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





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||||||Unrestricted|Restricted|||
|---|---|---|---|---|---|---|---|---|
||||||Funds|Funds|Total|Total|
|||||Notes|2020|2020|2020|2019|
||||||E|E|F.|E|
|Income from:|||||||||
|~ct a~bi<br>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<br>ess a<br>ther|radin|activities||jb|29,511||29,511|1,458,903|
|Investments|||||||||
|Listed investment|income||||168,400||168,400|51,729|
|Property<br>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<br>on:<br>aala 3<br>4|||||||||
|Congress and other trading activities|||||125,887||125,887|1,046,809|
|Investment<br>management||fees|||64,483||64,483|65,106|
|Charitable<br>activities|||||||||
|Education,<br>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<br>gains / (losses)|||||||||
|Actuarial<br>gains /(losses) on||defined|benefit|15|1,000||1,000|47,000|
|pension<br>scheme|||||||||
|Gain on revaluation|of investment||property||674,533||674,533||
|Gain on revaluation|offixed asset|||||||394,223|
|NET MOVEMENT<br>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<br>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:<br>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:<br>amounts|falling due after|||more than one year||(100,513)||
|Net Assets||||||15,812,145|13,523,311|
|Unrestricted<br>Funds||||||||
|Accumulated<br>fund||||||14,211,704|12,628,469|
|Designated<br>fund||||||66,589|66,589|
|Listed investment|revaluation||reserve|||859,319|828,253|
|Investment<br>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<br>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:<br>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:<br>amounts|falling due after|||more than one year|12|(18,729)||
|Net Assets||||||15,519,149|12,683,204|
|Linrestrlcted<br>Funds||||||||
|Accumulated<br>fund||||||13,918,708|11,788,362|
|Designated<br>fund||||||66,589|66,589|
|Listed investment|revaluation||reserve|||859,319|828,253|
|Investment<br>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<br>for:|||||||||
|Pension scheme operating|charge|||||||(5,000)|
|Depreciation<br>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<br>and interest|||||||(176,071)|(68,535)|
|Property<br>rental|||||||(41,854)||
|Decrease / (increase)<br>in stock|||||||435|434|
|Decrease / (increase)<br>in debtors||||||8|(101,753)|52,007|
|(Decrease) / increase<br>in creditors||||||10|478,125|(54,180)|
|Net cash provided<br>by operating<br>activities|||||||903,483|391,272|
|Cash flows from investing|activities||||||||
|Listed investment<br>income|and|bank interest|||||176,071|68,535|
|Property rental|||||||41,854||
|Purchase of property,<br>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<br>in cash in investment||||portfolio|||(578,896)|(7,070)|
|Net cash (used in) / provided||by investing||activities|||101,091|(569,114)|
|Change<br>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<br>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<br>in net debt|||||||||
||||||||2020|2019|
||||||||6||
|Cash and cash equivalents<br>at|start ofyear||||||2,397,202|2,575,044|
|Cash flows|||||||1,004,574|(177,842)|
|Cash and cash equivalents<br>at|end|ofyear|||||3,401,776|2,397,202|
|The notes on pages 16to 32form part of|||these|financial statements.|||||





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|||||||Direct costs|Support costs|Total<br>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<br>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<br>costs|||||||195,571|360,337|
|IT&website|||||||170,240|105,603|
|Irrecoverable<br>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<br>pension contributions||—DB scheme|||||94,922|
|Employer<br>pension contributions||—DC scheme||||105,768|100,121|
|Temporary<br>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<br>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<br>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<br>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<br>f|
|Listed investments<br>- 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<br>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<br>in subsidiary|||||1,000||1,000|
|Cash held as investments<br>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<br>Investments||||(continued)||||
|The market|values ofthe group's<br>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<br>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<br>property||||122,954|47,816|
|Sub-total||||||10,140,343|9,636,728|
|Cash held|in the|investment<br>portfolio||||645,892|66,996|
|||||||10,786,235|9,703,724|
|The historical cost ofthe listed investments|||was f9||913916(2019:f8999402).|||
|Other investments<br>in the charitable<br>company||||accounts were:||||
|||||||2020|2019|
|||||||f|f|
|Unlisted|investments<br>comprising of:|||||||
|Institute|of Biomedical Science (Professional|||Services) Ltd||||
|1,000Ordinary||shares off1each||||1,000|1,000|



## 

|The Institute<br>of Biomedical|The Institute<br>of Biomedical|Science (Professional|Services)|Limited|has made|a qualifying<br>charitable|a qualifying<br>charitable|donation<br>of|
|---|---|---|---|---|---|---|---|---|
|f518927(2019:fnil) to its||parent company, the Institute of||Biomedical|Science.|The assets, liabilities|and|funds ofthe|
|subsidiary<br>were:|||||||||
|||||||2020<br>f||2019f|
|Assets<br>Liabilities||||||383,062<br>~99.<br>62||846,736<br>(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<br>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<br>expenses||||||(8,065)||(24,433)|
|||||||(28,184)||901,898|
|Interest<br>payable to parent undertaking<br>Corporation<br>Tax<br>Gift aid donation to parent<br>undertaking<br>Movement<br>on profit and loss account forthe year||||||~5,927)<br>(547,111)||(6,929)<br>894,969|





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|Group and Charity||2020<br>f|2019<br>f|
|---|---|---|---|
|As at 1January||||
|Transfer from tangible|fixed assets|425,467||
|Unreal ised gains / (losses)||674,533||
|At 31December||1,100,000||



## 

||||2020|||2019||
|---|---|---|---|---|---|---|---|
|||Group<br>f||Charity<br>f|Group<br>f||Charity<br>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<br>Falling D|ue Within One|Year||||
|---|---|---|---|---|---|---|---|
|||||2020||2019||
||||Group<br>f.|Charity<br>f|Groupf||Charity<br>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<br>f|Charity<br>f|Group<br>E||Charity<br>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|



## 

## 

||||2020|||2019||
|---|---|---|---|---|---|---|---|
|||Group<br>f||Charity<br>F.|Group<br>f||Charityf|
|Deferred|income|81,784||||||
|Property|rent deposit|18,729||18,729||||
|||100,513||18,729||||





## 

## 

|Group|At<br>01/01/2020<br>f|Income<br>f|Expenditure|Net gains /<br>(losses)f|Transfers|At<br>31/12/2020<br>f|
|---|---|---|---|---|---|---|
|Restricted<br>Funds|||||||
|HEE Histopathology<br>project||5,560|(5,560)||||
|Total restricted<br>funds||5,560|(5,560)||||
|Unrestricted<br>Funds|||||||
|D~1d 1<br>d<br>-'|||||||
|Jen Johnson<br>Bursary|66,589|||||66,589|
|Total designated<br>funds|66,589|||||66,589|
|Accumulated<br>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<br>reserve|828,253|||859,319|(828,253)|859,319|
|Investment<br>property|||||||
|revaluation<br>reserve||||674,533||674,533|
|Total unrestricted<br>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<br>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<br>01/01/2020<br>f||Income<br>f||Expenditure<br>f|Net gains /<br>(losses)<br>f||Transfers<br>f|At<br>31/12/2020<br>f|
|Restricted<br>Funds|||||||||||
|HEE Histopathology|project|||5,560||(5,560)|||||
|Total restricted<br>funds||||5.560||(5,560)|||||
|Unrestricted<br>Funds|||||||||||
|~FF<br>dF<br>d:|||||||||||
|Jen Johnson<br>Bursary||66,589||||||||66,589|
|Total designated<br>funds||66,589||||||||66,589|
|Accumulated<br>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<br>reserve||828,253|||||859,319||(828,253)|859,319|
|Investment<br>property|||||||||||
|revaluation<br>reserve|||||||674,533|||674,533|
|Total unrestricted<br>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<br>Funds|||||||||||
|dF<br>d*:|||||||||||
|Jen Johnson<br>Bursary||79,891||||(13,302)||||66,589|
|Total designated<br>funds||79,891||||(13,302)||||66,589|
|Accumulated<br>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<br>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<br>E|Restrictedf|Total<br>E|
|Tangible fixed assets|1,393,483||1,393,483|
|Listed investments|10,786,235||10,786,235|
|Investment<br>property|1,100,000||1,100,000|
|Current assets|3,349,422|493,328|3,842,750|
|Current<br>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<br>E|Restricted<br>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<br>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<br>recognised|Employee benefit obligation<br>recognised|Employee benefit obligation<br>recognised|in the balance sheet|2020|2019|
|---|---|---|---|---|---|
|||||E||
|Present value|ofScheme liabilities||||(6,480,000)|
|Market value|ofScheme assets||||6,480,000|
|(Deficit) / surplus<br>in the Scheme||||||
|Amounts<br>recognised<br>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<br>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<br>losses / (gains)|||||||||731,000|724,000|
|Settlement||||||||(7,132,000)|||
|Total||||||||||6,480,000|
|Changes<br>in the fair value ofthe||Scheme assets|||||||2020<br>E|2019<br>f|
|Market value ofScheme assets||at beginning|||of|period||6,480,000||5,727,000|
|Contributions<br>paid by Company||||||||||235,000|
|Benefits paid||||||||(207,000)||(180,000)|
|Administrative<br>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<br>Policy|||||||||n/a|100%|
|Bonds &cash|||||||||n/a||
||||||||||n/a|100%|
|There are no investments<br>in property<br>occupied|||||by, assets used by or financial|||instruments|issued by the Institute of||
|Biomedical Science.|||||||||||
|Analysis ofactuarial<br>gain / (loss)|||recognised||in|the SOFA|||2020|2019|
||||||||||f|f|
|Actual return<br>less expected return|||on Scheme assets|||||732,000||771,000|
|Experience gains and losses arising on Scheme liabilities||||||||(188,000)||(58,000)|
|Changes<br>in assumptions<br>underlying|||the|present||value ofScheme liabilities||(543,000)||(666,000)|
|Re-measurement<br>ofnet defined||benefit||liability||recognised|in SOFA||1,000|47,000|
|Ivlovement<br>in the net asset / (liability)||||during|the year||||2020|2019|
||||||||||f|f|
|Net (liability) / asset at beginning|||ofthe|year||||||(52,000)|
|Recognised<br>in SOFA||||||||(1,000)||(230,000)|
|Employer contributions||||||||||235,000|
|Re-measurement<br>of net defined||benefit||liability||recognised|in SOFA||1,000|47,000|
|(Deficit) /surplus<br>in Scheme at|end ofthe year||||||||||





## 

## 

## 

## 

## 

## 



## 

## 

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



## 

## 

|Incorporating<br>the I|nc|om|e|and|Exp|enditure<br>Account)|||
|---|---|---|---|---|---|---|---|---|
||||||||Unrestricted|Unrestrkted|
||||||||Funds|Funds|
||||||||2019|2018|
||||||||E|F.|
|Income from:|||||||||
|Charitable<br>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<br>t|rodin|||activities|||1,458,903|34,518|
|Investments|||||||||
|Investment<br>income|||||||51,729|44,788|
|Bank interest|||||||16,806|10,867|
|Total Income|||||||4,553,105|3,196,354|
|Expenditure<br>on:|||||||||
|ddUUdd<br>d|||||||||
|Congress and other|trading|||activities|||1,046,809|162,009|
|Investment<br>management||||fees|||65,106|64,208|
|Charitable<br>activities|||||||||
|Education,<br>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<br>gains||/ (losses)|||||||
|Actuarial<br>gains / (losses) on||||defined benefit pension scheme|||47,000|(2,089,000)|
|Gain on revaluation<br>of fixed||||asset|||394,223||
|NET MOVEMENT<br>IN|FUNDS|||FOR THE YEAR|||1,812,293|(2,632,937)|
|Total funds brought<br>forward|||||||11,711,018|14,343,955|
|Total funds carried forward|||||||13,523,311|11,711,018|