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2024-12-31-accounts

Charity Registration No. 1188655 Company Registration No. CE021213

BRITISH DIVISION OF THE INTERNATIONAL ACADEMY OF PATHOLOGY CIO

REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

BRITISH DIVISION OF THE INTERNATIONAL ACADEMY OF PATHOLOGY CIO

REFERENCE AND ADMINISTRATIVE DETAILS

Board of Trustees

Dr J von der Thüsen (President from 1 January 2025) Professor I S D Roberts (Past President from 1 January 2025) Professor A G Nicholson (Past President) (Resigned 31 December 2024) Professor M Osborn (Secretary)

Professor S S Cross (Treasurer) (Resigned 31 December 2024) Professor M Rodriguez-Justo (Councillor) (Treasurer) (Resigned 31 December 2024 and

(Resigned 31 December 2024 and reappointed 01 January 2025)

Dr L Browning (Meetings Secretary) Dr E Calonje (International Secretary) Professor S Dojcinov (Secretary for Engagement and Collaboration) Dr P Craig (Divisional Editor) Professor M Van Bockstal (Belgian Representative) Professor A Fabre (Irish Representative) Dr K Boros (Councillor) (Resigned 31 December 2024) Professor T Marafioti (Councillor) Professor M Calaminici (Councillor) Dr K Lloyd (Councillor) Dr A Ghosh (Trainees Councillor) (Resigned 31 December 2024) M Mc Elroy (Allied Scientist Councillor) Dr N ‘t Hart (Dutch Representative) Dr M Kelleher (Trainees Councillor) Dr A C Green (Councillor) (Appointed 1 January 2025) Professor S E Pinder (President Elect) (Appointed 1 January 2025) Dr E M Moh (Trainees Councillor) (Appointed 1 January 2025) Professor A M K Shaaban (Councillor) (Appointed 1 January 2025)

Principal address

7[th] Floor 6 Alie Street London E1 8QT

Website : www.bdiap.org

Banker

HSBC Bank PLC 49A Fishergate Preston Lancashire PR1 8BH

Auditor

RSM UK Audit LLP Chartered Accountants 3[rd] Floor, Portland 25 High Street Crawley West Sussex, RH10 1BG

Investment advisors

Brown Shipley & Co 1 Hardman Square Manchester M3 3EB

[1]

BRITISH DIVISION OF INTERNATIONAL ACADEMY OF PATHOLOGY CIO

REPORT OF THE BOARD OF TRUSTEES AND STRATEGIC REPORT FOR THE YEAR ENDED 31 DECEMBER 2024

The Trustees present their report and the financial statements for the year ended 31 December 2024.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the Charity's governing document, the Charities Act 2011 and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).

Objectives and activities

The British Division of the International Academy of Pathology CIO is a registered charity (number: 1188655) whose main objective is to promote the advancement of pathology by co-ordination with allied sciences, by the encouragement of research, by the improvement of teaching and technical methods through scientific meetings in Britain and overseas.

The public receives an indirect benefit as a result of advancement medical science through scholarships and educational programs.

Structure, governance and management

Up to 1 July 2020, the Charity was controlled by its constitution adopted on 24 February 1961 and amended 1 March 1966 and further amended December 1977 as amended on 2 December 2016. On 1 July 2020 the Charity completed its conversion to a Charitable Incorporated Organisation (CIO), and is governed by the constitution dated 1 July 2020. The previous unincorporated charity was officially dissolved in August 2023.

The Charity is organised so that the Officers, Councillors and executive council meet regularly to manage its affairs. There are two staff members who provide administration and secretarial services to the Division.

As at 31 December 2024, there were 1,514 (2023 – 1,457) members of the British Division of the International Academy of Pathology CIO represented from UK, Belgium, Ireland, Netherlands and other countries.

Details of the Trustees who served during the period can be found on page 1 in the annual report.

The Board of Trustees appoints six permanent subcommittees:

The Past-President, Divisional Editor, Meetings Secretary, Treasurer, International Secretary, and Secretary for Engagement and collaboration respectively, chair these subcommittees.

There shall be a minimum of 12 members of Council and a maximum of 20 Trustees on the Board.

Recruitment and appointment of new trustees

Officers, Councillors, Trainee and Allied Scientist Councillors can be nominated by members of the Division in writing to the Secretary at least one month before the Annual General Meeting provided the consent of the nominee has been obtained.

Nominees for position of Officer must be serving members of Council or have previous experience as Councillors. Officers are elected by Council.

Councillors representing the four incorporated countries of the division must be nominated and seconded by two non-Trainee Members from the relevant countries, who will elect them by ballot.

[2]

BRITISH DIVISION OF INTERNATIONAL ACADEMY OF PATHOLOGY CIO

REPORT OF THE BOARD OF TRUSTEES AND STRATEGIC REPORT FOR THE YEAR ENDED 31 DECEMBER 2024

Trainee Councillors must be in training within the four incorporated countries of the Division; they are nominated, seconded, and elected by the trainee membership within the four incorporated countries.

The Allied Scientist Councillor must be an Allied Scientist Member within the four incorporated countries of the Division; they are nominated, seconded, and elected by non-Trainee Members within the four incorporated countries.

Induction and training of new trustees

New trustees undergo a training session to brief them of their legal obligations under the Charity law, the content of the constitution, the committee, and decision-making processes. Trustees are encouraged to attend appropriate external training events where these will facilitate the undertaking of their role.

Key Management Personnel

The Board of Trustees is responsible for the management and financial affairs of the Charity. The Charity’s affairs are conducted on a day-to-day basis by The Education and Divisional Manager, under the direction of the Trustees.

Public benefit

The Board of Trustees has due regard of the Charities Act 2011 and the Charity Commission guidance on public benefit. This is reflected in the review of the activities of the Charity contained in this report.

Objectives And Activities

The British Division of the International Academy of Pathology (“the Charity”) was registered as a charity on 8 November 1965. On 1 July 2020 all the activities, assets and liabilities of the Charity were transferred to a new charitable incorporated organisation, British Division for the International Academy of Pathology CIO (charity number 1188655). The activities of the Charity will continue in the CIO.

The Charity’s objects, as laid out in the governing document, are:

The organisational aims are the advancement of pathology through:

Achievements and performance

Charitable activities

The BDIAP had another successful period in promoting education in pathology in the four home countries (UK, Ireland, Belgium and Netherlands) and collaboration with the British Lymphoma Pathology Group and Association of Breast Pathology. The BDIAP has also promoted pathology for undergraduate students and Foundation doctors in conjunction with the RCPath. In addition, international links with the Bosnia, Sri Lanka, and East Central Africa divisions have continued.

[3]

BRITISH DIVISION OF INTERNATIONAL ACADEMY OF PATHOLOGY CIO

REPORT OF THE BOARD OF TRUSTEES AND STRATEGIC REPORT FOR THE YEAR ENDED 31 DECEMBER 2024

Meetings and seminars

The following face to face meetings were held in 2024:

March 2024: Molecular Pathology Study Day

March 2024: Approach to Cut-Up Study Day

May 2024: Summer Meeting held jointly with the Royal College of Pathologists and the British Lymphoma Pathology Group

November 2024: Symposium on Breast Pathology held jointly with the Association of Breast Pathology

The following virtual educational meetings were held in 2024:

January 2024: Selected Cases in Head and Neck Pathology

July 2024: Biopsy Diagnosis of Papillary Lesions of the Breast

November 2024: Diagnostic Dilemmas in Upper Gastrointestinal Pathology

4 face to face educational meetings are planned for 2024 and some more virtual educational meetings.

Financial review

During the year, the Charity received total income of £537,544 (2023: £490,836) to help maintain its activities. The charitable activity expenditure amounted to £551,626 (2023: £503,461), raising funds cost of £23,903 (2023: £21,838), other income of £nil (2023: £87,821) and it made gains on its investments of £171,926 (2023: £53,338), resulting in a surplus at the end of the year of £133,941 (2023: £106,696).

Investment policy

The charitable company has a portfolio of investments managed by Brown Shipley under a discretionary agreement in accordance with an investment policy agreed and regularly monitored by the Trustees who meet with the Fund Managers every six months. The overall investment objective agreed by the Trustees is to maximise the total return whilst having regard to the charitable nature of these funds and Trustees' responsibility to avoid unacceptable risks. The Fund Managers have been mandated to ensure that securities held in the portfolio do not contravene our specific ethical requirements regarding tobacco, weapons and oil companies. Further discussion about responsible and sustainable investing policies took place between the Trustees and Brown Shipley during the year. The Fund Manager also ensures that it is an active custodian of the Charity’s assets and actively votes on governance issues for any equity securities held directly. Where the Fund Managers use third party funds, it is recognised that there is limited control over the underlying allocation and its ethical positioning. The target required of the Fund Managers is to achieve a performance against a bespoke benchmark.

During the current year, the Charity received investment income comprising dividends of £77,854 (2023: £88,425) and interest on fixed term deposit accounts of £32,550 (2023: £nil).

At the year end there were gains of £171,926 (2023: £53,338) arising on disposals and the valuation of the investment fund with Brown Shipley.

Reserves policy

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 Charity’s current activities. Consideration is given to ways in which additional funds may be raised. The present level of funding is adequate to support the running of the Charity for the year ahead and beyond. Total funds at the year end were £4,693,962 (2023: £4,560,021). As such, the Trustees are satisfied that the level of reserves at 31 December 2024 was appropriate.

[4]

BRITISH DIVISION OF INTERNATIONAL ACADEMY OF PATHOLOGY CIO

REPORT OF THE BOARD OF TRUSTEES AND STRATEGIC REPORT FOR THE YEAR ENDED 31 DECEMBER 2024

In line with the Charity Commission guidance on restricted funds, income which is raised for specific purposes and is not available for use in the general purposes of the Charity would be classified as restricted funds. There are no restricted funds held by the Charity in the current or prior year.

Related parties and connected charities

The Charity is related to International Academy of Pathology (IAP) by way of being the British Division which provides pathology education. Full details on transactions with IAP can be found in note 21.

Going concern

The accounts have been prepared on a going concern basis. The Trustees have reviewed forecasts, cash projections and investments. The bulk of income is derived from publication income (see below) and membership income which is not anticipated to change significantly in the twelve months from the date of approval of the financial statements.

The Charity has sufficient funds to meet its debts as they fall due for a period of at least 12 months from the date of signing the financial statements.

Risk management

The Trustees have a duty to identify and review the risks to which the Charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error.

The Board of Trustees has reviewed the major risks and uncertainties to which the Charity is exposed. The Board is satisfied that the procedures in place are adequate to manage such risks appropriately.

The Board considers that the principal risk which faces the Charity is:

Plans for future development

In future years, the Trustees will look to fulfil the Charity's objectives of promoting the advancement of pathology through 1) continuing education for practicing pathologists and other health professionals (e.g. short courses, scientific conferences, and workshops), 2) creating and maintaining online resources, fostering collaboration between pathologists and other healthcare professionals and, 3) disseminating best practices in pathology through publications (eg Histopathology journal), presentations and educational programs.

[5]

BRITISH DIVISION OF INTERNATIONAL ACADEMY OF PATHOLOGY CIO

REPORT OF THE BOARD OF TRUSTEES AND STRATEGIC REPORT FOR THE YEAR ENDED 31 DECEMBER 2024

Statement of Trustees’ responsibilities

The trustees are responsible for preparing the Trustees’ Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards including Financial Reporting Standard 102: The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

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

The trustees are responsible for maintaining proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. 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.

Audit

RSM UK Audit LLP have indicated their willingness to be reappointed for another term and a resolution proposing their reappointment will be put forward at a general meeting.

Statement as to disclosure of information to the auditor

The Trustees in office on the date of this report have confirmed, as far as they are aware, that there is no relevant audit information of which the auditor is unaware. Each of the Trustees has confirmed that they have taken all the steps that they ought to have taken as directors in order to make themselves aware of any relevant audit information and to establish that it has been communicated to the auditor.

Approved by order of the board of trustees on 26 September 2025 and signed on its behalf by:

……………………………… ………………………………

Professor Michael Osborn – Trustee

Professor Manuel Rodriguez-Justo – Trustee

6

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF BRITISH DIVISION OF THE INTERNATIONAL ACADEMY OF PATHOLOGY CIO

Opinion

We have audited the financial statements of the British Division of the International Academy of Pathology CIO (the ‘charity’) for the year ended 31 December 2024 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, including FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We have been appointed as auditors under section 144 of the Charities Act 2011 and report in accordance with regulations made under section 154 of that Act.

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 Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the Charity 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 charity’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 other information comprises the information included in the Annual Report other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, we do not express any form of assurance conclusion thereon.

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.

[7]

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF BRITISH DIVISION OF THE INTERNATIONAL ACADEMY OF PATHOLOGY CIO

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters where the Charities Act 2011 requires us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the Statement of Trustees’ responsibilities set out on page 6, the Trustees 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 Charity’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 Charity or to cease operations, or have no realistic alternative but to do so.

Auditor’s 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 an auditor’s report 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 the audit was considered capable of detecting irregularities, including fraud

Irregularities are instances of non-compliance with laws and regulations. The objectives of our audit are to obtain sufficient appropriate audit evidence regarding compliance with laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements, to perform audit procedures to help identify instances of non-compliance with other laws and regulations that may have a material effect on the financial statements, and to respond appropriately to identified or suspected noncompliance with laws and regulations identified during the audit.

In relation to fraud, the objectives of our audit are to identify and assess the risk of material misstatement of the financial statements due to fraud, to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud through designing and implementing appropriate responses and to respond appropriately to fraud or suspected fraud identified during the audit.

However, it is the primary responsibility of management, with the oversight of those charged with governance, to ensure that the entity's operations are conducted in accordance with the provisions of laws and regulations and for the prevention and detection of fraud.

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud, the audit engagement team:

[8]

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 significant laws and regulations that have a direct impact on the financial statements are FRS 102, Charities SORP (FRS 102), Charities Act 2011, and the Charity's governing document. We performed audit procedures to detect non-compliances which may have a material impact on the financial statements.

The most significant laws and regulations that have an indirect impact on the financial statements are those in relation to the UK General Data Protection Regulation (UK GDPR) and the Data Protection Act 2018. We performed audit procedures to inquire of management and those charged with governance whether the charitable company is in compliance with these laws and regulations.

The audit engagement team identified the risk of management override of controls, as the area where the financial statements were most susceptible to material misstatement due to fraud. Audit procedures performed included but were not limited to testing manual journal entries and other adjustments, evaluating the business rationale in relation to significant, unusual transactions and transactions entered into outside the normal course of business and challenging judgments and estimates.

A further description of our responsibilities for the audit of the financial statements is provided on the Financial Reporting Council’s website at http://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Use of our report

This report is made solely to the Charity’s trustees as a body, in accordance with the Charities Act 2011. Our audit work has been undertaken so that we might state to the Charity’s trustees those matters we are required to state to them in an auditor’s 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 Charity and the Charity’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.

RSM UK Audit LLP, Statutory Auditor Chartered Accountants 3[rd] Floor Portland 25 High Street Crawley West Sussex, RH10 1BG

08/10/25 Date: ………………….

RSM UK Audit LLP is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006.

[9]

BRITISH DIVISION OF THE INTERNATIONAL ACADEMY OF PATHOLOGY CIO STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2024

Unrestricted Restricted Total Total
funds funds Unrestricted Unrestricted
funds funds
2024 2023
Notes £ £ £ £
Income from:
Charitable activities 4 443,993 - 427,140 402,411
Investments 5 40,511 - 110,404 88,425
──────── ──────── ──────── ────────
Total income 484,504 - 537,544 490,836
──────── ──────── ──────── ────────
Expenditure on:
Raising funds 6 23,903 - 23,903 21,838
Charitable activities 7 551,626 - 551,626 503,461
Other 9 - - - (87,821)
──────── ──────── ──────── ────────
Total expenditure 575,529 - 575,529 437,478
──────── ──────── ──────── ────────
Net (expenditure)/income (91,025) - (37,985) 53,358
Gain on fixed assets investments 12 209,270 - 171,926 53,338
──────── ──────── ──────── ────────
Net movement in funds for the 118,245 - 133,941 106,696
period
Reconciliation of funds
Total funds brought forward 17 4,560,021 - 4,560,021 4,453,325
──────── ──────── ──────── ────────
Total funds carried forward 4,678,266 - 4,693,962 4,560,021
════════ ════════ ════════ ════════

The notes on pages 13 to 20 form part of these accounts.

[10]

BRITISH DIVISION OF THE INTERNATIONAL ACADEMY OF PATHOLOGY CIO

BALANCE SHEET AS AT 31 DECEMBER 2024

Notes 31 December 31 December
2024 2023
£ £
Fixed assets
Tangible assets 11 2,576 1,231
Investments 12 3,820,802 3,613,265
──────── ────────
3,823,378 3,614,496
Current assets
Debtors 13 370,525 340,260
Investments 12 452,010 435,797
Cash at bank 99,985 213,550
──────── ────────
922,520 989,607
Creditors
Amounts falling due within one year 14 (51,936) (44,082)
──────── ────────
Net current assets 870,584 945,525
──────── ────────
Total assets less current liabilities 4,693,962 4,560,021
──────── ────────
Net assets 4,693,962 4,560,021
════════ ════════
Funds
Unrestricted funds 17 4,693,962 4,560,021
──────── ────────
Total funds 4,693,962 4,560,021
════════ ════════

Approved and authorised for issue by the Board of Trustees on 26 September 2025 and signed on its behalf by:

Professor Michael Osborn Trustee

Professor Manuel Rodriguez-Justo Trustee

The notes on pages 13 to 20 form part of these accounts.

11

BRITISH DIVISION OF THE INTERNATIONAL ACADEMY OF PATHOLOGY CIO STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2024

2024 2023
Notes £ £
Cash flows from operating activities:
Cash used in operations 18 (170,472) (174,216)
Cash flows from investing activities:
Purchase of tangible assets (1,673) (33)
Purchase of fixed asset investments (1,980,494) (2,526,821)
Investment income 110,404 88,425
Disposal of fixed asset investments 1,944,883 2,422,303
──────── ────────
Net cash generated from/(used in) investing
activities 73,120 (16,126)
──────── ────────
Net decrease in cash and cash equivalents (97,352) (190,342)
Cash and cash equivalents brought forward 649,347 839,689
──────── ────────
Cash and cash equivalents carried forward 551,995 649,347
──────── ────────
Relating to:
Cash at bank and in hand 99,985 213,550
Current asset investments 452,010 435,797
──────── ────────
551,995 649,347
──────── ────────

12

BRITISH DIVISION OF THE INTERNATIONAL ACADEMY OF PATHOLOGY CIO

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

1 Accounting policies

British Division of the International Academy of Pathology CIO is a registered charity in the United Kingdom. The principal address is given in the Charity information on page 1 of these financial statements. The nature of the Charity’s operations and principal activities are detailed on page 2.

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

Basis of preparation

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 UK and Republic of Ireland (FRS 102) issued on 16 July 2014, the Charities Act 2011 and UK Generally Accepted Practice, for accounting periods effective from 1 January 2019.

The accounts (financial statements) have been prepared to give a true and fair' view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide atrue and fair view'. This departure has involved following Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued on 16 July 2014 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.

The financial statements are prepared under the historical cost convention, modified to include certain items at fair value. The financial statements are prepared in Sterling which is the functional currency of the Charity and rounded to the nearest £1.

The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all periods presented unless otherwise stated.

Going concern

The accounts have been prepared on a going concern basis. The Trustees have reviewed forecasts and cash projections and investments. The bulk of income is derived from publication income and membership income which is not anticipated to change significantly in the twelve months from the date of approval of the financial statements.

The Charity has sufficient funds to meet its debts as they fall due for a period of at least 12 months from the date of signing the financial statements.

Income recognition

Conference and publications income represent net invoiced value of goods and services (excluding value added tax). Conference income is recognised in the period that the conference takes place. Publications income is recognised according to contracted amounts for editorial expenses income and royalty income due during the accounting period.

Members' subscriptions are recognised on a receipts basis.

Grant income

Grant income, where entitlement is not conditional on the delivery of a specific performance by the Charity, is recognised when the Charity becomes unconditionally entitled to the grant.

Expenditure

All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Expenditure is recognised where there is a legal or constructive obligation to make payments to third parties, it is probable that the settlement will be required and the amount of the obligation can be measured reliably.

13

BRITISH DIVISION OF THE INTERNATIONAL ACADEMY OF PATHOLOGY CIO

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

1 Accounting policies (continued)

Irrecoverable VAT

All expenditure is classified under activity headings that aggregate all costs related to that category. Irrecoverable VAT is charged against the category of expenditure for which it was incurred.

Taxation

The Charity is an exempt charity within the meaning of schedule 3 of the Charities Act 2011 and is considered to pass the tests set out in Paragraph 1 Schedule 6 Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes.

Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost net of depreciation and any impairment losses.

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

Equipment - 15% on reducing balance

Investments

Listed investments are stated at market value in the balance sheet with net gains and losses on revaluation and disposal being taken to the Statement of Financial Activities.

Cash and cash equivalents

Cash and cash equivalents include deposits held at call with banks.

Financial instruments

The Charity has applied the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised when the Charity becomes party to the contractual provisions of the instrument.

Basic financial assets

Basic financial assets, which include trade and other debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method, unless the arrangement constitutes a financing transaction, where the financial asset is measured at the present value of the future receipts discounted at a market rate of interest.

Basic financial liabilities

Basic financial liabilities, including trade and other creditors are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest.

Fund accounting

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

Operating leases

Rentals under operating leases are charged on a straight-line basis over the lease term.

14

BRITISH DIVISION OF THE INTERNATIONAL ACADEMY OF PATHOLOGY CIO

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

2 Judgements and key sources of estimation uncertainty

Accounting estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

There are no key assumptions concerning the future and other key sources of estimation uncertainty at the reporting date that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial period.

The following judgements (apart from those involving estimates) have been made in the process of applying the above accounting policies that have had the most significant effect on amounts recognised in the financial statements:

Useful economic lives of tangible assets

The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets. See note 11 for the carrying amount of the equipment and the corresponding accounting policy for the useful economic lives for each class of assets.

3 Net income/(expenditure)

Net income/(expenditure) for the period is stated after charging:

Net income/(expenditure) for the period is stated after charging:
Unrestricted
2024 2023
£ £
Auditor’s remuneration (net of VAT) in respect of:
Audit fee 29,000 26,000
Accountancy and other services 32,900 7,700
Operating lease costs 25,839 25,600
Depreciation of owned assets 328 217
═══════ ════════

4 Income from charitable activities

Unrestricted Unrestricted
2024 2023
£ £
Profit share from Publication of Histopathology 267,116 283,969
Membership subscriptions 75,960 74,190
Received from members attending meetings 59,644 32,792
Other income 24,420 11,460
─────── ───────
427,140 402,411
═══════ ════════
ncome from investments
Unrestricted
2024 2023
£ £
Dividends 77,854 88,425
Interest 32,550 -
──────── ────────
110,404 88,425
════════ ════════

5 Income from investments

15

BRITISH DIVISION OF THE INTERNATIONAL ACADEMY OF PATHOLOGY CIO

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

6 Raising funds

6 Raising funds
Unrestricted
2024 2023
£ £
Investment management fees 23,808 21,753
Fundraising levy 95 85
──────── ────────
23,903 21,838
════════ ════════
7 Expenditure on charitable activities
Unrestricted
2024 2023
Educational services: £ £
Due to publishers 8,654 39,840
Cost of meetings and conferences 112,479 92,545
Educational expenses 133,926 74,338
Due to parent association 11,362 11,641
Room hire 69,695 50,516
Event consumables 1,453 901
Support costs (see note 8) 214,057 233,680
──────── ────────
551,626 503,461
════════ ════════
8 Support costs
Unrestricted
2024 2023
£ £
Staff salary costs 123,555 116,387
Staff training 866 410
Office rental 25,839 25,600
Advertising and marketing 1,175 4,612
Charitable donations - 150
Telephone and insurance 3,258 3,049
Media and presentation costs 10,982 13,005
Printing, postage and stationery 874 1,173
Bank interest, credit card charges and other fees 5,614 4,169
Accountancy fees 7,319 10,746
Audit fees 29,000 26,000
Legal and professional fees 3,324 24,864
Sundry costs 1,150 3,131
Equipment depreciation 328 217
Loss on foreign exchange 773 167
─────── ───────
214,057 233,680
═══════ ══════

16

BRITISH DIVISION OF THE INTERNATIONAL ACADEMY OF PATHOLOGY CIO NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

9 Other

Other
Unrestricted
2024 2023
£ £
Fines and penalties - (87,821)
════════ ════════

Included in the fines and penalties above are £nil (2023: £87,821) of cancelled charges imposed by HMRC in respect of late VAT registration in 2022.

10 Wages and salaries

Wages and salaries
Unrestricted
2024 2023
£ £
Wages and salaries 99,884 93,708
Social security costs 11,273 10,421
Pension costs 12,398 12,258
─────── ───────
123,555 116,387
═══════ ═══════
The average monthly number of employees during the period was as follows:
2024 2023
No No
Administrative staff 2 2

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

1 employee received emoluments between £60,001 - £70,000 in the year (2023: none).

During the current year, 16 members of the Board of Trustees (2023: 12) were reimbursed for travel expenses for meetings and conferences totalling £27,074 (2023: £16,719).

The Trustees are considered to be the Charity's key management personnel. No members of the key management personnel receive remuneration.

11 Tangible fixed assets

Tangible fixed assets
Equipment
£
Cost
At 1 January 2024 36,524
Additions 1,673
────────
At 31 December 2024 38,197
════════
Depreciation
At 1 January 2024 35,293
Charge for period 328
────────
At 31 December 2024 35,621
════════
Net book value
As at 31 December 2024 2,576
════════
As at 31 December 2023 1,231
════════

17

BRITISH DIVISION OF THE INTERNATIONAL ACADEMY OF PATHOLOGY CIO NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

12 Investments

Listed
investments
£
Market value
At 1 January 2024 3,613,265
Additions 1,980,494
Disposals (1,944,883)
Revaluations 171,926
────────
At 31 December 2024 3,820,802
════════
Net book value
As at 31 December 2024 3,820,802
════════
As at 31 December 2023 3,613,265
════════

The historical cost of the investments was £3,659,816 (2023: £3,542,940).

Current asset investments

Included in current asset investments is a fixed term deposit of £410,517 (2023: £400,000) which matures in March 2025, and £41,494 of cash (2023: £35,797) held by the investments managers for investment purposes.

13 Debtors

13 Debtors
2024 2023
£ £
Trade debtors 2,530 2,340
Prepayments and accrued income 334,514 337,005
Other debtors 33,481 915
──────── ────────
370,525 340,260
════════ ════════
14 Creditors
2024 2023
£ £
Trade creditors 8,910 590
Other taxation and social security 4,067 3,207
Other creditors 3,012 9,327
Accruals 35,947 30,958
──────── ────────
51,936 44,082
════════ ════════
15 Financial instruments
2024 2023
£ £
Carrying amount of financial assets
Financial assets measured at fair value
through profit or loss 3,820,802 3,613,265
════════ ════════

18

BRITISH DIVISION OF THE INTERNATIONAL ACADEMY OF PATHOLOGY CIO

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

16 Analysis of net assets between funds

Unrestrict
 Restricted 2024 2023
ed funds Total Total
funds Unrestricted Unrestricted
£ £ £ £
Tangible assets 2,576 - 2,576 1,231
Investments 3,854,283 - 3,820,802 3,613,265
Current assets 873,080 - 922,520 989,607
Current liabilities (51,673) - (51,936) (44,082)
──────────────── ──────── ────────
Total net assets 4,678,266 - 4,693,962 4,560,021
════════════════ ════════ ════════
Prior period Unrestrict 2023 2022
ed Restricted Total Total
funds funds Unrestricted Unrestricted
Tangible assets 1,231 - 1,231 1,415
Investments 3,613,265 - 3,613,265 3,455,410
Current assets 989,607 - 989,607 1,143,421
Current liabilities (44,082 - (44,082) (146,921)
──────────────── ──────── ────────
Total net assets 4,560,021 - 4,560,021 4,453,325
════════ ════════ ════════ ════════

17 Funds

Balance as Balance
at 1 as at 31
January Gain on December
2024 Income Expenditure investment 2024
Unrestricted fund:
General fund 4,560,021 537,544 (575,529) 171,926 4,693,962
─────── ─────── ─────── ─────── ────────
Total 4,560,021 537,544 (575,529) 171,926 4,693,962
═══════ ═══════ ═══════ ═══════ ════════
Balance as Balance as
at 1 at 31
January Gain on December
2023 Income Expenditure investment 2023
Unrestricted fund:
General fund 4,453,325 490,836 (437,478) 53,338 4,560,021
─────── ─────── ─────── ─────── ───────
Total 4,453,325 490,836 (437,478) 53,338 4,560,021
═══════ ═══════ ═══════ ═══════ ═══════

19

BRITISH DIVISION OF THE INTERNATIONAL ACADEMY OF PATHOLOGY CIO

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

18 Cash used in operations

18 Cash used in operations
2024 2023
£ £
Net movement in funds for the period 133,941 106,696
Adjustments for:
Depreciation of tangible assets 328 217
Investment gains (171,926) (53,338)
Investment income recognised in statement of financial (110,404) (88,425)
activities
──────── ────────
Movements in working capital:
Increase in debtors (30,265) (36,527)
Increase/(decrease) in creditors 7,854 (102,839)
──────── ────────
Cash used in operations (170,472) (174,216)
════════ ═══════
19 Reconciliation of changes in net debt
1 January Cash flows 31 December
2024 £ 2024
£ £
Cash and cash equivalents 649,347 (97,352) 551,995
──────── ──────── ────────
Total net debt 649,347 (97,352) 551,995
════════ ════════ ════════

20 Operating lease commitments

At the reporting end date the Charity had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows;

Within one year
Between one and five years		 2024
£
27,456
13,728
41,184		 2023
£
26,400
33,000
59,400

21 Related party transactions

The Charity is related to International Academy of Pathology by way of being the British Division which provides pathology education.

During the year, the Charity paid an annual subscription to the International Academy of Pathology of £11,362 (2023: £11,641).

BDIAP entered a staff sharing contract with the Central IAP totalling £12,814 (2023: £10,388). The total amount due to date is £nil (2023: £915) and this amount is included within other debtors.

20