REGISTERED COMPANY NUMBER.. 00661584 {En9l•nd ond Wal0•) REGISTERED CHARITY NUMBER: 209455 REPORT OF THE TRUSTEES AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2023 FOR THE ASSOCIATION OF CLINICAL PATHOLOGISTS Parkers Chartored Accountants and R8gi8tered Auditors Comelius House 178-180 chU￿h R08d Hove East Sus8ex BN3 2DJ THE ASSOCIATION OF CLINICAL PATHOLOGISTS CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2023 Pago Roport ￿ the Tru8t••• port of tht Indgpond•nt Auditorn St•t•m•nt of Flnan¢lal Act￿111 10 Balane• Shoot 11 Nott• to tho Flnanclal Statem•ntB 12 to 19 O•t•ll•d Statom•nt ol Flnanclal Actlvltl•• 20 to 21 THE ASSOCIATION OF CLINICAL PATHOLOGISTS REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST DECEMBER 2023 Tho Asscclalion of Clinical Palhologists wa8 first 8et up in 1927, the charitable compeny was in¢orporalad in 1956. Tho A88oaalion 18 a charitable compony limited by guarantee and is govemed by it8 Memorandum and Artrl8s of Association adopted by special re801ution dated 3 Odobei 1996 and updated on 5th October 2017. It is regislerad as a charity with the Ch8ri1ies Commission. The mombers of the charitable company a named on page 4. The members, of which there were sixteèn 8131 Docomber 2023, each guaranleg 10 o)nlribute £1 in the event of the chartlabl8 company winding up. Thè trustee6. who are also directors of thè charity for the purpo688 of the CompanoB Act, Bubmil their annual report and tha audlted fingn¢lal $tatemonts for tho ygar ended 31 Decèmber 2022. Th8 tru8tfjeB have adopted the provisions of the Statement of Rocommendod Practicé ISORPI FRS 102 "Accounting and Reporting by Charities" ¢Bsuod in 2015 in prgparing the 8nnuo1 report and flnancbol 8ts1oments of the charity. The financial gt8lement¥ have been prepared In accord8n¢e with the accounting policies ¥Ot out in nolej to the accounts and comply wlh tho charity'8 govèming d¢xumenl, the Chgrity'es Act 2011 and Ac£ounbng and R•porting by Chari11g$.' Statement of Recommended Practice applk4bl8 to ch8r1t￿8 prepgring Ihgir aecounl$ in at£ordance wllh the Financ￿1 Roporting Stsndard applr4ble in the UK 8nd Republ￿ of Ireland publl8h¢d on 16 July 2014 la8 8m•nd8d by Update Bulletin 1 publS8hed on 2 February 20181. oeJECTIVE8 ANO ACTIVITIE8 ObJ•ctlvM olth• ch*rlty In sétting our objectlve and provkllng 16rvlc88 our TNBts•8 haw glven careful ￿nsId￿r9t1I￿ to tho Ch8ri11•• Comrnission's gener81 guidanc• on public benefit. Thè prlncipal objectives of the AsgorA3tion are the promotion and &ncouYagemenl of thg praGtice of dinical pathology, P￿19r9duQle education and profe88K)nal devolopmenl for pglhologlsls. ACHIEVEMENT AND PERFORMANCE R•vl•w of •¢tlvltl•• Ind p•rforni•n¢• Thè accounts of the A8sociallon for 2023 Show a surplus of £317.751 12022.. £172,978 dèflc6tl Indudlng £291,420 gain 12022.. £179,648 10881 on investments. All prim•ry PLtrpo•? Iroding •ctivitl•8 of the A8Joctr8tion have boen transferred lo the A88ocialK*n. Th089 wgrfy fomièrfy Carr￿ out through tho wholly ownad trading 8ub8idiory, ACPolh Llmlt4d. whlch was e8tabli8hod in May 1998. During 2023 the Journal mgde 8 ju￿luS 4wounling to £224.63412022.' £137,305). Most educational meetlngg conllnuè lo bo held onllno. AB Such ¢)Jsls were groatty reduced. A8 p8rt of the Jupport 8nd development programme for mgmb8rs, the Tru818e8 have deGid•d to ￿ntIn￿ to offor th• ¢ouree8 and meeting& free of charge lo momber8. subject to periodic revlow. Th• ovor•ub8crib•d r•8k4•ntial 2023 Advanc•d Lead•r•hlp •nd Management Couw for PathologTr8ts wa• hèld for 3 day8 at Chilworth Manor, Southamplon, a 8ucceooful P8n Pathology.. Infiammatory #nd Infectsouj Di8e98e8 of the Gl Tract webinar w*$ l*ld in Jun•. A very $ucce88ful AutOP8y Updat• OAY was held cn Zoom Webinar. tho meeting w88 over8ub8crfb8d wth 100 attending. FNg popular Autopsy C888 Presentat￿n8 Webinars were held for an hour during the 8vening8 Ihrougttoul the year A mnlhly 8eries of Chemical Pathology Zoom Webinars wero h8ld. One virtual and two in NewcasUo and Southampton ACP-BSI ClinEcg1 Immunolo9y Training Days w•re held, 8rranged in conjunction with tho Brth'sh Soclety of Immunobw. ACP membèr8 attonded of charg• to all mg9ts'ng8. All tha 8peaker8 al th￿ m•¥ling8 will be considered for tho 8rumfltt m•dai awardod In 2023. Th¥ Brumfltt med81 for 2022 wa8 awaT(l•d to Dr T El4h&nawany, During 2023 the Association publi8hgd four issues of ACP new8. The Associalun 18 ¢o<¥wMr wilh the BMJ Publlshlng Group ol the Joumal of ClinleAI Pathology, which Is o mgnthly publIcat￿n. P￿1 THE ASSOCIATION OF CLINICAL PATHOLOGISTS REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST DECEM8ER 2023 ACHIEVEMENT AND PERFORMANCE Awards and GrnntB durln9 2023 In 2023 Drf8 Sulkowski, Lapit8n. Harri$, Dony, Lawrence. B911 and Ozdgmir were offe￿d support from tho ACP Student Research Fund. Travel grants were awarded lo Drfs and Clarke. Journalism prize8 wero awarded lo DV8 Taze, ￿Ytè, Morgan and Halle¥-Shannon and poster prize's for the Path lo Succ*s8" me81ing in N8wc48110 were aw8rd•J. Car••r D8velopm8nt Award8 wer8 awarded lo Or L•ung gnd MacLoch181nn. A l)onallon wao made lo Ihe Royal Cdlgge of PathobgiBts summer UGh¢￿1. N•w •ppolntm•nt• Or Suzy Lishman becamè PTe8thnt, Dr Ion Frayling tecame Pa81 Pmshlenl, Dr Abblg Pugh tecamè Honorary Chalr #nd Dr Mgrfna Morgan ￿me Educ&tlon Seryot4ry. FINANCIAL REVIEW Subg¢rlptl¢n• OrdinarylExlraordlnary IUKIEirel with papfyr copi08 Tr8inae IUKIEirol with papar eopi88 JCP Flr61 Year C¢n8ultsnls IUKJESrel AJI oversoas members with paper copie8 JCP Rellred wilhoyl Joum81 (UK and ￿er¥eas) £130 £50 £80 £iso £34 MOM￿r• are able to choose to t8kg on-line acc888 onty lo the Journal of ClSnical P8lholow at a reduced rate. Traine88 who cho80 lo take on-line 8cce$$ only were abl8 lo do 8¢ free of charge, which h48 impact9d the momborshlp iubicriptksn incom• thi• y•af InYMtm•nt poll¢y T￿ As8ocialion'8 8lrtkbrok8rJ. Ralhbone 8rothèr8 PLC, offer Al￿￿￿tIon a Managed Portlollo ￿￿1￿. The valu• of th• Ass¢Ci$t￿n.S inveBlment8 88 8t 31 Da¢¥mb•r 2023 had Increa8ed to £3,231,842. Rathbonfj Brothers PLC eontinut8 to inv881 to provide Iht A81oclal￿n wth ino)m•. In thi? y•gr il w88 d•dd•d that th• dividgnd income would conllnue lo bè r8.bnvg810d. Tho Councll of thè Awo8lKJn ¢on8id•r the return on InV￿tment• lo b• aatl8f#ctOry 88 Ralhbon• Broth•r# PLC consl8lenlly Ou￿rfo￿ the Indu81ry benchmork flgur88. The A8sttlatlon'$ Flnanca Commlttoo rgvlews inv8slmenl Strategy annually with ou¥ Investment manager8. 11 ￿ the th8rity'8 policy to specifically exclude Investments in armaments and lobawo. R•••fVW poIIcy Slnca the A&4ocialion's inception in 1927 as an unin¢orpor8lfjd body, il has been wognisgd as o tharity bul 01 no tlm• ho8 any 8pwal t4en m8de lo the public for fund8. Thg re80ry88 ha￿ arisen from the 8urplu8 01 It8 onnu81 income (comprising members. sub8criptionB, investment golns ond the 8urpluB from the Journal of Clini￿1 Palhol¢)gyl over 118 gnnual eyndiluw. The surplu8 ha8 boon inv88l•d mainly in aqui1108 and Ih•ae havo increased In value, largely 88 a result of infi8ts'0n. The A88ttiatlon'8 8nnual expendllure 18 opproxlmatoly £300,000 8nd in order to D8feguard the running of activities such a$ Scigntific Meeting$. gducalional cLJur8e8, m•gtr'ng$ and grants funded by tho A88ociation, is fj$senli81 that an 8dequato re8orve of general funds held. The Joumal of Cllnlcal Pathology Producèd a substantial surplus In 2023 whth w88 U8gd lo 8ub8ldlso Ihg A8soa'alion's other aciivilies., however Ih8sè profits cannot be relied upon. The Tru8tee8 8rè con8thring ways to rai88 aworen888 of tho support avalloblg to momts•rs and to fvrth8r promoto the prnra￿ ofclinical pathology in futur•. Pag• 2 THE ASSOCIATION OF CLINICAL PATHOLOGISTS REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST DECEMBER 2023 FUTURE DEVELOPMENTS The Association will continue lo Support and develop po$lgraduate education for pathologists by organiwng meetings. trÈining ¢xur8e8, publution of Joum81s and offering gr8nl$ to yupport pathologists and pathologi818 In training who wish to undertake yariod6 of further 81udy. The Trusteès ar8 looking to Inc*6a80 tho amounts ol the grants whore funds pem)il. STRUCTURE, GOVERNANCE AND MANAGEMENT Gov•rnlng documènt The ch8rity 18 ￿ntrOll•d by it8 governing document, a daed of Iru8t, and con8tthts8 • Ihnited company, limitèd by gtsarantse, as defined by tho Companies Act 2006. Ory•nl••tlon Tho Council of the A890cialkJn o)mpd8é$ of the Ch8irmgn of Council, Honorary Ti•a8ur•r, Honorary Sèergtory, Preildont, Pr•sldent-eb¢ And tsve￿a elect•(I members. 98118l•d on page 4. The Council meets quarterfy lo 8dminisler th6 AS￿all0￿, During 2023 ACP Councll he￿ ￿ meellng8 on Zoom, one In Leed8 and one in London. The 2023 Annu81 General Mgeling took pl9￿ on 24th June In London. Sub)m lo dl8eU85 mattèrs p8rtalnlng to the varlou8 $Pgcialllles. Th8 Fln4nco Committeo meet& VI￿ a year lo r•v+ew th• fin8noal affairs of the A￿ti￿allon, Thè doy lo day runnlng cf thè A880cialion 18 carrW out from the A8Bocio1ion'8 Central Offico in Hove with rnembors of staff working from home werg pts88ibl•. Induction and tr*lnlnp ol n•w tru•t••• Trustees are nominated by thoif peers and each noming9 mu81 b8 an ordlnary member of the A88ociallon of Clini￿1 PalhobJi8ls. If more than four nominations are received, ballot papers are sent to all ordinary and relirod members. Trustee8 or8 alected for 8 fixed tgrm ol three y8ors. All now mombers of Council receive Copy of on inducttjn pack, whlch includod InfomalKJn from tho Charttlg8 CommI￿lOn 18 well a8 bnfonn4lion rèlallno Specifically to the A88tt1ot￿n. Rl•k Man*g•m•nt. Gov•rnane• and Int•rn•l Control• Tho Iru81o88 8cdvety revw the major rfskl whkh the charity facoB on a r•gular bail8. The truste88 are Involved In tho day to day op8ralion8 of the charity 10 8uch ar* exlenl that they ara owgra of malntainlng certain knls of funding lo ensure resources 8rg available lo continuo opwgling. They have 8180 examined other operational and busine88 risks faced by tho tharity and confirm that they ho￿ e$tabllsh•d 8y•lbms to milyig tho jignificant riski, M•mb•r•hlp of th• a••ocl•tlgn Th8 general m&mbership as 8131 Decemb8r 2023 was 933. During 2023, 14 naw Ordinary m8mbgr8 and 82 new trainee membars were acc•pled, The preunt m¥mb•r8hip eompri888 $71 Ordlnary and Relirod members, 11 Honorary mombors, 2 Extraordinary member8 and 349 Tr8inoe member8. REFERENCE AND ADMINISTRATIVE DETAIL8 R•gl•t•r•d Company numb•r 00561584 IEngland and Watesl R•gbt•r•d Ch•rlty numb•r 209455 R•gl•tsr•d ¢)ffl¢• 189 Dyke Road Hovo Ea81 Sus8ex BN3 ITL Pap3 THE ASSOCIATION OF CLINICAL PATHOLOGISTS REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST DECEMBER 2023 S Lishamrf l Frayling A Pugh J Burton T El4hanawany K Skordil B Wilkins M Morgan W Simp80n C Gray B Crogl C Meek A Green P Taniere H Dglaney M Clarke H Bourne S Ruane W Wassrf A￿￿rt Presid8nl Pg$t Presidenl Chair of CouncAI Chair of Council Honor8ry Treasurer Honorary Secretary Member of Council Member of Coun￿1 Momber of Counc41 Member of Counol Member of Counol Membèr of CouncAI M8mber of Countil Membef of Coun￿1 Membor of Council Member of Counctl Member of Counal Membgr of Council Mernber of CouncAI Member of C¢)uwl Appointed 24 June 2023 Appointed 24 June 2023 effiC9Bn￿4 Jvn8 2023 AIAppgthtt24 June 2023 Appointèd 24 June 2023 Apwntèd 24 Juno 2023 Office ended 24 June 2023 Appointed 24 June 2023 orri¢6 ended 24 June 2023 Office ond8d 24 June 2023 Offke endod 24 June 2023 pointed 24 June 2023 Appointed 24 June 2023 Appoint8d 24 June 2023 Appointed 24 June 2023 Auditoré Parkèr8 Chartered Accountants and Ragi$tgred Auditors Comelius House 17&180 Church Road Hove East Sussex BN3 20J Solkltorn Hempsons 40 Villigrs Street London WC2N 6NJ Bankern HSBC Bank PIC Coventy DSC Harry Wgston Road West Midland8 CV3 2TQ Inve8tm•nt Managorn Rathbone Brothers PIC 1 Cuoon Street London W1J SFB STATEMENT OF TRUSTEES, RESPONSIBILITIES The trustees (who ore a180 thg dire¢tots of Tho As50cialion Of Cllnthl Pathologlsi8 for ihe purpo8e8 of company lawl are responsible foi preparing the Report of th¢ Tru$taas and the linanaal stal*menl$ in accordance with applicable law and United Kingdom Accounting Standafd$ (Unitéd Kingdom Generally Accepted Aminting pra¢h￿l. Poge 4 THE ASSOCIATION OF CLINICAL PATHOLOGISTS REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST DECEMBER 2023 STATEMENT OF TRUSTEES. RESPONSIBILtTIES- contlnued C¢)mpany law reqtsires the tru81ees lo prepare financial stalernents for each finanoal year wh￿h givo a true and fair of thg 6ts1e of affairs of tho charitable company and of the incoming resources and applicatton of rgsoureès. including the incLJme and exp8ndilure, of th8 chaiit8ble company fot that par#￿. In prwring th058 financial statements, the trustees are required lo se* suitable a￿Unting poI￿leS and then 8ppty them ￿nsIstantly.. obseNe the meth￿3 and principbs in the Charity SORP,. rn8kejudg8ments and ests'mats8 that arg re880nabte and prutJent', prepare the financial slalements on the going concern basis unless it inappropriate to pr88ume that the charitsble company will continuo in busineBS. Th& trustees arg responsible for keeping proptrr 8ecounling records which disclos8 with reasonable accuracy al any lime the finanaal pOs￿0n of the Charitable company and lo enable them lo ensure that the financial ststem8nts comply with the Companies Act 2006. They aro glso responsible for safeguarding the assets of the charitsble company and hen￿ for taking reosonable steps for th& pr8v&nlion and detection of fraud and other irregular(ties. In so far as the trustees are aware.. there is no relevant audr( infomalion of which tho char4table comp8nV8 audStor8 are unaware., and the tnjstaes have taken all steps that they ought to have taken to mak8 themselves aware of any re￿vant audit infomBtKx) and to establish that the 8uditor8 are aware of that information. AUDITORS The auditors, Parkers. will be propjsgd for ro-appointmenl at the forthcoming Annual G&nero1 Meeting. Approved by ord8r of the L>)8rd of trust￿$ on ...... ...... . and signed on its bohaw by.. Dr T El-Shanawany- Trustee P890 5 REPORT OF THE INDEPENDENT AUDrroRS TO THE MEMBERS OF THE ASSOCIATION OF CLINICAL PATHOLOGISTS Oplnlon hove audited the financial st81emènts of The Association Of Clinical Pathologist8 Ithe 'charitable company'l for the year ended 31st December 2023 which comprise the Statement of Financial Acbvlties. th8 Balance Sheet and notes lo the financial stglements, including a summary of signfficanl accounting p31iues. The fingncHI repgrts'ng framework that has trAen applied in their prepar81ion 15 applicable law and United Kingth￿ Accounting Standards (United ltingdom Géneral￿ Alxèpted Accounting Practicè}. In our opinion the fin8nci21 stal$ments'. give a true and fair view of the slate of the charitab18 company's affalrs as al 31st Decemb&r 2023 and of ils incoming ￿sourceS and applThlion of resour￿, induding ils income and èxpenditure. for the year then ended.. havo 1)een PTopety prepared in occordance wllh Unltgd Kingdom Generalty knptsd Ac£ounting Practice.. 8nd havo been ptepared in 8¢xordance with the requirements of the Companies AGt 20C6. Ba81• for opSnlon We conducted our audit in accordance with Internat￿nal Standard8 on Auditing (UK) (IS48 (UK)) and applicable law. Our responsJbilrti8s undar Ih¢)se standards are further d￿ribed in tha AudttOTS' responsibilities for the audtt of the finanoal st8tem&nt8 sectDn of our report. Wè are ind8P8ndent of thè ¢h8ritsble company in 8￿rdance with the ethic81 requirements that ar¥ relev8nl to our audrt of the financial stateff￿nIg in the UK, incl(tding the FRC'S Elhul Standard, and we have fuffilled our other 91hico1 responsibilities in ac£ordance with these requirements. We be1￿￿e that the audit ovidence wo have obtained 18 suffioent and appropriats to provido a b88is for our opinicjn. Con¢lu8ion8 relatln9 to golng ¢oncgm In 8udiling the financial stalemenls, we have conduded th81 the Irustses, use of the going wncem basi8 (rf accounting in th8 preparallon of the financial statements is appropriate. Bosod on the work we have perfomied, we have not identified any material unc*rtainlies rekn'ng to evenl$ or eondilions tha( indiwduglly or collective￿, may cast 8ignifieanl doubl on the charitable ￿MpanY'S ability to nlinue as a going concern for a perh)d of al least months from when the financial statements ar8 aulhori8e(I for issue. Our responsibilities and the responsibiliti88 of the tru$lee8 with re8pect to going ctsncem are des¢rikd in the re￿an1 8eciion8 of this rewrL Other Irrforniatlon The Iruslees are res￿n81b1¢ foT the othèr infomialh?n. The other infomalion eLJmpri8es the infom)ation induded in Ihg Annual Report, ot￿r than the financial $ts1omgnts and our Rgpc*rt of the Independent Auditors thergon. Our opinion on the financial stalemonls d¢3e8 not cwr tho other inf0m￿tIOn and, except to the extont olhemise explicitly Stat￿ in our report, we do not express any form of assurance ojndusion Ihoreon. In connection with our audit of the financial Statemènts, our responsibilty is to read th8 Othar Infornatlon and, in doing so. consider whether the othér inforrnation is m81erialty inconsistant w¥th the financAal statem•ntS Of our knowledge obtsined in the audit or othe￿ise appears lo be materialty misstated. If we identify Such m81erial inconsl$len¢ies or apparent matsrial misstatements, we are required Its d8lemiine wholhgr this gives se to a material misstatement in the financial stslements Ihery)selves. If, based on the work we have pgrf¢m)ed, we conclude th81 there is a material misBtatemonl of this other information, we are required to report that fad. ￿ have nothing to report in thi$ rfjgord. Oplnlon$ on othèr matt•rn prn8crfb•d by tho Companl•J Act 2006 In our opinion, based on the work undarraken in the course of the 8udit'. the inforrnation givon in the Report of the Trustees for the finanaal yoar for which the finanual statements are prepared 18 con3iStenl with the financial statemants., and th& R8POrt of the Tru8t•es ha$ prepared Sn accordanca wf(h appluble l&aal requirements. Page 6 REPORT OF THE INDEPENDeNT AUDITORS TO THE MEMBERS OF THE ASSOCIATION OF CLINICAL PATHOLOGISTS Mattorn on whlch ￿ arn r•qulr•d to report by •xceptlon In tha light of the knowbdp 8nd understanding of Ihe ¢haritabKg eempany and its ?nwrgnm8nt obtain*J in the COUT8e of the a￿({, we have not identified materF81 misstalemenl$ in the Remirt of the Trust￿. havo nothing lo report irn resp￿ of the following matters where the Companies Acl 20C6 require5 Us to r8pDrt lo you ff, in our opinion.. adgquale 8ccounling re￿rdS hovo not keen kept or relum8 8d¢qu8to for our atsdil have not been received from branches not visited by us,. or the finanrAal stslements are not in agreement with the acwunlin9 record8 and rthm8', or certain disclosures ol trustees. remuneration sp&crfied by18w are not made.. or W8 have not receNgd all the irrfomiation and explanations we require for our auéil., or tho trustees wer¢ not enliued to take advantsge of the small CL)mpani8s exomption from the wuirement to prepare o Strategic Rgport or in preparing the Report of the Trustees. Re8pon8lblllilu of tru8tW8 As gxp18ined more ful￿ in the St8tsment of Tru8tse8' Respon&bilities, the trustees {who are also the director8 of Ihg charitabl8 company for the pyrkf)ses of Company lawl are respDnsibLg for thg prgparation gf the financial statements and for being satisfied that they give a true and fair view, and for such inlemal control as the trustees d¢termine is necessary to enable the preparation of financial statoments that 9ro free from material misstatomgnl, whether d4Jg to fraud or error. In p¥ep8ring the finana818tslements, the IN81ees are responsible for assessing the ch8ritable C￿￿panY'S abilty lo conlinug as a goin9 coneem, disclosing, as appI￿able. matters relatgd to going concem and using the going concem basis of accounb'no unless the Iruslees either intend lo l*]uidale the charitable company or to cease ¢)pgralions, or have no realislic altemalive bul to do so. Poge 7 REPORT OF THE INDEPENDEiif AUDrroRS TO THE MEMBERS OF THE ASSOCIATION OF CLINICAL PATHOLOGISTS Our Mpon•lblllt108 fortho audlt of tho fln•nclal •tatomont8 Our objectives aro to obtain re88onab18 assurance about whfrthor the financial Btatemenlg as a whole are fr09 from material misstalemonl, whether due to fraud OT error, and lo issue a Report of the Ind8F*ndenl Audf(ors that includes our opinion. Re880n8ble a88ur8nce is 8 h￿h level of a8surancE, but 18 not a guarantee that on audf( ￿ndUCtetemiinus with the accounts'ng pericd. Exp•ndlturo Li8bililies ar8 r8cognised as ox[￿d[tUr$ as soon as there is a legal or ￿nStrUcti￿ oblio8tion committing the charity to that expendituro, il is probable that 8 transfer of economic benefi15 will be required in settlement and the amount ol the obligation can be measured reliably. Expèndktura 1$ accounted for on an accruals basis and has b8en classified under headings that aggregate 811 ￿st related to the category. Wnere costs cartrnol be directly attributod to parb'cular headings they have been allocated lo activities on a basis cnnsistenl wsth the use of resources. Fundraising costs are those incurred In Seeking volLtntsry cDntribuli¢)n8 and ¢Jo not include the cvsts of disseminating infomiation in suppprt of the charitable activate8. Support costs are those c05ts incurred directy in support ol expenditure on the oty'ects of the charity and include project management carried out by Headqu8rters. The support costs consists of governanee costs wrth regard lo the charitabl¢ C£smpany. The support cost has been split PTOPOrtionalty In ralation lo the expend(ture for actMlie$ undertaken directty. Management and adminislralion costs are throes incurred in connection with administration of the chgrity and complianee with con81ilulional and sLknry requirements. Tanglblo fix•d a880ts Depreciation is pro¥￿ed at Ihts followin9 annu81 rates in order to write off aach a58et o￿T its esllmated useful lrfe. Freehokl property PreS￿ential medal Computor and offic8 equipment not pmid not provided 15% on reducAng balance Page 12 I>￿11nUed... THE ASSOCIATION OF CLINICAL PATHOLOGISTS NOTES TO THE FINANCIAL STATEMENTS- ¢ontlnu•d FOR THE YEAR ENDED 31ST DECEMBER 2023 ACCQUNTING POLICIES- contlnu•d Tanglblo flx•d The fffthold property and presidential mgdal are not depreciated on the ba818 that both th8 dapreciation charge and accumulated depreciation are immaterial due to the very long life and the high re$￿Ual value sustained through regular maintenance. The freehold property wa3 Iransfrrred 8t deemed cost on 1 January 2014 Ilhe transition date for FRS1021. Taxatlon The charity ￿ oxempl fiL¥)) CpJrporation tsx on its choritabk activitigs. Fund a¢countlng Unrestride(I fund5 can usod in accordance w(th the charrtable objectThle8 at the discretion of the trustts8. Designated funds CL•mprise unrestricted funds that hgve been set aside by tho Trustees for parti￿lar purposes. The aim and us8 of each designated fvnd 18 sel out in the notss to the financial stat8ments. Restrtcted funds ¢8n only be u8ed for porticuLqr re8tricted purpts￿ within the objects of the charity. Restrictions arise when specif￿￿ by the donor or when funds are raised for p8rtKular reslricted purp)ses. Ponslon co$t8 and other pD8t49tlrom•nt b•nofft• The Assoaation contributes lo defined contribution schemes for the btrnefil of employees at Central Office. Payments are charged lo the SOFA 88 incurred. The Association provides no other post retirement bènefits to its employe98. Company stat Thg Association is a private thartsblg company Ilmited by guarantee, registorad in England and Wales. The member¥ of the charitable cornpany are the Trustees named on page 2. In the event of th& Asstscialion being wound up, the liabilty in r88pect of the 9uaronte• is limited lo £1 per rrwib8r of thè A6soUa￿On. Invotstm•nt pollcy Investments held as fixed asset5 are staled at market value. Any gain or lo$$ rgvaluat'on Is takèn lo Ihg Stslement of Financial Athvilies. The investment incomo on the SOFA is slai8d net of any tax credits bul inclusve of withholding and other tsxes. Irr•¢ovgrabh VAT The ASsocial￿n 1$ registered for VAT bul is classrfied as partially exempl by reason of the Substsntial amount of edu¢alional activity. As 8uch, the tharity is unabb lo recover all VAT on expenditure incurred, OTHER TRADING ACTIVITIES 2023 2022 Memter subscriptions 48.869 54,111 Pag•13 ts)nlinued... THE ASSOCIATION OF CUNICAL PATHOLOGISTS NOTES TO THE FINANCIAL STATEMENTS- contlnu•d FOR THE YEAR ENDED 31ST DECEMBER 2023 INVESTMENT INCOME 2023 2022 other fixed awt invest- Fll Intsros1- FrAed asset socuriti 47.292 19.547 44,295 11,288 66.839 55,581 RESOURCES EXPENDED R•l8lng don8tlon• •nd1ogxl 2023 2022 Postage ACP New$ Central offic8 8>pen888 Counal meeting Dep￿CIatiOn Irrecoverabb VAT Investrnenl managemonl costs ACP Website 8.082 35.855 20,006 19,608 749 4,606 20,965 19,673 11.805 881 2,420 24,675 1,000 25,S72 2,000 117.521 85.825 SUPPORT COSTS Goveman¢e Other re8ourw expanded 27.386 Support costs, included in the above, ara as foll¢N8-. Gov•manu ¢08t8 2023 Other resourcas expended 2022 Totsl tivities Auditor8, rwnuneration Bank charges Professional fees A￿un￿nCY fees 1.750 747 20.139 4,750 1,760 878 1,320 5,000 27.386 Page 14 rtsnlinued... THE ASSOCIATION OF CLINICAL PATHOLOGISTS NOTES TO THE FINANCIAL STATEMENTS- ¢ontlnu FOR THE YEAR ENDED 31ST DECEMBER 2023 NET INCOMEI(EXPENDITUREI Nat inc0mollexpendf(u￿I 18 Stated after chargin￿(credi￿n9l. 2023 2022 Auditor8, remuneration Depreciation - ownod 088ets 1.760 749 1,750 TRUSTEES. REMUNERATION AND BENEFÈTS There no trustees, remuneration or oth8r benefrts for the year ended 3181 December 2023 nor for the ygor ended 31st D￿eM￿er 2022. Tru8t•v' oxpon• Travel gxFen888 to the valug of £7,22912022'. £2,323) were reimbursgd to 12 Iru¥te8s during the ye8r 12022.. 101. STAFF COSTS The ovgwe monthty nLbmb8r ofemployees ¢Juring the yearwas 08 followy.. 2023 2022 Administratwe staff No em￿oYeeS r￿eNed emdum8nts in excBsB of £60,OCK). TANG18LE FIXED ASSETS Computer and office equipmonl Freehold property Presidential med81 Totals COST Al 1st January 2023 and 31 sl Dèr*mber 2023 376.000 2BO 23.169 398.449 DEPRECIATION At 1$1 January 2023 Charye for year 18.176 18,176 At 31st D￿mtfjr 2023 18.926 18,925 NET BOOK VALUE At 318t D￿rnber 2023 376.000 280 4,244 379,$24 Al 3181 December 2022 375,000 4,993 380,273 Paoe 15 o)nb'nuod... THE ASSOCIATION OF CLINICAL PATHOLOGISTS NOTES TO THE FINANCIAL STATEMENTS- contlnu•d FOR THE YEAR ENDED 31ST DECEMBER 2023 10. FIXEO ASSET INVESTMENTS Listed in￿StmentS MARKET VALUÉ Al 1st January 2023 Additions Revalu8tionB 2.746.852 259,423 116,094 At 3181 DeCem￿r 2023 3.122,369 NET BOOK VALUE Al 31st December 2023 3,122,369 At 318t Decembor 2022 2,746,852 Thoro were no invg8trnenl a888ts out•kle the UK. Cost or valuallon al 3181 Dec•m￿r 2023 IJ rnpreaantsd by.. U•t•d Invo•tm•nt• V4lu8tion in 2023 Cost 1.018A84 2,103.885 3.122.389 If fixed 88881 Inve8tm•nl8 had not r•valu•d th•y would hav• bMn induded 81 the followlng hk8lorico1 c08t'. 2023 2022 Co8t 2,103.886 1,844,459 Flxod 8888t Inve8ttn•nt8 wern velL¢ed on an open merket b#818 on 31•t Dec•mbgr 2023 by Rathbone8. 11. DE8TORS'. AMOUNT8 FALUNG DUE WITHIN ONE YEAR 2023 2022 Trad8 ￿￿torS Other debtor8 VAT Prepayments 263,247 114.609 835 1,250 197,246 157,448 350 1,250 369.941 356,292 Page 16 nlinued... THE ASSOCIATION OF CLINICAL PATHOLOGISTS NOTES TO THE FINANCIAL STATEMENfs- contlnu•d FOR THE YEAR ENDED 31ST DECEMBER 2023 11 CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2023 2022 Trade creditors mounts owed to group undertakings Social security ancl other taxes Accrued expenses 38,829 52,362 30,124 52,362 1,952 5,2 5.250 96.441 89.694 13. MOVEMENT IN FUNDS movement in fvnd$ Al 31112r23 At 111r23 Unr••trktod fund8 General ￿nd Propèrty & equikyment Summgr Sd)ool F8ir value reserve- freehold propety Fair value reseNe- investments 2.499,232 32,393 3,000 199,483 902.390 204,667 2.703.889 32,393 (3,000) 199,483 1.018A84 116,094 3,636,498 317,761 3.964.249 TOTAL FUNDS 3.836,498 317,761 3.954.249 Net rnQV8rnent in funds, induded in the obove ore as follows.. Incoming sources Resour oxpanded Gains ar l¢)sses Movement in fund8 Unrg4trfctsd funds General fvnd Summer School Fair value reserve- investments 340.342 176.326 204.6S7 {3.0001 116.094 13.0001 116,094 340,342 1314,0111 291,420 317,751 TOTAL FUNDS {314,011} 291,420 317,751 Page 17 o)ntinued... THE ASSOCIATION OF CLINICAL PATHOLOGISTS NOTES TO THE FINANCIAL STATEMENTS- Mntlnuod FOR THE YEAR ENDED 31ST DEceM8ER 2023 13. MOVEMENT IN FUNDS- contlnugd ComparatlvM for mov•m•nt In fund• Ngt movemgnl in funds At 11tr22 31112122 Unr•strf¢tod funds General fvnd Property & aguipmgnl Immunology training Summer S¢hoDI Fair value reserve- freehold propgty Fair valu• reserve- invostrnenls 2.318,146 32,393 2,688 3,000 199,483 1.253,766 181,085 2,499,231 32.393 12,688) 199.483 12,391 1351,3751 3.809,476 1172,978) 3,636,498 TOTAL FUNOS 3.809,476 1172.9781 3,636,498 Comparatwe nel movement in funds, induded in the above arè as lolltrws.. Incoming resourc$8 Resources Gains and Movement expended losses in funds Unro8trtctod funds General fijnd Immunology training Fair value reserve- investments 246,997 1237,4391 12,6881 171.527 181.085 12.e881 1351,3751 1351.3751 246,997 1240,1271 1179,8481 1172,9781 TOTAL FUNDS 248,997 1240,1271 1179,8481 {172.9781 Prowrty and wulpmont Fund establishad in 19* to maintain and equip the then now head i)ffi¢e at 189 ￿ke Road, lo enable it lo bettar sèrve the needs of the members. Education and tralnlng Establish8d in 1996 in order to provide awards and schdarships to undergraduates. nthyly appointed rnembets and members awaiting eon8ultanl 5tths. Immunology tralnlng Estsblished in 2005 to provide funds to SUPFQrt th8 immunobw training charit8bK* actThiity for generating funds. Summer School RCPalh organise a summer school for trainees. ACP has #greed lo help fvnd this evenL £3,000 h been set asidé for future summer schools. Pago 18 rx)ntinued... THE ASSOCIATION OF CLINICAL PATHOLOGISTS NOTES TO THE FINANCIAL STATEMENTS- contlnu FOR THE YEAR ENDEO 31ST DECEMBER 2023 14. RELATED PARTr DISCLOSURES Thero wern no related party tranSaCt￿n# for the year ended 3181 Dacembw 2023. Page 19 THE ASSOCIATION OF CLINICAL PATHOLOGISTS DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31ST DECEM8ER 2023 2023 2022 INCOMING RESOURCES Othertrndlng act1v1t￿• MaM￿r sub8cription8 48,889 54.111 Inv8•tm•nt Incom• Other fixed a88et invest- Fll Intere8t- Fix#d a8s818tturiliei 47.292 19.547 44,295 11,286 88.839 55,581 Oth•r Incom• JCP Profft 8har• 224,634 137.305 Total Incomlng r••ourc•• 246,997 EXPENDITURE Inq donatlon• •nd l•qict•• Postsge ACP Nèws Contral office exwnse• Council me6ting Doprnelation Irr8covor8bl& VAT InveJtm8nl manapmont fMIB ACP ￿b&it0 8.082 35.866 20.006 19,608 749 6,649 26,572 2,000 20,965 19,673 11.805 2,420 24,675 1,000 117,521 85.825 Olh•rtr•dlng lctlvltl Wo908 Social 8OCUrity P•n8ion6 84,471 4,146 8,860 78,735 3.173 8.003 97,477 87,911 Ch•rltabl• 4ctlvltt•• Trnvel fund grBnl Don81ion8, prizes and 8wn8orship Bsc 8tud•nl grant Immunology training Edue4llonal M•ettng8 1,892 16,060 21,988 1,204 30,493 3,181 18,390 2.OL)O 3,828 30,044 71.627 57,443 Support ea•t• I30v•rn•n￿ C￿1• Audliors, romuneratk>n Cgrried forward 1.700 1.750 1.750 1,750 Thr8 page dcej not forn part of the slalulory financial ststements Page 20 THE ASSOCIATION OF CLINICAL PATHOLOGISTS DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31ST DECEMBER 2023 2023 2022 (JoV•Man￿ costs Brought forward Bank chgrges Professional fe•8 Accountsncy f998 1,760 747 20,139 4,700 1.750 878 1,320 5.000 27,386 Total reK*uree8 èxpend8d 240,127 N•t Ineom• b•foM galn• and lo• 28.331 8,870 R•all••d rncognl••d galn• •nd IoM•• Realised gain8111068e81 on fixed 98881 inv•Ntmenl8 176,326 171,527 N•t Incom• 201,667 178,397 Thi$ p898 do88 not fom part of the Statutory financial 8tatsm8nt8 P890 21