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2020-12-31-accounts

REGISTERED COMPANY NUMBER: 00561584 (England and Wales) REGISTERED CHARITY NUMBER: 209455

REPORT OF THE TRUSTEES AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2020

FOR

THE ASSOCIATION OF CLINICAL PATHOLOGISTS

Parkers Chartered Accountants and Registered Auditors Cornelius House 178-180 Church Road Hove East Sussex BN3 2DJ

THE ASSOCIATION OF CLINICAL PATHOLOGISTS

CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2020

Page
Report of the Trustees 1 to 5
Report of the Independent Auditors 6 to 8
Statement of Financial Activities 9
Balance Sheet 10
Notes to the Financial Statements 11 to 18

THE ASSOCIATION OF CLINICAL PATHOLOGISTS (REGISTERED NUMBER: 00561584)

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST DECEMBER 2020

The Association of Clinical Pathologists was first set up in 1927, the charitable company was incorporated in 1956. The Association is a charitable company limited by guarantee and is governed by its Memorandum and Articles of Association adopted by special resolution dated 3 October 1996 and updated on 5th October 2017. It is registered as a charity with the Charities Commission. The members of the charitable company are named on page 4. The members, of which there were sixteen at 31 December 2020, each guarantee to contribute £1 in the event of the charitable company winding up.

The trustees, who are also directors of the charity for the purposes of the Companies Act, submit their annual report and the audited financial statements for the year ended 31 December 2019. The trustees have adopted the provisions of the Statement of Recommended Practice (SORP) FRS 102 "Accounting and Reporting by Charities" issued in 2015 in preparing the annual report and financial statements of the charity.

The financial statements have been prepared in accordance with the accounting policies set out in notes to the accounts 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 accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland published on 16 July 2014 (as amended by Update Bulletin 1 published on 2 February 2016).

OBJECTIVES AND ACTIVITIES

Objectives of the charity

In setting our objective and providing services our Trustees have given careful consideration to the Charities Commission's general guidance on public benefit. The principal objectives of the Association are the promotion and encouragement of the practice of clinical pathology, postgraduate education and professional development for pathologists.

ACHIEVEMENT AND PERFORMANCE

Review of activities and performance

The accounts of the Association for 2020 show a surplus of £230,257 (2019: 344,515) including £17,591 gain on investments. All primary purpose trading activities of the Association have been transferred to the Association. These were formerly carried out through the wholly owned trading subsidiary, ACPath Limited, which was established in May 1996. During 2020 the Journal made a surplus amounting to £190,176 (2019: £165,058).

Due to the COVID 19 pandemic all educational meetings were held online. As such costs were greatly reduced. As part of the support and development programme for its members, the Trustees have decided to continue to offer the courses and meetings free of charge to members, subject to periodic review.

In November 2020 a very successful Introduction to Leadership and Management in NHS Pathology Zoom meeting was held, 40 attended each of the two mornings. A very successful Autopsy Update Day focused on toxicology was held on Zoom Webinar, the meeting was oversubscribed with 100 attending. Two virtual ACP-BSI Immunology Training Days were held, arranged in conjunction with the British Society of Immunology. ACP members attended free of charge to all meetings.

During 2020 the Association published four issues of ACP news. The Association is co-owner with the BMJ Publishing Group of the Journal of Clinical Pathology, which is a monthly publication.

Awards and Grants during 2020

In 2020 an ACP Incentive Prize for Junior Doctors was awarded to Dr Helliwell. Dr's Brown, Cotton, Chen and Valnarov Boulter were offered support from the ACP Student Research Fund. Travel grants were awarded to Dr's Finall and Haynes. Journalism prizes were awarded to Dr's Lloyd, Youd, Ali, Clarke, Lowes, Sethi and Tjil and a poster prize for the "Path to Success" meeting in Newcastle was awarded. Two Pathologist in Training Awards were made to Dr's Ghurye and Moore. A Career Development Award was awarded to Dr Ponsford. A donation was made to the Royal College of Pathologists summer school and a Head & Neck Study day in Birmingham.

New appointments

Dr Ian Frayling became President Elect

Page 1

THE ASSOCIATION OF CLINICAL PATHOLOGISTS (REGISTERED NUMBER: 00561584)

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST DECEMBER 2020

FINANCIAL REVIEW

Subscriptions

FINANCIAL REVIEW
Subscriptions
Ordinary/Extraordinary (UK/Eire) with paper copies £130
Trainee (UK/Eire) with paper copies JCP £25
First Year Consultants (UK/Eire) £95
All overseas members with paper copies JCP £150
Retired without Journal (UK and Overseas) £34

Members are able to choose to take on-line access only to the Journal of Clinical Pathology at a reduced rate. Trainees who chose to take on-line access only were able to do so free of charge, which has impacted the membership subscription income this year

Investment policy

The Association's stockbrokers, Rathbone Brothers PLC, offer the Association a Managed Portfolio service. The value of the Association's investments as at 31 December 2020 had increased to £2,670,850. Rathbone Brothers PLC continues to invest to provide the Association with income. In this year it was decided that the dividend income would continue to be re-invested.

The Council of the Association consider the return on investments to be satisfactory as Rathbone Brothers PLC consistently outperform the industry benchmark figures. The Association's Finance Committee reviews investment strategy annually with our investment managers. It is the charity's policy to specifically exclude investments in armaments and tobacco.

Reserves policy

Since the Association's inception in 1927 as an unincorporated body, it has been recognised as a charity but at no time has any appeal been made to the public for funds. The reserves have arisen from the surplus of its annual income (comprising members' subscriptions, investment gains and the surplus from the Journal of Clinical Pathology) over its annual expenditure. The surplus has been invested mainly in equities and these have increased in value, largely as a result of inflation.

The Association's annual expenditure is approximately £300,000 and in order to safeguard the running of activities such as Scientific Meetings, educational courses, meetings and grants funded by the Association, it is essential that an adequate reserve of general funds is held.

The Journal of Clinical Pathology produced a substantial surplus in 2020 which was used to subsidise the Association's other activities; however these profits cannot be relied upon.

The Trustees are considering ways to raise awareness of the support available to members and to further promote the practice of clinical pathology in future.

FUTURE DEVELOPMENTS

The Association will continue to support and develop postgraduate education for pathologists by organising meetings, training courses, publication of Journals and offering grants to support pathologists and pathologists in training who wish to undertake periods of further study. The Trustees are looking to increase the amounts of the grants where funds permit.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing document

The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006.

Page 2

THE ASSOCIATION OF CLINICAL PATHOLOGISTS (REGISTERED NUMBER: 00561584)

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST DECEMBER 2020

STRUCTURE, GOVERNANCE AND MANAGEMENT

Organisation

The Council of the Association comprises of the Chairman of Council, Honorary Treasurer, Honorary Secretary, President, President-elect, and twelve elected members, as listed on page 4.

The Council meets quarterly to administer the Association. Due to the COVID 19 Pandemic all meetings were virtual for 2020. During 2020 ACP Council held four meetings on Zoom. The 2020 Annual General Meeting took place on 6th June via zoom. Sub-committees in Chemical Pathology, Forensic Pathology, Haematology, Histopathology, Molecular Pathology, Immunology, Microbiology, Education and a Trainee Members' Group meet throughout the year on Zoom to discuss matters pertaining to the various specialities. The Finance Committee meets twice a year to review the financial affairs of the Association. The day to day running of the Association is carried out from the Association's Central Office in Hove with members of staff working from home were possible in 2020.

Induction and training of new trustees

Trustees are nominated by their peers and each nominee must be an ordinary member of the Association of Clinical Pathologists. If more than four nominations are received, ballot papers are sent to all ordinary and retired members. Trustees are elected for a fixed term of three years. All new members of Council receive a copy of an induction pack, which included information from the Charities Commission as well as information relating specifically to the Association.

Risk Management, Governance and Internal Controls

The trustees actively review the major risks which the charity faces on a regular basis.

The trustees are involved in the day to day operations of the charity to such an extent that they are aware of maintaining certain levels of funding to ensure resources are available to continue operating. They have also examined other operational and business risks faced by the charity and confirm that they have established systems to mitigate the significant risks.

Membership of the association

The general membership as at 31 December 2020 was 870. During 2020, 12 new Ordinary members and 56 new trainee members were accepted. The present membership comprises 631 Ordinary and Retired members, 13 Honorary members, 2 Extraordinary members and 224 Trainee members.

REFERENCE AND ADMINISTRATIVE DETAILS

Registered Company number

00561584 (England and Wales)

Registered Charity number

209455

Registered office

189 Dyke Road Hove East Sussex BN3 1TL

Page 3

THE ASSOCIATION OF CLINICAL PATHOLOGISTS (REGISTERED NUMBER: 00561584)

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST DECEMBER 2020

Trustees
C Gray President
W Simpson Past President Term of office ended 6th June 2020
I Frayling President Elect Appointed 6th June 2020
J Burton Chair of Council
P Twomey Honorary Treasurer
K Skordilis Honorary Secretary
B Wilkins Member of Council
M Lyall Member of Council Term of office ended 6th June 2020
A Pugh Member of Council
S Bowles Member of Council Term of office ended 6th June 2020
A Oriolowo Member of Council
M Morgan Member of Council
G Watson Member of Council
E Watts Member of Council
T El-Shanawany Member of Council
C Meek Member of Council Appointed 6th June 2020
A Green Member of Council Appointed 6th June 2020
P Taniere Member of Council Appointed 6th June 2020

Auditors

Parkers Chartered Accountants and Registered Auditors Cornelius House 178-180 Church Road Hove East Sussex BN3 2DJ

Solicitors

Hempsons 40 Villiers Street London WC2N 6NJ

Bankers

HSBC Bank Plc Coventry DSC Harry Weston Road West Midlands CV3 2TQ

Investment Managers

Rathbone Brothers Plc 1 Curzon Street London W1J 5FB

STATEMENT OF TRUSTEES' RESPONSIBILITIES

The trustees (who are also the directors of The Association Of Clinical Pathologists for the purposes of company law) are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Page 4

THE ASSOCIATION OF CLINICAL PATHOLOGISTS (REGISTERED NUMBER: 00561584)

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST DECEMBER 2020

STATEMENT OF TRUSTEES' RESPONSIBILITIES - continued

Company law 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 charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing those financial statements, the trustees are required to

The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

In so far as the trustees are aware:

AUDITORS

The auditors, Parkers, will be proposed for re-appointment at the forthcoming Annual General Meeting.

Approved by order of the board of trustees on 5th June 2021 and signed on its behalf by:

Dr J Burton - Trustee

Page 5

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF THE ASSOCIATION OF CLINICAL PATHOLOGISTS

Opinion

We have audited the financial statements of The Association Of Clinical Pathologists (the 'charitable company') for the year ended 31st December 2020 which comprise the Statement of Financial Activities, the Balance Sheet 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:

Page 6

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF THE ASSOCIATION OF CLINICAL PATHOLOGISTS

Matters on which we are required to report by exception

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

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the Statement of Trustees' Responsibilities, 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.

Page 7

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF THE ASSOCIATION OF CLINICAL PATHOLOGISTS

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.

Based on our understanding of the company and industry, we identified that the principal risks of non-compliance with laws and regulations related to the UK Charity Commission, and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006. We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls) and determined that the principal risks were related to investment valuations and intercompany charges due to material misstatement of overdeclared costs. Audit procedures performed by the engagement team included:

There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through 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.

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. 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.

Annette Watson PhD BSc FCA (Senior Statutory Auditor) for and on behalf of Parkers Chartered Accountants and Registered Auditors Cornelius House 178-180 Church Road Hove East Sussex BN3 2DJ

7th June 2021

Page 8

THE ASSOCIATION OF CLINICAL PATHOLOGISTS

STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING AN INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31ST DECEMBER 2020

Notes
INCOMING RESOURCES FROM
Donations and legacies
2
Other trading activities
3
Investment income
4
Other income
Total
EXPENDITURE ON
Resources expended
5
Charitable activities
Travel fund grant
Donations, prizes and sponsorship
BSc student grant
Research award for pathologists in training
Immunology training fund expenditure
Educational meetings
Other
Total
Net gains on investments
NET INCOME
RECONCILIATION OF FUNDS
Total funds brought forward
TOTAL FUNDS CARRIED FORWARD		 2020
Unrestricted
funds
£
112,382
61,525
46,995
190,176
411,078
192,654
1,501
6,284
8,260
500
1,490
4,434
19,639
234,762
3,941
180,257
3,189,055
3,369,312		 2019
Total
funds
£
-
83,760
59,923
165,058
308,741
216,795
3,258
27
51,965
-
7,933
59,319
12,436
351,733
387,507
344,515
2,844,540
3,189,055

The notes form part of these financial statements

Page 9

THE ASSOCIATION OF CLINICAL PATHOLOGISTS (REGISTERED NUMBER: 00561584)

BALANCE SHEET 31ST DECEMBER 2020

Notes
FIXED ASSETS
Tangible assets
10
Investments
11
CURRENT ASSETS
Debtors
12
Cash at bank
CREDITORS
Amounts falling due within one year
13
NET CURRENT ASSETS
TOTAL ASSETS LESS CURRENT
LIABILITIES
NET ASSETS
FUNDS
15
Unrestricted funds
TOTAL FUNDS		 2020
Unrestricted
funds
£
382,190
2,538,952
2,921,142
389,807
183,722
573,529
(125,359)
448,170
3,369,312
3,369,312
3,369,312
3,369,312		 2019
Total
funds
£
383,410
2,387,794
2,771,204
412,279
72,706
484,985
(67,134)
417,851
3,189,055
3,189,055
3,189,055
3,189,055

These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.

The financial statements were approved by the Board of Trustees and authorised for issue on 5th June 2021 and were signed on its behalf by:

J Burton - Trustee

The notes form part of these financial statements

Page 10

THE ASSOCIATION OF CLINICAL PATHOLOGISTS

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2020

1. ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) '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) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' 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.

Preparation of consolidated financial statements

The financial statements contain information about The Association Of Clinical Pathologists as an individual company and do not contain consolidated financial information as the parent of a group. The charity is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

Income

All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.

Gifts in kind donated for distribution are included at valuation and recognised as income when they are distributed to the projects. Gifts donated for resale are included as income when they are sold. Donated facilities are included at the value to the charity where this can be quantified and a third part is bearing the cost. No amounts are included in the financial statements for services donated by volunteers.

Investment income is earned through holding shares for investment purposes and includes dividends and interest.

Membership income is recognised in the period to which it relates. A membership year runs co-terminus with the accounting period.

Expenditure

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.

Fundraising costs are those incurred in seeking voluntary contributions and do not include the costs of disseminating information in support of the charitable activates. Support costs are those costs incurred directly in support of expenditure on the objects of the charity and include project management carried out by Headquarters. The support costs consists of governance costs with regard to the charitable company. The support cost has been split proportionally in relation to the expenditure for activities undertaken directly. Management and administration costs are throes incurred in connection with administration of the charity and compliance with constitutional and statutory requirements.

Tangible fixed assets

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

Freehold property - not provided Presidential medal - not provided Computer and office equipment - 15% on reducing balance

Page 11

continued...

THE ASSOCIATION OF CLINICAL PATHOLOGISTS

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST DECEMBER 2020

1. ACCOUNTING POLICIES - continued

Tangible fixed assets

The freehold property and presidential medal are not depreciated on the basis that both the depreciation charge and accumulated depreciation are immaterial due to the very long life and the high residual value sustained through regular maintenance. The freehold property was transferred at deemed cost on 1 January 2014 (the transition date for FRS102).

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 unrestricted funds that have been set aside by the Trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements.

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.

Pension costs and other post-retirement benefits

The Association contributes to defined contribution schemes for the benefit of employees at Central Office. Payments are charged to the SOFA as incurred. The Association provides no other post retirement benefits to its employees.

Company status

The Association is a private charitable company limited by guarantee, registered in England and Wales. The members of the charitable company are the Trustees named on page 2. In the event of the Association being wound up, the liability in respect of the guarantee is limited to £1 per member of the Association.

Investment policy

Investments held as fixed assets are stated at market value. Any gain or loss on revaluation is taken to the Statement of Financial Activities. The investment income on the SOFA is stated net of any tax credits but inclusive of withholding and other taxes.

Irrecoverable VAT

The Association and its subsidiary company ACPath Limited are registered fro VAT as a single group but are classified as partially exempt by reason of the substantial amount of educational activity. As such, the group is unable to recover all VAT on expenditure incurred.

2. DONATIONS AND LEGACIES

DONATIONS AND LEGACIES
2020 2019
£ £
Deed of covenant 112,382 -

Page 12

continued...

THE ASSOCIATION OF CLINICAL PATHOLOGISTS

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST DECEMBER 2020

3.
OTHER TRADING ACTIVITIES
Member subscriptions
Immunology
4.
INVESTMENT INCOME
Other fixed asset invest - FII
Interest - Fixed asset securities
Interest - deposits
5.
RESOURCES EXPENDED
Raising donations and legacies
Postage
Printing and stationery
ACP News
Car costs
Central office expenses
Council meeting
Committee meeting
International society subscriptions
Depreciation
Irrecoverable VAT
Investment management costs
ACP Website

Page 13

continued...

THE ASSOCIATION OF CLINICAL PATHOLOGISTS

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST DECEMBER 2020

6. SUPPORT COSTS

SUPPORT COSTS
Governance
costs
£
Other resources expended 19,639
Support costs, included in the above, are as follows:

Governance costs

2020
Other
resources
expended
£
Auditors' remuneration
1,500
Bank charges
820
Professional fees
13,319
Accountancy fees
4,000
19,639		 2019
Total
activities
£
-
581
7,855
4,000
12,436

7. NET INCOME/(EXPENDITURE)

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

2020 2019
£ £
Auditors' remuneration 1,500 -
Depreciation - owned assets 1,220 1,434

8. TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 31st December 2020 nor for the year ended 31st December 2019.

Trustees' expenses

Travel expenses to the value of £2,019 (2019: £13,524) were reimbursed to 7 trustees during the year.

9. STAFF COSTS

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

2020 2019
Salaries 2 2

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

Page 14

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THE ASSOCIATION OF CLINICAL PATHOLOGISTS

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST DECEMBER 2020

9. STAFF COSTS - continued

2020
2019		 2020
2019		 2020
2019
£
£
Salaries 68,263 67,145
Social security costs 4,621 3,896
Defined Contribution Pension costs 7,389 7,082
80,272 78,124

10. TANGIBLE FIXED ASSETS

COST
At 1st January 2020 and
31st December 2020
DEPRECIATION
At 1st January 2020
Charge for year
At 31st December 2020
NET BOOK VALUE
At 31st December 2020
At 31st December 2019
FIXED ASSET INVESTMENTS
MARKET VALUE
At 1st January 2020
Additions
Disposals
Revaluations
Impairments
At 31st December 2020
NET BOOK VALUE
At 31st December 2020
At 31st December 2019		 Freehold
property
£
375,000
-
-
-
375,000
375,000		 Presidential
medal
£
280
-
-
-
280
280
Shares in
group
undertakings
£
50,000
-
-
-
(50,000)
-
-
50,000		 Computer
and
office
equipment
£
23,169
15,039
1,220
16,259
6,910
8,130
Listed
investments
£
2,337,794
433,309
(249,742)
17,591
-
2,538,952
2,538,952
2,337,794		 Totals
£
398,449
15,039
1,220
16,259
382,190
383,410
Totals
£
2,387,794
433,309
(249,742)
17,591
(50,000)
2,538,952
2,538,952
2,387,794

11. FIXED ASSET INVESTMENTS

There were no investment assets outside the UK.

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THE ASSOCIATION OF CLINICAL PATHOLOGISTS

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST DECEMBER 2020

12. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

12.
DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Trade debtors
Other debtors
VAT
Prepayments
13.
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Trade creditors
Amounts owed to group undertakings
Social security and other taxes
VAT
Accrued expenses		 2020
£
252,531
132,897
-
4,379
389,807
2020
£
31,391
51,611
3,329
24,028
15,000
125,359		 2019
£
207,157
200,886
925
3,311
412,279
2019
£
826
60,892
1,916
-
3,500
67,134

14. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

Within one year
15.
MOVEMENT IN FUNDS
Unrestricted funds
General fund
Property & equipment
Education & training
Immunology training
Summer School
Fair value reserve - freehold property
Fair value reserve - investments
TOTAL FUNDS		 At 1/1/20
£
1,973,833
32,393
34,750
2,764
3,000
199,483
942,832
3,189,055
3,189,055		 2020
£
-
Net
movement
in funds
£
144,351
-
(16,545)
(1,490)
-
-
53,941
180,257
180,257		 2019
£
355
At
31/12/20
£
2,118,184
32,393
18,205
1,274
3,000
199,483
996,773		 2019
£
355
3,369,312
3,369,312

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THE ASSOCIATION OF CLINICAL PATHOLOGISTS

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST DECEMBER 2020

15. MOVEMENT IN FUNDS - continued

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

Unrestricted funds
General fund
Education & training
Immunology training
Fair value reserve - investments
TOTAL FUNDS		 Incoming
resources
£
411,078
-
-
-
411,078
411,078		 Resources
expended
£
(216,727)
(16,545)
(1,490)
-
(234,762)
(234,762)		 Gains and
Movement
losses
in funds
£
£
(50,000)
144,351
-
(16,545)
-
(1,490)
53,941
53,941
3,941
180,257
3,941
180,257

Comparatives for movement in funds

Unrestricted funds
General fund
Property & equipment
Education & training
Immunology training
Summer School
Fair value reserve - freehold property
Fair value reserve - investments
TOTAL FUNDS		 At 1/1/19
£
1,973,644
32,393
90,000
13,213
5,000
199,483
530,807
2,844,540
2,844,540		 Net
movement
in funds
£
407,348
-
(55,250)
(7,583)
-
-
-
344,515
344,515		 Transfers
between
funds
£
(407,159)
-
-
(2,866)
(2,000)
-
412,025
-
-		 At
31/12/19
£
1,973,833
32,393
34,750
2,764
3,000
199,483
942,832
3,189,055
3,189,055

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

Unrestricted funds
General fund
Education & training
Immunology training
TOTAL FUNDS		 Incoming
resources
£
308,391
-
350
308,741
308,741		 Resources
expended
£
(288,550)
(55,250)
(7,933)
(351,733)
(351,733)		 Gains and
Movement
losses
in funds
£
£
387,507
407,348
-
(55,250)
-
(7,583)
387,507
344,515
387,507
344,515

Property and equipment

Fund established in 1996 to maintain and equip the then new head office at 189 Dyke Road, to enable it to better serve the needs of the members.

Education and training

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THE ASSOCIATION OF CLINICAL PATHOLOGISTS

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST DECEMBER 2020

15. MOVEMENT IN FUNDS - continued

Established in 1996 in order to provide awards and scholarships to undergraduates, newly appointed members and members awaiting consultant status.

Immunology training

Established in 2005 to provide funds to support the immunology training charitable activity for generating funds.

Summer School

RCPath organise a summer school for trainees. ACP has agreed to help fund this event, £3,000 has been set aside for future summer schools.

16. RELATED PARTY DISCLOSURES

There were no related party transactions for the year ended 31st December 2020.

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