2020-12-31-accounts - Institute Of Biomedical Science

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		Page
Council Members' Report
Report ofthe Independent	Auditors
Consolidated Statement of	Financial
Activities		12
Consolidated Balance Sheet		13
Charity Only Balance Sheet		14
Consolidated Statement of	Cash Flows	15
Notes tothe Financial Statements		16-32

					Unrestricted	Restricted
					Funds	Funds	Total	Total
				Notes	2020	2020	2020	2019
					E	E	F.	E
Income from:
~ct a~bi t)~vt es
Subscriptions					2,393,783		2,393,783	2,358,331
Qualifications					261,686	5,560	267,246	302,205
Registrations					250,054		250,054	255,845
Publications					36,559		36,559	37,233
Regions, branches	and discussion		groups		53,224		53,224	45,515
Other income					53,627		53,627	26,538
Co ess a ther	radin	activities		jb	29,511		29,511	1,458,903
Investments
Listed investment	income				168,400		168,400	51,729
Property rental					41,854		41,854
Bank interest					7,671		7,671	16,806
Total Income					3,296,369	5,560	3,301,929	4,553,105
Expenditure on: aala 3 4
Congress and other trading activities					125,887		125,887	1,046,809
Investment management		fees			64,483		64,483	65,106
Charitable activities
Education, qualifications		and registration		3	1,042,208	5,560	1,047,768	1,427,404
Publications				3	101,891		101,891	83,131
Regions, branches	and discussion		groups	2,3	145,034		145,034	158,786
Member events, representation			and benefits	3	1,157,590		1,157,590	1,350,052
Grants and prizes					24,571		24,571	47,676
Total Expenditure					2,661,664	5,560	2,667,224	4,178,964
Net gains / (losses) on investments					978,596		978,596	996,929
Net income / (expenditure)					1,613,301		1,613,301	1,371,070
Other recognised gains / (losses)
Actuarial gains /(losses) on		defined	benefit	15	1,000		1,000	47,000
pension scheme
Gain on revaluation	of investment		property		674,533		674,533
Gain on revaluation	offixed asset							394,223
NET MOVEMENT IN	FUNDS	FOR THE YEAR			2,288,834		2,288,834	1,812,293
Total funds brought	forward				13,523,311		13,523,311	11,711,018
Total funds carried forward				13,14	15,812,145		15.512,14	.523,31

					Notes	2020	2019
						6	E
Fixed Assets
Tangible assets					6	1,393,483	1,914,927
Listed investments					7a	10,786,235	9,703,724
Investment property					8	1,100,000
						13,279,718	11,618,651
Current Assets
Stock						1,620	2,055
Debtors						439,354	337,601
Cash at bank and	in	hand				3,401,776	2,397,202
						3,842,750	2,736,858
Creditors: amounts	falling due within			one year		(1,209,810)	(832,198)
Net Current Assets						2,632,940	1,904,660
Total assets less current		liabilities				15,912,658	13,523,311
Creditors: amounts	falling due after			more than one year		(100,513)
Net Assets						15,812,145	13,523,311
Unrestricted Funds
Accumulated fund						14,211,704	12,628,469
Designated fund						66,589	66,589
Listed investment	revaluation		reserve			859,319	828,253
Investment property		revaluation		reserve		674,533
					13,14	15,812,145	13,523,311

Charity Balance S	he	et as at	31	December 2020
					Notes	20120	2019
						f	6
Fixed Assets
Tangible assets					6	1,393,483	1,914,927
Listed investments					7a	10,787,235	9,704,724
Investment property						1,100,000
						13,280,718	11,619,651
Current Assets
Stock						1,620	2,055
Debtors						235,396	337,312
Cash at bank and	in	hand				3,225,353	1,630,106
						3,462,369	1,969,473
Creditors: amounts	falling due within			one year		(1,205,209)	(905,920)
Net Current Assets						2,257,160	1,063,553
Total assets less current		liabilities
						15,537,878	12,683,204
Creditors: amounts	falling due after			more than one year	12	(18,729)
Net Assets						15,519,149	12,683,204
Linrestrlcted Funds
Accumulated fund						13,918,708	11,788,362
Designated fund						66,589	66,589
Listed investment	revaluation		reserve			859,319	828,253
Investment property		revaluation		reserve		674,533
					13	15,519,149	12,683,204

						Notes	2020	2019
							6
Reconciliation ofnet income /		(expenditure) to cash flow from
operating activities
Net income / (expenditure)	for the year (as			per Statement of			1,613,301	1,371,070
Financial Activities)
Adjustments for:
Pension scheme operating	charge							(5,000)
Depreciation of property,	plant	and equipment					108,896	90,944
(Gains) / losses on investments							(978,596)	(996,929)
Loss on disposal offixed assets								1,461
Dividends and interest							(176,071)	(68,535)
Property rental							(41,854)
Decrease / (increase) in stock							435	434
Decrease / (increase) in debtors						8	(101,753)	52,007
(Decrease) / increase in creditors						10	478,125	(54,180)
Net cash provided by operating activities							903,483	391,272
Cash flows from investing	activities
Listed investment income	and	bank interest					176,071	68,535
Property rental							41,854
Purchase of property, plant and equipment				external to group			(12,919)	(651,027)
Purchase of investments							(11,953,524)	(2,889,836)
Disposal of investments							12,428,505	2,910,284
(Increase) / decrease in cash in investment				portfolio			(578,896)	(7,070)
Net cash (used in) / provided		by investing		activities			101,091	(569,114)
Change in cash and cash equivalents			in the reporting		period		1,004,574	(177,842)
Cash and cash equivalents	at start of		year				2,397,202	2,575,044
Cash and cash equivalents	at	end of	year				3,401,776	2,397,202
Components ofcash and	cash	equivalents
Cash at bank and in hand							2,883,047	1,397,202
Short term deposits							518,729	1,000,000
							3,401,776	2,397,202
Analysis ofchange in net debt
							2020	2019
							6
Cash and cash equivalents at	start ofyear						2,397,202	2,575,044
Cash flows							1,004,574	(177,842)
Cash and cash equivalents at	end	ofyear					3,401,776	2,397,202
The notes on pages 16to 32form part of			these	financial statements.

						Direct costs	Support costs	Total 2020
						E	E	E
Trading activities						74,887	51,000	125,887
Investment	management		fees			64,483		64,483
Education,	qualifications		and registration			596,745	451,023	1,047,768
Publications						88,586	13,305	101,891
Regions, branches		&discussion		groups		113,991	31,043	145,034
Membership	events, representation				and
benefits						673,749	483,841	1,157,590
Grants & prizes						24,571		24,571
Total Expenditure						1,637,012	1,030,212	2,667,224
rants made	during	the current		year	totalled	618,382to individuals.	In the preceding year they totalled 640,977
ndividuals.
						Direct costs	Support costs	Total 2019
						E	6	E
Trading activities						968,199	78,610	1,046,809
Investment	management		fees			65,106		65,106
Education,	qualifications		and registration			744,523	682,881	1,427,404
Publications						69,459	13,672	83,131
Regions, branches		& discussion		groups		110,937	47,849	158,786
Membership	events, representation				and
benefits						745,098	604,954	1,350,052
Grants & prizes						47,676		47,676
Total Resources Expended						2,750,998	1,427,966	4,178,964
upport Costs
							2020	2019
							E	E
People costs							459,024	688,399
Office running costs							195,571	360,337
IT&website							170,240	105,603
Irrecoverable VAT							16,687	76,365
Depreciation							108,896	78,731
Other costs							40,554	53,270
Governance
Council and	committees						25,940	54,161
Audit							13,300	11,100
							1,030,212	1,427,966

4-Staff Costs
						2020	2019
						f	f.
Salaries and wages						1,178,958	1,185,459
Social security						129,693	126,394
Employer pension contributions		—DB scheme					94,922
Employer pension contributions		—DC scheme				105,768	100,121
Temporary staff						17,604	83,978
Life assurance						6,668	6,847
Staff expenses						2,735	13,142
Defined benefit pension scheme		running		costs		29,307	140,131
Recruitment and training						22,615	15,543
						1,493,348	1,766,537
The average number ofemployees			in the	period was:		+0
The number ofstaff whose annual			emoluments		in the period fell within the following	bands were:
f60,000 to	f70,000
f70,000 to	f80,000
E80,000 to	f90,000
E130,000 to	f140,000

his is stated after charging:
				2020	2019
				f	E
Auditors remuneration:
Audit fee for the group	(excluding		VAT)	15,800	13,900
Other services (excluding		VAT)		1,575	10,625
Depreciation				108,896	90,944
Operating leases				2,680	2,680

GROUP AND CHARITY			Freehold	Furniture,	Computers		Total
			Property	Fixtures &
				Fittings
				f
Cost
At 1January 2020			1,490,505	629,159	295,843		2,415,507
Additions				3,930	8,989		12,919
Transfer to investment	property		(690,505)				(690,505)
Disposals					(515)		(515)
At 31December 2020			800,000	633,089	304,317		1,737,406
Depreciation
At 1January 2020			272,069	13,745	214,766		500,580
Charge for the year			18,302	63,083	27,511		108,896
Transfer to investment	property		(265,038)				(265,038)
Disposals					(515)		(515)
At 31December 2020			25,333	76,828	241,762		343,923
Net Book Value
At 31December 2020			774,667	556,261	62,555		1,393,483
At 31December 2019			1,218,436	615,414	81,077		1,914,927
a —Listed and Unlisted		Investments
				Group		Charity
			2020	2019f	2020		2019 f
Listed investments - valuation
As at 1January			9,636,728	8,660,247	9,636,728		8,660,247
Additions			11,953,524	2,889,836	11,953,524		2,889,836
Disposals			(12,428,505)	(2,910,284)	(12,428,505)		(2,910,284)
Realised gains / (losses)			119,277	50,211	119,277		50,211
Unrealised gains / (losses)			859,319	946,718	859,319		946,718
At 31December			10,140,343	9,636,728	10,140,343		9,636,728
Investment in subsidiary					1,000		1,000
Cash held as investments period end	at		645,892	66,996	645,893		66,996
Total investments			10,786,235	9,703,724	10,787,236		9,704,724

NOTES TO THE FINANCIAL STATEMENTS FO	NOTES TO THE FINANCIAL STATEMENTS FO	NOTES TO THE FINANCIAL STATEMENTS FO	R	THE YEAR ENDED31DECEMBER202	THE YEAR ENDED31DECEMBER202	0 (CONTINUED)
7a —Listed and Unlisted Investments				(continued)
The market	values ofthe group's listed investments				on the UK Stock exchange were
						2020	2019
						f	f
Managed	funds	—UK equities				2,734,067	2,132,719
Managed	funds	—overseas equities				4,640,966	3,618,939
Managed	funds	—alternative strategies				241,656	2,220,722
Managed	funds	—fixed interest securities				2,297,616	1,448,555
Managed	funds	—commodities				103,084	167,977
Managed	funds	—commercial property				122,954	47,816
Sub-total						10,140,343	9,636,728
Cash held	in the	investment portfolio				645,892	66,996
						10,786,235	9,703,724
The historical cost ofthe listed investments			was f9		913916(2019:f8999402).
Other investments in the charitable company				accounts were:
						2020	2019
						f	f
Unlisted	investments comprising of:
Institute	of Biomedical Science (Professional			Services) Ltd
1,000Ordinary		shares off1each				1,000	1,000

The Institute of Biomedical	The Institute of Biomedical	Science (Professional	Limited	has made	a qualifying charitable	a qualifying charitable	donation of
f518927(2019:fnil) to its		parent company, the Institute of	Biomedical	Science.	The assets, liabilities	and	funds ofthe
subsidiary were:
					2020 f		2019f
Assets Liabilities					383,062 ~99. 62		846,736 (5,629)
					293,996		841,107
Representing:
Share Capital					1,000		1,000
Profit and Loss account					292,996		840,107
					293,996		841,107
Details ofthe subsidiary's	profit and loss accounts are as follows:
					2020 f		2019f
Turnover					29,511		1,458,903
Cost ofsales					(50,145)		(928,930)
Gross (loss) / profit					(20,634)		529,973
Other income							394,223
Interest receivable					515		2,135
Administrative expenses					(8,065)		(24,433)
					(28,184)		901,898
Interest payable to parent undertaking Corporation Tax Gift aid donation to parent undertaking Movement on profit and loss account forthe year					~5,927) (547,111)		(6,929) 894,969

Group and Charity		2020 f
As at 1January
Transfer from tangible	fixed assets	425,467
Unreal ised gains / (losses)		674,533
At 31December		1,100,000


		Group f	Charity f	Group f	Charity f
Trade debtors		177,296	99,158	73,968	73,679
Prepayments		217,905	89,404	99,299	99,299
Accrued	income	26,130	26,130	25,320	25,320
Taxation	and social security	18,023	18,023	128,396	128,396
Amounts	owed from group undertakings		2,681
Other debtors				10,618	10,618
Total		439,354	235,396	337,601	337,312

11—Cre	ditors:	Amounts Falling D	ue Within One	Year
				2020		2019
			Group f.	Charity f	Groupf		Charity f
Deferred	income		876,889	876,889	323,287		323,287
Trade creditors			76,932	76,856	90,147		89,926
Taxation	and social security costs		37,008	37,008	35,944		35,944
Amounts	owed to	group undertaking					79,351
Accruals			201,500	197,450	363,302		358,551
Other creditors			17,481	17,006	19,518		18,861
			1,209,810	1,205,209	832,198		905,920
Deferred	Income
				2020		2019
			Group f	Charity f	Group E		Charity f
Balance	brought forward		323,287	323,287	507,862		269,887
Amounts	released	to SOFA in current	(323,287)	(323,287)	(507,862)		(269,887)
year
Amounts	deferred	in the current year	876,889	876,889	323,287		323,287
Balance	carried forward		876,889	876,889	323,287		323,287


		Group f	Charity F.	Group f	Charityf
Deferred	income	81,784
Property	rent deposit	18,729	18,729
		100,513	18,729

Group	At 01/01/2020 f	Income f	Expenditure	Net gains / (losses)f	Transfers	At 31/12/2020 f
Restricted Funds
HEE Histopathology project		5,560	(5,560)
Total restricted funds		5,560	(5,560)
Unrestricted Funds
D~1d 1 d -'
Jen Johnson Bursary	66,589					66,589
Total designated funds	66,589					66,589
Accumulated funds	12,628,469	3,296,369	(2,660,664)	119,277	828,253	14,211,704
Pension reserve			(1,000)	1,000
Listed investment
revaluation reserve	828,253			859,319	(828,253)	859,319
Investment property
revaluation reserve				674,533		674,533
Total unrestricted funds	13,523,311	3,296,369	(2,661,664)	1,654,129		15,812,145
	13,523,311	3,301,929	(2,667,224)	1,654,129		15,812,145

					Net gains/
Group		At 01/01/19	Income	Expenditure	(losses)	Transfers	At 31/12/19
				f	f		f
Unrestricted	Funds
	F d:
Jen Johnson	Bursary	79,891		(13,302)			66,589
Total designated funds		79,891		(13,302)			66,589
Accumulated	funds	11,801,592	4,553,105	(4,170,662)	444,434		12,628,469
Pension reserve		(52,000)		5,000	47,000
Listed investment
revaluation	reserve	(118,465)			946,718		828,253
		11,711,018	4,553,105	(4,178,964)	1,438,152		13,523,311

13—Reconciliation	of Movements	of Movements	in Funds (continued)	in Funds (continued)	in Funds (continued)	in Funds (continued)
Charity		At 01/01/2020 f		Income f		Expenditure f	Net gains / (losses) f	Transfers f	At 31/12/2020 f
Restricted Funds
HEE Histopathology	project			5,560		(5,560)
Total restricted funds				5.560		(5,560)
Unrestricted Funds
~FF dF d:
Jen Johnson Bursary		66,589							66,589
Total designated funds		66,589							66,589
Accumulated funds		11,788,362		3,834,965		(2,652,149)	119,277	828,253	13,918,708
Pension Reserve						(1,000)	1,000
Listed investment
revaluation reserve		828,253					859,319	(828,253)	859,319
Investment property
revaluation reserve							674,533		674,533
Total unrestricted funds		12,683,204		3,834,965		(2,653,149)	1,654,129		15,519,149
		12,683,204		3,840,525		(2,658,709)	1,654,129		15,519,149
							Net gains/
Charity		At 01/01/19		Income	Expenditure		(losses)	Transfers	At 31/12/19
		f		f		f	f	f	f
Unrestricted Funds
dF d*:
Jen Johnson Bursary		79,891				(13,302)			66,589
Total designated funds		79,891				(13,302)			66,589
Accumulated Funds		11,856,453	3,156,413		(3,274,715)		50,211		11,788,362
Pension reserve		(52,000)				5,000	47,000
Listed investment
revaluation reserve		(118,465)					946,718		828,253
		11,765,879	3,156,413		(3,283,017)		1,043,929		12,683,204

	2020	2020	2020
	Unrestricted E	Restrictedf	Total E
Tangible fixed assets	1,393,483		1,393,483
Listed investments	10,786,235		10,786,235
Investment property	1,100,000		1,100,000
Current assets	3,349,422	493,328	3,842,750
Current liabilities	(716,482)	(493,328)	(1,209,810)
Creditors: AFO after 1year	(100,513)		(100,513)
	15,812,145		15,812,145
	2019	2019	2019
	Unrestricted E	Restricted E	Totalf
Tangible fixed assets	1,914,927		1,914,927
Listed investments	9,703,724		9,703,724
Current assets	2,736,858		2,736,858
Current liabilities	(832,198)		(832,198)
	13,523,311		13,523,311

				2020	2019
				%pa	%pa
Discount	rate			1.55	2.00
Expected	long-term	rate of return	on Scheme assets	n/a	2.00
Inflation	assumption	(RPI)		3.30	3.35
Inflation	assumption	(CPI)		2.30	2.35
Pension	increases (capped at 2.5%pa RPI linked)			2.50	2.50
Pension	increases (capped at 5.0%pa RPI linked)			3.30	3.35

Employee benefit obligation recognised	Employee benefit obligation recognised	Employee benefit obligation recognised	in the balance sheet	2020	2019
				E
Present value	ofScheme liabilities				(6,480,000)
Market value	ofScheme assets				6,480,000
(Deficit) / surplus in the Scheme
Amounts recognised in the Statement ofFinancial Activity				2020	2019
					E
Administrative	expenses			1,000	228,000
Interest on net defined benefit		liability /	(asset)		2,000
Total				1,000	230,000
Actual return	on Scheme assets			860,000	926,000

15-Pension Schemes (continued)	15-Pension Schemes (continued)	15-Pension Schemes (continued)	15-Pension Schemes (continued)	15-Pension Schemes (continued)
Changes In the present value ofthe Scheme					liabilities				2020	2019
									E	E
Present value ofScheme liabilities			at beginning			ofperiod		6,480,000		5,779,000
Current service cost
Employee contributions
Benefits paid								(207,000)		(180,000)
Interest on Scheme liabilities									128,000	157,000
Actuarial losses / (gains)									731,000	724,000
Settlement								(7,132,000)
Total										6,480,000
Changes in the fair value ofthe		Scheme assets							2020 E	2019 f
Market value ofScheme assets		at beginning			of	period		6,480,000		5,727,000
Contributions paid by Company										235,000
Benefits paid								(207,000)		(180,000)
Administrative expenses									(1,000)	(228,000)
Interest on Scheme assets								128,000		155,000
Return on assets, less interest	included			in SOFA				732,000		771,000
Settlement								(7,132,000)
Market value ofScheme assets		at	the end of		the year					6,480,000
Major categories ofScheme assets as a %of					total Scheme		assets		2020	2019
Insurance Policy									n/a	100%
Bonds &cash									n/a
									n/a	100%
There are no investments in property occupied					by, assets used by or financial			instruments	issued by the Institute of
Biomedical Science.
Analysis ofactuarial gain / (loss)			recognised		in	the SOFA			2020	2019
									f	f
Actual return less expected return			on Scheme assets					732,000		771,000
Experience gains and losses arising on Scheme liabilities								(188,000)		(58,000)
Changes in assumptions underlying			the	present		value ofScheme liabilities		(543,000)		(666,000)
Re-measurement ofnet defined		benefit		liability		recognised	in SOFA		1,000	47,000
Ivlovement in the net asset / (liability)				during	the year				2020	2019
									f	f
Net (liability) / asset at beginning			ofthe	year						(52,000)
Recognised in SOFA								(1,000)		(230,000)
Employer contributions										235,000
Re-measurement of net defined		benefit		liability		recognised	in SOFA		1,000	47,000
(Deficit) /surplus in Scheme at	end ofthe year

he charity has entered into a non-cancellable operating lease ayments receivable (excluding VAT) as follows:	as lessor for which the total offutur	e minimum
	2020	2019
	E	E
Within one year	62,400
Later than one year but within five years	73,000
Tota I	135,400

Incorporating the I	nc	om	e	and	Exp	enditure Account)
							Unrestricted	Unrestrkted
							Funds	Funds
							2019	2018
							E	F.
Income from:
Charitable activities
Subscriptions							2,358,331	2,336,576
Qualifications							302,205	280,650
Registrations							255,845	229,225
Publications							37,233	33,049
Regions and branches		and		discussion		groups	45,515	220,260
Other income							26,538	6,421
ess t	rodin			activities			1,458,903	34,518
Investments
Investment income							51,729	44,788
Bank interest							16,806	10,867
Total Income							4,553,105	3,196,354
Expenditure on:
ddUUdd d
Congress and other	trading			activities			1,046,809	162,009
Investment management				fees			65,106	64,208
Charitable activities
Education, qualifications			and registration				1,427,404	1,280,830
Publications							83,131	95,708
Regions and branches		and		discussion		groups	158,786	315,378
Member events, representation					and	benefits	1,350,052	1,233,775
Grants and prizes							47,676	29,996
Total Expenditure							4,178,964	3,181,904
Net gains / (losses) on investments							996,929	(558,387)
Net income / (expenditure)							1,371,070	(543,937)
Other recognised gains		/ (losses)
Actuarial gains / (losses) on				defined benefit pension scheme			47,000	(2,089,000)
Gain on revaluation of fixed				asset			394,223
NET MOVEMENT IN	FUNDS			FOR THE YEAR			1,812,293	(2,632,937)
Total funds brought forward							11,711,018	14,343,955
Total funds carried forward							13,523,311	11,711,018