Charlty Registratlon No. 1188655 Company Reglstratlon No. CE021213 BRITISH DIVISION OF THE INTERNATIONAL ACADEMY OF PATHOLOGY CIO REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2021
BRITISH DMSION OF THE INTERNATIONAL ACADEMY OF PATHOLOGY CIO OFFICERS AND PROFESSIONAL ADVISERS Board of Truste•s Professor AG Nicholson {President as of 01.01.2021) Professor RFT Mcmahon (Past PresKlenl as of 01.01_20211 Professor M Leader {Demitted President al 31.12.20201 Professor ISD Robert5 {President Elect a$ of 01.01.2021 } Professor M Osborn (Secretary) Professor SS Cros5 ITrea5UTerl Dr L Browning (Meetings Secretary) Dr E Calonje Ilntemalional Secretary) Dr N Wilkinson (Divisional Editor) Professor C Cuvelier (European Vice PresidenL Demitted 31.12.2020) Dr N D'Haene (Belgian Representative) Professor K Sheahan Ilrtsh Representslive) Or J von der Thusen (Dutch Representstive) Professor R Feakins ICouncillor} Dr P Craig {Councillorl Professor S Doicinov {CnCilr> Dr K E Mcintosh (Trainees Councimorl Professor A Burt Icouncillor) Dr A Ghh (Trainees C(MJnallorl Principal address Floor 6 Street London E18QT Websit8: www.bdia Banker HSBC Bank PLC 49a Fishergate Preston LarashIre PR18BH Audltor RSM UK Audit LLP Chartered Accountants 3TQ Floor. Portland 25 High Street Crawley INesl Sussex. RH10 1 BG Investment advisors Brown Shipley & Co One King Street Manchester, M2 6AW
BRITISH DIVISION OF THE INTERNATIONAL ACADEMY OF PATHOLOGY CIO REPORT OF THE BOARD OF TRUSTEES FOR THE YEAR ENDED 30 JUNE 2021 The Injstees present 1r repcfft and financial statements for the year eThJed 30 June 2021. The finano81 $tstemenlS have been prepared in accordan wth the accounting poliues set out in note 1 to the finanual statements and comply wtth the charitys goveming document. the Chartties Act 2011 and "Accounting and Reporting by Charities" Stslement of Recommended Practice applicable to charities preparing their finanoal statements in accordance ¥th the finanual Repling Standard appliGable in the UK and Republic of Ireland IFRS 1021 (effective 1 January 2019}- Objoctivos and actlvltles The 8fitssh DIVI0 of the Intemational Academy of Pathology is a wislered charity (rrnber 11886551 whose main objective is to promote the advancement of pathology by cordination wth allied suences, by the encouragement of research, by the improvement of leaching and lethnic4 methods through scientific meetings in Britain and overseas. Thé public receives an irKlirecl as a Tesuft of advanceThnt modul Scien through scholarships and educational programs. StctUre. govamance and management Up to 1 July 2020. the charity was controlled by its cStIlutiOn adopled on 24 Fetffuary 1961 and amended 1 March 1966 and further amended Derntser 1977 as amendeol on 2 December 2016. On 1 July 2020 the charsty completed ts conversion to a Chwitable Incorpfftted 0ryanisats.on ICIO), and govemed by the conslitLrtion dated l July 2020. The charity is organi5ed so that the Officers. Count?Flors and exe(>Jtive c4Juncil meet r8gulafty lo manage its affairs. There are hvo staff members who k¥owde administration and Secretarial services to the Dsvision. As at 30 June 2021. there were 1,334 (2020 - 1,2951 membern of the Britysh Division of the Intematsonal Academy of Patholcw FesentBd from UK, B*ium, Ireland. Nethertands and other countries. Delails of Ihe trustees who seNed during the year can be ftyjnd on page 1 on the annual reporL The Board of Truste8s appoints five pemynent sulKommittees: Nominations and Membership Subcommittee Edu&rylion and IT Subcommittee Meetings and Programme Subcommittee Finance Subcommittee Intemational subcommittee Thg Trgasurer, DNK8ional Editor. Meetings Secretary. Pa5t-President and Intematsonal Secretary. respectively, chair these Subu)mmittees. There shall be at least 18 Trustees on the Board. Recruitment and appointment of n•w trust¢•s OFfbcers, Ciyjnryllors and Trainee CouncAlors ean be Njminated by members of the Divi$b)n in writing lo the Secretsry al least one month beforo the Annual Genoral mo8b.ng providod consent of the nominoB has been obtained. Nominees for pOsitn of Officer must be serviThJ membe[5 of Coun(yl (K have yevlous experience as Councillors. Officers are elected by Council. Councillors representing the four incorporated (UntrIeS of Ihe divisiDn must be nominated and seconded by o non-Trainee Members from the relevant countries. who will elecl them by ballot. Trainee Counallors must be in training vrithin the ftyjr IncOndted countries of the Division.. they are nominated, seconded. and decled by the trainee membership.
BRITISH DIVISION OF THE INTERNATIONAL ACADEMY OF PATHOLOGY CIO REPORT OF THE BOARD OF TRUSTEES FOR THE YEAR ENDED 30 JUNE 2021 Indu¢tion and trainlng of new trustees New trustees undergo a training session to brief them of their legal otAigation$ under the Charity 18W, the content of the constilub"on, the committee. and decasion-making processes. Twslees are encouraged lo attend appropriate external Iraining events where these will facilitsle the undertaking of their role. Key Management Personnel The Board of Tnjstees is responsible for management and financkql affairs of the charity. The charity's affairs are conducted on a daY-tdaY basis by The Educats"on and Divisional Manager, under direction of the Trustees. Publlc benefft The Board of Trustees has due regard of the Charities Ael 2011 aThJ the Charity CoMmissM guidance on publie benefft. This is rellected in the rewew of the activfties of the contsined in thss rep)rt. Ob5ectlves And Activiti95 The British Division of the Intemational Acadwny of Pathology (Ihe Chaiiw) was registered as a charity on 8 November 1965. On 1 Juty 2020 all the activities, assets and liabilsbes of the chanly were transferred lo a new charitsble incorporated ofganisatson. Britssh Division for the Intemationa Academy of Pathology CIO Ichanty number 11886551. The activitses of the charity 11 continue in the CIO. The charity's objects, as laHJ out in the goveming dr)cUnI, are: To promote Ihe advancement of pathology by c(H)rdinalion with allted Scien5. by the encouragernenl of research by the Imprment of teaching and technical methods through sCntIfiC meetings in Britain and overseas. The organisatlonal aims are the advancgment of pathology through: Organisation of educat.onal symF#)sia and c#)urses in histr4)athdogy Collaboration wth professionals in allied heathcare scien¢xs Promotion of research in pathok•3y and development of pathologic technNues Publtcation of reviews and tyNJinal research work in pathology arKI rdatad fialds Organisation of scientik rneetings and gSSeS for exchange of information and ideas Achievements and perfomiance Charitable adivities The 8lltish Division of the academy had another succmsftjl year promoting education in pathology in the four home countries (UK, Ireland. Belgium and NetherlaThlsl and through intemational link5 Wlth the Arab DivIon. Bosnia. Sri Lanka, and East Central and Soulhem Afrta.
BRITISH DIVISION OF THE INTERNATIONAL ACADEMY OF PATHOLOGY CIO REPORT OF THE BOARD OF TRUSTEES FOR THE YEAR ENDED 30 JUNE 2021 Mo•tlngs and seminars The meetings and seminars thatwere planned for 2022021 were $trIcted by the cov1 pandemic. However. the was still an effective delivery of educational events by virtual platfonns rather than face to face events. The 32nd Congress of the ESP & XXXIII Internatnal Congress of the IAP 2020 was hosted by the BDIAP wtth the European Society of Pathology. on &8 December 2020. as a wrtual meeting having been pK)stponed from a face lo face meeting eadier in 2020. The meeting was very successful with 4762 partiupants and 466 presentations. BDlAP'Cutp, Meets"rMJ & 6th MoleoJlar Pathology Symposium. were hehy on 1Lk11 November 2020 as virtual meetings having been F#)Stponed as face to face meetings in March 2020. delegates attended these two meetings and the feedback from participants was good. The Joint BDIAPIPalhological Society meeting due to be held face lo facÉ in Manchester in July 2021 has been moved lo a virtual lorrnat. The Ioinl BDIAPIBrilish Assooation of Urological Pathologists symwsium (postponed from November 2020) and was held face to face in London in November 2021. Flnan¢lal review During the year the charrty received tolal income of £656.75012020.. £613.421) to help fflainlain rts activities. This is after £25,000 received in 2020 towards the Glasgow conference was Trrned in the current year as the charty could not fijifil the grant conditions as the COnferer was held virtually (see note 171. The charitable athvity expenditure amounled to £331,482 12020.. £494,717). raising ftjnds o)st of £23,126 {2020: £21,948) and il made gains of £632,282 (2020". £1.9421. resulting in a surplus at the year-end of £934,424 12020.. £98.698). Investment pollcy Th8 charitable company has a wytfc4io of investments marwed by Brown Shipley under a discretionary agreement in accordance with an investnnI Frt)licy agreed and wulady monitored by the Trustees who meet with the Fund Managers every rrthths. The overall investment objective agreed by the Trustees is to maximise the totsl retum whilst having regard to Ihe charilable nature of these funds and Trustees, responsibility to avoid unacceptable risks. The Fund Mana9efS have been mandaled lo ensure that securities held in the Portfol do not contravene our specffic elhical requirements regarding tobac, weapons and oil companies. Further dI$S1On about responsible and sustainable investing policies took place between the Trustees and Brown Shipley during 2021. The Fund Manager also ensures that it is an aclrve custodian of the Charity's assets and acbv81y votes on govemance issues for any equity secunties held directly. Wh8r8 the Fund Managers use third party funds. il is recognised thal th&re is limited control over the underlying allocation and ils ethical posilioning. The target rtr]uired of the Fund Managers io achieve a Ferf0mnCe against a bespoke benchmarl(. Ouring the year the chanty received Investme comprising dNKlends of £64,40212020.. £75.076). Al th8 year end there were gains of £632.282 (2020: £1.942} ari%ng on diS[SalS arKI th8 valuation of the investment fund wilh Brown Shipley. R¢$•rv•s poll¢y The Iruslees consider that reserves al Ihks level will ensure that. in the event of a significant drop in funding, they will be able lo continue the charity's oJrrenl actiwties. Consideration is given lo ways in which additional funds may be raised. The present levd of funding is adequale to support the running of the charity for the year ahead and beyond. Tolal funds at the year end were £4,956,766 (2020: £4.022.3421. As such, the Tnjstees are satisfied that the level of reserves at 30 June 2021 was appropriate. Restricted funds are given or raised for specific purposes 2nd are not a¥aable for use in the general purposes of the Charity. The Charity's feserves a held predominantly as investments which are dassed as income funds and are used to generale unrestricted income to fund the Charity's activities.
BRITISH DIVISION OF THE INTERNATIONAL ACADEMY OF PATHOLOGY CIO REPORT OF THE BOARD OF TRUSTEES FOR THE YEAR ENDED 30 JUNE 2021 Related parttes and conno¢ted charlties The charity is related lo IntematIcaI Academy of Patholc¥y (IAP) by way of being the British Division which provides pathology education. Full detals on transactKins wilh IAP can te fwnd in note 21. Golng ¢rmcom The Trustees have dtscussed the effect of Covi&19 on Ihe BDIAP during the 2021>2021 finanal year. The overall effect appeats to have been to reduce overall expenditure in the year (by £98kl and an increase in the value of inveslments. Some of the reduction in expendf(ure has been due to a holding educational events virtually rather than face to face so expenditure for travel and other expenses has been greauy reduced in comparison to previous years. The BDIAP is reviewing the feedback on virtual events bul it seems th81 the overall educatsonal value of the events has been similar to face lo fats events in pVIouS years so the reduction in expenditure has not resulted in a dramatic drop in delivery of the educatK)nal content which is a comerslone of the charity's purpose. The accotjnts have been prepared on a going concem basis. The Trustees have rgviewed forecasts and cash projections and investments. The bulk of income is derived from publicatson income Isee below) and membership income which have t)een unaffected by the pandemic and are not anticipated to change signifunlly in the months from the date of approval of thè financial statements. The charity has sufficient fun(Js to meet rt5 debts as they fall due frx a per of al least 12 months from the date ol signing the financial statements. Rlsk management The trustees have a duty to idenlfy and review the risks to which the charity 15 exposed and to ensure appropriate controls are in KAace to provide reasonatje assurance against fraud and error. The 8oard of TTUStees has reviewed the major risks and uncertainties to whith the charty is exposed. The Board is satisfied that the procedures in pL3ce are adequate to manage such risks appropriately. The Board considers that the wincipol risk which faces Ihe charrty ks: Funding - the 8DIAP does rely on the royalties from the joumal Hist0path(09Y fof a large proportion of ils income. The existing contract Wiley. the joumal's publishers, ends at the end of 2021. The BDIAP has negotiated a new contract Wiley which 11 run for 7 years froffl the start of 2022. The percentage of royalties that the BDIAP w711 re1ve 11 reduce on a ldIng scale during those 7 years. This will rgsult in an anticipated reduction in royalties from £380k in 202110 £226k in 2028. The BDIAP is pannIng ils future exp8nditure based on this anticipated reduction in in¢omg but il is unlikely to result in any radical changes in ils chaiilable acbvities. Plans for future develi>pment In futur& years. the Iruslees will look lo hjlfil the chariws objectives of promoting the advanMentOf pathdogy, through ils various activities and events held. The Iruslees have c(msidered the impact of Ihe ongoing Covid- 19 ICoronavinJsl oulbreak on their future an$ and al this slage the is no change lo the strategy for the harity.
BRITISH DIVISION OF THE INTERNATIONAL ACADEMY OF PATHOLOGY CIO REPORT OF THE BOARD OF TRUSTEES FOR THE YEAR ENDED 30 JUNE 2021 R•$ponslbilltSes in relatlon to the finan¢lal statemonts The charity trustees are responsitrAe for wepanrwJ a trustees. annual report and financial statements in accordance with apSleable law and United Kiwyom Aecounting StaThlard$ Iunited Kingdom Generally Accepted Accounting Prac1]1. The law applicable lo charities in England and Wales require5 the charty trustees to prepare finanoial statements for each year whbeh give a true and fair view of the situation of the charity and of the incoming resources and applicalion of resources, of the chaiity fcrf Ihat P8fiod. In preparing the financial statements, the trustees are required to: Select suit8bFe accounting policies and then apply them consrstenljy." Observe the methods and princlples in the appli(able Charities SORP- Make judgements and estimates that are reasonable and prudent- Stale whether applicable accounting slandards have been followed. subjectlo any material departures Ihal musl be disdosed and explained in the finanaal statements." Prepare the financial slatemenls on the going concem basis Unl it is inappropriate lo presume that the charity will continue in business. The tnjstees a restx)nsible for keeping propgr accounting records that disdose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial stalemenls comply with the Chanties Act 2011, the appliCae Charityes IAccounts and Reports) Regulations, and the provisions of the Trust deed. They are also responsibje for safeguarding the asset5 of the charity and taking reasona& steps for Ihe prevention and detection ol fraud and other IrregU"eS. Audtt RSM UK Audit LLP has been appointed as auditor and has indicated lis wllingness to continue in office. Statemont as to dis¢losurg of Inlomiallon to th• auditor The Trustees in office on the date of this report have confim)ed. as far a5 they are aware. that there is no relevant audit information of vthich the auditor is unaware. Each of the Tnjstees has confimed that they have tsken all the steps that they ought to have taken as directors in order to make themsefves aware of any relevant audit infomalion and to establish that it has been Gommunicaled lo the auditor. 01..0.4-: CL Approved by order of the board of Iruslees on ........ . arKI sned on its behalf by.. Professor Michael Osbom- Trtee Professor Simon Cross- Trustee
INDEPENDENT AUDrroR'S REPORT TO THE MEMBERS OF BRITISH DIVISION OF THE INTERNATIONAL ACADEMY OF PATHOLOGY CIO Opinion We have audited the financial statements of the 8riti.sh Division of the IntomalFonal Academy of Pathology Ithe 'charity'} for the year ended 30 June 2021 which comprise the Slatemenl of Financial Activities, the Balance Sheet, the Cash Flow Slatemenl and notes to the financtal statements, Including a summary of significant accounting policies. The financial reporting framework thal has been applied in their preparation is applicable law and United Kingdom Accounting Stsndards, induding FRS 102 "The Financial Reporting S18ndard applicable in the UK and RepulJic of IrelarMI" (United ngdoM Generalty Accepted Accounting Prydclice). In our opinion the financial ststements.. give a tnte and fair vithv of the ststg of the charity's affairs as at 30 Jun¢ 2021 and of tts incoming resources aThJ application of resources for the year then ended" have been propedy prepared in ac(x)rdan¢e with United Kingthxn Generally Accepted Accounting Practice,. and hav8 been prepared in a¢¢ordance with the reqUirennts of the Charities Act 2011. Basis for oplnlon We have been appointed as auditors urKler section 144 of the Charities Act 2011 and rgport in accordance with regulations made under sectton 154 of that ACL We c4)nduct8d (wr audit in accorda International Standards on Audibng IUKI {ISAs {UK)} and applicable law. Our reswnsibililies under those standards are ftjrther described in the Auditor's responsibilrties for the audit of the financial stalements section of our report. We are independant of the charity in accordance with the ethical requiremenls that are relevant to our audrt of the finanual st8temenls in the UK, indltding the FRC'S Ethical Standard and we have fvlfilled our other ethical responsibilitses in accordance with these requiremenis. We beIve that the aud evn* we have obtained suffiaent and approprpte to proVe a basis for our opinion. Concluslons relatlng to golng concem In auditing the financial ststements, we have ¢onduded tt)at the Intees. use of the g(yn9 concern basis of accwnting in the preparation of the financial Statements is appropriate. Based on the woth we have perfonned, we have not kJentified any materid uncertainties relating lo events or conditions that, individually or (xlectety, may cast signfficanl doubt on the group's or parent charitable company's ability to D)ntinue as a g(Nng conLxm for a perrod of at least tsvelve months from when the finanual statements are aulhorised for issue. Our resFM)nsibilities and the re5ponsibdities of the trustees with respect to going concem are d&scribed in the relevant sections of th6 roport. Olher infofmati¢)n The Iruslees are res)nsie for the other inforniation. The other informab'on comprises the information indud8d in th8 Annual Rep)rt other than the financial statements and OUT auditor's report thereon. Our opinion on the financial statements does not rA)ver the other infonnab.on and, we do not express any form of assurance cOnduS thereon. In connectbon wlh our audit of the financial statements, our resFMMsibilty 1$ to read the other information and, in doing so, consider whether lh¢ other information is matenalty Inconstent with the financial statemgnts or our knedge obtsined In the audit or othewse appears to be materially misstated. If we identify such material inconsislencies or apparent material misstatements, we are required lo detemiine vthether there is a material misstatement in the financial statements or a material misststemenl of the other infomiab'on. If, based on the work we have perfOrnd. we ryjndude that there is a material misstatement of this other information, we are required to report that fa¢t. We have nothing lo reFrf)rt in this regard.
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF BRITISH DMSION OF THE INTERNATIONAL ACADEMY OF PATHOLOGY CIO Matters on whi¢h wo are required to report by exceptlon We have nothing lo rgport in rtrspect of the follow.ng matt6rs where thg Charities Acl 2011 requires us to r8port lo you rf. in our opinion.. the infomiation given in the financial ststements inoytsistent in any malwial respect with Ihe Trustees. Report., or suffiuenl a(tounling records have not been kept". or the fin8n¢ial statements are not in agreement wrth the accountirwJ fecorrls and retums.. we have not received all the information and eX[danatn5 we require for our audit. Respon$lblllllts of trustees As explained mofe fully in Ihe Statement of TnJstees' responsibilities set out on page 6. the truslees are responsible for the preparation of the financial ststements and for being satisfied that they give a tnje and fair view, and for such internal enn1r as the trustees delem)ine is necessary to enable the preparation of financial statements that are free from rnaterial misstatement, wfiether due to fraud or eff. In preparing the financial statements. the tnjstees are resFrt)nsible forassessing the charity's ability to continue as a going conGem, disdosing. as applicable, matters ated lo going wncem and using the going conrem basis of accounting unless the Iruslees either intend to liquidate Ihe charity or to cease operations. or have no realistic aftemative but to do so. Auditorfs re$pon$ibilltles for the audh of the flnancial sLtsments Our objectives are lo obtain reasonable assurance aUt whether the financbal slalements as a whole are free from material misstalemenl. whether due lo fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a htgh level of assurance, but is not a guarantee thal an audit conducted in accordance with ISAS IUKI wll always detect a material misstalemfrnl when il exists. Misslalements can arise from fraud or error and are considered material rf. indNidually or in the aggregate. they could reasonably be expecled to influence the eccmmic decAsions of users taken on the basis of these financial statements. Tho extgnl to which the audit was conslder¢d ¢apable detecting irregulafities, including fraud Irregularities are instances of non-compliance wilh laws and Trgulats"ons. The objectives of our audit are to obtain sUfficnI appropriate audit evidence reg8rdiThJ compliance with laws and regulations that have a direct effect on the deleminalion of material amounts an(1 disdosures in the finanaal stslements. to perform audit Pr¢edre$ lo help idenlfy instsnces of non-compliance with oiher laws and regulaliofts that may have material effect on the financial 5talements. and lo respond appropriatety to identified or suspected non- compliance laws and regulations identified during the audtt. In relation lo fraud, the objectives of tyJr audit afe to idèntify and assess the risk of material misslatement of the finanoal sialements due to fraud. to obtain suffiuenl approFxiate audtl evidence regarding the assessed risks of material misstatement due lo fraud through designing arKI implerrnting apwopriale responses and k> respond appropriatdy to fraud ¢y suspected fraud identifigj during the audit. However. it is the primary respts.11ty of management, wrih the oversight of those charged wrth govemance, lo engure that the entiWs operations are conducted in accordan with the prowsions of laws and regulations and for the prevention and detection of traud. In identifying and assessing risks of material misstatement in resped of irregularities. induding fraud. the audit engagement team: obtained an understanding of the nature of the industry and sector. induding the legal and regul810ry framework that the Charity operates in and how the Charity is (£)mplying the legal and regulatory frarnework.. inquired of manageffnl. and those charged with governance, about their own idenlthcation and assessment of the risks of irTegulariknes. 1ndLMlg any krK)wn actual, suspected or alleged instances of fraud.. discussed matters about non-complian th laws and regulath.ons and how fraud might occur induding assessment of h¢)w and where the financial ststements may be susceptible to fraud.
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF BRITISH DIVISION OF THE INTERNATIONAL ACADEMY OF PATHOLOGY CIO As a result of these procedures we consider the most 5igntficant laws and regulations that have a direct impact on the finanGial Statements are FRS 102. Chart1 SORP IFRS 1021. Charities Act 201 l. and the charity's goveming document. We perfomed audit procedures to detecl non-compliances which may have a material impact on the financpl statements. The most significant laws and regulattons that have an indirecl impact on the financial stslements are those in relation lo the UK General Data Protecbon Regulation (UK GDPRI and the Data Protection Act 2018. We performed audit predUreS to inquire of management and those thargod govemance whether the charitable company is in comrAiance th these laws and regulations. The audit engagement leam identified the risk of managemenl override of cx)nLr(As, as the area where the financial statements were mt sus¢eptitAe to m81errd misstslement due to fraud. Audit procedu$ perfomed included bul were not limited lo testing manual joumal entries and other adjustments. evaluating the business rationale in relation to stonificanl. unusual transactions and transa¢tions enlered into outside the normal eourse of business and challenging judgments and estim8tes. A further description of our responsibilities for the a111 of the finanaal slatements is provided on the Financial Reporting Council's websrte at httpJAwKw.frc.cry.ukJaudilOrsrestx$1bil1I1es. This descriptton foms part of our auditor's rewL Use of our report This report is made solely to the charity's tnJstees as a trf)dy. in accordance vath the Charities Act 2011. Our audil woth has been undertaken so that we might stale to the charity's Iruslees those matters we are required to slate lo Ihem in an auditor's reF and for no other purwse. To the fullést extent perniitted by law, we do not accept or assume resFK)nsibility to anyone other than the chaiity and the charity's trustees as a body. for our audit work, for this reFth, or for the opinions we have fomied. Isn (LL LLP RSM UK Audit LLP, Stslutory Audrtor Chartered Accountants 3 FlTr)r Portland 25 High Street Crawley West Sussex. RHI0 1BG Date.. 25104122 RSM UK Audit LLP is eligible to act as an auditor in 18rms of seclion 1212 of thè Compani8s Act 2CM)6.
BRITISH DIVISION OF THE INTERNATIONAL ACADEMY OF PATHOLOGY CIO STATEMENT OF FINANCIAL ACTMTIES FOR THE YEAR ENDED 30 JUNE 2021 Unr•strlcted funds Restrlcted funds Total funds Totsl Yund$ Notes 2021 2020 Incomè from: Dorialions Charitable actrvities Investments 4117 125,C4)0) 125.0001 617.348 64.402 25.000 513.345 75.076 617.348 64.402 Tolal Incom• 681.750 {25.0(YJ} 656.750 613,421 Expendlture on: Raising funds Charitsble actiwtses 23.126 331.482 23,126 331,482 21,948 494.717 Total •xpot)dltur• 354.608 354,608 516.665 Net incrne 327.142 125,(KXI) 302,142 96,756 Gains on fixed assets Investrnents 12 632.282 632.282 1.942 N•t mov•m•nt In funds for th* year 959,424 {25.000} 934,424 98.698 R•con¢lllatlon of lunds Total funds brought ftjnvard 3.997.342 25.1)Xl 4.022.342 3,923,644 Total funds carrled fonvard 4.956.766 4.956.766 4,022,342 The rK)les on pago9 13 10 21 fom part of these accounts. 10
BRITISH DIVISION OF THE INTERNATIONAL ACADEMY OF PATHOLOGY CIO BALANCE SHEET AS AT 30 JUNE 2021 Notes 2021 2020 Fixed assets Tangible assets Investmenls 11 12 2,118 3.291.514 3.918.309 3.920.109 3,293.632 Current assets Debtors Investments Cash at bank 13 468.619 185.362 411,540 6.945 137,799 630,961 1.065.521 775.705 Creditors Amounts falling due wthin ¢me year 14 (28.8641 146.995) Net curr•nt assets 1,036,657 728.710 Total ass•ts l•$s current liabllitie$ 4.956.766 4.022,342 Not a5ts 4,956,766 4,022.342 Funds Unrestricted funds Restricted funds 17 17 4,956,766 3,997,342 25,¢J)O Totsl fundi 4,956.766 4.022,342 Approved o(.o+.cL authodsed Issue ty Ihe Board of Trustees on ........................... and $6gn8d on beh81f by.. Professor Mithael Osbom Twstse Professor &mon Cross TnJste8 The notes on page$ 13 to 21 forni part of these accounts. 11
BRITISH DIVISION OF THE INTERNATIONAL ACADEMY OF PATHOLOGY STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 30 JUNE 2021 2021 2020 Not05 Cash flows from Drating actlvlties: Cash used in operations 18 (241.747) 133.516} Cash ftows from investlng activltles: Purchase of fixed asset investments Investment income Disposal of fixed asset investments 12,246.5441 64,402 2,252,031 (865,1781 75,076 865,199 Net cash generated from inv•sting actlvlties 69.889 75,097 N•t 1decroaselllncrg• In cash and cash equlvalents {171.8581 41,581 Cash and cash equivalents brought fornlard 768.760 727,179 Cash and thish equivalents carrsed foTh¥ard 596,902 768,760 R•latlng to- Cash al bank and in hand Current asset Investrnents 411,540 185.362 630.961 137,799 596.902 768,760 12
BRITISH DMSION OF THE INTERNATIONAL ACADEMY OF PATHOLOGY CIO NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2021 Accoufillng pollcle8 Brrtish Division of the Inlemational Ac8derny of Patholojy is a registered charity in the United Kingdom. The principal address is given in the chanty informalion on page 1 of these finanual ststements. The nature of the eharity's operations and principal actmttes are delailed on page 2. Tho chafity a publK ber entity as defined by FRS 102. Basis of preparallon The finanual stalements have been prepared ffl aOrdanCe Accounting and Reporting by Charities.. ststemenl of Recommended Practice applicabl8 to thariligs preparing their accounts in accordance with the Financial Reporting Standard aPicable in the UK and RopulAic of Irgland (FRS 1021 i56U8d on 16 July 2014, the Charities Act 2011 and UK Gwwalty Acce PraGtre. fr)r accounting peric4Js effective from 1 January 2019. The acr£•unts (financial ststementsl have been prepared to gNe a'true and fairf vlew and have departed from the Charib"e5 IAcGoun15 ar Reports) Regulab"ons 2008 only to the extènt required to provide a 'lrue and fair view,. This departure has invotve(f I11)wIng Accounts"ng and Fleponing by Charitses preparing their accLJunts in arLordance wilh the Finanual Rerting Standard aWicatAe in the UK and Repu1¢ of Ire18rid IFRS 1021 issued on 16 July 2014 rather than the Accwnting and Repyting by Charities.. Statement of Recommended Practice effedNe frorn 1 April 2005 whth has since been Withdra). The financial slalements are prepared under the hislorKal cost conVentn, m(xltfied to indude certain items at fair value. The fina131 stslements a prepared in steding which is the luncts.onal currency of the charity and jded to tho nearest £. The signtficant acuyjnting OKaes applied in the preparation of these finanaal statements are set out below. These pc4icigs have been consistentty aPled to all years presented unless otherwise stst•d. On 1 Juty 2020 the charity completed its u)nversion lo a Charitstle lncorpcated Organisation ICIOI. The Jslees considerth8tthe use of acquisition accounting would not reflect the substsnce of such a combin81ion, and that as all the othert¥rteria in FRS 102 and the FRS 102 Charriies SORP for the use of rnerger ac(x)unling are mel. merger accounting should be applied to Ihe cornbtnaticffi lor the overriding purpose of giwng a true and fair view ol the nevly formed CIO'S financial t¥)sitN)n and perf0mlan. Golng ncorn The accounts have been prepared a going ¢onc£m basis. The Trustees have discussed the effect of Covid-19 and have regulady reviewed the impaci of the Pandern on the operations of BDIAP.. In particular the impact of holding vtrtual vs face lo face events on expendrture levels. This indudes revièwing forecasts and cash projections and monitoring investmènts. The bulk of incA)rrE is denved frorn publication income and membership income which h8ve been unaffecte¢J by the pandemic and are not antiapated to thgnge SnIfiCandY in the h¥elve months from the date of approval of the financial statements. The chanty has suffiaenl funds to meet its debts as ttrw fall for a per1 of al least 12 months Irom the ate of signing the financial statements. In¢¢me r¢cognitlon cOnfence and publications incorne represent net invoiced Y9 of gc¥)ds and s8rvic9s18xcluding value added Lgx). Conference incorne is recognised in th8 y8ar that the confvfence lakes place. Publications income is recognised accordlng to contracted amc¥Jnts for editorial exp8nw in¢ome and royalty income due during Ihe accounting year. Members, subsCriptiS are re¢ogntsed a receipts basis. Grant 5ncom• Grant income. where entruemenl is r1 conditional on the Oelivery of a speGffj performarKe by the charity, a recognised when the chanty beca)m uncOndrt81IY entitled to the grant. 13
BRITISH DIVISION OF THE INTERNATIONAL ACADEMY OF PATHOLOGY CIO NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2021 Accounting policies (contlnu•d Expenditure All expenditure rs a£Inted tr on an acuuals basis arKI has been dassiffied under headings that aggregat& all cosls related to the Gategory. Expendrture is recognised %there there is a legal or constructive obligation lo make payments to third parties. tt is wobable that the setdement wdl be requir8d and the amount of the obligation can be measured reliably. Irrocovorablo VAT ASI expenditure is ciassffied under activity helIng$ that aggregate all costs related lo that category. Irrecoverable VAT is charged against the category of expendrtV for whh rt wa5 incurred. Taxatlon The charity is an exempt d7artty within the meaning of schedule 3 of the Charities A¢1 2011 8n(J is (¥)nssdered to pass the tests set out in Paragraph 1 Schedule 6 Finan Act 2010 and therefcKe it meets the definib.on of tharitable company for UK ¢orpor81ion tax purpose5. Tan9ibl• fixod Tangible fixed assets a initidty Thasuf8d al LX)sl subsequenoy measured at cost, net of depreaation and any impairment10ssgs. DeCIation ¢s provided at the annual rates in orderto write off each asset over its estbmated usefijl Equipment - 15% on Teducing balance Inv•stments Listed invèstments are stated 8t market value in the balan sheet with net gains and losses on revaluation and disposal being lak8n to the Ststgmert of FinarNial A(vitie5. Cash and cash •qulval•nts Cash and cash equivalents indude deF*)srts hekl at C811 with banks and other short temi liquid investments ilh onginal maturities ol Ihree nviths or less. Fin•nclal in$trume The charity has elected to apFAy the provistons of Section I I 'Basic Finanoal InslruFnents' and Sgclion 12 'other Financial InstnJments Issues. of FRS 102 to all ol rts financial instruments. Finanal instruments ar8 rg(x)gnwd the ch8nty becomes party to the rnntracbjal provisions 01 thè instrument. Ba$lc findla1 ass•ts 8asic financial assets. which indude trade and other receIvaeS and cash and bank balances, are initially measured at trans3ctK pnce indut1ing transactr)n costs and 8re subsequently camed at anr'Sed cost U8ing the eff8CtNe inte1 method unless the arrangement LXJnslitutes a finanung transaction, where the financial asset is measure(1 al the present value of the fure receipts discounled at a market rate of interest. Baslc Ilnanelal Ilabllltl•s Basic financial liabiliknes, including trade and othw payables arg inltiaHy recogntsed attransaction price unless the arrangèment ¢onststutes a finaning transaction. whore the dgbt instrument 1$ measured al th8 prèsBnt value of the fUttl payments th"s(x)unted at a market rate of inlerest. Debt instrumgnls are subsoquondy caryiod at amortisod cost. using th8 offectiv8 illtergst rats method. Taxatlon The chwity is exempl from tax on its tharitable acaivitses. 14
BRITISH DIVISION OF THE INTERNATIONAL ACADEMY OF PATHOLOGY CIO NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2021 A¢¢ounting polici•8 {continU) Fund accounting Unrestricted funds can be used in acrxKdanc wilh the charitsble obiectNes at the discretion of the trustees. Restn"cted fiJnds can only used for partioAar r8stricl8d purposes within th8 objects of thè charity. Restricti"ons arise when Spfjcrfd by the doncr or v•tn frJrKls are ratsed particular r951rictsd purposes. Further explanati(m of the rbature arrfj PUfFrf)se of each Jnd is inlLthd in note 17 of the financial statemgnts. 0ratIng leases Rentsls under operalifjg leases are tharg&J cffi a str8KJht4ine over the lease terrn. Judgements and key sour¢o8 of ostimatlon uncertainty Aco)unting estimates and judg6m8nts are contnualty evalualed aTrJ are bawj on historical experience and olher factor5. induding expectatw)ns of futu events th8t are beIved to be reasonable under the circumstan$. The followlng jLtdgements18part from tlw involvvTrg e5timalesl have been made in the process of applying the above accounting Oicies that have had the most signfficant effect on amounts Tecognised in the financial statements: There a no key assumptrons con¢eming the future and other key sources of eslimation uncertainty al the reporting date that have a sKJnffitxnt risk of Causing a mat8ri81 adjustment to the carrying amounts of assgls and liab¢liD"es within the next finar[al year. Useful economic lives of tangible a&sets The annu81 dÈprÈoatittn drge for tsngibje assets is sen&tr've to changes in the estimated useful econorni¢ lives and re5Ual values of the assets. The LtsofiJl ecorw)rrMc INeS and re$U01 values are re-assessed annually. They a amended when necessary lo reflect current estsmales, based on technological 8dvancement, fvture investments, economic Utilisatn and the physical cOnd"0n ol the 95sets. See note 11 for the carying arnounl of the equipment and the corresponding accountsng policy for the useful economi¢ lives for each class of assets. Net eXPdItUre Unrestricted 2021 2020 Audtor's remrration (net of VATI in rewct . Audit fee Accountancy and other services Operating lease costs Depreciabon of owned assets 17,000 3,YJO 24,000 318 16,3(K) 3,000 24.000 373 Donations R•8trlct•d 2021 2020 Grant incon 125.0001 25,orJ) In 2020. £25.0 was received from Glas Convention Pdjreau to be us8d on The IAP intemalional event. rhje to this event not beiThJ held in ¥rsM, the ch3rity dKI not meel the criteria of the grant. Therefore thls the full grant of £25.000 was fOtum8d to Ihe Glasgow Conv8ntion Bureau. 15
BRITISH DIVISION OF THE INTERNATIONAL ACADEMY OF PATHOLOGY CIO NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2021 In¢¢)me from charitabl• actlvltl•s Unr¢$trlctsd 2021 2020 Profit Sha from Publicats"on ol Hislcyathdogy M8mbership subscn"ptsons Received Irom membgrs atteThJing meetings IAP inlemalional event Other Income 400.121 74,108 14.442 128.450 227 405,096 73,778 34,471 617,348 513.345 Incom• from inv••tments Unro$tri¢tsd 2021 2020 Dividends 64,402 75.076 Ralslng fvnds Unrestrl¢ted 2021 2020 Investment m•nawent fees Fundraising levy 22,326 21.148 800 23.126 21.948 Expgndlture on ¢harlt•blè actSVities Unrestrtct•d 2021 2020 Educational soThic•s: Due to publtshefs Cost of meetings and conferences Educational expenses Due lo parent assOCiati(¥b IAP inlemalional event EXSe5 of counul members Support costs Is•è notè 91 42,495 {4,2081 6,031 12,191 73.609 165 201.199 20,706 91,599 153,284 12.714 22,714 194,300 331,482 494.717 16
BRITISH DNISION OF THE INTERNATIONAL ACADEMY OF PATHOLOGY CIO NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2021 Support costs UTrrestrl¢ted 2021 2020 Stsff costs OFficg rpnl co OFfieA expense$ Telephone and insuranee Me(lia and presentsbon costs Printing, postage and sts"onery Bank and credit card charges AccoLsntancy fees Audit fees Legal and Pfofe5spJnal fee5 Sundry u)sts Equipment ¢JeprecialS Loss on foreign exchange 105,617 24.000 90,397 24,000 2.143 2.446 24,516 454 4,570 2.625 22.323 919 2.372 8,331 20,400 10,493 19,560 18,375 562 373 318 3.143 201,199 194.300 10 WJges and salarl•s Unr•$trlcted 2021 2020 Wages and salaries Social security ¢xtsts Pensil sts 84.979 65,550 6,852 8.681 11,340 105.617 81.083 The average monthty number of emptyes during the year way as follows: 2021 2020 AL1ministratNe staff No èmployees received emoluments in excess of £60.} in the cunt or prior year. During thè currnnt year. 1 mèmbor of1he Board ofTrustees12020: 121 was Toimburs8d lor 8xpgnses incurred of £16512020." £19.2651. FolloTh3 th• canc8llabon of a Lvuf59. £4.256 of w51 preViouY reimbursed to Trust86 was repabd to the Charity. The trustees are considered to be the charii$ koy managwrnnt personnd. No members of the key management personnel receive remuneralion. 17
BRITISH DIVISION OF THE INTERNATIONAL ACADEMY OF PATHOLOGY CIO NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2021 11 Tangible fixed assets Equipment Cost At l July 2020 and 30 June 2021 36.491 Depreclatlon At 1 July 2020 crTrarge lor year 34.373 318 At 30 June 2021 34,691 Net book value As ai 30 June 2021 1,800 As al 30 JLtne 2020 2.118 12 Investments Listed nvostmontS Market value At 1 July 2020 AddrtE'ons Disposals Revalualior 3,291,514 2.246.544 12,252,031) 632.282 At 30 June 2021 3.918,309 Net book value As at 30 June 2021 3.918.309 As at 30 June 2020 3,291.514 The historical o)st of the investments was £3.078.356 {2020: £2.875.2581. Cufrnrt asset Investm•rrts Culnt asset investments relate to cash t1 by the InveStn manw for inveslment purposes. 13 Dobtors 2021 2020 Trado debtors Propaymgnts arKI accrued income 1.211 467,408 6.945 468,619 6,945 18
BRITISH DIVISION OF THE INTERNATIONAL ACADEMY OF PATHOLOGY CIO NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2021 14 Cr•ditors 2021 2020 Accounts payable Other taxatson and srKial se[lty Other ¢redilors Accwls 518 2,726 1,260 24.360 2.189 1.3S6 43,450 28,864 46,995 15 Flnan¢lal Instrum•nts 2021 2020 Carrying amount of financlal assots Financial assets at far value through profit or loss 3.918.309 3.291,514 16 Analys1$ ol n•t a$s•ts b•tw••n fitr•ds Unr•stricted funds R•strfctgd fund$ 2021 Total 2020 Total Tangible assets Investrnents Current ass•ts Current liabdities 1.800 3,918.309 1,(5,521 128.864) 2.118 3,291,514 775.705 146,995) 3.918.309 1.065,521 {28.8641 Totsl ngt 8s59ts 4,956.766 4,956,766 4.022.342 Prlor yoar Unr•strl¢ted funds Restrict•d funds 2020 Total 2019 Total Tangible assots Investrnents Current assets Current lbIlItIeS 2.118 3.291.514 750,705 146,9951 2,118 3.291,514 775.705 146.9951 2.491 3.300,195 719,052 198,0941 Tolal not assets 3,997,342 25.000 4.022.342 3.923.644 19
BRITISH DIVISION OF THE INTERNATIONAL ACADEMY OF PATHOLOGY CIO NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2021 17 Funds Balan as at 1 July 2020 Balan as Exwnditur• at 31 Mar¢h 2021 Income Restricted fvnds: Glasgow Convention bLsreau 25.IXIO 125.¢)00) Unrestricted fund.. General fund 3.997.342 1.314,032 1354,608) 4,956,766 Tolal 4.022,342 1,289.032 (354.608} 4.956.766 In 2020. £25.(KX) was eeNed from Glasgow Conventicn Bureau to be used on The IAP inlem*"on81 event. Due to this event not bwng held ift person. the charity dKI not meet the criteria of the grant Therefore the lull grant of £25.000 was retumed to the Gs9OW Convention Bureau. Cash gonoral from opera15ons 2021 2020 Nel movement in fvnds for the year 934.424 98.698 Adjustments for: Depr8aatson ol tsngibl8 assets Investment gains Investment irKc¥no recognised in stat8m8ntof financial a¢tivib"es 318 1632.2821 {64,4021 373 11,9421 175.0761 Movements In worklng capltal: Increase in debtofs Decrease in creditors 461,6741 118,1311 14.4701 151,0991 Cash us•d In op•ratlons 1241.747) 133.5161 19 Reconc515ation of changes in net debt 1 July 2020 Cash flows 30 Jun• 2021 Cash and cash equivalents 630.961 1219.4211 411,540 Total net debt 630,961 1219.4211 411.540 20 0ratIng lease commitments At the reporting end date the charity had outstanding commitments for fvture minimum lease payments under non-cancellable operattng leases. which fall due 85 follows,. 2021 2020 Within one year Between one and five years In over five years 24,1XM) 92.C 24,000 96.000 116,OCrf) 140,000 20
BRITISH DIVISION OF THE INTERNATIONAL ACADEMY OF PATHOLOGY CIO NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2021 21 R•latsd prty transactlons The tharity is related to Intemational Academy of Pathokmjy and European Society of Pathology by way of being the Britssh DIVIS which prrfyvides patho1(Y education. During the year Ihe charity paid an annual subscription to the Inlemationol Academy of Pathology of £12.19112020. £12.714). During the year the chafity hosted a joint conference with the European Soctrety of Pathology and Intemational Academy of Palhoi(3y. £128.4> was received from the European Society of Pathology being the charity's 50°/0 share of Income. £73.774 was paid by the charity to Intematsonal Academy of Pathology being the surplu5 of the event and capits11 fees. 22 Contingent Liablllty BDIAP has undertaken 8 re¥ of I1r VAT position. The review is ongoing bul Klentified a potential historical requirement to register for VAT. which may resuh in a liabilty- Al this Stage the liability annot be reliably measured and therefore no provisKJn has been induded in the 21