REGISTERED COMPANY NUMBER: 00561584 {England and Wales) REGISTERED CHARrrY NUMBER.. 2119455 REPORT OF THE TRUSTEES AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2024 FOR THE ASSOCIATION OF CUNICAL PATHOLOGISTS Parkers Chartered Accountants and Registered Auditors Comtslius 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 2024 Page Report of the TNstees Report of the Independ•nt Audltors statement of Flnanelal Activitiès 10 Balanc• Shè•t Notes to the Financial Statements 12 10 19 Detailed Statement of Financial Activities 20 to 21
THE ASSOCIAllON OF CLINICAL PATHOLOGISTS REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST DECEMBER 2024 The Associallon of Clinical Palhologisls was first set up In 1927 and, the charitable company was incorporated in 1956. The Association is a charitable company limlled by guarantee. 11 is govemed by ils Memorandum and Articles of Assttialion adopted by special resolution dated 3 October 1996 and updated on 5th Ocl(knr 2017. 11 is registered ag a charity wth the Charity Commission for England and Wales. The Members of the charitable company are named on page 4 and are also the charivs Trustees. The company Members, each guaranteg to contrfbule £1 In the event of the charitable company winding up. The Trustees, who aro also Directors of the charity for the purposes of the Companies Act, herewiih submit their annual report and the audited financial statements for the year ended 31 Decembgr 2024. The trustees have adopted the provisons of the Statement of Recommended Practi ISORPI FRS 102 "A¢¢ounling and Reporting by chari$., Sssued In 2015. In preparing this annual report and financial statements of the charity. The financial statements have been prepared in accordanG9 Wth the accounting policies sel out In notes to the aCunts and comply with the charitys governing document, the Charities Act 2011 and "Accounting and Reporting by Charities.. Stslemenl of Recommended Practice. as referenced above, applicable to charities preparing their accounts in aOrdanCe with the Finanryal Reporting Stanijard applicable in the UK and Rgpublic of Ireland (published on 16 July 2014 and amgnded by Uwlate Bulletin 1 published on 2 February 20161. OBJECTIVES AND ACTIVITIES Oblectlves of the chartty In setting our objective and providing seNices our Truytees have gfven carefijl consideration to thg Charities Comrnission's general guidance on public benefit. The principal objectives of the AsKKiation are the promolKJn and encourag8m8nt of the prdcbce of clinical pathobgy, posl9raduate education and prof8sslonal developm8nl for pathologists. ACHIEVEMENT AND PERFORMANCE Revlew of actlvltles and perfomiance The Association's income derives primarily from membership subscripllons, sub8crSptions and other earnings from the Joumal of Clinical Pathology {¢o-owned by the ACP and the British Medical Journal Publishing Group) and investrnents. All primary-purpose trading activities of the Association have been transferred to the A5socAation. These were formerty carried out through the whollyryowned trading subsidiary, ACPath Limited. which was established in May 1996. The accounts of the Assoaalion for 2024 show a surplus of £266.47312023.. £317.7511 including a £198,782 gain 12023.. £291,4201 on investments. During 2024. the Joumal of ClinKal Pathology made a surplus amounting to £234,087 {2023'. £224,634). During 2024, the Association'5 premises in Dyke Road in Hove were sold. generating a capital sum of £453,(X)O which has sUbseqUenY been added to our investments managed by Rathbon8 Brothers PLC. Most educational mealings continue lo b8 hekl online, greauy Teducing costs. As part of tho support and deveLopment programme for the Association's membeTY, the Trustees have decided to continue to offer the courses and meetings free of charge to membeTS, subject lo perw)dic review. Al speakers at these meetings are considered for the Bfttmfrtt medal which. in 2024 was 8wafded lo Dr Bridget Wilkins. Thè Dyke Lecture was given by Professor lan Tomlinson. who was duly awarded the companion Dyke medal. The Marshall medal for outstanding contribution to the ACP'S activiknes was awardod to Dr Marion Wood. During 2024, the Association published four issues of our in-house joumal for membgrs. ACP nM. The ¢owned Joumal of Clinical Pathology, a eerVieWed academic iournal, is published monthly anil retains go¢xl impact factor in its field. Page I
THE ASSOCIATION OF CLINICAL PATHOLOGISTS REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST DECEMBER 2024 ACHIEVEMENT AND PERFORMANCE Awards and Grants during 2024 In 2024 Drs Zhu, Chiu, Thomas, Vincent, Buttercase, Mendorca, Amram, Heihre, Geddes, Johul were offered support from the ACP Student Research Fund. Travel grants were awarded lo Ors Lloyd, De Butler, Adebambo. Westby, Young and Clarke. Incentive Prizes were awarded lo Drs Parsons, Freimane and Foster. Journalism prizes were awarded to Drs Bracey, Ruane, Issa, Whyte and Prol Lucas and poster prizes Ic>[ the "Palh It> Su¢¢ess" Mling in Newcastle were awarded. A Career Development Award was awarded to Dr Ruane. A Donation was made to the Royal College of Pathologists. undergraduate summer school. New appointments Dr l Frayling's term as Past President ended on 15th June 2024. Dr Lance Sandle was appointed as President Ele¢t on 15th June 2024. Dr 8 Wilkins bec2me HOrrary Se¢re¢ary. FINANCIAL REVIEW Subscriptions OrdinarylExlraordinary IUKIEirel wlh paper copies JCP Trainee IUKIEirel with paper copie5 JCP First S Year Consullanls IUKIEirel with paper COFNes JCP Overseas members with paper copies JCP Retired without Journal (UK and Overseas) £130 £50 £60 £150 £34 Members are able to choose lo lake on-line awess only lo the Journal of Clinical Pathology al a Teduced rate. Trainees who chose lo lake on-line acce55 onSy are able to do so free of charge. Investment policy The Association's stockbrokers. Rathbone Brothers PLC. offer the Association a Managed Portfolio service. The value of the Association's invèstmènts as at 31 December 2024 had increased lo £ £3.407.796 Ralhbone Brothers PLC Gontinves lo invest to provide the Associztion with income. In this year il was deGided that the dividend income would continue to be re-invested The Association's Finance Committee reviews investment strategy annvalty with our investment rNanager5. 11 is the charity's poliGy lo specrfi¢ally exclude investments in armaments and tobacco. Resèrves policy Since the Assooation's inception in 1927 as an unincorporated body. il has been recognised as a charity bul at no lime has any appeal been made to the publi¢ for funds. Reserves have 8risen from the surplus ol its annual InGomé (comprising members, subscriptions, investment gains and surplus income from the Joumal of Clinical Palhologyl over annual expenditure. The Association's annual expenditure is approximately £300,000 and, in order lo safeguard the running of activities such as Scientrfic Meetings, educational couises. meetin95 and grants funded by the Association. is essential that an adequate reserve ol general funds is held. The Journal of Clinical Pathology pioduced a surplus in 2024 which was Used to subsidise the Association's other aclivilies., however these profits cannot be relied upon long temi. FUTURE DEVELOPMENTS The Associ31iDn will continue to support and develop postgraduaie edu¢ab'on for pathologists by olganising meetings, trainin9 courses, publicalion ol journals and Offen9 grantg lo suppori palhologists and palhologisls In training who wish to Ljndertake periods ol further study. The Trustees are looking lo 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 (rust, and constituies a limited company. limited by guarantee, as defined by the Companies Act 2(K)6. Page 2
THE ASSOCIATION OF CLINICAL PATHOLOGISTS REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST DECEMBER 2024 STRUCTURE, GOVERNANCE AND MANAGEMENT Organlsation The Council of the Association comprises of the Chalmian of Councll. Honorary Treasurer. Honorary Secretary, President, Piesident-elect, and other elected memb6r5. as listsd on page 4. The Council meets quarterfy to administer the As50cialion. Durtng 2024 ACP Council held meotings on-line via Zwm and two face-lo-face,. one in Cardiff and one in London. The 2024 Annual General Meeting took place on 15th June London. Sub-committee5 in Chemical P01hology. Forensic Pathology, Haematology, Hh8top8thology, Molecular Pathology. Immunology. Microbio109y, Education and a Trainee Members, Group meet throughout the year on-line lo discuss matters pertaining to the various spècialities. The Finance Committee typically meets ce a year lo review the financial affairs of the Association but, in 2024, only one meeb'ng was aanged by the ACP Office for administrative reasons. The Association's Central Office in Hove was sold in December 2024 with the employed office stsff members now wr)rking 1000A remotely. Indu¢tion and training of new trustees Trustees are norninated by their peers and each nominee must be an ordinary member of the Assoaation of Clinical Palhologisls. If more than four nominations are received, ballot papers are sent to all ordinary and retired members. Trustees are elected for a fixed lern of three years. All new m8mb6rs of Council recglve copy of an Induction pack, which includes infomialion from the Charity Commission as well as infomialK)n relating specrfically to the Association. Rlsk Management, Goveman¢e and Internal Control The Trustees actively review the major risks whlch the charity faces on a regular basis. The Trustees are involved in the day-to dayaoperations of the charity lo such an extent that they are aware of maintaining suffirAenl leve15 of funding lo ensure resources are available to continue op8rating. They also examine other operational and business risks faced by the charty and work to implement systerns to mitigate 8Ignfficanl risks, Induding data security and wider organisalional resilience. Momborshlp of th• asso¢latlon The general membership as al 31 December 2024 was 948. During 2024. 12 new Ordinary members and 129 new trainee members were accepted. The present membership comprises 547 Ordinary and Retired members, 11 Honorary members. 3 Extraordinary members and 387 Trainee members. REFERENCE AND ADMINISTRATNE DETAILS Reglstgred Company numbor 00561W IEnglan¢J an¢J Wal9$1 Registered Charty numb•r 209455 RegIster offl¢è Parkers Cornelius House 178-180 Church Road Hove East Sussex BN3 2DJ Page 3
THE ASSOCIAnON OF CLINICAL PATHOLOGISTS REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST DECEMBER 2024 Trustees S Lishman L Sandl& l Frayling A Pugh T El-shanawany B Wilkins K Skordilis M Morgan President President Elect Past President Chair of Council Honorary Treasurer Honorary Secretary Honorary Secretary Member ol Council Elected June 2023 President Eled from June 2024 Office ended June 2024 Appointed June 2023 Appointed June 2023 Appoinled June 2024 Office ended June 2024 Appointed Education Secretary June 2024 FIF W Simpson C Gray C Meek M Clarke H Boume S Ruane W Wassit A Wort H Haynes Member ol Council Member ol Council Member of Council Member ol Council Member ol Council Member ol Council Member ol Council Member of Council Member of Council Appointed June 2022 Appoinled June 2022 Appointed June 2022 Appointed June 2023 Appointed June 2023 Appointed June 2023 Appointed June 2023 Appointed June 2023 Appointed June 2024 Auditors Parker5 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 PIC Coventry DSC Harry Weston Road West Midlands CV3 2TQ Investment Managers Rathbone Brothers PIC 1 Curzon Street London W1J 5FB STATEMENT OF TRUSTEES. RESPONSIBILITIES The l¥uslees (who are also the directors ol The Association 01 Clinical Pathologists for the purposes ol company lawl are responsible f()r preparing the Report ol the Trustees and Ihe financial st8lements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Acoounling Pracb"cel. Page 4
THE ASSOCIATION OF CLINICAL PATHOLOGISTS REPORT OF THE TRUSTEES FOR THEYEAR ENDED 31ST DECEMBER 2024 STATEMENT OF TRUSTEES. RESPONSIBILITIES - ¢ontlnu•d Company law requires the Iruslees lo prepare flnanclal stslem&nts for each financial year which givè a true and fair view of the slal8 of affalrs of the chadtable company and of the incoming resources anil application of resources, including the income and expenditure, of the charitable company for Ihat period. In preparing Ihose financial slalernents, the Iruslees are required to select suitable accoLtnting poliCS and then appty them consistenlty.. obseNe the methods antl principles in the Charity SORP. make judgements and estimates that are Teasonable and prudent.. prepare the financial slalemenls on the going concem basis unless il is inappropriate to presume that the char¢table company will continue in business. Thg Iruslees are responsibje for keeping proper accounting records which disckjse with reasonable accuracy al any time the financial position of the charitsble company and lo enable them to ensure that th8 financlal slalements comply wth the Companies Act 2006. They are also responsib for safeguarding tho assets of the charitable company and hence for tsking reasona8 steps for the pventIOn and detection of fraud and other irregularities. In so far as the Iruslees are awarg.. therè is no rdevant audit information of which the charitsble ¢ompany's audllors are unaware,. and the Iruslees have taken all steps that they ought lo have taken to make themselv88 aware of any relevant audit information and to establish Ihat the audttors are aware of that infomian. AUDrroRS The aLKlitors. Parkers, wll be proposed for re4ppointment at the forthcoming Annual General Meeting. Approved by order of Ihe boord of trustses on .. . and signed on Sts behalf by.. Dr T El-Shanawany- Trustee Page 5
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF THE ASSOCIATION OF CLINICAL PATHOLOGISTS Opinion We have audited the financial statements ol The Association Of Clinical Pathologists (the 'chaiitable ¢ompanll lor the year ended 31 st December 2024 which Comprise the Slalement of Financial Aclivilies. the Balance Sheet and notes lo the financial stalemenls, 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 Iunited Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements.. give a true and fair view of the stale ol the charitable Company's affairs as at 31 st December 2024 and of its incoming iesoijrces and application of resources, including its income and expendilure, for the year then ended., have been properly prepared in accordance with United Kingdom Generalty Accepted Accounting Practice; and have been prepared in accordance with the requirements of the Companies Act 2006. Basis for oplnlon We conducted our audil in accordance with International Standards on Audiling IUKI IISAS IUKII and applicable law Our responsibilities under those standards are further dèsciibed in the Auditors, sponsibi11tie5 lor the audit of the financial statements section ol OLJr report. We are independent of Ihe Charitable company in accordance with Ihe ethical requirernents that are relevant to our audit ol the financial slatemenls 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 eviden we have obtained is sufficienl and appropriate to provide a basis lor our opini()n. Conclusions relating to goSng concem In audiling the financial slalemenls, we have concluded thal Ihe Iruslee5' use of the going con¢em basis of a¢counling in the preparation of the finanaal statements is appropriate. Based on the work we have performed, we have not Identified any material un¢ertainties relaling to event5 or cc)nditions IhÈt. individually or Gollectively. may ca51 significant doubl on the charitable company's ability to continue as a going concern for a period of at least twelva monlhs from when the financial statements are authorised for issue. Our responsibilities and the responsibilities ol the trustees with respect lo g01r conrn are described in the relevant sections of this report. oth8r infomiatlOD The Irusiees are responsible lor Ihe other information. The other Inf¢)rmation comprises the information included in the Annual Report, other than the financial statements and our Report of the Independenl Auditors Ihereon. Our opinion on the finan¢ial statements doe5 not cover the other infOrallOn and, except lo the extent otherwise explicitly slated in our repori, we do not express any form of assurance conclusion Ihereon. In connection with our audit ol the financial slalemenls. our responsibility is lo read the olher informalion and, In doing so. consider whether the other information is materially inconsistent with the financial statemènts or our knowledge obtained in Ihe audit or otherwise appears lo be mateTially misstated. 11 we Identify such material in¢onsistencies or apparent material m1551atements, we are required to determine whether this gives rise to a maleTièI misstatement in the financial slalements themselves. If. based on the work we have performed. we conclude that the is a m8leri81 misslatemenl of this olhei information. we are required to report that fact. We have nothing lo report in this regard. Opinlons on other mattèrs prescribed by th• Companies Act 2006 In our opinion, based on the work undertaken in the course ol the audil.. the infomation given In the Report of the Trustees for the financial yeaT lor which the linan¢ial statements are prepared is consistent with the finanThal stalemenls.. and the Report of the Tiustees has been prepared in accordance wrth applicate legal requireTnents. Page 6
REPORT OF THE INDEPENDENT AUDITORS TOTHE MEMBERS OF THE ASSOCIATION OF CLINICAL PATHOLOGISTS Matters on whlch w• ar¢ rèqulred to report by exception In the light of the knoedge and understanding of the charitablg comp8ny and its envlronmenl obtained in thg urse of the audit, we hav8 not identlfied material misstatements in the Report of the Trustees. We have nothing to report in respect of the folking matters where the Companles Act 2006 requires u$ to report lo you rf, in our opinion.. adequate accounting records have not bgen kept or retums adequate for our audit have not bgen raceivod from branch8s not wsiled by us.. or the financlal statements are not in agre@m8nt with the accountirw Tecords and relums.. or Certain disck)sures of Iruslogs. ramungralion specrfied by law are not made., or we have not received all the infomalion and gxplanations we require for our audit.. or the Iruslees were not entitled to take advantage of the small companie5 exemplM)n from the requirement to preparè 8 Strategic Report or in prèparing the Report of the Trustees. R•sponslbllltles of trusto•s As explained more fully in the Slalemenl of Trustees, R8sponsibllltles, the trustees (who are also the directors of the charstable 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 intemal Control as the trustees determine is n$S8ry lo enable the preparab'on of financial statements that are free from material misstalemenl. whelhgr due lo fraud or error. In preparing the financial statem9nts, the trustees are responsible for assessing the charitablg mpanY'S abillty lo continue as a going ¢oncem, dis¢loslng, as applieable. matters related lo going concfym and using the going concern basts of auntIng unless the Iruslees either intend to liquidate the chartsble Company or lo cease operations. or have no realistic allemalive but lo do so. Page 7
REPORT OF THE INDEPENDE AuD0fts TO THE MEMBERS OF THE ASSOCIATION OF CLINICAL PATHOLOGISTS Our responsibilities for the audit of the financial statÈments Our objectives are to obtain reasonable assurance about wh61her the financial slatements as a whole are free from material Tnisststement. whether due to fraud or error. and to issue a Report of the Independent Auditors thal inclL¢oles our opinion. ReasDnable assurance is a high level of assurance, bul is not a guaranlee Ihal an audit conducted in aGcordance with ISAS IUKI will always delect a material misstatement when il exists. Misslatemenls can arisè from fraud or error and are considered malerial il. individually or in the a9gTegale, they could reasonably be expected to inffiuence the economic decisions of users taken on the basis of ihese financial slalemenls. The 9Xtenl lo which our profjdures afe Capab ol olelecling irregularities. including fraud is delailed below= Based on our undersl8nding ol the wmpany and industry. we identified Ihat Ihe principal risks ol non-compliance with laws and regulations related lo the UK Charily Commission, and we considered the 8xtent to which non~compliance might have a material effed on thè financial stalements. We also considered those laws and regulations that have a direcl impact on the preparation of the financial statements such as the Companies Act 2006. We evaluated rnanagernenl's Incentives and opportunities for fraudulent manipulation of the Iinancial slalements (including the risk of OVerre of controlsl and delemined that the pncipal risks were related lo investmenl valuations and inlercompany Gharges due to malerial misstalemenl ol overdeclared costs. Audit procedures performed by the engagement team included". DisGussk)ns with management, in¢luding consideration of known or suspe¢ted instances of non-¢ompliance with laws and regulation and fraud", Challenging assumptions and judgements made by management in their STgnificant accounting estimates., nd Id8ntifying and testing journal Èntries, in particular any joumal entries posted with unusual account cornbinations including journal entries which inflated the Company's results lor the period with unusual offset entries and journal entries impa¢ling work in progress with unusual offset entries to detect any unusual capitalisation of costs. There ale inherenl 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 tt)e financial slatements, the less likely we wotjld becorne aware of f(. Also, the risk of not detecting a material misstatement due lo fraud is higher than the risk of not delecling one resulting from error. as fraud may involve deliberate concealment by. lor Èxample, forgery or Intentional misrepresentations, or through collusion. A further description of our responsibilities for the audit of the financial slalements is lo¢aled on the Financial Reporting Council's website al www.Ir¢.org.uklaudilorsresponsibililies. This desGriplion foms part of our Report of the Independent Auditors. Page 8
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF THE ASSOCIATION OF CLINICAL PATHOLOGISTS Use of our report This report is made solely to the charitable Companls members. as a body. in a¢cordan¢e with Chapter 3 of Part 16 of the Companies Act 2006. OUT audit work has been undertaken so that we might stsle to the charttable cwip8ny's members those matters we are required lo stsle to them in an autjilors, report and for no other purpose. To the fullest exlenl pemiitted by law, we do not awepl or assume responsibility to anyone other than the charitable company and the charitable company's members as a body. for our audit worl(, for this report, orfor the opinions we have formed. Annette Watson PhD Bsc FCA Isenior Statutory Audilorl lor and on behalf of Parkers Chartered Accountants and Registered Auditors Comelius House 178-180 Church Road Hove East Sussex BN3 2DJ Date.. Page 9
THE ASSOCIATION OF CLINICAL PATHOLOGISTS STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING AN INCOME AND EXPENDITURE ACCOUND FOR THE YEAR ENDEO 31ST DECEMBER 2024 2024 Unrestricted fund5 2023 Tol31 funds Notes INCOMING RESOURCES FROM Other Irading 8Ctivilies Investment Income Other income 46.725 75,154 234,087 48,869 66,839 224,634 Total 355,966 340,342 EXPENDITURE ON Resources expende 212,S24 214,998 Charitable activities Travel fund giant Donation5. pryzes and sponsorship Bsc student 9ranl Immunology Iiaining fund exp&nditurg Edu¢alic>nal meetings 3.500 3,100 16,728 2.042 35,248 1,892 13,050 21,988 1.204 33,493 Other 15,133 27,386 Total 288,27S 314.011 Nel gains on investments 198,782 291.420 NET INCOME 266,473 317,751 RECONCILIATION OF FUNDS Total funds brought lornard 3,954,249 3,636,498 TOTAL FUNDS CARRIED FORWARD 4,220,722 3,954,249 The notes fom part of these financial statements Page 10
THE ASSOCIATION OF CLINICAL PATHOLOGISTS BALANCE SHEET 31ST DECEMBER 2024 2024 Unrèstrict•d funds 2023 Total lunds Notes FIXED ASSETS Tangible assets Investments 3,887 3,228,069 379,524 3.122.369 10 3.231.956 3.501.893 CURRENT ASSETS Debtors Cash al bank 449,792 637,361 369,941 178.856 1.087.153 548,797 CREDITORS Amounts falling (lue wthin one ye8r 12 198,3871 (%,4411 NET CURRENT ASSErs 988,766 452.356 TOTAL ASSETS LESS CURRENT LIABILlEs 4,220,722 3,954,249 NEf ASSErs 4220.722 3,954.249 FUNDS Unrestricted funds 13 4,220.722 3,954,249 TOTAL FUNDS 4.220,722 3,954,249 These financial statements havo begn prepared in accordance wth the provistons appllcable lo tharitab18 companies subject lo the small companies regimg. The fi al statements were approved by the Board of Trustees aNI authorlsed for Issue and were signed on ils behalf by.. T El-Shanawany- Trust The note5 fomi part of these financral statements Page 11
THE ASSOCIATION OF CLINICAL PATHOLOGISTS NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2024 ACCOUNTING POLICIES Basis of preparlng th• financial statements The financial slatements ol the charitable company, which is a public benefit enlily under FRS 102, have been prepared In accordancè with the Charities SORP IFRS 1021 'Accounting and Reporting by Charities." Statement of Recommended Practice applicable lo charities preparing their accounts in aGCQTdance rith the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 (effective 1 January 20191,. Financial Reporting Standard 102 'The Financial Reporting Standard appliGable in (he UK and Republi¢ of Ireland. and the Cornpanies Act 2006. The financia1 statements have been prepared under the historical cost convention, with the excepb'on 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 harity is exempt under Section 39912AI of the Companies Act 2006 from the requirements lo prepare onsolidated financial ststemenls. Income All income is iecognised in the Slatemenl ol Financial Aclivilies c>nce the charily has enlillement to the funds, it is probable Ihal the income will be received and the amount can be measured reliably. Gifts in kind donated lor distribution are included al valuation and recognised as incoTne when they are distributed lo the projects Girts donated lor resale ale in¢luded as inLome when they are 501d. Donated facilities are ineluded al the vakne lo the charity Whe this can be quantilied and a third part is bearing Ihe cost. No amounts are Included in the financial statements for services donated by volunleers. Investment income is earned through holding shares lor investm&nl purposes and includes divid8nds and interest. Membership incorNe is cogniSed in the penod lo whi¢h it lates. A membership year runs co-teminus with the accounting period. Expenditure Liabilities are recognised as expenditure as soon as Ihere is a legal or conslruclive obligation committing the charity to Ihal expenditure, it is probable that a transfer of econowic 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 Ihal aggregate all cost related lo the category. Where costs cannot be directly atlribL¢ted lo particular headings they have been allocated lo adivilies on a basis consistent with thè use ol sources. Fundraising costs are those incurred in seeking voluntary contributions and do not indude the costs of disseminating information in support of the charitable activates. Support costs are those Costs incurred direetly in suppori of expenditure on the objects of ihe charity and include prosecl management carned out by Headquarters. The support costs con51Sts of governance costs with regard lo the chari12ble company. The 5UPPOTI cost has been split proportionally in relation tu the expenditure for activities undertaken directly. M3nagement and adminislralion ¢osls are throes incurred in connection with dministration of the Charity and compliance with constitutional and statutory requirements. Tangible fixed assets Deprecialion is provided at the following annual ral6s in order to write off each asset over its estimated useful life. Freehold property Presidenlial tneda5 Compuler and office &quipmenl not provided nol provided 15 /0 on redLJcing balance Page 12 continued
THE ASSOCIATION OF CLINICAL PATHOLOGISTS NOTES TO THE FINANCIAL sTATEmEs - contlnued FOR THE YEAR ENDED 31ST DECEMBER 2024 ACCOUNTING POLICIES . contlnu•d Tangible fsxed assets The freehold propety and presidential medal are not depreuated on the basls that both the depreriation charge and 8ccumulated depreciation are immaterial due lo the very long life and the high residual vafue sustained through regular maintenance. Tho freehold property was transferred al d9em8d Cost on 1 January 2014 (the transttion date for FRS1021. Taxation The ¢harity is exempt from corporation tax on its charitable actiwlies. Fund accountlng Unrestricted funds can be used li accordance wlih the charftabkg oblectlves al the discretion of thè trustees. Designated funds comprlse unrestrfcted funds that have been set aslde by the Twstees for particular purposes. The alm and use of each designated fijnd is sel out in thè notes to the financfial stalernents. Reslrid8d funds Can onty be used for parlicular Testricted purposes wtthin the objecls of the charity. Restrictions arise when specified by the donor or when funds are raised for parbcular restricted purposes. Penslon costs and oth8r post4etlrom•nt ne1ts The Association contributes lo defined ¢onlribub'on schemes for the benefit of employees at Central Office. Payments ar& chargèd to the SOFA as Incurred. The Association provides no other post retirement benefits lo its employees. Cornpany status The Association is a prSvate charbtable company Ilmlted by guarantse, reglslered 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. Investmont pollcy Investments held as fixed assets are ststed at market valuo. Any gain or loss on revaluation is taken to the Stalemenl of Financial Activities. The investment income on the SOFA Is stated nel of any tax cfedits bul inclusivo of withholding and other taxes. Irrecoverable VAT The Association is registered for VAT bul is Classrfd as partk3lly exempt by reason of the Substan81 amount of educational aclivty. As such, Ihe charity is unable lo recover all VAT on expendtiure incurred. OTHER TRADING ACTIVITIES 2024 2023 Member subscriptKJns 46.725 48,869 P8g813 continued...
THE ASSOCIATION OF CLINICAL PATHOLOGISTS NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST DECEMBER 2024 INVESTMENT INCOME 2024 2023 Other fixed asset invest- Fll Interest- Fixed asset secvrilies 52.249 22.905 47,292 19,547 75,154 66,839 RESOURCES EXPENDED Raising donations and legacies 2024 2023 Postage ACP News Central office expenses Counal meetsng Depreciation Irrecoverable VAT Investment management costs ACP Website 11,413 24,074 28,917 13,986 637 3,842 27,$44 2,000 8,082 35.855 20,006 19.608 749 5.649 25,572 2,000 112,413 117,521 SUPPORT COSTS Governance costs Other resouT¢es expended 15,133 Support costs, included in the above. are as follows.. Govemance costs 2024 Other resources expended 2023 Total activities Audilors, remuneTalion Bank charges Professional fees Accountancy fees 1,750 279 8,354 4,750 1.750 747 20,139 4.750 15,133 27,386 Page 14 ¢orntinued_..
THE ASSOCIATION OF CLINICAL PATHOLOGISTS NOTES TO THE FINANCIAL STATEMENTS - contlnuod FOR THE YEAR ENDED 31ST DECEMBER 2024 NET INCOME1(EXPENDuRE} Net incomel{expenditure) is staled after chargiWlcredibng)'. 2024 2023 Auditors, remuneration Dopreciation- owned assets 1.750 637 1.750 749 TRUSTEES. REMUNERATION AND BENEFITS There were no trustees, remuneration or other benefits for the year ended 31st December 2024 nor f the year ended 31st December 2023. STAFF COSTS The average nKsnthty number of empbyees during the year was as follows: 2024 2023 Admlnistratfve staff No employees received emoluments in excess of £60,000. TANGIBLE FIXED ASSETS Computer and office equipment Freehold property Presidontial medal Totals COST At 1st January 2024 Disposals 375,000 (375,000) 280 23.169 398.449 1375.0001 At 31st December 2024 280 23,169 23.449 DEPRECIATION At 1st January 2024 Charge for year 18.925 637 18,925 637 At 31st December 2024 19.562 19,562 NET BOOK VALUE Al 31st December 2024 280 3,607 3,887 Al 31st December 2023 375,000 280 4.244 379,524 Page 15 continued...
THE ASSOCIATION OF CLINICAL PATHOLOGISTS NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST DECEMBER 2024 10. FIXED ASSET INVESTMENTS Listed investments MARKET VALUE At 1st January 2024 Additions Disposals Revaluations 3,122,369 227,163 1133,8961 12,433 At 31st December 2024 3.228.069 NET BOOK VALUE At 31 st Dember 2024 3.228,069 Al 31st December 2023 3,122,369 There were no investment assets outside the UK. C05t or valuation al 31st Oecember 2024 is represented by.. Listed investments Valuation in 2024 Cost 1.030,917 2.197,1S2 3,228,069 11 fixèd asset investments had not been revalued they would have been included al the lollowng historical cost.. 2024 2023 Cost 2,197,152 2,103,885 Fixed asset investments were valued on an open market basis on 31 st December 2024 by Ralhbones. 11. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2024 2023 Trade debtors Other debtors VAT Prepayments 262.577 185,064 901 1.250 253,247 114,609 835 1,250 449,792 369.941 Page 16 continued...
THE ASSOCIATION OF CLINICAL PATHOLOGISTS NOTES TO THE FINANCIAL STATEMENTS . Contlnued FOR THE YEAR ENDED 31ST DECEMBER 2024 12. CREDrroRS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2024 2023 Trade credltors Amounts owgd lo group undertaklngs Social security and olher laxes Accrued expenses 38.283 52,362 2.492 5.250 38,829 52,362 5,250 98.387 96.441 13. MOVEMENT IN FUNDS Nel movement In funds Transfers between funds At 31112124 At 111124 Unrestrfctsd fvnds General fund Propety & equipment Fair value resetve- freehold propety Fair valu9 res8rve- inveslmenls 2,703.889 32.393 199,483 1,018,484 254,040 227,989 {28.5061 (199,4831 3,185,918 3.887 12,433 1.030,917 3.954.249 266N73 4,220,722 TOTAL FUNDS 3.954.249 266.473 4,220.722 Net movement in funds, Induded in the above are as follows: Incoming resources Resources expende Gains ar)d Movement losses in funds Unrestricted funds General fund Fair value reserve- investments 355?66 1288,275) 186,349 12.433 254.040 12.433 355,966 1288,2751 198,782 266.473 TOTAL FUNDS 355.966 1288,2751 198.782 266.473 Page 17 continued...
THE ASSOCIATION OF CLINICAL PATHOLOGISTS NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST DECEMBER 2024 13. MOVEMENT IN FUNDS-continued Comparatives for movement in funds Nel movement in funds Al 31112123 At 111123 Unrestricted funds General fund Pioperly & equipment Summer School Fair value reserve- freehold Property Fair value reserve- investments 2,499.232 32.393 3,000 199.483 902.390 204,657 2,703.889 32.393 {3,0001 199,483 1.018,484 116,094 3,636.498 317,751 3.954,249 TOTAL FUNDS 3.636,498 317.751 3,954,249 Comparative nel movemenl in ftjnds, included in the above are as follows= Incoming resource5 Resources expended Gains arKI losses Movement in funds unSt11¢ted funds General fund Summer School Fair value resetve- investments 340,342 1311,0111 13,0001 175,326 204,657 13,0001 116,094 116,094 340,342 1314,0111 291,420 317,751 TOTAL FUNDS 340,342 1314,0111 291,420 317,751 Property and equipment Fund established in 1996 to maintain and equip the then new head Offi al 189 Dyke Road. lo enable it to better serve the needs of Ihe members. Education and training Established in 1996 in order lo prowde awards and scholarships to undergraduates, neY appointed members and members awaiting con5ullanl slalus. Immunology training Established in 2005 to provide funds to support the immunology training charitable aclivily for genera11ng funds. Summer School RCP3th organise a summer school lor trainees. ACP has agreed lo help fund this event, £3,000 has been set aside loi future summer schwls. Page 18 continued.
THE ASSOCIATION OF CLINICAL PATHOLOGISTS NOTES TO THE FINANCIAL STATEMENTS - contlnued FOR THE YEAR ENDED 31ST DECEMBER 2024 14. RELATED PARTY DISCLOSURES Therè were no related party transacUons for the yèar ended 31st December 2024. Page 19