Dwusign Envelope ID.. E70B400D-CA454D7F-BBCD-E4CD53DCE207 Charity Number: 241990 Company Number: RC000353 ROYAL MICROSCOPICAL SOCIETY REPORT AND FINANCIAL STATEMENTS For the year ended 31 December 2024 Dwusign Envelope ID.. E70B400D-CA454D7F-BBCD-E4CD53DCE207 ROYAL MICROSCOPICAL SOCIETY REPORT AND FINANCIAL STATEMENTS- For the year ended 31 Decernber 2024 Contents Pages Legal and administrative infom)ation Report of the Board of TrLJStees 3-21 Auditorfs Report 22-24 Stslement of Financial Activities 25 Balance Sheet 26 Cash flow Statement 27 Notes lo the Financial Statements 28-41 Dwusign Envelope ID.. E70B400D-CA454D7F-BBCD-E4CD53DCE207 ROYAL MICROSCOPICAL SOCIETY Legal and administrative infomiation Charlty Reglstratlon No: 241990 Company Reglstratlon No: RC000353 Registered Office: 37138 St Clements Street Oxford OX4 1AJ Council of Management: Peter O'Toole Rik Brydson Michelle Peckham Rod Shipley Andy Brown Maddy Parsons KerryThompson Kurt Anderson Anna Baldycheva Roland Fleck Yanping Guo Jamie Hobbs Martin Jones Donald MacLaren Katherine Paine Julia Parker Eric Prestat Tim Se Aex Sossick Steve Thomas Paul Verkade Claire Wells Phoebe Whiuock President Vice President Executive Honorary Secretsry Honorary Treasurer Honorary Secretary SCien￿- Physical Honorary Secretary SCien￿- Biological Honorary Secretsry Education From 2 October 2024 From 2 October 2024 From 2 October 2024 From 2 October 2024 From 2 October 2024 From 2 October 2024 From 2 October 2024 The following members retired from Council al the AGM on 2 Oclobar 2024-. Asa Barber, Grace Burke, Paul French, Paul Gunning, Karen Hogg, Oleg Kolosov, Dogan Ozkaya and Liam Rooney. Chief Executive: Mrs Sali Davis Solicitors: Spires Legal Limited Oxford House Parkway Court, John Smith Drive Oxford Business Park Oxford, OX4 2JY Auditors: Cooper Parry Group Limited Cubo Birmingham 4 Floor Two Chamberlain Square Birmingham B3 3AX Dwusign Envelope ID.. E70B400D-CA454D7F-BBCD-E4CD53DCE207 ROYAL MICROSCOPICAL SOCIETY Legal and administrative infomiation Bankers: Royal Bank of Scotland PIC Minns Business Park 7 West Way Oxford OX2 OJB Investment Managers: Rathbones Incorporating Inveslec Wealth and Investment 30 Gresham Street London EC2V 7QN The members of the Board of Trustees present their report and accounts for the year ended 31 December 2024 for Royal Microscopical Society lalso referred lo as RMS or Socielyl. Dwusign Envelope ID.. E70B400D-CA454D7F-BBCD-E4CD53DCE207 ROYAL MICROSCOPICAL SOCIETY Report of the Board of Trustees for the year ended 31 December 2024 Foreword to the 2024 RMS Annual Report Dr Peter O'Toole, RMS President As we come to the end of 2024, we can reflect on another action-packed year in which the RMS delivered a wide range of high-profile events and other activities in support of the microscopy, imaging and flow cylometry communities. This year the Society hosted more than 30 meetings, conferences and courses, reaching an increasingly diverse, global audience. This included a number of virtual meetings and webinars, helping lo improve accessibility for our international community as well as achieving our aims around inclusivity and sustainability. As noted in the 'Evenls' section below, the RMS has stepped up its presen￿ as an exhibitor 81 external events- both in the UK and overseas. We view this as an essential part of reaching out to partner organisations, broadening the RMS'S reach and cementing ils position as an international Society at the forefront of microscopy, imaging and flow cytomelry. The highlight of this year's events calendar was undoubtedly elmi2024 in Liverpool. which the RMS hosted as an in-person event for the first lime since 2018. This really is one of the biggest and best events in European microscopy, and hugely important for the Light Microscopy Community- both for the researchers themselves and the manufacturers of their equipment. The event was a great success and the positive feedback from attendees is leslamenl to all the efforts of the organising committee, RMS staff, volunteers and countless others. We are already looking ahead lo mmc2025, taking place in Manchester next year, and l am sure this will prove to be one of the biggest and best ever instalments of the Congress Series. Any membership-based organisation ultimately thrives on its ability lo appeal lo new audiences as well as the retention of existing members. On this S￿re I'm delighted lo note that the number of individual RMS members increased by more than 20 per cent during 2024. This was largely driven by a healthy influx of student members, who we hope will continue lo have a long and happy association with the Society. 11 is really great to see the impact of our efforts lo support Early Career Mi¢ros¢opists as well as people at all career stages and those using miuoscopes PLJrely for study or pleasure. As a society, we are mindful of the need not only to deliver for our academic and individual membership, bul also for our corporate members. To that end, we have a highly engaged Corporate Advisory Board, and a number of developing schemes, such as our collaborative, RMS- hosted Corporate Member Events. These webinars are making available some fantastic, free content lo members and non-members alike, and we hope lo continue and develop this initiative next year. Our Education and Outreach activities have continued apace during 2024, including the loaning OLJt of well over 100 Microscope Activity Kits lo primary schools. This is a wonderful and well-eslablished scheme providing a first taste of microscopy lo thousands of children. Meanwhile the Hilachi High Tech America STEM Education Outreach Programme has remained extremely active, bringing port8ble electron microscopes lo secondary schools across the UK. We currently have no fewer than 10 RMS Diploma candidates progressing well through their studies, and six RMS annual summer sludenlships were awarded to projects this year in the fields of life, physical and multidisciplinary sciences. Our Outreach and Education Committee is also developing exciting plans to offer professionally accredited programmes to our membership, including Chartered Microscopist and Registered Technician status. More detail regarding all these initiatives can be found below. Our flagship. peer-reviewed publication, the Journal of Microscopy, continues to go from strenglh-lo-slrength, with a large increase in the number of papers published online this year. We are particularly pleased lo see a significant growth in the proportion of papers published 'open access,, via funding agreements between authors, institutions and our publisher, Wiley. By removing the requirement for authors lo cover submission fees themselves, these deals are making it possible for many more authors lo publish their work in the Journal of Microscopy. Meanwhile our membership magazine, infocLJS, continues lo develop as a fully online publication, with a number of new initiatives- including publicly available articles being promoted on the RMS website- being tsken forward by the editorial board. As we come to the year's end. I feel it is important to highlight the efforts and dediealion of the RMS staff, led by Chief Executive Sali Davis, and all our volunteers and committee members. They make up a fantastic team enabling the Society lo carry out all its activities, while embracing new ideas and ways of working along the way. When attending our Section AGMS - which cover all branches of microscopy, data analysis and flow Dwusign Envelope ID.. E70B400D-CA454D7F-BBCD-E4CD53DCE207 ROYAL MICROSCOPICAL SOCIETY Report of the Board of Trustees for the year ended 31 December 2024 cylomelry - l am always struck by just how much each committee is actually delivering for the microscopy community on a global scale, and by the efficiency and professionalism of staff and volunteers in supporting this work. Despite a swiftly changing and challenging environment in both academia and industry, plus all the uncertainties in the wider world at present, they somehow manage to keep delivering for the microscopy commLJnity, and it is a great credit to them all. It is absolute privilege to serve as RMS President, and to witness the PrOg￿$S being made across the full breadth of our activities, as the Society continues to meet the changing needs of its membership and wider community. I would like to give special thanks to all our members for your continued support of this great Society. Governing Document The Royal Microscopical Society's goveming document is its Royal Charter. The Supplemental Royal Charter was obtained 9 October 2008. Objectives The Royal Microscopical Society s objects are constituted in Supplemental Royal Charter, they are= To promote the advan￿ment of miuoscopical science by such means as the dis¢ussion and publication of research into those branches of science where microscopy is important., and To organise educational activities Con￿rned with microscopy for the benefit of the general public and for the science community. Recruitment of Trustees All members of Council (ex￿p1 the chairs of the seclionsl must be elected al the Annual General Meeting and re-elected after three years in office. Every year the longest serving members of Council musl retire according to the agreed rotational pattern. They are not eligible to serve on Council during the year following their retirement. A notice inviting nominations from the Fellowship is published on the RMS website and in infocus magazine at least four calendar months before the Annual General Meeting. Al a meeting not less than three calendar months before the Annual General Meeting, Council nominates qualified persons lensuring a balance in experience, suenlifie expertise, and gender) for election as OfFicers and Ordinary Members. The list of Council nominations is published to all members of the Society not later than three weeks before the Annual General Meeting. This list also contains the names of any nominations from the members of the Society, if there are any. along with the name of the nominating member. If no candidates have been nominated by the membership, the persons nominated by Council shall be judged to be elected, and no ballot shall be held. In 2024, we slrenglhened ourgovemance by recruiting Lay Trustees, following recommendations from the Charity Commission. These Lay Trustees bring diverse perspectives from different sectors and backgrounds, offering impartial insights into external communities and environments. To ensure we have the right expertise on our Board, both new Lay Trustees and existing Trustees will complete a Skills Matrix assessment. This will help us maintsin effective oversight and fulfil our charitable aims and legal obligations. Additionally, we have implemented a Volunteer Agreement that clearly outlines expectations for all Trustees and Volunteers working with the Society. Dwusign Envelope ID.. E70B400D-CA454D7F-BBCD-E4CD53DCE207 ROYAL MICROSCOPICAL SOCIETY Report of the Board of Trustees for the year ended 31 December 2024 Training of Trustees New Trustees (Council Members) are sent an Introductory booklet about the Society, which contains general information aboLJI the operations of the charity, inclLJding a specific section for Iruslees. In addition to this, all new Trustees receive a more detailed Iruslee Training Document. Further Trustee training lakes place al Council meetings every few years. Pay and Remuneration The pay of RMS staff is agreed by a remuneration committee consisting of the President, Honorary Treasurer and Executive Honorary Secretary. The salary scales are based on a University salary scale, and the staff members pay grades are linked lo the most appropriate scale where the breadth of responsibilities are similar. 2025 will see a review of the salary structure and the introduction of performance objectives in order to grow, improve and develop our dedicated staff team. Oryanlsatlon & Governance Structure The Executive Committee manages the Society's day-lo-day operations on behalf of the Trustees. This committee comprises.. The President Vice-Presidentlsl Executive Honorary Secretary Honorary TreasLJrer Honorary Secretaries Meeting quarterly, the ExeeLJlive Committee oversees operations through the Chief Executive, who serves as the Society's senior permanent officer. The Chief Executive reports lo Council through joint oversight from the Executive Honorary Secretary and Honorary Treasurer. The Chief Executive ensures all Council actions comply with the Society's Charter and By-laws, maintaining accountability lo Society members. To ensure smooth operations, the Chief Executive collaborates with the Finance Director and Event Director, holding delegated authority over-. Financial management Employment matters Event program coordination Principal Risks and Uncertainties The trustees have a risk management strategy which comprises.. an annual review of the principal risks and Un￿rtaInlieS that the charity fa¢o', the establishment of policies, systems and procedures to mitigate those risks identified in the annual review., and the implementation of procedures designed lo minimise or manage any potential impact on the charity should those risks malerialise. This work has identified that financial sustainability is the major financial risk to the charity. A key element in the management of financial risk is a regular review of available IiqLJid funds to settle debts as they fall due, regular liaison with the bank, and active management of lfftde debtors and creditors balances to ensure sufficient working capital. The RMS is aware that the Journal of Microscopy revenue is likely to decrease due lo Open-ac￿sS journal submissions. A procedure and plan has been pul into place lo reduce our overheads if this risk becomes more apparent. This risk is reviewed al least annually during Executive Committee Meetings, and as part of the overall Strategy Meeting. Allenlion has also been focussed on non-financial risks arising from Health and Safety issues, Disaster Recovery and a loss of reputation. These risks are managed by ensuring accreditation is up lo date, having robust policies and prO￿dureS in place, and regular training for staff. Dwusign Envelope ID.. E70B400D-CA454D7F-BBCD-E4CD53DCE207 ROYAL MICROSCOPICAL SOCIETY Report of the Board of Trustees for the year ended 31 December 2024 The RMS is also aware of the data it pro￿sseS and ensures it complies with the latest security stsndards. With the implementation of GDPR, fines for data breaches have increased. This poses a heightened risk for the RMS as it is essential to ensure our data is secure. An ISO 27001 a¢creditslion has been achieved to ensure all potential risk is reduced and managed in line with the guideline sel out in the standards of the qualification. The Society is also exposed to risks associated with being an employer, eg legislation and liligalion, and take appropriate steps, including obtaining legal advice where appropriate, lo adequately mitigate the Society's exposLJre lo such risks. Fundraising The charity does not directly fundraise from the public. The RMS is a self-funded organisalion with any funds generated from its own activities reinvested into the scientific community. Occasionally the RMS may carry out fundraising activities for a specific project or to ensure the longevity of the society. The charity does not use any external fundraisers and any fundraising undertaken during the year is monitored by the Trustees. Any fundraising projects would be managed by the staff at the RMS, with guidance from the trustees, who would set out clear guidelines and benefits lo the community. The RMS would conduct a full risk assessment prior lo the fundraising activity and ensure that all vulnerable personnel are protected. At present the RMS has not received any complaints regarding fundraising aclivilies. The significant donation recognised in the current year arose from donations provided by trusts and societies, and not from public fundraising. RMS Awards, Medals and Honours in 2024 The RMS offers a wide range of award opportunilies for individuals making a special contribution within microscopy, flow cytometry and imaging. Each year we invite applications from across the globe, to ensure those making a real difference re￿1ve the recognition they deserve. This year's awards included the RMS Science Sedion Awards, the Ovlstanding Achievement Awards for mid- career researchers, the RMS Early Career Award, the Chris Hawes Education and Outreach Award and one new Honorary Fellowships. The RMS lakes its awards prO￿8S very seriously, and careful consideration is given lo all applicants and nominees to ensure the most outstanding achievements are given the acknowledgement they deserve. Our warmest congratulations go to all this year's awardees, listed as follows= RMS Section Award-winners {announced for 2025) Celebrating oLrtstanding scientific achievements across all areas of microscopy. imaging and Ilow cytometry. AFM and SPM Award.. Professor Sohini Kar-Narayan. University of Cambridge, UK Award for Data Analysis in Imaging IDAIMI: Dr Francisco de la Pena, University of Lille, France Alan Agar Award for Electron Microscopy.. Dr Kedar Narayan, Frederick National Laboratory, National Can￿r Institute, NIH, USA Award for Flow ¢ytometry'. Dr Florian Mair, Eidgenossische TeGhnische HothsGhule (ETH), Zurich, Switzerland Award for Innovation in Applied Microscopy for Engineering. Physical and Material Sciences: Professor Emilie Ringe, University of Cambridge, UK Award for Life Sciences: Dr Vaishnavi Ananlhanarayanan, University of New South Wales (UNSW), Australia Award for Light Microscopy: Dr Ilaria Tests, KTH Royal Institute of Technology, Sweden 2024 Sclentlflc Achlevement Award-wlnners Dr Justin W. Taraska - National Heart, Lung, & Blood Institute, National Instilut8s of Health (NHLBI, NIHJ Professor Roland Kroger-university of Yort( Dr Bernd Golsmann- IBM Research GmbH Dr Susan Cox- King's College London Dwusign Envelope ID.. E70B400D-CA454D7F-BBCD-E4CD53DCE207 ROYAL MICROSCOPICAL SOCIETY Report of the Board of Trustees for the year ended 31 December 2024 Early Career Award 2024 Dr Akaash Kumar, MRC Laboratory of Molecular Biol(uy (LM8) Chris Hawes Award for Education and Outreach 2024 Dr Mark Pickering, University Collegg Dublin School of Medicine RMS Honorary Fellovtshlp awarded In 2024 Dr Helen Hansma Department ofPhysics, University of Calrfomia Events Report by Professor Maddy Parsons and Professor Andy Brown, RMS Honorary Secretaries Science during 2024 The Honorary Seuetsries Science share the job of overseeing the range and scope of scientific activities undertaken by the Society and are co-chairs of the Microscience Miuoscopy Congress Immcl Organising Committee. As we approach the end of 2024, the RMS can reflect on another action-packed year in which we delivered a wide range of high-profile meetings, conferences, courses and other events in support of the microscopy, imaging and flow cytometry communities. This year the Society hosted more than 30 events in total, including a number of virtual meetings and webinars- helping lo reach a diverse, global audience. We recognise the benefits of online meetings in terms of increased accessibility, inclusivity and sustainability, and will continue to consider provision for remote attendan￿ on a case-by-case basis. We will also continue listening lo feedback from our event attendees and members. The first six months of 2024 saw UK Light Microscopy Facility Meeting 2024., Flow Facilities Meeting 2024- Virtual Flow Cytomelry Data Analysis Course Spring 2024,. EM-UKI 2024,. AFM & SPM 2024,. Virtual Facility Management Training Course 2024,. and Intr(￿UctIon to Image Analysis (Dublinl. Our online events also included the highly successful Expansion Microscopy User Group Meetings Wlth our partner organisalions in both North America and Australia, and a further inslalmenl of the Virtual International Microscopy Lecture Series, featuring Dr Harald Hess. This yearfs stsnd-oul RMS event was elmi 2024 (The European Light Microscopy Initiative), held in Liverpool, UK, from 4 - 7June. 11 was the first time the Society had staged elmi as an in-person event Sin￿ 2018, and once again the meeting lived up to its reputation as one of the most highly regarded in the microscopy calendar. This really is one of the biggest and best events in the European microscopy calendar, and hugely important for the Light Microscopy Community- both forthe researchers themselves and the manufacturers of their equipment. The year continued apace through summer and autumn, with Light Microscopy Summer School 2024 (Yorkl., Gelling the most from your Confocal Course 2024 Iyorkl,. Electron Microscopy Summer School 2024 (Leedsl., Laboratory-based X-ray Phase Contrast Imaging Workshop (London, hosted by NXCTI,. Flow Cytometry Course 2024 {York},' BiolmagingUK Meeting 2024 (London),. Microscopy.. Advances, Innovation, Impact 2024 incorporating the RMS AGM & Section AGMS {Londonl', Facility Management Training Course 2024 Iyorkl., Frontiers in Bioimaging 2024 (Oxfordl,. Frontiers in Physical Imaging 2024 (London)., and 2024 ESRIC Symposium and Super-Resolution Mini School (Edinburghl. Our December meetings included Virtual ELJropean Flow Core Meeting 2024 {onlinel, and Super-resolution in the North 2024 (Leeds). Throughout 2024, and guided by the RMS Corporate Advisory Board. the RMS hosted a series of well-attended webinars in partnership with corporate member companies, including Oxford Instruments, Nikon, Leica and Thermofisher, This initiative has resulted in some fantastic online content being made freely available to RMS members and non-members alike, and we hope to build on it next year. Another feature of RMS events activity this year, was the Society s enhanced presence as an exhibitor al external events- both in the UK and overseas. These included The Advanced Materials Show IBimiinghaml,' Midlands SEM users Meeting IMIDSEMI 2024 (Birminghaml,. Microscopy & Microanalysis 2024 {Ohio, USAI,. emc2024 {Copenhagen, Denmarkl,. Oxford Biomedical Imaging Festival 2024," See the Hidden at Imperial." Advanced Multiplexing in Optical Imaging (London),. SEMT 2024 Meeting (London)., and Advanced Light Microscopy Symposium Islevenage, UK). We view this as an essential part of reaching out lo partner organisalions, broadening the RMS'S reach and cementing its position as an international Society at the forefront of microscopy, imaging and flow cylomelry. Dwusign Envelope ID.. E70B400D-CA454D7F-BBCD-E4CD53DCE207 ROYAL MICROSCOPICAL SOCIETY Report of the Board of Trustees for the year ended 31 December 2024 Looking ahead to 2025, it is certainly shaping up lo be a busy yearl As well as our established schedule of courses, meetings and conferences, we are preparing in earnest for the RMS flagship event, mmc2025, taking place once again in Manchester, UK11 -3 July). Preparations will also be stepping up for IMC20, taking place in Liverpool in 2026. 11 is a real honour for the RMS to have been chosen to deliver this prestigious, global event, and we are looking forward lo working closely with all our partners to ensure we can pul on a fantastic event for the microscopy community. The RMS continues to be very fortunate in having many willing and dedicated members who organise, run, and participate in these events and we take this opportunity to thank them for their hard work and significant contributions. In addition, we (the Honorary Secretaries) acknowledge the very valuable role the Section Chairs and Section Committee members have all played in ensuring that we continue to maintain such high standards over a diversity of offerings. Through the ongoing work and combined efforts of our Focussed Interest Groups in Professional Development and Training, Image Analysis (now a fully-fledged Science Section - Data Analysis in Imaging), Quality Control, Mass Spectrometry Imaging, X-Ray Microscopy, lon Beam Microscopy and BiolmagingUK, we are tsking a close look at all our events for 2025 and beyond. We 8re actively seeking new opportunities lo address emerging fields within microscopy. We look forward lo meeling friends and colleagues from across the microscopy community next year, and especially in Manchester for mmc2025. Membership Report by Professor Michelle Peckham. RMS Executive Honorary Secretary The total number of paid-up, individual members of the Society is 1,692, broken down as follows.. 966 Fellows 59 Honorary Fellows 298 Ordinary Members 369 Student Members Membership trends and totals over the past five years are shown graphically below. 1304 1349 1325 1389 1692 I I I I I 2020 2021 2022 2023 2D24 •fe1b3￿ •HonFeW • Oidtswry • StthlEnt Dwusign Envelope ID.. E70B400D-CA454D7F-BBCD-E4CD53DCE207 ROYAL MICROSCOPICAL SOCIETY Report of the Board of Trustees for the year ended 31 December 2024 Other ke membershi insi hls.. 42 of our individual members subscribe to the Journal of Microscopy. 303 new members have joined in 2024 Ifor comparison, 283 new members joined in 2023, 252 new members joined in 2022, 246 joined in 2021 and 132 joined in 20201. One Honorary Fellowship has been awarded this year to Dr Helen Hansma. The number of student members represents 23 per cent of the lolal individual membership. Out of the lolal 369 Student members, 164 are undergraduate students. We are always grateful for the support given to us by our Corporate Members and are pleased lo report that eight new companies joined us in 2024, bringing the totsl number of Corporate Members to 68. The Society aims lo increase membership numbers and has stepped up ils presence as an exhibitor al external events this year to actively recruit new members. We also urge all existing members to encourage others who might be interested in joining. We value and appreciate the support given to us by our members, and we remain confident that RMS Membership continues lo offer a real benefit to microscopisls worldwide. We are proud lo be a truly international organisation and are pleased to be able to offer as a benefit to members, membership of the European Microscopy Society. Members who did not renew their subscription in 2024 have told us this was largely due to external circumstan￿S and not because the membership failed to provide value lo them. Education and Outreach By Dr Kerry Thompson, RMS Honorary Secretary Education and Chair of Outreach & Education Committee Over the last 12 months we have worked on Some new initiatives related lo outreach, education and professional development, and I will discuss them amongst our long standing other activities and programmes. Our Microscope Activity Kits have continued to be loaned out to primary schools this year, and we have distributed more than 105 kits, which is f8ntaslic. This work is superbly facilitated by the excellent RMS office staff and the team in Oxfordshire Employment and County Print Finishers. The MAKS remain ever popular within the primary education sector and are still very sought after for Science Festivals and Fairs. We are continuing lo work on an Image Analysis activity for schools, which is being led by Stephen Cross from the DAIM Section. Stephen is working hard on various interactive controls including graph and measurement fun¢tionality and the sele¢tion of regions and annotslions within the example data. As the ever increasing Importan￿ and awareness of analysis skills and education becomes more and more apparent lo our larger community, we hope that this initiative will spark interest in this field with the younger generations. A huge thank you to all who have been involved to date. The Hitachi High Tech America STEM Education Outreach Programme, led by Alex Ball and James Perkins, has remained extremely active over the reporting period. For 202312024, the programme ran with one SEM. Despite this there have been over 12,700 students from both stale {770/.} and private school1230/.l engaged since 2020. Analysis conducted on the programme data by Aex and James has revealed that there have been 34 loans lo schools and four to museums, and the team have p8rticipaled in three workshops, two cOnferen￿S and one festival. Furthermore, the impact report delivered by our Professional Internship Placement PhD, student Zoe Barr, has demonstrated that participants engaged with the programme in a number of ways including.. Individual Sludenl Research Projeels, Lessons and In-class Demonstrations, along with Demonstrations and Workshops Dwusign Envelope ID.. E70B400D-CA454D7F-BBCD-E4CD53DCE207 ROYAL MICROSCOPICAL SOCIETY Report of the Board of Trustees for the year ended 31 December 2024 for Partnering External Schools. In an eX￿rp1 from this report she notes The best support for STEM education relies on the design of leaching practices which provide the student with the most valuable leaming opportunities possible. Pedagogical frameworks aim to incorporate the curriculum outcomes, address Equality, Diversity and InGlusion (EDI) and inspire students with enlhusiasn7 for STEM." Once again we thank Zoe for her work on this report and look forward to the upcoming academic publication from the whole team. The 10 current RMS Diploma candidates are progressing well through their studies. Thank you to Susan Brookes for continuing her superb role as chair of the RMS Qualification Committee and to Marie Kokolski for supporting both Susan and Kale with the annual candidate progress presentations. We would like lo extend our warmest congratulations to Adam Coslin in Australia for completing his Diploma. Six RMS annual summer studenlships were awarded lo projects this year in the fields of life, physical and multidisciplinary sciences. Congratulations to the awardees., we hope you enjoyed your placements and look forward lo seeing your reports in infocus. The development of professionally accredited programmes continues, including, but not limited to, the Chartered Microscopist and Registered Technician. Thank you to our new Chief Executive Sali for really driving this initiative forward over the past 12 months. This has been a multistep process with involvement from the broader RMS community and members, along with a dedicated steering group which has representation from our sections and those interested in this space. After an initial survey with almost 300 responses deemed that the membership wanted the RMS to pursue this professional a¢creditalion, the work began in earnest. We are pleased to say that Privy Council Iwhose role il is lo grant permission for keeping a regislerl have approved the schedule needed to develop the register. We anticipate that the steering group will develop the course content and curriculum within the next 12 months and provide updates as appropriate. Thank you lo the Steering Group for your efforts to date and I look forward to continuing lo work with you on this exciting initiative to see il through lo fruition. Also under the professional development and training remit, I would like lo update you on the outcome of the recent RMS Training Survey. The survey had over 500 responses with participants from UK, USA, Australia, Germany, Spain and Ireland. A big thank you to the whole working group and also Georgina Fletcher for her excellent guidan￿ and keeping us on mission and lo tssk. Both the mentoring programme and the job shadowing initiative continue to be well availed of with Biolmaging UK and the RMS now supporting three years, worth of opportunities. I would like to draw attention to the newly fomied Microscopisl Profiles page on the RMS website. This excellent work led by Saskia Bakker is shining a light on the variety of roles, jobs and careers in which microscopy skills and knowledge are required. This page is not only useful as a resource lo direct undergraduate and graduate students towards, bul also to the larger community to really gain a better understanding of our collective diversity. l encourage you to submit your profile to help us build our representation. Thanks to Lucy ￿dIer in the office for designing and implementing the page so excellently. Finally, we had the pleasure of awarding this year's Chrrs Hawes Award for Outreach and Education to Mark Pickering, of University College Dublin. Alongside his research activities, public and community involvement in science are cornerstones of Mark's work. He has contributed to many national and international public outreach and engagement inilialives, including The Dublin Maker Festival, Skype-a-scientisl, the 'JellyLab' and the 'Science by the Sea, YouTube series. Mark is an eloquent advocate for the importance of Microscopy and STEM initiatives from primary lo tertiary education, and beyond. He is a wonderfully deserving recipient of this award and my congratulations go to him. Finally, I would like lo thank the Outreach and Education Committee members for their contributions throughout the past 12 months. It really is a pleasure lo Chair this committee and contribute to shaping the larger RMS mission. None of this would be possible without the continued support of the RMS staff who enable our efforts. A notable mention lo Kale, Jess and Jade for keeping me, and us all on track, and for their friendship and general 10 Dwusign Envelope ID.. E70B400D-CA454D7F-BBCD-E4CD53DCE207 ROYAL MICROSCOPICAL SOCIETY Report of the Board of Trustees for the year ended 31 December 2024 amazingness. And Sali, that first year flew - thank you for your continued support, guidance and hard work. 11 feels like you've always been part of the team. The Journal of Microscopy Report by Pmfessor Michelle Peckham (Editor of the Journal of Microscopy) The Joumal of Microscopy published 108 papers online in 2024, which is an increase on the same period last year 180 in 20231. The number of submissions to the Journal also increased in 2024,. we received 435 new submissions compared with 340 in 2023. The Journal of Microscopy provides a flexible open access platform for authors and 70 open access papers were published in 2024. This is an increase on the 32 open access papers which were published in 2023. We published four invited reviews in 2024 loutside of special issues), and 10 more reviews are in progress. The Journal published two invited reviews in 2023, and three invited reviews in 2022. We have published special issues in 2024 on the Microscopy of Semiconducting Materials 2023 meeting Imarch issue), 19th Euroseminar on Microscopy Applied lo Building Materials EMABM IM8y issue), Light Microscopy Core Facility Management (June issue) and the second part of our 'Women in Microscopl, special issue series was published in July. A special poster article issue from speakers from the Imaging ONEWORLD meeting series was published as the November issue, and a special issue from the Data Analysis in Imaging IDAIMI RMS committee was published as the December issue. There are plans for the following special issues in 202512026.. Botanical Microscopy (March 2025 issue), Plychography, Cryo-FIB-SEM, Microscopy Techniques, Feslschriftfor Paul Wallher, 9th International Conferen on Tip-Enhanced Raman Spectroscopy ITERS91, Microscopy and Infectious Diseases, an issue focusing on Chinese Eady Career Researchers, SPM, 40 years of AFM, Al in Imaging, Microscopy Auslfftlia, a follow up on the LM Core Facility Management special issue, and Symposium on microscopic characterizalion of the solidlliquid interface 2024. The Journal pages on the Royal Microscopical Society's website feature Joumal news, details of the current issue, reviews published by the Journal, a sample issue, links lo highly cited and most accessed papers and information on submitting papers lo the Joumal. The web pages also have links to follow the Joumal on X, Fa￿boOk, Linkedln and Bluesky. The Joumal has 4032 followers on X. 169 followers on Bluesky, 770 followers on Linkedln and 2568 followers on Facebook. The Journal social media pages are regularly updated with Journal news, updates, and interesting and useful links. The ISI Journal Citslion Report 2023 reports the Journal of Microscopy's impact fador is 1.5 which is a decrease on the 2022 impact factor of 2.0. The Journal thanks the Scientific Editors for their continuing hard work.. Dr Kurt Anderson (Francis Crick Instilule, UK), Professor Vinayak Dravid (Northwestern University, USA), Professor A¢him Hartschuh ILMU Munich, Germany), Professor Carolyn Larabell (University of California, San Francisco, USA), Professor Jian Liu (Harbin Institute of Technology, China}, Professor Gail Mcconnell {University of Slrathclyde, UK), Professor Pete Nellisl (University of Oxford, UK), Dr Ulla Neumann (Max Planck Institute for Plant Breeding Research, Gemianyl, Professor Jens Randel Nyengaard (Aarhus University, Denmark) and Professor Mark Rainforth (University of Sheffield, UK). Dwusign Envelope ID.. E70B400D-CA454D7F-BBCD-E4CD53DCE207 ROYAL MICROSCOPICAL SOCIETY Report of the Board of Trustees for the year ended 31 December 2024 infocus Magazine Report by Dr Leandro Lemgruber, infocus Scientific Editor infocus Magazine has continued to evolve as an online publication throughout 2024. In addition lo the fLJII. digital issue, published each quarter, we also now publish selected articles from each issue, as individual, 'open access, features on the RMS website. These are promoted on social media lin addition to the full, quarterly issue) to help drive people lo the website and promote infocus Magazine lo an aLJdience beyond RMS members. Notable articles from the three issues published this year include a lengthy 'Picture Special, review of elmi2024', a comprehensive historical overview of microscopy-lhemed postage stamps by Joel Cohen., a piece by RMS Hon Fellow Professor Brian Ford on the lalesl developments in the authentication of original Leeuwenhoek microscopes,. and 8 review of the newly-opened Oxford-ZEISS Centre of Excellence ICoE} al the University of Oxford. Our De￿mber issue included allraclive articles on both foraminifera and diatoms., dual reflections from Jon Moss and Erin Tranfield on selling up an Electron Microscopy facility., and a piece by Tony Hayes of Cardiff University on a 3-D pollen library sel up lo aid research, leaching and science engagement aclivilies. The Editorial Board has also sought lo feature articles shining a light on RMS initiatives, such as the RMS Diploma and mentoring scheme. In March, we were also very pleased lo feature the reports of each of our 2023 Summer Sludenlships. Our 2024 Summer Studenlship reports have now all been received and will be featured in our March 2025 issue. The magazine continues to feature a wide range of content, with regular features such as the Events Calendar, New Member Profiles, Company News, and latest news from the Journal of Microscopy. Plans are also in pla for a new'Big Questions, feature, in which contributors offer their views on a topical issue in microscopy. The first subject we are planning to tackle is the impact of Al in microscopy. The editorial board is investigating new options for publishing content online, outside of the full issue each quarter for instance, the option of publishing 'early view, versions of articles prior to the'page design, stage, or summary articles providing a 'taster' of an article due to be published in the forthcoming issue. A number of new, online advertising opportunities are also now available, associated with the 'full' digital magazine, promoted 'open access, articles and our Infocus e-newsletter. The online format enables better monitoring of readership figures le.g. page views, 'clicks through, etc.) which is improwng our intelligence surrounding the performance of adverts, and the information we are able to provide companies. For instance, the promotion of our 'open access, features has made a significant impact on readership figures for these articles, enabling companies to reach a wider audience. Finally, we bade a fond farewell to Dr Laura Fumagalli, who stepped down from the infocus Editorial Board in July. Laura has made many contributions in helping shape the direction of the publication in recent years, and we thank her for all her efforts. The current infocus Editr)rial Board is as follows.. Dr Leandro Lemgruber, University of Glasgow (Scientific Editor and Electron Microscopy) Dr Susan Cox, King's College London (Light Microscopy) Dr Mark Rigby, Nikon (Life Sciences and commercial represenlalivel Dr Rebecca Higginson, LoLJghborough University Dr Trevor Almeida, Glasgow University IEPMSI Dr Hilary Sandig, Cancer Research UK (Flow Cyiometryl Myfanwy Adams, The John Innes Centre (Early Career represenlalivel Dr Maadhav Kothari, Zeiss Microscopy UK (Commercial representative) 12 Dwusign Envelope ID.. E70B400D-CA454D7F-BBCD-E4CD53DCE207 ROYAL MICROSCOPICAL SOCIETY Report of the Board of Trustees for the year ended 31 December 2024 Website and Social Media Report by Lucy Ridler and Owen Morton. RMS Stoff The RMS Website and Social Media channels continue to be important tools in the promotion of Events, Society News and Outreach Activities. The website analytics reporting period for 2024 doesn't include slalislics for the three months from 25 April - 28 July due to an technical issue with the connection. For the 4 months from the end of July the website welcomed 27,818 visitors, which is a 230/0 increase on the same period in 2023. CLJrrently around 360/0 of our traffic is from the UK, with 210/0 coming from the United States and the remaining 43ts10 from a large spread of countries including.. Germany, India, China, The Netherlands and Fran￿, The page views analytics show the current most popular pages are the event calendar and specific event booking pages. Alongside the homepage, login and join online pages. We ulilise the CRM system lo send out tsrgeled newsletters and content, as well as giving members access lo the lalesl issues of infocus magazine. We are also able to use the CRM to analyse the reach of our newslellers and resources. Alongside our main website, we have sever81 mini-sites.. www.mmc-series.or .uk (which holds the abstract database for mmc2023, and is now starting to be used lo promote the 2025 evenl} www.emc2020.or .uk {which holds the abstract datsbase from the Virtual Eady Career European Microscopy Congress 2020 event held in November 20201 www.elmi2021.or {which operated SUC￿ssfUllY in the lead-up lo and during the event in June 20211. www.acem.or .uk (members sile we are hosting for the Association of Clinical Electron Microscopists, alongside administering their members and sending out marketing maleriall www.elmi2024.or {which operated successfully in the lead-up lo and during the event in June 20241. www.imc21.or .uk {launched earlier in 2024, this sile holds information about IMC21, an event the RMS is managing in Auglsepl 20261 The RMS, the Journal of Microscopy, and mmc-series all have active social media accounts with X (formerly Twitter) being the most popular platfom in terms of followers, Compared with Fa￿book and Linkedln. Each of these accounts is regularly updated, with news of the Society's events, new publications, award announcements, new inilialives and much more. The RMS also has an Instagram account, which launched in July 2018 and now has more than 4,470 followers, with individual posts regularly receiving around 50 '1ikes'. We have made efforts lo increase our activity on Inslagram, particularly through the posting of content linked to RMS events and our attendan￿ at external exhibitions. The RMS X account has continued lo allracl new followers over the past 12 months, with the lolal number of followers now standing al 6,909, compared with 6,704 at the end of December 2023. The Society has also recently joined the Bluesky platform, which has seen a large growth in users since the US election. We are building a presence on this channel in the expectation that a large percentsge of our audience migrating lo this channel. Our following is already approaching the 1,000 mark. We will continue lo use both X and Bluesky for the time being, potentially with a view lo Bluesky replacing X if and when it becomes apparent that our audience has largely made the transition. The mmc-series Twitter account has been kept active throughout the year, primarily through the reposting of content from the RMS and Journal accounts. In the last few months it has been used to begin promoting mmc2025. Followers have duly increased from 1,752 at the end of November 2023 to 1,808 over the last 12 13 Dwusign Envelope ID.. E70B400D-CA454D7F-BBCD-E4CD53DCE207 ROYAL MICROSCOPICAL SOCIETY Report of the Board of Trustees for the year ended 31 December 2024 months. The @Journal X account currently boasts 4,120 followers- up from 4,024 at the end of 2023.we have stepped up engagement on the Journal account as part of wider efforts to promote the Joumal and boost article submissions. This includes greater use of images to promote individual articles, and regular posts to raise awareness of opportunities to publish 'open access, through Iransformalional agreements. Meanwhile, with the exception of Bluesky, the RMS Linkedln account remains the Society's fastest%rowing plafform on social media. In just the last 12 months OLJr audience has grown from 3,562 to 4,630 followers, an increase of almost 30 per cent. The RMS Facebook following remains fairly static at around 2,500 followers. Financial Review Report by Mr Rod Shipleyg Honorary Treasurer Foreword These accounts have been prepared in accordance with the Charity Commission Statement of Recommended Pr8Ctice which was updated in 2019. In accordance with these guidelines, indirect or support costs are allocated to each charitable activity based on the percentage of income provided by the particular charitable activity, eg if an activity generates 200/0 of the annual income, then 200/0 of Indi￿¢1 costs will be apportioned lo the aclivily. In this way an accurate representation of the costs of activities can be presented. A flagship event Imicroscience Microscopy Congress mmcl is staged every 'odd' years, so whilst a comparison of income between years is slraightfotward, a comparison of expenditure requires a level of understanding and inlerpretslion. This is because the per￿ntageS used lo apportion indirect costs change from year lo year, i.e. expenditure on 'meelings and courses, will include a larger proportB)n of indirect costs in a non mmc year. Overall The Society re￿iVed incoming resources of £1.681 M compared lo £1.886M in 2023. Our managed portfolio of listed investments, largely represented by funds under management by Ralhbones Incorporating Investec Wealth and Investment Limited, had a value at the end of 2024 of £3.698M12023.. £3.547MI. The overall value of the Society's funds, including the property and other investments al the end of 2024 was £5.448M {2023'. £5.325MI. When viewing the 2024 accounts, the following points should also be noted.. The totsl valLJe of the Society s fijnds has increased by £123K12023.. £132K) primarily due to the gain made during the year in our investment portfolio of £189K12023.' gains of £126KI. A planned operating deficit of £145K was seen in 202412023-. surplus of £6KI. Please note, the trustees agreed an operating deficit of £169K for 2024. This deficit includes additional staff costs relating to the planning for ime21 in 2026. £12K {2023.. £14KI has been spent on Microscope Activity Kit (MAKI equipment and logistics and £12K {2023.. £11.5KI on the summer studenlships Isee note 9}. An internal property valuation has been condueled by the Trustees which resulted in a £79K gain lof which £13k of the gain was atlribulable lo the property recognised as investment property) on the revaluation of the Fixed Asset. An amount of £54k has also been recognised to facilitate the pledged gift of Microscopy equipment lo the NHM. During the course of the year, the designated funds Iportions of the Society s free reserves that are ring-fencedl were used to support activities in the area of its Outreach programme. The value of the designated fLJnds and the expenditure charged to them appears in the accounts and provides the reader with a picture of expenditure in these areas (S￿ note 181. Generated funds The Society owns the Sl Clements building in Oxford and leases the ground floor to 8 restaurant. During 2015 8 new lease was negotiated which expires in 2039. Rent receivable has remained consistent at £24K in 2024. 14 Dwusign Envelope ID.. E70B400D-CA454D7F-BBCD-E4CD53DCE207 ROYAL MICROSCOPICAL SOCIETY Report of the Board of Trustees for the year ended 31 December 2024 Investment income in 2024 was £92K {2023.' £82KI which includes bank interest and interest from the charity property fund of £3,76912024.. £2.2K}. The cost of generating these funds was £43K12023.. £41 KI. Charitable activities Meetings and Courses During the year, the RMS managed to support the community with a combination of in-person and virtual events with a full calendar of RMS events. The lolal income from Meetings was £578K12023.. £177KI, and income from courses was £121 K12023.. £121 K). Expenditure on Meetings was £897K12023.. £334KI. Expenditure on Courses was £140K12023.. £93KI, please note, this expenditure includes an allocated contribution lo RMS salaries and overheads. The Society's policy on meetings and courses is that the income from a meeting should at least meet the direct costs of that meeting, and courses should try lo retum a surplus on direel costs Ibul excluding direct staff limel. Once the indirect costs are apportioned, meetings and courses made a deficit with expenditure exceeding income by £338K12023.. £129K deficit). A breakdown of direct and indirect costs for meetings and courses can be found in Note 8 of the accounts. Subscriptions Income from membership subscriptions increased to £136K {2023.' £120KI during 2024. We are grateful for the support given lo us by our Corporate Members. Publications The Society publishes the internationally recognised Journal of Microscopy and the membership magazine, infocus. In addition, we have back issues of the Journal of Microscopy dating from 1841 available through Wiley online. Together they generated income of £657K12023.' £602KI with expenditure of £511 K {2023'. £386KI. For many years the RMS has relied on the funds generated from the Journal of Microscopy lo financially support the activities of the Society. The drive towards Open Ac¢ess10A1 has put the Society at risk of a reduction in revenue from the JoLJrnal of Microscopy. The Society is now experiencing a steady decrease in income from the Journal, which could decrease lo approximately £255K within the next three years. The Executive Committee have produced working groups to review the following areas.. Increase income Decrease expenditure Journal submissions Outreach Outreach income of £1,32512023'. £9321 was received in 2024 with a further £65K of donation income which is largely generated from a donation towards the purchase of a SEM1£64KI and the sale of microscopes1£1.2KI to enthusiasts. These microscopes are donated to the Society by organisations and universities when they become surplus lo requirements. They are then restored and sold on by Dr Chris Hammond FRMS and Mr Chris Kennedy FRMS. The Society conlinLJes to be Indebted lo all of them for their time and expertise in generating this income. Efforts continue, via articles in infocus, to publicise this activity and to encourage organisations lo donate redundant and unwanted microscopes to the Society. Donations and grants The level of donations and grants expended was £80K 12023= £35KI, which includes expenditure on the Microscope Activity Kits, travel bursaries awarded to members and the accrued purchase of the outreach SEM. Governance costs Governance costs were £42K12023.. £38KI, comprising costs incurred for meetings of Council, professional fees (including the auditors feel, and a proportion of office costs. This equates to 2.50/012023.. 20AI of income for 2024. 15 Dwusign Envelope ID.. E70B400D-CA454D7F-BBCD-E4CD53DCE207 ROYAL MICROSCOPICAL SOCIETY Report of the Board of Trustees for the year ended 31 December 2024 Investment Policy General The Trustees of the Royal Micros(x)pical Society have appointed Investec Wealth and Investment to manage the portfolio of the Society on a discretionary basis. This Investment Policy provides a framework under which the appointed investment managers should operate. The Investment Managers should take into account the general nature of the Royal Microscopical Society and its principals and not knowingly make investments that may compromise the position of the Society. Objective The objective of the investment FX)rtfolio is to provide a retum over and above UK inflation as measured by UK RPI (Retail Price Index) over a long-lerm lime horizon in 8ddilion of 10 years. The Trustees aulhorise the use of multiple asset classes in order to achieve these returns irb a risk adjusted manner. Weighting In line with the medium risk mandate the Trustees would expect the investment manager lo be within the following weightings, except under exceptional circumstsnces., Medium risk Balanced Fixed Interest Equities Commercial Property Allernalive Investments Cash oo/. 100A 200A 300/. 400/. 500/. 6001. 7001. 80ts1. 900A 1000A The above chart details the asset classes in which the portfolio is to be invested and the likely weightings within each asset class. As markets are dynamic we will employ two types of asset allocation. The strategic asset allocation is the default neutral position for the portfolio weightings which we would adopt when conditions are normal or when there is no anlicipaled advantage in moving away from this position. This is represented by the middle line in each bar. As we rarely experience normal economic conditions then we employ a second much shorter term asset allocation called tactical asset allocation. The tactical position can be sel either side of the strategic position but within the maximum and minimum boundaries sel out above in each asset class. Risk The Trustees are comfortable with a moderate risk profile and are aware that the portfolio will be subject lo short term volatility given the exposure to capital markets. The diversification be￿een asset classes should provide a smoother medium lo long term risk adjusted return and lower volatility. Liquidity It is the expectation of the Trustees that the portfolio will remain invested in liquid assets which are either quoted on a regulated exchange, UCITS (Undertakings for the Collective Investment in Transferable Securiliesl compliant or readily realisable in an orderly manner. Should there be a future reduction in other income streams, the Society would rely on increased income from the portfolio lo support future charitable activities of the Society, and there would then be a change of emphasis between capital growth and income. Benchmarks The Trustees would like lo be provided with two measures from which lo judge the portfolio perforrnan￿. Firstly the MSCI WMA (Morgan Stanley Capitsl International Wealth Management Association) balanced index and secondly UK RPI plus 2.5Yo. 16 Dwusign Envelope ID.. E70B400D-CA454D7F-BBCD-E4CD53DCE207 ROYAL MICROSCOPICAL SOCIETY Report of the Board of Trustees for the year ended 31 December 2024 Perfom7ance & Reporting The investrnenl manager should provide live, online access to the Trustees, provide quarterly valuations and attend the appropriate meetings of the Trustees where required. At least annually the strategic asset allocation should be visited and its suitability confirmed by the Trustees. A review of the long-term performance should be undertaken every five years. Voting The investment manager will exercise, where considered appropriate, voting rights on behalf of the Trustees taking into account the general nature of the Charity. Investment Performance As at the 31 December 2024 the total value of the Society's investments were £4.031,818 {2023: £3.867,1241, the majority of this is held in an Investec managed mixed portfolio and £333.521 represents the value of the Charity's freehold propety let out lo a third party. A breakdown of the investment portfolio can be found within note 14. Reserves Policy The current reserves policy is.. "The reserve will be sufficient lo confront the risks {recorded within the Risk Register) that the Society is exposed to. These include those associated with the charitable aclivilies. In addition to expenditure commitments for the annual meetings and courses, the Society makes a major commitment years in advan￿ of its flagship meeting microscien￿ Microscopy Congress Immcl, so that in any one year the sum approaches £1,000,000. Th8 Society is also exposed to risks associated with being an employer, e.g. legislation and litigation. The Society relies on sources of significant income (the Journal of Microscopy and its investments) that are particularly vulnerable lo external factors. The Society has a risk register and a¢knO￿edge$ the financial risk to the Society from redU￿d andlor curtailed income sources, e.g. Journal of Microscopy, investments and events (fewer people allending conferences as a result of a poor economic climate). The Joumal provides an operating surplus of approximately £398K so if there were to be a loss of revenue from the Journal in the future dLJe to Changes in publication m(xlels for scientificjournals, provision should be made for this additional amount each year from investments to cover the potential loss. The Society's reserves therefore need to be sufficient to allow il lo operate and adapt for a minimum of twenly-foLJr months in the event of cessation of income from these sources and thereafter if il ceased to be financially viable lo meet its commitments to staff. Twenty-four months running costs equate lo around £1.75 million (not including direct costs on activities). Running costs including all direct costs less Joumal income would be approximately £2.562 million. Increasing our Reserves lo Ihirty-six months has been discussed al various Executive meetings. This will continue lo be reviewed at the annual Executive Strategy meeting. In 2024 - 2025 the Society's commitment lo growth - described within ils rolling five-year strategy- will continue with ils ambitious Outreach & Education projects and will continue to draw on some of ils reserves. The rolling strategy also requires us lo make improvements to the building and also the IT and infraslruclure. Plans for the future include marketing the Societies expertise in organising conferences and exhibitions, increase membership, making improvements in the online version of infocus magazine and running of the 100 Microscope Activity Kit loan scheme for the foreseeable future al a cost of approximately £23K per year. The Society's unrestricted funds consist of the accumulated fund and the capital fund. The accumulated fund represents the Society's reserves that have not been assigned lo any other funds. At 31 December 2024, the balance of this fund was £564K12023.' £681 Kl. The capital fund represents the society's interest in investments 17 Dwusign Envelope ID.. E70B400D-CA454D7F-BBCD-E4CD53DCE207 ROYAL MICROSCOPICAL SOCIETY Report of the Board of Trustees for the year ended 31 December 2024 and the freehold property. The cost of investment management is shown as a charge against the capital fund and similady the depreciation cost on freehold propety has been charged to the capital fund. Al 31 December 2024, the balan￿ of this fund was £4.744M12023'. £4.523MI. The Society's designated fLJnds consist of the Building Fund £25.gK {2023.. £20.1 Kl, Outreach Fund £26.2K 12023.. £24.2KI and IT Fund £56.5K 12023.. £55KI. The BLJilding Fund was sel up to fund future repairs, maintenance and improvements to the offices, flat and restaurant. The Outreach Fund was sel up lo support any activities in the area of its Outreach program. The IT Fund was set up to fund future improvements lo IT database. The Society currently has sufficient funds available lo meet the requirements set out in the reserves policy, and proportion of the Investment Portfolio can be made available if required. The unrestricted funds available currently stsnd at £5.417M which exceeds the running costs set out in the reserves policy. The running costs do vary on an annual basis and can increase with the commitment to the organisation of a large conference. For example. the running costs within the reserves policy, prior lo the impact of the ¢ovid-19 pandemic, stood al £3.98M. The Executive Committee is also monitoring increasing the reserves lo 36 months, which is reviewed al the annual Executive Strategy Meeting, as the commitment lo secure a large venue is usually required up to four years in advance. The Society has four restricted funds detailed in Note 19. Publlc Beneflt The Trustees, Annual Report describes the activities undertaken to further the Society's charitable purposes for the public benefit. Particular highlights of the Society's public benefit activities include the provision of the Microscope Activity Kits IMAKS), which are lent lo Primary Schools for a school lemi al a time, free-of-charge, and include microscopes and activities which are linked lo the school curriculum. These kits are booked out up to a year in advance and so far have benefited nearly 200,000 4-11 year old children encouraging them to have an interest in science at an early age. The Society has also supported the logistics and transportation of two tabletop SEMS and X-Ray Microanalysis Equipment lo Secondary Schools around the UK in a scheme which is also supported by the Natural History Museum, Hilachi Scientific, Oxford Instruments and IRIS (The InstitLJle for Research in Schools). The SEM has been loaned lo 26 schools to dale, with three more due this year and those 26 schools have then connected with a further 60 schools, for a total of 86 schools that have been involved in the programme. We have also worked with the Armourers and Brasiers with generous support from the auekett Microscopical Club to be able to offer, throLJgh the Natural History Museum a second SEM donated by Hilachi again. 'We also have 3 MAK'S that are loaned lo evening and weekend STEM groups as well as Community Education groups (Scouts and Girl Guiding) making this figure far greater. Al the other end of the scale the Society organises a wide range of training courses and scientific meetings for research scientists. The courses provide training to scientists lo enable them to get the best possible results from using their microsc£)pes, im8ge analysis software and flow cylometers in their research, in leaching al various Universities. and in Industry. The Scientific Meetings provide a forum for cutting edge science networking and discussion, which attendees take back to their colleagues lo work on and further develop their scientific research. The Society provides bursaries lo enable scientists to attend these meetings. The Trustees have conSide￿d the Charity Commission's requirement in respect of Public Benefit. In their view the charity meets, in full, the criteria to satisfy the lesl. The Trustees, annual report further describes the activities undertaken lo further ils charitable purposes for the public benefit. Plans for the Future General In 2023, Sali Davis was recruited as the Society's new Chief Executive Offi￿r, to replace her predecessor of 40 years, Allison Winlon. Since then, Sali continues lo oversee the strategic and operational activities for the Society. Under Sali's leadership and direction the following new inilialives have been implemented the following.. undertaking a fully comprehensive governance review which has resulted in a refreshed Handbook for the commillees and focussed interest groups that the RMS oversee and provide secretariat for along with a streamlining of the ExecLJtive, Council and Section Chair committees and Board. A new cor)flict of interest and 18 Dwusign Envelope ID.. E70B400D-CA454D7F-BBCD-E4CD53DCE207 ROYAL MICROSCOPICAL SOCIETY Report of the Board of Trustees for the year ended 31 December 2024 code of conduct has also been implemented. Significant progress has been made on delivery of the Chartered Microscopist and Registered Technician qualifications with all associated Societies and Organisalions such as the Royal Society of Chemisty and Biology, the Institute of Physics all expressing support for this planned offering for members. The RMS Ambassadors programme is also being refreshed with a very different package being offered to those who wish to be part of this scheme. The scheme will be open lo applications from members only and the re-launch has been supported by a student intern, Malika Zahedi. Sali's focus continues lo be ensuring the long term financial viability of the society which is inextricably linked with the performance of its investments, the Journal of Microscopy and its other charitable activities. Strategy Meetings continue to explore the impact and miligale the potential income loss of the anlicipaled move of the Journal tr) open access and ways of increasing income and decreasing expenditure continue to be explored by the Trustees. Sali has hopes that the RMS will meet these challenges by continuing to working more collaboratively with other like minded stakeholders who are also facing similar challenges such as other Royal Societies whose charitable aims and pursuits lie firmly within the scientific sector. As such, three Memorandum of Understandings have been drafted and signed by three other societies which will help secure. foster and encourage greater collaboration with working partners and stakeholders. Generated funds The restaurant will be leased lo the exisling tenanl until 2039 and rent for the reslaurantwill continue lo be charged at the market rale with regular rent reviews. The flat is not rented out through a letting agent, but may be rented on an ad hoc basis and we are currently exploring options to rent out the meeting rooms we have lo generate further income. On-going repairs and maintenance lo the building will continue lo be funded from the designated Building Fund. The Society will ￿ntinUe to explore ways of maximising investment income Iwilhin the boundaries of the Investment Policyl and will work closely with ils investment manager and bankers lo maximise returns on cash holdings. Charitable activities DLJring 2024 we have held a range of both 'in person, and virtual events starting off with the first quarter during which we held the popular International Microscopy Lecture Series IIMLSI along with our regular Expansion Microscopy User GroLJP Meetings, EM-UKI, Cryo Microscopy Course and the Virtual Flow Cytomelry Data Course We continue lo represent all sections of our mieroscopy, imaging and cylometry communities delivering meetings such as an AFM & SPM Meeting, our Virtual Facilities Management Training Course, the Light Microscopy Summer School, Getting the most from your Confocal Course, an EM Course. We have striven lo work more collaboratively this year as well, hosting a Lab-based X-ray Phase Contrast Imaging event with UCL and allending the popular M&M conference in Cleveland, Ohio emc in Copenhagen and attending and sponsoring the Slrathclyde Optical Microscopy Course. We enjoy hosting our usual cohort of long running events such as the ESRIC Super-Resolulion Summer School and the Flow Cytomelry Course. One of our notable successes this year was delivering the Microscopy." Advances, Innovation, Impact meeting which was a one day meeting incorporating the RMS AGM. Attendees and recipients of the RMS Awards were invited lo give short talks on their work and this was met with resounding praise from all who attended. We were pleased lo be able lo offer the dual Frontiers in Biolmaging and Frontiers in Physical Imaging al the latter end of the year, both of which events were met with strong delegate numbers and widespread accolade. Of note in particular, given the plethora of events we were already undertaking was our Suc￿$$fUl bid to host ELMi24 in Liverpool. Over three days this international event combined a heady mix of vibrant conference sessions covering all the lalesl techniques and applicalions in light microscopy. Liverpool will also be the destination for the IMC21 bid which we are acting as PCO for in 2026 We continue lo try lo increase our current membership numbers by keeping subscription rates low, with just a very small increase in rates for 2024 and we are looking al our current benefit package for our membership and our Corporate members. We will also be launching a new survey for members and non members following our last survey in 2002. The survey will look al understanding from our members what they would like us to do in order to meet their expectations. Work will also continue on developing beller support for our current Ambassadors and future ones. This will include a recruitment drive with supporting reSoUr￿S to help those who feel that they could support the Society in achieving its ambitions to support the scientific communities that we assist. 19 Dwusign Envelope ID.. E70B400D-CA454D7F-BBCD-E4CD53DCE207 ROYAL MICROSCOPICAL SOCIETY Report of the Board of Trustees for the year ended 31 December 2024 Our popular infocus magazine is now exclusively online and this seems lo have been well received and fits in with our emerging sustainability agenda. With the return to more 'in-person' events we will be recruiting new members at our own events, and attending other events to promote both RMS membership and the Society in general. Membership benefits will continue to be reviewed on a regular basis. The quality of the Journal of Microscopy has enabled us to maintain income similar to previous years, though this has started lo reduce. On-line subscriptions will continue to replace hard(x)py subscriptions and the digilized back issues of the Journal continue lo be popular though at a reduced level, but still providing in the short term an additional income stream. Developments in Open Access publishing will continue lo be monitored carefully by the Trustees and Wiley the publishers. We continue to put additional resources into Social Media as il is proving lo be a tool widely used within the scientific community lo communicate more effectively and in a more instantaneous way. Our followers on Facebook, Twiller, Instagram and Linkedln increase steadily each month and this helps us to promote the Society, engage with our members and the wider community. We a￿ also using Bluesky as an additional plafform. Our website has been updated, which has already improved functionality and made il more inleraclive. The membership CRM has been successfully implemented and works 81ongside Pix18 Ilhe RMS website company), ensuring an efficient and cuslomer-friendly online registration system for all RMS events. The Diploma programme will continue lo be supported lo ensure that all candidates receive a good experience as they work towards achieving the qualification. A Chartered Microscopisl status and registered Technician status is being explored further under the direction of the RMS Chief Executive and our fellow Royal Societies and Vvorking Partners are very supportive of this movement towards an additional level of CPD for members. Our RMS Internship programme continues lo offer a variety of Professional Internship Placements, enabling students lo develop their skills in a new environment. We have been pleased to host six such intemships in recent years with 1 student hosted by the RMS in 2024 and we currently have a range of potential projects in the pipeline for future interns to tackle. Through this scheme, the Society gains fresh perspectives and ideas. and il results in great projects that benefit both the Society and the community. 20 Dwusign Envelope ID.. E70B400D-CA454D7F-BBCD-E4CD53DCE207 ROYAL MICROSCOPICAL SOCIETY Report of the Board of Trustees for the year ended 31 December 2024 Trustees, responsibilities in relation to the financial statements The trustees of The Royal Mi¢ros¢opical Society are resEM)nsible for preparing the Trustees, Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards Iunited Kingdom Generally A¢￿pted Accounting Practi￿1. The law applicable to charities in England & Wales requires the trustees to prepare financial statements for each financial year, which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that period. In preparing these financial slatemenls, the trustees are required to.. Select suitable accounting policies and then apply them consistently., observe the methods and principles in the Charities SORP 2019 IFRS 102)., make judgements and estimates that are reasonable and prudent., slate whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements., and prepare the financial statements on the going wncern basis unless it is inappropriate to presume that the charity will continue in operalion. The trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy al any time the financial position of the charity and enable them lo ensure that the financial statements comply with the Charities Act 2011, the Charities IAcwunts and Reports) Regulations 2008 and the provisions of the Royal Charler. They are also responsible for safeguarding the assets of the charily and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. The trustees are responsible for the maintenance and integrity of the Charity and financial information included on the charity's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislations in other jLJrisdictions. In so far as the TrLJStees are aware.. There is no relevant information of which the charity's auditor is not aware,. and the Trustees have taken all steps that they ought to have taken lo make themselves aware of any relevant audit information and to establish that the auditor is aware of that information. Approved by the Trustees on 7 May 2025 and signed on their behalf by: Sh3rnd by.. (PLkr S*Nd by.. 8022FC1C80214C2 4&449 Professor P O'Toole President Honorary Treasurer 21 Dwusign Envelope ID.. E70B400D-CA454D7F-BBCD-E4CD53DCE207 ROYAL MICROSCOPICAL SOCIETY Independent Auditor's Report to the Members of Royal Microscopical Society Oplnlon We have audited the financial statements of Royal Microscopical Society Ithe 'charily'l for the year ended 31 December 2024 which comprise of the slalement of financial activities, balance sheet, cash flow statement and notes to the financial stslemenls, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland. Iuniled Kingdom Generally AC￿pted Accounting Practi￿1. In our opinion the financial statements.. give a true and fair view of the slate of the charity's affairs as al 31 December 2024, and of ils incoming resources and application of resources, including its income and expenditure, for the year then ended., have been properly prepared in accordan￿ with United Kingdom Generally Accepted Accounting Practi￿., and have been prepared in accordance with the requirements of the Charities Act 2011. Basis for opinion We condurted our audit in accordance with Intemational Standards on Auditing IUKI IISAS {UKII and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant lo 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. Concluslons relatlng to golng concem 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 lo events or conditions that, individually or collectively, may cast significant doubl on the charity's ability to continue as a going con￿rn for a period of al least 12 months from when the financial ststemenls are authorised for issue. Our responsibilities and the responsibilities of the trustees with respect lo going concern are described in the relevant sections of this report. Other information The trustees are responsible for the other information. The other information wmprises the information included in the report of the Iruslees, other than the financial statements and our auditor's report thereon. Our opinion on the financial statements does not cover the other information and, ex￿p1 to the extent olhenNise explicitly ststed in our report, we do not express any form of assurance wnclusion thereon. In connection with our audit of the financial statements, our responsibility is lo read the other information and, in doing so, consider whether the other information is materially inconsislenl 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 there is a material misstatement in the financial statements or a material misstatement of the other information. 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 lo report in this regard. 22 Dwusign Envelope ID.. E70B400D-CA454D7F-BBCD-E4CD53DCE207 ROYAL MICROSCOPICAL SOCIETY Independent Auditor's Report to the Members of Royal Microscopical Society Matters on whlch we are requlred to report by exceptlon We have nothing lo report in respect of the following mallers in relation lo which the Charities (Accounts and Reportsl Regulations 2008 requires us lo report to you if, in our opinion.. the information given in the Injstees, report is inconsistent in any material respect with the financial statements- or sufficient accounting records have not been kept,. or the financial statements are not in agreement with the accounting records., or we have not received all the information and explanations we require for our audit. Responsibilities of trustees As explained more fully in the Iruslees, responsibilities statement sel out on page 21, the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such intemal control as the trustees detemine is necessary to enable the preparation of financial statements that are free from material misstalemenl, whether due lo fraud or error. In preparing the financial sl8temenls, the Iruslees are responsible for assessing the charity's ability to continue as a going concern, disclosing, as applicable, mallers related to going Corn￿rn and using the going concern basis of accounting unless the Iruslees either intend to liquidate the charity or lo cease operations. or have no ￿aliStiC allernalive bul lo do so. Audltor's responslbllltles for the audlt of the flnanclal statements We have been ap￿int￿ as audf(or under sectB)n 144 of the char￿eS Act 2011 and report in accordan￿ with the Act and relevant wulations made or having effectthereunder. Our objectives are to obtain reasonable assurance about whether the financial statements as a wFK)le are fr￿ from mater￿1 misstatemenL whether due to fraud or error, and to issue an auditor's report that includes our OFMnK)n. Reasonable assuran￿ is a high level of assuran￿, but is not a guarantee that an audit conducted in a(￿ordan￿ with ISAS IUKI will always detect a material misstatement when il exsts. Misstatements can arise from fraud or error and are tx)nsidered material rf, indwidually or in the aggregate, they COLJld reasonab￿ be expect￿ tr) irffluen(E the eu)nomic decisions of users taken on the basis ofthese financial statements. Irr￿ularities, induding fraud, are InStan￿S of non-complian￿ ￿nth laws and regulations. We design procedures in line th our resFK)nsibilities, OLJdined above, to delect materi41 misstatements in respect of irregularities, including fraud. The specific pro￿ureS for this engagement and the extent to whith these are capable of deteth.ng irregularities, induding fraLJd is detailed below.. Ourassessmentfocussed on key laws and regulalKJns the charity has too)mplywlh and areas ofthefinarrial statements we assessed as being rn(￿e suscEplible lo misstatement. These key laws and regulatK)ns included bul were not limited to compliance with the Charities Act 2011, Charities (Protection and Social Investment) Act 2016, taxation legislation, dats protection, anti-bribery and employment legislation. We are not responsible for preventing irregularities. Our approach to detecting irregularities included, bul was not limited lo, the following.. obtaining an understanding of the legal and regulatory framework applicable to the charity and how the charity is complying with that framework, inclLJding agreement of financial statement disclosures to undedying documentation and other eviden￿., obtaining an understanding of the charity s control environment and how the charity has applied relevant control procedures, thmugh discussions with Trustees and other management and by performing walklhrough testing over key areas., obtaining an understanding of the charity's risk assessment process. including the risk of fraud., reviewing meeting minLJles of those charged with governance throughout the year., and 23 Dwusign Envelope ID.. E70B400D-CA454D7F-BBCD-E4CD53DCE207 ROYAL MICROSCOPICAL SOCIETY Independent Auditor's Report to the Members and Trustees of Royal Microscopical Society Audltor's responslbllltles for the audlt of the flnanclal statements Icontlnuedl perfomiing audit lesling to address the risk of management override of controls, including testing joumal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias. Whilst considering how our audit work addressed the detection of irregularities, we also considered the likelihood of detection based on our approach. Irregularities arising from fraud are inherently more difficult lo delecl than those arising from error. Because of the inherent limitations of an audit, there is a risk that we will not delecl all irregularities, including those leading lo a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely lo become aware of instances of non-complian￿. The risk is also greater regarding irregularities occurring due lo fraud rather than error, as fraud involves intentional Con￿alMent, forgery, collusion, omission or misrepresenlalion. A further description of our responsibilities is available on the Financial Reporting Council's website at.. www.frc.org.uklauditorsresponsibilities. This description forms part of our auditor's report. Use of our report This report is made solely lo the charity's trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might slate to the charity's trustees those matters we are reqUI￿d to stale lo them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity's trustees as a body, for our audit work, for this report, or for the opinions we have formed. Cooper Parry Group Limited Slalulory Auditor Cubo Birmingham 4, Floor Two Chamberlain Square Birmingham B3 3AX Dale- 15 May 2025 Cooper Parry Group Limited is eligible to act as an auditor of the charity under section 1212 of the Companies Act 2006. 24 Dwusign Envelope ID.. E70B400D-CA454D7F-BBCD-E4CD53DCE207 ROYAL MICROSCOPICAL SOCIETY Statement of financial activities for the year ended 31 December 2024 Unrestrlcted funds Restrlcted funds 2024 Total 2023 Total Note Income and endowments from: Donations and legacies 1,196 64,000 65,196 14,432 Charitable activities 1,490,820 6,038 1,496,858 1,764,792 Other trading activities 25,735 25,735 24,999 Investments 92,722 92,722 81,983 Total 1.610.473 70.038 1,680,511 1,886,206 Expenditure on: Raising funds 43,212 43,212 41.275 Charitable activities 1,720,234 60,839 1,781,073 1,835,849 other 8xpenditur8 2, 140 2,140 2,515 Total 1.765.586 60.839 1.826.425 1,879,639 GainsllLossesl on investment assets 14 202,306 202.306 125.327 Net In¢omelExpenditure 47,193 9,199 56,392 131,894 Revaluation gains on Fixed Asset 13 66,149 66,149 Net movement In funds 113.342 9.199 122.541 131.894 Reconciliation of funds Total funds brought forward al 1 January 2024 5,303,546 21,841 5,325,387 5,193,493 Total funds carried forward at 31 December 2024 5,416,888 31,040 5,447,928 5,325,387 The statement of financial activities includes all gains and losses recognised in the year. All incoming resour￿8 and resour￿8 expended derive from Continuing activities. The notes on pages 28 to 41 fonm part of these Financial Statements. 25 **Docusign Envelope ID: E708400D-CA45-4D7F-BBCD-E4CD53DCE207** ## **ROYAL MICROSCOPICAL SOCIETY** ## **Balance sheet at 31 December 2024** ## **Company Number: RC000353** |**Note**
**Fixed assets**
Tangible assets
13
Listed investments
14
**Current assets**
Debtors
15
Cash at bank and in hand
16
**Creditors**
Amounts falling due within one year
17
**Net current assets**
**Net assets**
**The funds of the charity**
Restricted income funds
19
Unrestricted income funds
18
**Total charity funds**|**2024**
£
712,276
4,031,818
4,744,094
448,340
699,164
1,147,504
(443,670)
703,834
**5,447,928**
31,040
5,416,888
**5,447,928**||**2023**
£
656,271
3,867,124
4,523,395| |---|---|---|---| ||||289,330
824,861| ||||1,114,191
(312,199)
801,992| ||||**5,325,387**
21,841
5,303,546| ||||**5,325,387**| Approved by the Council on 7 May 2025 and signed on their behalf by: **Professor P O'Toole President** ## G[i� **Mr R Shipley Honorary Treasurer** The notes on pages 28 to 41 form part of these financial statements. 26 Dwusign Envelope ID.. E70B400D-CA454D7F-BBCD-E4CD53DCE207 ROYAL MICROSCOPICAL SOCIETY Cash flow Statement at 31 December 2024 2024 2023 Note Cash flows from operating activities 25 1235,4381 187,171} Cash flows from investing activities 26 109,741 105.494 Change in cash & cash equivalents in the reportlng perlod 1125,6971 18.323 Cash & cash equivalents al the beginning of the reporting period 27 824,861 806.538 Cash and Cash equivalents at the end of the reporting period 27 699,164 824.861 27 Dwusign Envelope ID.. E70B400D-CA454D7F-BBCD-E4CD53DCE207 ROYAL MICROSCOPICAL SOCIETY Notes to the Financial Statements for the year ended 31 December 2024 1. Accounting policies Charity information Royal Microscopical Society is a Charity registered in England and Wales No.241990. The Society is incorporated as a Royal Charter company IRC0003531, domiciled in England and registered in England and Wales. The Charity's principal address is.. 37138 St Clements Street, Oxford, OX4 1AJ. a) Basls of preparatlon The financial statements have been prepared under the historical cost convention, modified lo include the revaluation of ￿rtain fixed assets. The finanryal statements have been prepared in accordan￿ with the Statement of Recommended practi￿.. Accounting and Reporting by Charities ISORP 20191 effective from 1 January 2019, preparing their accounts in accordan￿ wfch the Financial Reporting Stsndard applicable in the UK and Republic of Ireland IFRS 1021 and the Charities Act 2011. The society meets the definition of a public benefit entity as defined by FRS 102 so has applied the specific "PBE" prefixed paragraphs of FRS 102. Assets and liabilities are initially recognised al historical cost or transaction value unless otherwise slated in the relevant accounting policy notelsl. The financial statements have been prepared for the Society as a single entity. The financial statements are denominated in sterling, whid) is the Society's functional currency. and are rounded lo the nearest whole pound. The preparation of finanaal statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management lo exercise judgement in applying the Society s accounting policies (see note 2}. b) Going concem The Royal Microscopic81 Society has a strong cash position, and the majority of its funds are unrestricted funds. The Society continues lo review ils expenditure during 2024 to reduce the cost base where feasible, which offset the majority of the reduction in income. On this basis the trustees a￿ confident at present that the Society has adequate resources to continue in operation and, accordingly, have adopted the going con￿rn basis in preparing the financial stalemenls. c) Listad investmants & invostm8nt proporties Listed investments are stated at market value at the year end. Gains and losses on disposal and revaluation of investments are charged or uedited to the SOFA. Realised gains and losses on investments are calculated as the dtfference between sales proceeds and opening market value lor purchase date if later). Unrealised gains and losses are calculated as the differen￿ between the market value al the year end and opening market value lor purchase dale if later). Investment properties are measured at fair value al each reporting date with changes in fair valLJe recognised through the Statement of Financial Activities. d) Tangible fixed assets Fixed assets over £1,000 are capitalised al cost. DepreciatK)f) is provided on all tangible fixed assets to write off the cost, less estimated residual value of each asset, over ts expected useful lrfe. The rates used for this purpose are as follows.. Freehold property Flat fixtures and fittings Office equipment and fittings Microscopes 2 % straight line 200/0 10 33 ⅓°/0 reducing balance /0 slraighl line 100/0 slraighl line 28 Dwusign Envelope ID.. E70B400D-CA454D7F-BBCD-E4CD53DCE207 ROYAL MICROSCOPICAL SOCIETY Notes to the Financial Statements for the year ended 31 December 2024 {Continuedl Herltage assets The society possesses an historical collection of microscopes and allied equipment. Any marf(el valuation of the (x)Ileclion is indeterminable due lo the age and a lack of accurate financial information relating to the individual items making up such a collection. Therefore, no value has been included in the tangible fixed assets included in these financial slalements in relation to this collection. The collection is presently in the care of the History of Science Museum within the University of Oxford. e) Penslons The Society contributes lo a defined contribution pension scheme. The assets are held separately from those of the society in independenuy administered funds. The contributions are charged lo the statement of financial activities on a payable basis. The contribLJtions paid are shown in note 12. fj Fund accountlng The society maintains various types of funds as follows.. General funds are unrestricted funds which are available for use at the discretion of the trustees in furtherance of the objectives of the charity and which have not been designated for other purposes. Designated funds comprise unrestricted funds that have been set aside by the Iruslees for particular purFK)ses. Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the society for particular purposes. g) Income All incoming resources are recognised once the charity has enlillemenl lo the resources, it is probable that the resources will be received and the monetary value of incoming reSoU￿S can be measured wth sufficient reliability. Deferred income represents amounts re￿iVed for future per1(￿S and is released to incoming resources in the period for whith l( has been re￿ived. h) Resources expended Liabilities are recognised as resources expended as soon as there is a legal or constructive obligation committing the society to the expenditure. All expenditure is accounted for on an accruals basis and has been classtfied under headings that aggregate all costs related to the heading. Expenditure on raising funds are those costs involved in attracting voluntary income and those associated with the management of the investment portfolio. Expenditure on charitable activities includes expenditure associated with the production of publications, organisalion of meetings and courses and the processing of grants. Governan￿ costs include those incurred in the governance of the society and its assets and 8re primarily associated with constilulional and stslutory requirements. Support costs represent the costs incurred by staff directly providing support for the production of publications, meetings and other activities that further the charity s objects. Support costs that cannot directly be allocated to activity cost categories are then apportioned on a basis consistent with the prOport￿n of incoming resources for charitable aclivilies. i) Foreign currencies Transactions in foreign currencies are recorded using the rale of exchange ruling al the dale of transaction. Monetary assets and liabilities denominated in foreign currencies afft translated using the rale of exchange ruling al the balance sheet dale and the gains or losses on translation are included in the income and expenditure account. J) Operatlng leases Rentals payable in respect of an operating lease are charged on a straight line basis over the term of the lease. 29 Dwusign Envelope ID.. E70B400D-CA454D7F-BBCD-E4CD53DCE207 ROYAL MICROSCOPICAL SOCIETY Notes to the Financial Statements for the year ended 31 December 2024 {Continuedl k) Flnanclal Instruments The charity only has financial assets and finanaal liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initialty recognised at transaction value and subsequently measures at their settlement value. l) Cash Cash al bank and in hand includes cash and short-term highly liquid investments w(th a short maturity of three months or less from a dale of acquisition or opening of the deposit or similar account. ml Debtors Trad8 and other debtors are recognised al the settlement amount after any trade discount offered. Prepayments are valued al the amount prepaid net of any trade discounts due. n) Creditors Liabilities are recognised when there is an obligation at the balance sheet dale. As a result of a past events, it is likely that a transfer of benefit will be required in setdement. and the amount of the settlement can be estimated reliably. Liabilities are recognised at the amount that the Society anticipates il will pay to sellle the debt. Alternatively, the amount il has re￿iVed as advanced payments for goods or services which the Society MLJSI provide. 2. Judgements In preparing the Financial Statements, trustees are required to make eslimales and assumptions which affect reported income, expenses, assets, liabilities and disclosu￿ of conlingenl assets and liabilities. Use of available information and application of judgement are inherent in the formation of eslimales, together wlh expectations of future events that are believed to be reasonable under the ryrcumslances. Actual results in the future could dtffer from such estimates. There are not considered to be any significant judgements or estimates other than the valuation placed on the heritage assets and freehold property (see belowl. These heritage assets are carried al nil value on the basis that the value of these assets is impossible to estimate, due lo their unique nature. The Society carries its freehold property al fair value, with changes in fair value being recognised in the Statement of Finanoal Activities. The souety engaged independent valuation specialists lo determine fair value at 31 December 2021. Some of the key assumptions used lo determine the fair value ofthese assets are based on the valuer's knowledge and experience of the market and values of similar properties, which could be deemed subjective. In be￿een formal revaluations the Trustees assess the carrying value of the freehold propety. The society's property is mixed-use and an apportionment must be made between Investment Propety and Propety, Plant and Equipment on the basis of square fool used in each activity. There is little eslimalion involved in detemiining the value of accruals and prepayments, as these are mostly based on supplier invoices elc. Depreciation rates are based on 'induslry norms and experien￿ of the lrfe of assets. 3. Income from: Donatlons and legacles 2024 2023 Donations 65,196 14,432 65.196 14,432 Donations and legacies are the only income that the charity obtains from non-exchange transactions. There are no unfulfilled conditions or other contingencies atiaching to resources from non-exchange transactions. £64,00012023'. £5,(x)O) of the above donations were reslricled. 30 Dwusign Envelope ID.. E70B400D-CA454D7F-BBCD-E4CD53DCE207 ROYAL MICROSCOPICAL SOCIETY Notes to the Financial Statements for the year ended 31 December 2024 {Continuedl Income from: Charitable activities Unrestricted funds Rastricted funds 2024 Total 2023 Total Publications Subscriptions Meetings and courses income (see below) Outreach MMC Series Grant income 657,333 132,997 699,165 1,325 657,333 136,057 699,165 1,325 602,396 119,704 211,192 932 732,701 11,100 3,060 2,978 2,978 1,490,820 6,038 1,496,858 1,764,792 Total 2023 1,753,692 11,100 1,764,792 2024 2023 Meetings and courses income is made up as follows.. Meetings Courses 578,155 121,010 177,159 120,800 699,165 297,959 5. Income from- Other trading activities - unrestricted 2024 2023 Rents re￿1vable Other income 24,000 1,735 25,735 24,000 999 24,999 Income from- Investments - unrestricted 2024 Total 2023 Total Bank interest re￿1vable Dividends 10,615 82,107 12,668 69,315 92,722 81,983 7. Expenditure on.. Raising funds - unrestrictgd 2024 Total 2023 Total Brokers, management fees 43,212 41,275 31 Dwusign Envelope ID.. E70B400D-CA454D7F-BBCD-E4CD53DCE207 ROYAL MICROSCOPICAL SOCIETY Notes to the Financial Statements for the year ended 31 December 2024 {Continuedl 8. Expenditure on.. Charitsble activities Support costs Direct costs 2024 Total 2023 Total Publication costs Subscriptions Meetings Courses Outreach MMC Series Grants payable (note gi Governance costs 251,567 54,078 229,798 48,098 225 259,528 49,141 667,276 92,069 7,834 511,095 103,219 897,074 140,167 8,059 386,365 66,647 333,797 92,813 1,883 881,608 34,934 37,802 79,826 79,826 41,633 41,633 625,399 1,155,674 1,781,073 1,835,849 Totsl 2023: 483,868 1,351,981 1,835,849 Included within Expenditure on Charitable activities is £60,83912023'. £11,100) of restricted expenditure which relates to the costs of the Biolmaging UK Community Network projecl1£2,9781, the Plymouth Fund 1£3,8611 and expenditure on the Table Top SEM Project1£54,000). 9. Charltable actlvltles 2024 Total 2023 Total Grants payable are made up as follows.. Activity kit equipment and logistics Donations and grants Table Top SEM Pledge 11,712 14,114 54,000 14,015 20,919 79,826 34,934 32 Dwusign Envelope ID.. E70B400D-CA454D7F-BBCD-E4CD53DCE207 ROYAL MICROSCOPICAL SOCIETY Notes to the Financial Statements for the year ended 31 December 2024 {Continuedl 10. Allocation of support costs Subscriptions Meetings Microscience Outreach Governance Publications & Membership& Courses Total 2024 Total 2023 Office overheads Rates Heating and lighting Insurance Council and comrnitt88 general expense5 Printing and ststionery Advertising Public Relations Postage IT InfrastrLJCtur8 Tel8phone Professional fees Audit and accountancy Legal and professional 8ookkeeping fe8s Bank charges Repairs and ￿ne￿alS Property Equipment Depreciation Office Freehold propetty Input VAT not recovered Catering Parking Staff training Staff travel Health insurance Subscriptions Exchange rate gain Bad debts Sponsorship Recruitment Other 1,032 1,292 3.760 3,842 214 267 778 795 1,098 1.375 3.997 4,087 2,347 2,937 8,544 22.000 1,929 8,465 8,152 20.324 13,268 407 3,566 84 738 433 3.793 925 8,104 3,752 1,831 199 193 413 51.268 31,811 5.006 4.453 1,574 1,380 14.400 13.250 3.964 4.606 1.942 3.000 12,910 15,290 85 22,559 2,203 693 18 4,669 456 143 90 23,995 2,343 737 45 14,400 3,964 854 5,6e1 177 1,176 909 6,042 6,890 3,904 1,426 7,328 4,152 14 15,658 8,871 9,457 6,192 7,805 5.719 20,148 1,615 1,184 4,170 8,301 6,084 21,430 17 12 41 17,738 14,425 12,999 13,01)0 45,789 61,390 2.870 2.825 1.679 614 873 487 7.174 1871 77 3,254 617 594 583 347 127 181 101 1,485 1181 16 674 128 3,054 3,004 1,786 653 928 519 7,631 1941 81 3.461 657 6,524 5,690 6.418 4,228 3,814 1,264 1,395 600 1,984 1,970 1.108 611 16,304 12,0011 11991 353 174 197 7,396 7,994 1,403 1,714 14 Wag85 and Salari8S 140,749 31,140 160,020 10,000 341.909 237,929 Total 2024: 251,572 54,076 277,894 225 41,632 625,399 483,868 Total 2023: 146,661 31,131 77,488 190,544 242 37,802 483,868 The Society allocates its support costs as shown in th8 table above and then further apportions those costs between the charitable activities undertaken. Support Costs are allocated on a basis consistent with the proportion of incoming resour￿8 for charitable activities. 33 Dwusign Envelope ID.. E70B400D-CA454D7F-BBCD-E4CD53DCE207 ROYAL MICROSCOPICAL SOCIETY Notes to the Financial Statements for the year ended 31 December 2024 {Continuedl 1 Oa. Governance costs 2024 2023 Support costs (note 101 Wages 31,632 10,000 27,802 10,000 41,632 37,802 11. Net Incomlng resources 2024 2023 This is stsled after charging.. Depreciation 30,737 27,425 Auditors, remuneration.. Audit servi￿8 Amounts payable under operating leases Amounts receivable under operating leases 14,400 3,237 24,000 13,250 3,237 24,000 12. Staff costs Staff costs during the year amounted lo.. 2024 2023 Salaries and wages Social security costs Pension costs 608,535 58,084 53,566 551,117 49,485 51,051 720,185 651,653 The number of employees whose total employee benefits {excluding employer pension costs) exceeded £60,000 during the year was 3 12023= 21. The emoluments they received were within 1- £60,000-£70,000, 1- £70,000-£80,000 and 1- £80,000-£90,00012023-. 2- £60,000-£70,0001. The average number of employees analysed by function was.. 2024 15 2023 14 Charitable activities Governance 18 Total full time equivalent staff 14.69 14.1 The members of the Council of Management received no remuneration for their services {2023'. £Nil}. During the year, members of the Council of Management were reimbursed for out of pocket expenses incurred during the course of their duties. The amounts incurred in out of pocket expenses and payable at the year end are detailed in note 24. Key management personnel remuneration, including pension contributions, for the year ended 31 December 2024 lotalled £260,292 (2023.. £246,818). Pension costs and liabilities have been assigned entirely lo unrestricted funds on the basis that the amount of time spent by staff working on the activities associated with the restricted funds is minimal in proFX)rtion of time spent on unrestricted aclivilies. 34 Dwusign Envelope ID.. E70B400D-CA454D7F-BBCD-E4CD53DCE207 ROYAL MICROSCOPICAL SOCIETY Notes to the Financial Statements for the year ended 31 December 2024 {Continuedl 13. Tangiblo assgts Microscopes Freehold property Office gquipmant and fittings Flat fixturgs and fittings Total Cost or valuation: 1 January 2024 Additions Revaluations 47,046 650,000 267,539 20,593 35,863 1,000,448 20,593 27,149 27,149 31 December 2024 47,046 677,149 288,132 35,863 1,048,190 DepreclatS0n'. 1 January 2024 Provided this year Eliminated on revaluation 32,631 2,402 26,000 13,000 139,0001 251,772 14,917 33,774 418 344,177 30,737 139,0001 31 De￿mber 2024 35,033 266,689 34,192 335,914 Net book value.. 31 December 2024 677 149 1,671 712,276 31 De￿mber 2023 14,415 624,000 15,767 2,089 656,271 In respect of ￿rtain fixed assets staled al valuations, the comparable historical cost and depreciation values are as follows:_ Fraehold property 2024 2023 Net book value at end of year 677,149 624,000 Hlstorlcal cost At 1 January 2024 173,559 173,559 At 31 December 2024 173,559 173,559 Depreciation At 1 January 2024 Charge for the year 122,435 3,471 118,964 3,471 At 31 December 2024 125,906 122,435 Net Historical cost value At 31 December 2024 51,124 At 31 De￿mber 2023 51,124 54,595 A professional valuation of the freehold property, prepared by an independent chartered 8LJrveyor R Sherrott FRICS, was obtained in December 2021 which valued the property al an open market value of £650,000. The Iruslees reviewed the carrying value of the freehold property at De￿mber 2024, in the intervening peri between professional valuations. The Iruslees have concluded that there has been an increase in the valuation of the property, subject to annual diminution in line with the Charity's depreciation policy. 35 Dwusign Envelope ID.. E70B400D-CA454D7F-BBCD-E4CD53DCE207 ROYAL MICROSCOPICAL SOCIETY Notes to the Financial Statements for the year ended 31 December 2024 {Continuedl 2024- 2024- Investment Listed Property Investments 2024- Total 2023 - Total 14. Fixed asset investments Listed inv8slments'. Market value 1 January 2024 Additions Revaluation of propety Disposals Realised losses on disposals Unrealised gains Movement in cash awaiting investment 320,000 3,547,124 2,035,624 3,867,124 2,035,624 13,521 {1,998,2741 134,523 54,262 3,782,695 1,241,516 13,521 11,998,274) 134,523 54,262 11,323,324) 318 125,009 74,962 Market value 31 December 2024 333,521 3,698,297 4,031,818 3,867,124 2024 2023 Investments at market value omprised.. Equities UK fixed interest securities Overseas fixed interest securities Cash deposits Alternative Assets Property Investment Propety Open ended investment fund 2,242,592 675,475 188,001 4,044 347,496 181,188 333,521 59,501 2,192,747 651,140 135,745 79,006 356,193 71,470 320,000 60,823 4,031,818 3,867,124 The trustees ¢onsider individual holdings at 31 December 2024 in excess of 5,/0 of the portfolio value to be material. At 31 December 2024 there were no such holdings. A professional valuation of the freehold property, prepared by an independent chartered surveyor R Sherrott FRICS, was obtained in December 2021 which valued the investment property al an open market value of £320,000. The trLJStees reviewed the Carrying value of the freehold property at December 2024, in the intervening period between professional valuations. The trustees have concluded that there has been an increase in the valuation of the property. 2024 2023 Listed investments at cost 1 January 2024 Additions Disposals 2,827,587 2,035,624 1,588,814 2,857,328 1,241,516 1,271,257 3,274,397 2,827,587 15. Debtors 2024 2023 Trade debtors Prepayments and accrued income 289,106 159,234 235,005 54,325 448,340 289,330 36 Dwusign Envelope ID.. E70B400D-CA454D7F-BBCD-E4CD53DCE207 ROYAL MICROSCOPICAL SOCIETY Notes to the Financial Statements for the year ended 31 December 2024 {Continuedl 16. Cash at bank and in hand 2024 2023 Bank current accounts Petty cash 698,413 751 824,115 746 699,164 824,861 17. Creditors: Amounts falling due within one year 2024 2023 Trade creditors Accruals Deferred income (see Note 17a} Other taxes and social secLJrity Other creditors 10,874 71,187 284,625 68,368 8,616 21,433 44,821 195,425 43,092 7,428 443,670 312,199 17a. Deferred income Membership Meetings and courses mmc2025 2024 2023 At 1 January 2024 Released to incoming resources Deferred in the year 18,692 176,733 118,6921 1176,7331 195.425 {195,4251 278,744 1278,7441 12,669 59,220 212,736 284.625 195425 At 31 December 2024 12.669 59,220 212.736 284.625 195,425 Deferred income related lo membership fees, mmc2025 and meetings and courses income related to future periods, which is invol￿d in advan￿ during the year. 18. Unr9$tri¢tgd funds Balance Movement in resources Incoming Outgoing Transfer between fund$ Investment Gains and Revaluation of assets Balance 31 December 2024 January 2024 AccumLJlated Fund Capital Fund 680,851 4.523,395 1,517,751 92,722 11,590.7241 {73.9481 143,6841 166,5301 564,194 4,744.094 268,455 Designated Funds.- Building Fund Outreach Fund IT Fund 20,100 24,200 55,000 (23,0641 {22,6441 55.206 28,864 24,644 56,706 25,900 26,200 56,500 5,303,546 1,610,473 1,765,586 229,455 5,416,888 The Capital Fund represents the society's interest in investments and the freehold property. The cost of investment management is shown as a charge against the capital fund and similarly the depreciation cost has been charged lo the capital fund. The Building Fund was sel up lo fund future repairs. maintenance and improvements lo the offices, flat and restsurant. The Outreach Fund w8s set up to support any 8Ctivities in thè area of its Outreach program. 37 Dwusign Envelope ID.. E70B400D-CA454D7F-BBCD-E4CD53DCE207 ROYAL MICROSCOPICAL SOCIETY Notes to the Financial Statements for the year ended 31 December 2024 {Continuedl The IT Fund was set up to fund future improvements to IT database. Analysis of movements in unrestricted funds previous year Balanca Movement in resources Incoming Outgoing Transfor between funds Investmant Gains and Revaluation of assets Balanc 31 December 2023 January 2023 Accumulated Fund Capital Fund 624,325 4.449.004 1,788,123 81,983 11,707,336) (68.7001 {24,2611 {64,2191 680,851 4.523.395 125,327 Designated Funds.- Building Fund Outreach Fund IT Fund 29,500 19,500 52,000 {22.9571 {25,4311 41.792 13,557 30,131 44,792 20,100 24,200 55,000 5,174,329 1,870,106 11,866.216 125,327 5,303.546 19. Restricted funds Balance 1 January 2024 Movement in resources Incoming Outgoing Transfer Between funds Balance 31 December 2024 Pearse Prize Fund Research Council - Community Network Plymouth Fund Winlon Fund ACEM Fund SEM Donation 12,980 12,980 2,978 {2,9781 {3,8611 3,861 5,000 5,000 3,060 10,000 3060 64,000 54,000 21,841 70,038 60,839 31,040 Name of fund Purpose offund Pearse Prize Fund To fund the award of the Pearse Prize Medal. Research Council - Community Network To fund subcontmcted work under the BiolmagingUK Community Network project. Plymouth Fund To fund the annual PlymoLrth Microscopy event and travel burs8ries. Winton Fund Recognition of outstanding contribution to the RMS. ACEM Fund To support the Association of Clinical Electron Microscopists with Membership and events. SEM Donation To provide a Scanning Electron Microscope for outreach activities with funding provided from Armourers & Brasiers and the Quekett Microscopical Club. Transfers between unrestricted, capital, and designated funds are conducted to ensure proper allocation of financial resources in alignment with organisalional priorities. Unrestricted funds may be allocated to designated or capital funds to support specific projects, capital investments, or strategic initiatives. 38 Dwusign Envelope ID.. E70B400D-CA454D7F-BBCD-E4CD53DCE207 ROYAL MICROSCOPICAL SOCIETY Notes to the Financial Statements for the year ended 31 December 2024 {Continuedl Analysis of movements in restricted funds previous year Balance 1 January 2023 Movement in resources Incoming Outgoing Transfer Between funds Balance 31 December 2023 Pearse Prize Fund Research Council - Community Network Plymouth Fund Winlon Fund 15,303 {2,3231 12,980 11,100 111.1001 3,861 3,861 5,000 5,000 19,164 16,100 13,423 21,841 20. Analysis of net assets between funds Unrestricted funds Restricted funds 2024 Total 2023 Totsl Tangible fixed assets Listed investments & investment property Debtors Cash at bank and in hand Creditors 712,276 4,031,818 712,276 4,031,818 656,271 3,867,124 448,340 668,124 1443,6701 448,340 699,164 1443,6701 289,330 824,861 1312,1991 31,040 5,416,888 31,040 5,447,928 5,325,387 Analysis of net assats betwoan funds- Prior yaar Unrastricted funds Rastricted funds 2023 Total Tangible fixed assets Listed investments & investment property Debtors Cash at bank and in hand Creditors 656,271 3,867,124 656,271 3,867,124 289,330 803,020 1312,1991 289,330 824,861 1312,1991 21,841 5,303,546 21,841 5,325,387 21. Capital commitments There were c8pi181 commitments contracted at the year-end lotalling £nil12023.. £nil). 39 Dwusign Envelope ID.. E70B400D-CA454D7F-BBCD-E4CD53DCE207 ROYAL MICROSCOPICAL SOCIETY Notes to the Financial Statements for the year ended 31 December 2024 {Continuedl 22. Financial commitments Operating leases At 31 December 2024 the total of the Charity's future minimum lease payments under non-cancellable operating leases was.. 2024 Total 2023 Total Amounts due within one year Amounts due between one and five years 3,237 6,473 3,237 9,710 9,710 12,947 At 31 De￿mber 2024 the total of the Society's future rentals receivable under nOn-Can￿lIable operating leases was= 2024 Total 2023 Total Amounts due within one year Amounts due between one and five years Amounts due after five years 24,000 96,000 216,000 24,000 96,000 240,000 336,000 360,000 The society owns a building of which the ground floor is rented out by a restaurant. This nOn-Can￿lIable lease runs to 1 January 2039. 23. Financial instruments 2024 Total 2023 Total Financial assets measured at fair value through SOFA Financial assets measured at amortised cost 699,164 289,106 824,861 235,005 2024 Total 2023 Total Financial liabilities measured al amortised cost 159,046 116,774 Financial assets at fair value through the statement of financial activities comprises of cash at bank and on hand. The fair valLJe of this asset is determined with reference lo the bank statements al the year end. Financial assets measured at amortised cost consist of trade debtors and other debtors. The value of these is the amount expected to be recovered at the year end. Financial liabilities measured at 8mortised cost consist of tr8de creditors, other taxation & soci81 security, pension, other creditors and accruals. The value of trade creditors and other creditors is based on purchase invoices re￿iVed from suppliers. Invoices denominated in foreign currencies are translated into sterling at the prevailing exchange rate al the year end. Accruals are based on management's best estimate of the cost of settling the liability. 40 Dwusign Envelope ID.. E70B400D-CA454D7F-BBCD-E4CD53DCE207 ROYAL MICROSCOPICAL SOCIETY Notes to the Financial Statements for the year ended 31 December 2024 {Continuedl 24. Related party transactions The only related party transactions that the tharily has is with its Iruslees. Details of trustee remuneration can be found in note 12. Al 31 December 2024 £Nil was owed lo the Trustees 12023.. £Nill for amounts claimed in out of pocket expenses but not yel reimbursed. These short term creditors, upon which no interest is incurred, will be reimbursed in the normal course of the Society's ordinary aclivilies. Travel and Subsisten￿ expenses were reimbursed to 17 members of the Council of Management lotalling £8,71212023.' £11,977 10 16 members). 25. Cash flows from operating activities 2024 2023 Net income for the year Adjustments for.. Depreciation Charges Gains on investments Dividends & interest from investments Decreasellincrease} in debtors IDecreasellincrease in creditors 56,392 131,894 30,737 1202,3061 192,7221 1159,0101 131,471 27,425 1125,3271 181,9831 43,434 182,6141 Net cash used In operatlng actlvltles 235.438 87.171 26. Cash flows from investing activities 2024 2023 Dividends and interest from investments Purchase of property, plant & equipment Proceeds from sales of investments Purchase of investments Movement in cash awaiting investment 92,722 120.5931 1,998,274 12,035.6241 74,962 81,983 117,3871 1,323,324 {1,241,5161 140,9101 Net cash used in investing activities 109741 105 494 27. Analysis of cash and cash equivalents 2024 2023 Cash at bank Petty cash 698,413 751 824,115 746 699,164 824,861 At start of year Cashflows At end of year Cash at bank Petty cash 824,115 746 1125,7021 698,413 751 824.861 125,697 699,164 41