends received
208,336
Net cash provided by investing activities
643,515
Change in cash and cash equivalents in
the reporting period
(169,529)
Cash and cash equivalents at the
beginning of the reporting period
416,445
Cash and cash equivalents at the end of
the reporting period
246,916		 2022
£
(114,743)
(114,743)
(1,174,055)
1,334,429
-
1,097
189,118
350,589
235,846
180,599
416,445

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 2023

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

Net expenditure for the reporting period (as per the Statement of
Financial Activities)
Adjustments for:
Depreciation charges
(Gain)/losses on investments
Interest received
Dividends received
Decrease in debtors
Increase/(decrease) in creditors
Net cash used in operations		 2023
£
(573,832)
12,120
(223,641)
(7,770)
(208,336)
75,730
112,685
(813,044)		 2022
£
(269,512)
12,128
482,332
(1,097)
(189,118)
29,461
(178,937)
(114,743)

2. ANALYSIS OF CHANGES IN NET FUNDS

At 1.1.23 Cash flow At 31.12.23
£ £ £
Net cash
Cash at bank and in hand 416,445 (169,529) 246,916
416,445 (169,529) 246,916
Total 416,445 (169,529) 246,916

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 2023

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.

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.

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.

continued...

Page 19

THE PATHOLOGICAL SOCIETY OF GREAT BRITAIN AND IRELAND

NOTES TO THE FINANCIAL STATEMENTS - continued

for the year ended 31 December 2023

1. ACCOUNTING POLICIES - continued

Investment income

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.

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.

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.

continued...

Page 20

THE PATHOLOGICAL SOCIETY OF GREAT BRITAIN AND IRELAND

NOTES TO THE FINANCIAL STATEMENTS - continued for the year ended 31 December 2023

1. ACCOUNTING POLICIES - continued

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
funds
£
Subscriptions
70,983
INVESTMENT INCOME
Unrestricted
funds
£
Income from listed investments
208,336
Deposit account interest
7,770
216,106		 Restricted
funds
£
-
Restricted
funds
£
-
-
-

3. INVESTMENT INCOME

4. INCOME FROM CHARITABLE ACTIVITIES

2023
£

Journal of Pathology
711,388
Meetings and events
39,506
750,894		 2022
£
794,406
111,600
906,006

continued...

Page 21

THE PATHOLOGICAL SOCIETY OF GREAT BRITAIN AND IRELAND

NOTES TO THE FINANCIAL STATEMENTS - continued for the year ended 31 December 2023

5. INVESTMENT MANAGEMENT COSTS

Investment management
6.
CHARITABLE ACTIVITIES COSTS
General
Journal of Pathology
Grants and Award payable
Meetings and Events
7.
GRANTS PAYABLE
Grants and Award payable
Meetings and Events
8.
SUPPORT COSTS
General
Grants and Award payable
Meetings and Events		 Unrestricted
funds
£
30,409
Direct
Costs
£
-
228,181
-
132,695
360,876
Management
£
492
60,809
116,823
178,124		 Restricted
funds
£
-
Grant
funding of
activities
(see note
7)
£
-
-
1,163,269
10,000
1,173,269
Finance
£
-
2,620
-
2,620		 2023
Total
funds
£
30,409
Support
costs (see
note 8)
£
492
-
129,643
137,576
267,711
2023
£
1,163,269
10,000
1,173,269
Governance
costs
£
-
66,214
20,753
86,967		 2022
Total
funds
£
32,346
Totals
£
492
228,181
1,292,912
280,271
1,801,856
2022
£
421,385
-
421,385
Totals
£
492
129,643
137,576
267,711

continued...

Page 22

THE PATHOLOGICAL SOCIETY OF GREAT

BRITAIN AND IRELAND

NOTES TO THE FINANCIAL STATEMENTS - continued

for the year ended 31 December 2023

8. SUPPORT COSTS - continued

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

Wages
Social security
Pensions
Rent and insurance
Postage and stationery
Sundries
Website & computer
Depreciation of tangible
and heritage assets
Bank charges
Wages
Auditors' remuneration
Committee meetings
Accountancy fees
Professional and legal fees		 Grants
and Award
General
payable
£
£
-
-
-
-
-
-
-
-
-
-
-
6,507
492
42,182
-
12,120
-
2,620
-
29,580
-
7,000
-
-
-
26,296
-
3,338
492
129,643		 Meetings
and
Events
£
69,000
6,094
6,774
35,155
122
-
(322)
-
-
-
-
20,753
-
-
137,576		 2023
Total
activities
£
69,000
6,094
6,774
35,155
122
6,507
42,352
12,120
2,620
29,580
7,000
20,753
26,296
3,338
267,711		 2022
Total
activities
£
48,037
2,899
3,239
26,196
3,350
10,862
58,844
12,128
1,525
20,600
7,000
13,951
8,363
18,853
235,847

9. NET INCOME/(EXPENDITURE)

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

Auditors' remuneration
Depreciation - owned assets		 2023
£
7,000
12,120		 2022
£
7,000
12,128

10. 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.

No grants were received by trustees from the Society in the year.

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

continued...

Page 23

THE PATHOLOGICAL SOCIETY OF GREAT BRITAIN AND IRELAND

NOTES TO THE FINANCIAL STATEMENTS - continued

for the year ended 31 December 2023

11. STAFF COSTS

11. STAFF COSTS
2023 2022
£ £
Wages and salaries 129,800 119,649
Social security costs 9,775 9,077
Other pension costs 13,330 12,218
152,905 140,944
The average monthly number of employees during the year was as follows:
2023 2022
Administrative staff 2 2
No employees received emoluments in excess of £60,000.
12. FINANCIAL COMMITMENTS, GUARANTEES AND CONTINGENT LIABILITIES
The company is limited by guarantee - all members having a liability not exceeding £1 per member.
13. TANGIBLE FIXED ASSETS
Fixtures
and Computer
fittings equipment Totals
£ £ £
COST
At 1 January 2023 and 31 December 2023 12,374 65,774 78,148
DEPRECIATION
At 1 January 2023 12,071 48,222 60,293
Charge for year 45 12,075 12,120
At 31 December 2023 12,116 60,297 72,413
NET BOOK VALUE
At 31 December 2023 258 5,477 5,735
At 31 December 2022 303 17,552 17,855
14. FIXED ASSET INVESTMENTS
2023 2022
£ £
Shares 7,134,188 7,302,703
Other 36,189 71,442
7,170,377 7,374,145

continued...

Page 24

THE PATHOLOGICAL SOCIETY OF GREAT BRITAIN AND IRELAND

NOTES TO THE FINANCIAL STATEMENTS - continued

for the year ended 31 December 2023

14. FIXED ASSET INVESTMENTS - continued

Additional information as follows:

MARKET VALUE
At 1 January 2023
Additions
Disposals
Revaluations
At 31 December 2023
NET BOOK VALUE
At 31 December 2023
At 31 December 2022		 Listed
investments
£
7,302,703
2,609,366
(3,001,522)
223,641
7,134,188
7,134,188
7,302,703

There were no investment assets outside the UK.

Investments (neither listed nor unlisted) were as follows:

Cash in portfolio
15.
DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Other debtors
Prepayments		 2023
£
36,189
2023
£
733,371
10,622
743,993		 2022
£
71,442
2022
£
808,552
11,171
819,723		 2022
£
71,442

continued...

Page 25

THE PATHOLOGICAL SOCIETY OF GREAT

BRITAIN AND IRELAND

NOTES TO THE FINANCIAL STATEMENTS - continued for the year ended 31 December 2023

16. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Trade creditors
VAT
Other creditors
Accruals and deferred income		 2023
£
40,728
-
666
272,572
313,966		 2022
£
17,354
1,000
615
182,312
201,281

17. MOVEMENT IN FUNDS

Unrestricted funds
General fund
TOTAL FUNDS
Net movement in funds, included in the above ar
Unrestricted funds
General fund
TOTAL FUNDS		 e as follows:
Incoming
resources
£
1,034,792
1,034,792		 At 1.1.23
£
8,426,887
8,426,887
Resources
expended
£
(1,832,265)
(1,832,265)		 Net
movement
in funds
£
(573,832)
(573,832)
Gains and
losses
£
223,641
223,641		 At
31.12.23
£
7,853,055
7,853,055
Movement
in funds
£
(573,832)
(573,832)

Comparatives for movement in funds

Unrestricted funds
General fund
TOTAL FUNDS		 At 1.1.22
£
8,696,399
8,696,399		 Net
movement
in funds
£
(269,512)
(269,512)		 At
31.12.22
£
8,426,887
8,426,887

continued...

Page 26

THE PATHOLOGICAL SOCIETY OF GREAT BRITAIN AND IRELAND

NOTES TO THE FINANCIAL STATEMENTS - continued

for the year ended 31 December 2023

17. MOVEMENT IN FUNDS - continued

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

Unrestricted funds
General fund
TOTAL FUNDS		 Incoming
resources
£
1,173,640
1,173,640		 Resources
expended
£
(960,820)
(960,820)		 Gains and
losses
£
(482,332)
(482,332)		 Movement
in funds
£
(269,512)
(269,512)

18. RELATED PARTY TRANSACTIONS

Remuneration of key management personnel

The remuneration of key management personnel is as follows.

2023 2022
£ £
Aggregate compensation 152,905 140,944

The above amounts include payments to the Royal College of Pathologists for the use of 3 (2022: 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.

19. SUBSIDIARIES

There were no subsidiaries controlled by the charity as at 31 December 2023.

Page 27