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2022-12-31-accounts

INSTITUTE OF BIOMEDICAL SCIENCE

Company Number 377268 Charity Number 261926

FINANCIAL STATEMENTS FOR THE

YEAR ENDED 31 DECEMBER 2022

INSTITUTE OF BIOMEDICAL SCIENCE CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

Page
Council Members’ Report 1-9
Report of the Independent Auditors 10-12
Consolidated Statement of Financial
Activities 13
Consolidated Balance Sheet 14
Charity Only Balance Sheet 15
Consolidated Statement of Cash Flows 16
Notes to the Financial Statements 17-31

INSTITUTE OF BIOMEDICAL SCIENCE (377268)

Council Members’ Report

The Council members, who are also the trustees, submit their report on the charitable company and its group together with the audited financial statements for the year ended 31 December 2022.

Reference and Administrative Details

LEGAL STATUS

The Institute is a registered charity, number 261926. It is also registered at Companies House, as a company limited by guarantee and having no share capital, number 377268. The liability of its members, in the event of the company winding up, is limited to £1.

COUNCIL MEMBERS

The members of Council, who were the company’s directors and trustees of the charity during the year or on the date of approval of this report, were:

Joanna Andrew Glenn McDowell (appointed 11 June 2022) Victoria Bradley James G McNair Nigel Coles Colin Mudd Jennifer Collins Jane Needham David Eccleston Debra Padgett Charles Houston Sarah Pitt Tahmina Hussain Sheri Scott (appointed 11 June 2022) Keith Hyde (resigned 11 June 2022) Matthew Smith Angela Jean-Francois Andrew Usher Zonya Jeffrey Linda Walsh Shauna McAuley (resigned 11 June 2022) Allan Wilson (resigned 31 December 2022)

Each Council member is also a member of the Institute.

CHIEF EXECUTIVE AND COMPANY SECRETARY

Mr David Wells

REGISTERED OFFICE

12 Coldbath Square, London EC1R 5HL

RELEVANT ORGANISATIONS

Auditors:

Haysmacintyre LLP 10 Queen Street Place London EC4R 1AG

Bankers:

National Westminster Bank plc Regent Street Branch 250 Regent Street London W1B 3BN

Investment Advisors:

EPOCH Consulting Queen Square House Queen Square Place Bath BA1 2LL

Solicitors:

Hunters Law LLP 9 New Square London WC2A 3QN

Page 1

INSTITUTE OF BIOMEDICAL SCIENCE (377268)

Council Members’ Report (continued)

Structure, Governance and Management

GOVERNANCE AND INTERNAL CONTROL

The Institute is a company limited by guarantee and a registered charity. Its governing document is the Memorandum and Articles of Association, originally incorporated on 17 November 1942, updated 11 June 2022.

COUNCIL MEMBERS

Council shall be composed of not fewer than twelve and not more than thirty members of the Institute, comprising:

RECRUITMENT AND TRAINING

The election of members of Council in the place of those retiring at any annual general meeting is made by a ballot, where necessary, of those entitled to vote. New members go through an induction process to familiarise them about their responsibilities and duties and periodic training sessions are arranged as required.

ORGANISATIONAL MANAGEMENT

Council meets at least quarterly to set overall strategy and policy and review performance.

Each Council member will also be heavily involved in the various standing committees. These committees are set up by Council and are given specific aims. They report back to Council at regular intervals and include:

The Institute has a Chief Executive who is accountable directly to Council. The Institute’s staff carry out the detailed day-to-day work on behalf of Council and assist committees as necessary.

RISK MANAGEMENT

Council has considered the major risks to which the Institute is exposed. The categories of risks identified were strategic risks, membership risks, governance risks, financial risks and operational risks. Council agreed that systems and procedures had been implemented to mitigate the risks which were identified.

Page 2

INSTITUTE OF BIOMEDICAL SCIENCE (377268)

Council Members’ Report (continued)

RISK MANAGEMENT (CONTINUED)

The principal risks identified by the charity are as follows:

Risk

Government policy moves away from statutory regulation of the profession and national accreditation of laboratories for the four nations and crown dependencies.

Mitigating actions

New website fails to meet member expectations or has significant teething problems after launch

External events result in the significant loss of value of the Institute’s investments and may compromise or limit the ability to deliver the aims of the Institute.

Public Benefit Statement

Council has complied with the duty in section 17(5) of the Charities Act 2011 and has referred to the guidance contained in the Charity Commission’s general guidance on public benefit when reviewing the Institute’s aims and objectives and in planning future activities. Council is satisfied that the Institute continues to meet the required public benefit test through its objectives and activities.

The Institute aims to promote and develop the role of biomedical science within healthcare to deliver the best possible service for patient care and safety. It does this by:

Investment Powers, Policy and Performance

The investment powers are governed by the Institute’s Memorandum, which permits funds not immediately required for the purposes to be invested as the Council sees fit.

The Council’s policy is to achieve an agreed growth target in excess of inflation over the long term. The portfolio as a whole is managed to reduce the risk of negative returns in excess of 20%. Income generated is re-invested to assist with the long term growth objective.

Page 3

INSTITUTE OF BIOMEDICAL SCIENCE (377268)

Council Members’ Report (continued)

Investment Powers, Policy and Performance (continued)

The Council establishes the investment strategy and takes advice from its investment advisors who manage the portfolio on a day to day basis. Performance is monitored by the Finance and Risk Committee and the period end position is reported in note 7 (a).

Objectives, Activities, Achievements and Performance

The Institute is a registered charity and aims to promote and progress the role of biomedical science within healthcare to support the delivery of the best possible service for patient care and safety.

Each year it achieves this through publishing professional publications and guidance, running courses and seminars, organising scientific conferences (including the biennial IBMS Congress) and events, providing a platform to achieve higher level qualifications, access to digital content and public engagement resources, hosting regional and branch events and through running discussion groups. The major achievements in the year are summarised below:

Supporting the profession and their members, the IBMS:

Page 4

INSTITUTE OF BIOMEDICAL SCIENCE (377268)

Council Members’ Report (continued)

Objectives, Activities, Achievements and Performance (continued)

Progressing the profession and the careers of their members, the IBMS:

Page 5

INSTITUTE OF BIOMEDICAL SCIENCE (377268)

Council Members’ Report (continued)

Objectives, Activities, Achievements and Performance (continued)

Promoting the profession and the successes of their members, the IBMS:

To ensure organisational robustness, the IBMS:

The Council has identified a number of key performance indicators to help monitor the organisation’s performance. These include:

Page 6

INSTITUTE OF BIOMEDICAL SCIENCE (377268)

Council Members’ Report (continued)

Financial Review

The combined results of the Institute and its subsidiary are shown on pages 13 to 16 of the financial statements. The Institute is a non-profit making organisation and accordingly no dividends are proposed.

The Group Statement of Financial Activities on page 13 shows net expenditure of £325,207, which included a loss on listed investments of £1,310,233. Funds are invested across a number of pooled funds to achieve a targeted total return and the year-end position is reported in note 7a. The investment portfolio generated a negative return of 10.1% after fees for the year. This reflected the turbulence in the financial markets from worldwide political and economic events. The turbulence in the financial markets is expected to continue for some time.

Total income increased by 56% compared to the previous year. Income included the sales from Congress 2022 and HEE grant income (restricted funds) to cover the grants made to support candidates on some Institute qualifications. Income for portfolios, assessments and accreditations was 14% up on the prior year. Membership income was 2% lower than the previous year and the Institute saw a drop in overall member numbers.

Total expenditure increased by 40% compared to the previous year. This included the costs of Congress 2022 and the HEE grants paid to employers. There was an increase in face to face meetings and staff attendance at the office at Coldbath Square, however this remains at a lower level than before the COVID-19 pandemic.

The reduction in funds for the year has been transferred from reserves.

IBMS (Professional Services) Ltd made a profit before tax of £576,208. The profit was in line with the directors’ expectations as there was a Congress event during the year. The directors agreed to make a gift aid payment to the Institute in 2023 to reduce the corporation tax liability to £nil.

Grant-Making Policy

The Education and Professional Standards Committee has delegated responsibility to agree the annual programme of research grants. It makes a detailed assessment of each application. Grants this year totalled £15,376 (2021: £22,134). All grants during the current and preceding year were made to individuals in order to further their biomedical research. The Committee administered the Mary Macdonald award which was awarded to individuals based on pre-determined criteria to give them the opportunity to attend Congress. Grants this year totalled £882 (2021: £nil) as there was a Congress event.

The Membership and Marketing Committee administer the Jen Johnson bursary which is awarded to individuals based on pre-determined criteria to give them the opportunity to attend Congress. Grants this year totalled £14,593 (2021: £nil) as there was a Congress event.

Remuneration Policy

The Institute’s policy is to provide competitive rewards to attract and retain high performing individuals whose contribution will enhance member value while ensuring rewards remain appropriate and proportionate when compared to market practice. The Institute aims to position salaries at the median of comparator groups. Benchmarking is undertaken periodically and appropriate judgement is applied in evaluating market data. This policy has been agreed by the Remuneration Committee.

The Remuneration Committee is responsible for setting the salary of the Chief Executive. The salaries of the other key management personnel are set by the Chief Executive following consultation with the Officers.

Defined Benefit Pension Scheme

The defined benefit pension scheme was wound up on the 17 May 2021. The administration costs of completing the wind up were reported in the Statement of Financial Activities.

Page 7

INSTITUTE OF BIOMEDICAL SCIENCE (377268)

Council Members’ Report (continued)

Reserves Policy

The Institute’s reserves policy focuses on the level of “free reserves”. Free reserves exclude the net book value of the Institute’s tangible fixed assets (primarily the property used and occupied at Coldbath Square), investment properties and any designated reserves. There are no restricted fund balances in this year or the prior year, but these would also be excluded, should there be any, in determining “free reserves”.

The reserves policy is reviewed regularly by Council on the basis of the financial impact of the current risks facing the Institute.

The Institute seeks to maintain free reserves to manage the risks to which it is exposed in the course of its business, including but not limited to safeguarding against fluctuations in its membership revenue.

Council considers that in order to meet these needs, and to operate effectively and be able to operate with minimum disruption, the Institute needs free reserves of approximately £5 million.

The Institute’s free reserves were £14.287 million at 31 December 2022 (2021: £14.569 million).

Council has agreed that if reserves fall by more than 10% below the target, it will consider what action is required to increase the level of reserves held.

Future Plans

The Institute plans for a deficit of up to £100,000 on an ongoing basis i.e. excluding strategy costs, Congress and any significant one off costs. The deficit will be funded from the surplus generated by the biennial Congress event.

Future plans include providing better support, information and services for members through a variety of methods, including improved publications and greater online resources. For more information and a detailed review of future plans, see the Institute’s strategy and the Institute’s Members’ Report which are both available on the website.

Council Members’ Accounting and Reporting Responsibilities

The Council members (who are also directors of the Institute of Biomedical Science for the purposes of company law) are responsible for preparing the Council’s report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the Council members to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and group as at the balance sheet date, and of the charitable company and group’s incoming resources and application of resources, including income and expenditure, for that period. In preparing those financial statements, the trustees are required to:

The Council members are responsible for keeping adequate accounting records that are sufficient to show and explain the charitable company's and the group’s transactions and disclose with reasonable accuracy at any time the financial position of the charitable company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the charitable company's Memorandum and Articles of Association. They are also responsible for safeguarding the assets of the charitable company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Page 8

INSTITUTE OF BIOMEDICAL SCIENCE (377268)

Council Members’ Report (continued)

Council Members’ Accounting and Reporting Responsibilities (continued)

The Council Members are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

The following statements have been affirmed by each of the Council Members of the charitable company:

Auditors

Haysmacintyre LLP were re-appointed as auditors during the year and offer themselves for re-appointment at the forthcoming Annual General Meeting.

Small Company Exemptions

This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies and groups.

Approved by Council on 21 April 2023 and signed on their behalf by:

D Padgett President

J G McNair Treasurer

D Wells Chief Executive and Company Secretary

Page 9

INSTITUTE OF BIOMEDICAL SCIENCE (377268)

Independent Auditors’ Report to the Members of the Institute of Biomedical Science

Opinion

We have audited the financial statements of the Institute of Biomedical Science for the year ended 31 December 2022 which comprise of the Consolidated Statement of Financial Activities, Consolidated Balance Sheet and the Charity Balance Sheet, the Consolidated Statement of Cash flows and notes to the financial statements, 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 Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) 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 group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the Financial Reporting Council’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.

Conclusions relating to going concern

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 to events or conditions that, individually or collectively, may cast significant doubt on the group's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The trustees are responsible for the other information. The other information comprises the information included in the Council Members’ Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent 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 to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

Page 10

INSTITUTE OF BIOMEDICAL SCIENCE (377268)

Independent Auditors’ Report to the Members of the Institute of Biomedical Science (continued)

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Council Members’ Report (which incorporates the strategic report and the directors’ report).

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of trustees for the financial statements

As explained more fully in the trustees’ responsibilities statement set out on page 8, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the group’s and the parent charitable company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the group charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Based on our understanding of the group and the environment in which it operates, we identified that the principal risks of non-compliance with laws and regulations related to GDPR and Health and Safety legislation, and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006, the Charities Act 2011, income tax, payroll tax and sales tax.

Page 11

INSTITUTE OF BIOMEDICAL SCIENCE (377268)

Independent Auditors’ Report to the Members of the Institute of Biomedical Science (continued)

We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to posting inappropriate journal entries to revenue and management bias in accounting estimates. Audit procedures performed by the engagement team included:

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to 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 to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Use of Audit Report

This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to 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 charitable company and the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed.

………………………………………..

Jeremy Beard (Senior statutory auditor) 10 Queen Street Place for and on behalf of Haysmacintyre LLP, Statutory London Auditor EC4R 1AG

Date: 21 April 2023

Haysmacintyre LLP is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006.

Page 12

INSTITUTE OF BIOMEDICAL SCIENCE (377268)

Consolidated Statement of Financial Activities for the Year Ended 31 December 2022

(Incorporating the Income and Expenditure Account)

Notes
Income from:
Charitable activities
Subscriptions
Qualifications
Portfolios, assessments and accreditations
Publications
Regions, branches and discussion groups
2
Other income
Congress and other trading activities
7b
Investments
Listed investment income
Property rental
Bank interest
Total Income
Expenditure on:
Raising Funds
Congress and other trading activities
Investment management fees
Charitable activities
Education, qualifications and registration
3
Publications
3
Regions, branches and discussion groups
2,3
Member events, representation and benefits
3
Grants and prizes
Total Expenditure
Net (losses) / gains on investments
Net (expenditure) / income
Other recognised gains / (losses)
Gain on revaluation of investment property
NET MOVEMENT IN FUNDS FOR THE YEAR
Total funds brought forward
Total funds carried forward
13,14		 Unrestricted
Funds
Restricted
Funds
2022
£
2022
£
2,390,123
-
344,706
285,069
373,983
-
6,671
-
121,031
-
2,110
-
1,600,093
-
196,220
-
63,107
-
29,361
-		 Total
2022
£
2,390,123
629,775
373,983
6,671
121,031
2,110
1,600,093
196,220
63,107
29,361
5,412,474
1,120,784
79,489
1,656,514
109,312
191,134
1,232,172
38,043
4,427,448
(1,310,233)
(325,207)
-
(325,207)
17,081,055
16,755,848		 Total
2021
£
2,440,341
390,696
327,929
34,674
6,633
572
27,949
177,097
64,237
1,130
5,127,405
285,069		 3,471,258
1,120,784
-
79,489
-
1,371,445
285,069
109,312
-
191,134
-
1,232,172
-
38,043
-		 143,078
82,726
1,320,800
99,977
66,872
1,421,822
30,296
4,142,379
285,069		 3,165,571
(1,310,233)
-		 913,223
(325,207)
-
-
-		 1,218,910
50,000
(325,207)
-
17,081,055
-		 1,268,910
15,812,145
16,755,848
-		 17,081,055

All activities are continuing and there are no other recognised gains and losses other than those recognised above.

A comparative Statement of Financial Activity can be found in Note 20

A separate Statement of Financial Activities for the charity itself is not presented because the charity has taken advantage of the exemptions afforded by section 408 of the Companies Act 2006 and SORP (FRS102) 2019.

The notes on pages 17 to 31 form part of these financial statements.

Page 13

INSTITUTE OF BIOMEDICAL SCIENCE (377268)

Consolidated Balance Sheet as at 31 December 2022

Notes
Fixed Assets
Tangible assets
6
Listed investments
7a
Investment property
8
Current Assets
Stock
Debtors
9
Cash at bank and in hand
Creditors:amounts falling due within one year
10
Net Current Assets
Total assets less current liabilities
Creditors:amounts falling due after more than one year
10
Net Assets
Unrestricted Funds
Accumulated fund
Designated fund
Listed investment revaluation reserve
Investment property revaluation reserve
12,13		 2022
£
1,267,207
10,600,327
1,150,000
13,017,534
975
798,931
4,829,540
5,629,446
(1,891,132)
3,738,314
16,755,848
-
16,755,848
14,996,897
51,996
982,422
724,533
16,755,848		 2021
£
1,295,163
11,793,830
1,150,000
14,238,993
975
698,017
4,916,282
5,615,274
(2,754,482)
2,860,792
17,099,785
(18,730)
17,081,055
14,681,404
66,589
1,608,529
724,533
17,081,055

Approved and authorised for issue by Council on 21 April 2023 and signed on their behalf by:

D Padgett President

J G McNair Treasurer

The notes on pages 17 to 31 form part of these financial statements.

Page 14

INSTITUTE OF BIOMEDICAL SCIENCE (377268)

Charity Balance Sheet as at 31 December 2022

Notes
Fixed Assets
Tangible assets
6
Listed investments
7a
Investment property
8
Current Assets
Stock
Debtors
9
Cash at bank and in hand
Creditors:amounts falling due within one year
10
Net Current Assets
Total assets less current liabilities
Creditors:amounts falling due after more than one year
10
Net Assets
Unrestricted Funds
Accumulated fund
Designated fund
Listed investment revaluation reserve
Investment property revaluation reserve
12		 2022
£
1,267,207
10,601,327
1,150,000
13,018,534
975
544,223
3,876,888
4,422,086
(1,514,662)
2,907,424
15,925,958
-
15,925,958
14,167,007
51,996
982,422
724,533
15,925,958		 2021
£
1,295,163
11,794,830
1,150,000
14,239,993
975
374,795
3,764,221
4,139,991
(1,533,881)
2,606,110
16,846,103
(18,730)
15,519,149
14,427,722
66,589
1,608,529
724,533
16,827,373

The net movement in funds for the year for the charitable company, excluding the subsidiary, was a deficit of £901,414 (2021: surplus £1,308,223).

Approved by Council and authorised for issue on 21 April 2023 and signed on their behalf by:

D Padgett President

J G McNair Treasurer

The notes on pages 17 to 31 form part of these financial statements.

Page 15

INSTITUTE OF BIOMEDICAL SCIENCE (377268)

Consolidated Statement of Cash Flows for the Year Ended 31 December 2022

Notes
Reconciliation of net (expenditure)/ income to cash flow from
operating activities
Net (expenditure) / income for the year (as per Statement of
Financial Activities)
Adjustments for:
Depreciation of property, plant and equipment
6
Losses / (gains) on investments
Loss / (profit) on sale of fixed asset
Listed investment income and bank interest
Property rental
Decrease / (increase) in stock
(Increase) / decrease in debtors
9
(Decrease) / increase in creditors
10
Net cash provided by operating activities
Cash flows from investing activities
Listed investment income and bank interest
Property rental
Purchase of property, plant and equipment
6
Purchase of investments
Disposal of investments
Decrease / (increase) in cash in investment portfolio
Net cash provided by / (used in) investing activities
Change in cash and cash equivalents in the reporting period
Cash and cash equivalents at start of year
Cash and cash equivalents at end of year
Components of cash and cash equivalents
Cash at bank and in hand
Short term deposits
Analysis of change in net debt
There are no debts held, the net debt relates only to cash and cash equivalents
Cash and cash equivalents at start of year
Cash flows
Cash and cash equivalents at end of year		 2022
£
(325,207)
115,901
1,310,233
2,495
(225,581)
(63,107)
-
(100,914)
(882,080)
(168,260)
225,581
63,107
(90,440)
(7,310,732)
6,730,185
463,817
81,518
(86,742)
4,916,282
4,829,540
1,810,769
3,018,771
4,829,540
2022
£
4,916,282
(86,742)
4,829,540		 2021
£
1,218,910
109,492
(913,223)
-
(178,227)
(64,237)
645
(258,663)
1,462,889
1,377,586
178,227
64,237
(11,172)
(2,981,803)
2,932,865
(45,434)
136,920
1,514,506
3,401,776
4,916,282
3,897,552
1,018,730
4,916,282
2021
£
3,401,776
1,514,506
4,916,282

The notes on pages 17 to 31 form part of these financial statements.

Page 16

INSTITUTE OF BIOMEDICAL SCIENCE (377268)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

1 - Accounting Policies

Statutory Information

The Institute of Biomedical Science is a private company, limited by guarantee, domiciled in England and Wales, registration number 377268. It is also a charity registered with the Charity Commission for England and Wales, number 261926. The registered office is 12, Coldbath Square, London EC1R 5HL.

The Institute is a charitable company limited by the guarantee of its members to a maximum of £1 per member on winding up.

Statement of compliance

The financial statements are prepared under the historical cost convention as modified to include the revaluation of investments at fair value. The format of the financial statements has been presented to comply with the Companies Act 2006, FRS102 The Financial Reporting Standard applicable in the UK and Ireland and the Statement of Recommended Practice Accounting and Reporting by Charities (SORP 2019).

The financial statements are presented in sterling and reflect the results which are all from continuing activities.

The Institute is a Public Benefit Entity as defined by FRS102.

Going concern

In assessing the Institute's ability to continue as a going concern, the Council members have considered the organisation’s liquidity position and reviewed cash flow forecasts for the foreseeable future. In addition to its cash reserves, it has an investment portfolio to draw upon and two properties, with no external debt or security.

The Institute has prepared a cash flow forecast covering at least twelve months from the date of signing the accounts. The forecast indicates that the Institute will have sufficient cash reserves to meet its obligations without the need to draw on its investment portfolio.

The Council members continue to adopt the going concern basis in preparing the accounts.

Significant judgements and sources of estimation uncertainty

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Charity’s accounting policies. Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Although these estimates are based on management’s best knowledge of the amount, events or actions, actual results may ultimately differ from those estimates. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects current and future periods. The Council consider the following items to be areas subject to estimation and judgement:

Depreciation : - the useful economic lives of tangible fixed assets are based on management’s judgement and experience. When management identifies that the actual useful economic lives differ materially from the estimates used to calculate depreciation, that charge is adjusted retrospectively. Although tangible fixed assets are significant, variances between actual and estimated useful economic lives will not have a material impact on the operating results.

Investment property : - The principal assumptions used to value the investment property are those as set out in note 8.

In the view of the Council members, no assumptions concerning the future or estimation uncertainty affecting assets or liabilities at the balance sheet date are likely to result in a material adjustment to their carrying amounts in the next financial year.

Page 17

INSTITUTE OF BIOMEDICAL SCIENCE (377268)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 (CONTINUED)

1 - Accounting Policies (continued)

Basis of consolidation

These financial statements consolidate the results of the Institute and its wholly owned subsidiary, Institute of Biomedical Science (Professional Services) Limited, on a line by line basis. A separate Statement of Financial Activities for the charity itself is not presented because the charity has taken advantage of the exemptions afforded by section 408 of the Companies Act 2006 and SORP (FRS102) 2019. The charity’s income for the year amounted to £3,894,485 (2021: £3,497,823). The charity’s net movement in funds for the year was a reduction of £901,414 (2021: increase £1,308,223).

The following accounting policies have been applied consistently in dealing with items which are considered material in relation to the Group’s financial statements.

Fund accounting

Funds received for a specified purpose are shown as restricted income in the Statement of Financial Activities. Any such income not spent at the year-end is shown as a restricted fund in the balance sheet.

The Institute has unrestricted funds made up of membership subscriptions, income from educational activities and other income received or generated for its charitable purposes. These are available for trustees to utilise at their discretion and in line with the charity’s objects.

Unrestricted funds which the trustees have agreed to set aside for a specific purpose are shown as designated funds on the balance sheet.

Income

All income is recognised once the Institute is entitled to the income, it is probable that the income will be received and can be quantified with reasonable accuracy.

Subscriptions comprise approved membership applications for the various categories of membership. Subscriptions received which relate to a future financial period are included in the balance sheet as deferred income.

Qualifications comprise the charge made for courses and qualifications provided by the Institute. Any income relating to courses or exam sittings occurring after the balance sheet date is included in the balance sheet as deferred income.

Registrations comprise the fees for accrediting an individual member’s portfolio of experience and the fees for the accrediting of biomedical science courses run by educational institutions. The income is recognised at the point of registration.

Regions and branches comprise the income generated locally (mainly from local training events) by the regions and branches to run discussion groups and meetings.

Property rental comprises the income received from renting out the building at No5 Coldbath Square. Income which has been invoiced but relates to a future financial period is included in the balance sheet as deferred income.

Trading activities comprise the income generated by IBMS (Professional Services) Ltd. It consists of income from running events (mainly Congress, a biennial event), providing secretarial support to other organisations and hire of meeting room facilities. Income received for events which are taking place after the balance sheet date is included in the balance sheet as deferred income.

Interest and investment income is recognised on a receivable basis.

Expenditure

Expenditure is included on an accruals basis where there is a legal or constructive obligation to make a payment to a third party and the amount can be measured reliably. Expenditure is either directly attributed to a cost category, or apportioned on a basis consistent with the use of the resources.

Page 18

INSTITUTE OF BIOMEDICAL SCIENCE (377268)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 (CONTINUED)

1 - Accounting Policies (continued)

Expenditure (continued)

Expenditure on charitable activities includes the cost of delivering education and other services to members for the benefit of the profession along with the associated support costs.

Expenditure on trading activities comprises the costs incurred by IBMS (Professional Services Ltd) and allocated support costs.

Support costs comprise the costs which cannot be directly attributed to a particular activity in the Statement of Financial Activity and include governance costs. Support costs are apportioned between the various activities according to the estimated usage of staff resource.

Grants

Grants payable are charged in the year when the offer is conveyed to the recipient except where the offer is conditional and such grants are recognised as expenditure when the conditions have been met.

Listed investments

Listed investments are shown at their fair value at the balance sheet date. Any increase or decrease in value is reflected in the Statement of Financial Activities.

Investment property

Investment properties are disclosed at their fair market value at the balance sheet date based on an arm’s length transaction. Any increase or decrease in value is reflected in the Statement of Financial Activities.

A full valuation is undertaken every three years. The valuation is reviewed annually in the intervening years.

Tangible fixed assets and depreciation

Assets with a useful economic life of more than one year and a value of over £500 are capitalised.

Tangible fixed assets have been depreciated so as to write assets off over their estimated useful lives at the following rates:

Freehold property: 2% per annum on a straight line basis Furniture, fixtures and fittings: 10% per annum on a straight line basis Computers: 20% to 33.33% per annum on a straight line basis Assets under construction: Nil depreciation until assets are ready for use

Pension schemes

The Institute operated two defined contribution (DC) pension schemes during the year. See note 14.

The cost of the DC schemes is charged to the Statement of Financial Activities is equal to the Institute’s contribution payable to the schemes during the year.

The Defined Benefit scheme was wound up on 17 May 2021.

Page 19

INSTITUTE OF BIOMEDICAL SCIENCE (377268)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 (CONTINUED)

1 - Accounting Policies (continued)

Short term benefits

Short term benefits, including holiday pay, are recognised as an expense in the period in which the service is received.

Employee termination benefits

Termination benefits are accounted for on an accruals basis and in accordance with FRS 102.

Holiday pay accrual

A liability is recognised to the extent of any unused holiday pay entitlement which has accrued at the balance sheet date and carried forward to future periods. This is measured at the undiscounted salary cost of the future entitlement and accrued at the balance sheet date.

Taxation

Tax is provided on the taxable profits retained in the trading subsidiary.

Gift Aid

The Institute of Biomedical Science (Professional Services) Ltd donates the taxable profit arising from its trading activity to the parent entity. The donation is recognised when paid or there is a legal obligation to make the payment.

Financial instruments

Basic financial instruments are initially recognised at transaction value and subsequently measured at amortised cost with the exception of investments which are held at fair value. Financial assets held at amortised cost comprise cash at bank and in hand, trade and fee debtors, staff loans, other debtors, prepayments and accrued income and amounts owed by group undertakings. A specific provision is made for debts for which recoverability is in doubt. Cash and cash equivalents are defined as all cash held in instant access bank accounts and used as working capital. Financial liabilities held at amortised cost comprise deposits, fees in advance, trade creditors, other creditors and amounts owed to group undertakings.

Stock

The value of medals held in stock to recognise members’ long service is stated at the lower of cost and their net realisable value.

Debtors

Trade and other debtors are recognised at the settlement amount due for the provision of services delivered. Prepayments are recognised at the amount prepaid or the amount paid in advance.

Creditors

Creditors are recognised where the institute has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured reliably. Amounts are recognised at their settlement amount.

Cash and cash equivalents

Cash and cash equivalents include cash at bank and in hand and highly liquid interest-bearing securities with maturities of three months or less.

Irrecoverable VAT

Irrecoverable VAT is charged to the Income and Expenditure account for the period to which it relates.

2 – Regions, Branches and Discussion Groups

Regions, branches and discussion groups run activities that raise money locally and incur costs. The bank accounts for regions and branches were closed in the year and the funds transferred to the Institute. Regions and branches were allocated a budget for their activity for the year. The balances remaining in bank accounts at the year-end of £231,339 (2021: £349,916) are included in the balance sheet. The costs include an apportionment of support costs (note 3) based on an assessment of staff resources used.

Page 20

INSTITUTE OF BIOMEDICAL SCIENCE (377268)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 (CONTINUED)

3 - Total Expenditure

Trading activities
Investment management fees
Education, qualifications and registration
Publications
Regions, branches & discussion groups
Membership events, representation and
benefits
Grants & prizes
Total Expenditure		 Direct costs
£
1,039,827
79,489
1,128,992
93,643
167,630
812,767
38,043
3,360,391		 Support costs
£
80,957
-
527,522
15,669
23,504
419,405
-
1,067,057		 Total 2022
£
1,120,784
79,489
1,656,514
109,312
191,134
1,232,172
38,043
4,427,448

Grants made during the current year totalled £30,851 to 27 individuals. In 2021 they totalled £22,134 to 5 individuals.

Trading activities
Investment management fees
Education, qualifications and registration
Publications
Regions, branches & discussion groups
Membership events, representation and
benefits
Grants & prizes
Total Expenditure
upport Costs
People costs
Office running costs
IT & website
Irrecoverable VAT
Depreciation
Other costs
Governance
Council and committees
Audit		 Direct costs
£
84,724
82,726
831,216
90,576
46,120
956,185
30,296
2,121,843		 Support costs
£
58,354
-
489,584
9,401
20,752
465,637
-
1,043,728
2022
£
482,872
146,151
146,322
66,862
115,901
50,136
42,563
16,250
1,067,057		 Total 2021
£
143,078
82,726
1,320,800
99,977
66,872
1,421,822
30,296
3,165,571
2021
£
546,471
136,139
143,801
35,458
109,492
43,505
14,562
14,300
1,043,728

Support Costs

Page 21

INSTITUTE OF BIOMEDICAL SCIENCE (377268)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 (CONTINUED)

4 - Staff Costs

2022
£
Salaries and wages
1,280,653
Social security
149,748
Employer pension contributions – DC schemes
105,005
Temporary staff
170,089
Life assurance
4,801
Staff expenses
8,861
Defined benefit pension scheme running costs
-
Recruitment and training
43,198
1,762,355
The average number of employees in the period was:
27
he number of staff whose annual emoluments in the period fell within the following bands were:
£60,000 to
£70,000
-
£70,000 to
£80,000
2
£80,000 to
£90,000
1
£130,000 to
£140,000
1		 2021
£
1,197,533
132,443
98,168
133,212
6,276
1,534
115,628
41,100
1,725,894
29

1
3
1
-

The number of staff whose annual emoluments in the period fell within the following bands were:

The Council consider the key management personnel for the Institute to be themselves, the Chief Executive, Deputy Chief Executive and the four executive team heads. The remuneration and benefits (included above) received by the key management personnel in employment during the year was £616,221 (2021: £575,256).

None of the Council members received any emoluments or benefits from the Institute during the period for undertaking the role. Total costs of travel, accommodation and out of pocket expenses incurred during the period on the Institute’s business by 22 Council members (2021: 24 Council members) amounted to £29,932 (2021: £9,570).

5 – Net Income for the Year

This is stated after charging:

his is stated after charging:
2022 2021
£ £
Auditors remuneration:
Audit fee for the group (excluding VAT) 21,450 17,500
Other services (excluding VAT) 3,450 1,600
Depreciation 115,901 109,492
Operating leases 2,325 2,680

Page 22

INSTITUTE OF BIOMEDICAL SCIENCE (377268)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 (CONTINUED)

6 - Tangible Fixed Assets

Group and Charity
Freehold
Property
£
Cost
At 1 January 2022
800,000
Additions
-
Disposals
-
At 31 December 2022
800,000
Depreciation
At 1 January 2022
41,333
Charge for the year
16,000
Disposals
-
At 31 December 2022
57,333
Net Book Value
At 31 December 2022
742,667
At 31 December 2021
758,667
7a – Listed and Unlisted Investments
2022
£
Listed investments - valuation
As at 1 January
11,102,504
Additions
7,310,732
Disposals
(6,730,185)
Realised (losses) / gains
(684,127)
Unrealised (losses) / gains
(626,106)
At 31 December
10,372,818
Investment in subsidiary
-
Cash held as investments at
period end
227,509
Total investments
10,600,327		 Furniture,
Fixtures &
Fittings
£
633,089
1,735
-
634,824
139,943
63,173
-
203,116
431,708
493,146
Group
2021
£
10,140,343
2,981,803
(2,932,865)
164,013
749,210
11,102,504
-
691,326
11,793,830		 Computers
Total
£
£
314,917
1,748,006
88,705
90,440
(37,421)
(37,421)
366,201
1,801,025
271,567
452,843
36,728
115,901
(34,926)
(34,926)
273,369
533,818
92,832
1,267,207
43,350
1,295,163
Charity
2022
£
2021
£
11,102,504
10,140,343
7,310,732
2,981,803
(6,730,185)
(2,932,865)
(684,127)
164,013
(626,106)
749,210
10,372,818
11,102,504
1,000
1,000
227,509
691,326
10,601,327
11,794,830		 Computers
Total
£
£
314,917
1,748,006
88,705
90,440
(37,421)
(37,421)
366,201
1,801,025
271,567
452,843
36,728
115,901
(34,926)
(34,926)
273,369
533,818
92,832
1,267,207
43,350
1,295,163
Charity
2022
£
2021
£
11,102,504
10,140,343
7,310,732
2,981,803
(6,730,185)
(2,932,865)
(684,127)
164,013
(626,106)
749,210
10,372,818
11,102,504
1,000
1,000
227,509
691,326
10,601,327
11,794,830		 Total
£
1,748,006
90,440
(37,421)
1,801,025
452,843
115,901
(34,926)
533,818
1,267,207
1,295,163
11,102,504
1,000
691,326
11,794,830

Page 23

INSTITUTE OF BIOMEDICAL SCIENCE (377268)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 (CONTINUED)

7a – Listed and Unlisted Investments (continued)

The market values of the group’s listed investments on the UK Stock exchange were:

Managed funds – UK equities
Managed funds – overseas equities
Managed funds – alternative strategies
Managed funds – fixed interest securities
Managed funds – commercial property
Sub-total
Cash held in the investment portfolio		 2022
£
1,410,271
6,384,746
893,610
1,684,191
-
10,372,818
227,509
10,600,327		 2021
£
2,431,162
5,242,571
243,228
2,957,140
228,403
11,102,504
691,326
11,793,830

The historical cost of the listed investments was £10,329,957 (2021: £9,672,343).

Other investments in the charitable company accounts were:

ther investments in the charitable company accounts were:
2022 2021
£ £
Unlisted investments comprising of:
Institute of Biomedical Science (Professional Services) Ltd
1,000 Ordinary shares of £1 each 1,000 1,000

7b - Subsidiary

The investment in the Institute of Biomedical Science (Professional Services) Limited represents 100% of that Company’s ordinary share capital and is therefore a subsidiary undertaking. The subsidiary is registered in England and Wales and the registered office is 12, Coldbath square, London EC1R 5HL.

The Institute of Biomedical Science (Professional Services) Limited has made a qualifying charitable donation of £nil (2021: £nil) to its parent company, the Institute of Biomedical Science. The assets, liabilities and funds of the subsidiary were:

Assets
Liabilities
Representing:
Share Capital
Profit and Loss account
etails of the subsidiary’s profit and loss accounts are as follows:
Turnover
Cost of sales
Gross profit / (loss)
Interest receivable
Administrative expenses
Corporation Tax
Gift aid donation to parent undertaking
Movement on profit and loss account for the year		 2022
£
1,232,633
(401,743)
830,890
1,000
829,890
830,890
2022
£
1,600,093
(1,013,093)
587,000
1,865
(12,657)
576,208
-
-
576,208		 2021
£
1,537,673
(1,282,991)
254,682
1,000
253,682
254,682
2021
£
27,949
(54,691)
(26,742)
40
(12,612)
(39,314)
-
-
(39,314)

Details of the subsidiary’s profit and loss accounts are as follows:

Page 24

INSTITUTE OF BIOMEDICAL SCIENCE (377268)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 (CONTINUED)

7b – Subsidiary (continued)

This subsidiary has been formed to deal with activities that are regarded as trading. Such activities include receiving income from trade exhibitions.

8 – Investment property – No5 Coldbath Square

Group and Charity
As at 1 January
Unrealised gains / (losses)
At 31 December		 2022
£
1,150,000
-
1,150,000		 2021
£
1,100,000
50,000
1,150,000

The property was independently valued in December 2020 in accordance with the appropriate practice statement set out in the RICS Appraisal and Valuation Manual. The person who undertook the valuation holds a recognised and relevant professional qualification and has knowledge of properties in the area.

The property was valued at market value, which is defined as “the estimated amount for which a property should exchange on the date of the Valuation between a willing buyer and a willing seller in an arm’s length transaction, after proper marketing wherein the parties had acted knowledgeably, prudently and without compulsion”

The next full valuation will be undertaken in December 2023. The valuation at 31 December 2022 was reviewed and updated by an independent property professional.

9 – Debtors

Trade debtors
Prepayments
Accrued income
Amounts owed from group undertakings
Total		 2022
Group
£
Charity
£
489,507
363,295
299,427
145,658
9,997
9,997
-
25,273
798,931
544,223		 2021
Group
£
Charity
£
257,231
98,112
415,126
188,633
25,660
25,660
-
62,390
698,017
374,795		 2021
Group
£
Charity
£
257,231
98,112
415,126
188,633
25,660
25,660
-
62,390
698,017
374,795
374,795

Intercompany balances arise in the normal course of trading and as a result of the group VAT registration.

Page 25

INSTITUTE OF BIOMEDICAL SCIENCE (377268)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 (CONTINUED)

10 – Creditors

Amounts Falling Due Within One Year

Deferred income
Trade creditors
Taxation and social security costs
Accruals
Other creditors		 Group
£
1,594,256
84,889
45,075
121,089
45,823
1,891,132		 2022
Charity
£
1,238,607
73,118
45,075
112,439
45,423
1,514,662		 2021
Group
£
Charity
£
2,388,573
1,172,898
89,539
89,413
107,871
107,871
151,301
146,501
17,198
17,198
2,754,482
1,533,881		 2021
Group
£
Charity
£
2,388,573
1,172,898
89,539
89,413
107,871
107,871
151,301
146,501
17,198
17,198
2,754,482
1,533,881
1,533,881

Amounts Falling Due After More Than One Year

Property rent deposit Group
£
-
-		 2022
Charity
£
-
-		 2021
Group
£
Charity
£
18,730
18,730
18,730
18,730		 2021
Group
£
Charity
£
18,730
18,730
18,730
18,730
18,730

The property rent deposit is included in other creditors in creditors falling due within one year due to the break clause in the lease in March 2023.

11 – Deferred Income

Balance brought forward
Amounts released to SOFA in current
year
Amounts deferred in the current year
Balance carried forward		 Group
£
2,388,573
(1,917,808)
1,123,491
1,594,256		 2022
Charity
£
1,172,898
(702,133)
767,842
1,238,607		 2021
Group
£
Charity
£
958,673
876,889
(419,387)
(419,387)
1,849,287
715,396
2,388,573
1,172,898		 2021
Group
£
Charity
£
958,673
876,889
(419,387)
(419,387)
1,849,287
715,396
2,388,573
1,172,898
1,172,898

Deferred income includes amounts received for membership subscriptions, qualifications and Congress which relate to a future accounting period. The balance also includes funds received from Health Education England for the histopathology reporting project which have not yet been recognised as income.

Page 26

INSTITUTE OF BIOMEDICAL SCIENCE (377268)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 (CONTINUED)

12 - Reconciliation of Movements in Funds

Group
Restricted Funds
HEE Histopathology project
Total restricted funds
Unrestricted Funds
Designated Funds:
Jen Johnson Bursary
Total designated funds
Accumulated funds
Listed investment
revaluation reserve
Investment property
revaluation reserve
Total unrestricted funds
Group
Restricted Funds
HEE Histopathology project
Total restricted funds
Unrestricted Funds
Designated Funds:
Jen Johnson Bursary
Total designated funds
Accumulated funds
Listed investment
revaluation reserve
Investment property
revaluation reserve
Total unrestricted funds		 At
01/01/2022
Income
Expenditure
Net gains /
(losses)
Transfers
At
31/12/2022
£
£
£
£
£
£
-
285,069
(285,069)
-
-
-
-
285,069
(285,069)
-
-
-
66,589
-
(14,593)
-
-
51,996
66,589
-
(14,593)
-
-
51,996
14,681,404
5,127,405
(4,127,786)
(684,126)
-
14,996,897
1,608,529
-
-
(626,107)
-
982,422
724,533
-
-
-
-
724,533
17,081,055
5,127,405
(4,142,379)
(1,310,233)
-
16,755,848
17,081,055
5,412,474
(4,427,448)
(1,310,233)
-
16,755,848
At
01/01/2021
Income
Expenditure
Net gains /
(losses)
Transfers
At
31/12/2021
£
£
£
£
£
£
-
34,158
(34,158)
-
-
-
-
34,158
(34,158)
-
-
-
66,589
-
-
-
-
66,589
66,589
-
-
-
-
66,589
14,211,704
3,437,100
(3,131,413)
164,013
-
14,681,404
859,319
-
-
749,210
-
1,608,529
674,533
-
-
50,000
-
724,533
15,812,145
3,437,100
(3,131,413)
963,223
-
17,081,055
15,812,145
3,471,258
(3,165,571)
963,223
-
17,081,055

Page 27

INSTITUTE OF BIOMEDICAL SCIENCE (377268)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 (CONTINUED)

12 – Reconciliation of Movements in Funds (continued)

Charity
Restricted Funds
HEE Histopathology project
Total restricted funds
Unrestricted Funds
Designated Funds:
Jen Johnson Bursary
Total designated funds
Accumulated funds
Listed investment
revaluation reserve
Investment property
revaluation reserve
Total unrestricted funds
Charity
Restricted Funds
HEE Histopathology project
Total restricted funds
Unrestricted Funds
Designated Funds:
Jen Johnson Bursary
Total designated funds
Accumulated funds
Listed investment
revaluation reserve
Investment property
revaluation reserve
Total unrestricted funds		 At
01/01/2022
Income
Expenditure
Net gains /
(losses)
Transfers
At
31/12/2022
£
£
£
£
£
£
-
285,069
(285,069)
-
-
-
-
285,069
(285,069)
-
-
-
66,589
-
(14,593)
-
-
51,996
66,589
-
(14,593)
-
-
51,996
14,427,722
3,609,416
(3,186,005)
(684,126)
-
14,167,007
1,608,529
-
-
(626,107)
-
982,422
724,533
-
-
-
-
724,533
16,827,373
3,609,416
(3,200,598)
(1,310,233)
-
15,925,958
16,827,373
3,894,485
(3,485,667)
(1,310,233)
-
15,925,958
At
01/01/2021
Income
Expenditure
Net gains /
(losses)
Transfers
At
31/12/2021
£
£
£
£
£
£
-
34,158
(34,158)
-
-
-
-
34.158
(34,158)
-
-
-
66,589
-
-
-
-
66,589
66,589
-
-
-
-
66,589
13,918,708
3,463,665
(3,118,664)
164,013
-
14,427,722
859,319
-
-
749,210
-
1,608,529
674,533
-
-
50,000
-
724,533
15,519,149
3,463,665
(3,118,664)
963,223
-
16,827,373
15,519,149
3,497,823
(3,152,822)
963,223
-
16,827,373

Page 28

INSTITUTE OF BIOMEDICAL SCIENCE (377268)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021 (CONTINUED)

12 – Reconciliation of Movements in Funds (continued)

The listed investment revaluation reserve represents the aggregate unrealised gains / (losses) on the investment portfolio.

The investment property revaluation reserve represents the aggregate unrealised gains / (losses) on the investment property.

The Jen Johnson bursary gives successful applicants the opportunity to attend Congress (a biennial event) by providing help with the costs.

The Statement of Financial Activities of the Institute of Biomedical Science does not, in the opinion of the Council, reflect the group’s total activities without the consolidation of its subsidiary undertaking’s results. The Institute has, therefore, produced the group Statement of Financial Activities Account but, as permitted by the Companies Act 2006 and the Charities SORP, has not included the charitable company’s own Statement of Financial Activities Account.

13 – Analysis of Net Assets Between Funds

2022 2022 2022
Unrestricted Restricted Total
£ £ £
Tangible fixed assets 1,267,207 - 1,267,207
Listed investments 10,600,327 - 10,600,327
Investment property 1,150,000 - 1,150,000
Current assets 4,908,681 720,765 5,629,446
Current liabilities (1,170,367) (720,765) (1,891,132)
Creditors: AFD after 1 year - - -
16,755,848 - 16,755,848
2021 2021 2021
Unrestricted Restricted Total
£ £ £
Tangible fixed assets 1,295,163 - 1,295,163
Listed investments 11,793,830 - 11,793,830
Investment property 1,150,000 - 1,150,000
Current assets 4,857,772 757,502 5,615,274
Current liabilities (1,996,980) (757,502) (2,754,482)
Creditors: AFD after 1 year (18,730) - (18,730)
17,081,055 - 17,081,055

14 - Pension Schemes

The Institute operates a defined contribution scheme with Royal London to meet the requirements of the Auto Enrolment legislation. The Institute pays a contribution of 6% of salary during the employee’s probation period. On successful completion of the probation period the Institute pays twice the percentage that the employee contributes up to a maximum Institute contribution of 10% of salary.

The Institute operates a defined contribution scheme with AEGON. The Institute pays twice the percentage that the employee contributes up to a maximum Institute contribution of 10% of salary. The scheme is now closed to new entrants.

Total employer contributions into the defined contribution schemes in the year were £105,005 (2021: £98,168).

Page 29

INSTITUTE OF BIOMEDICAL SCIENCE (377268)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 (CONTINUED)

14 - Pension Schemes (continued)

There were employer and employee contributions totalling £nil (2020: £nil) outstanding at the year end.

The Institute operated a funded defined benefit pension scheme in the UK. The scheme was wound up on 17 May 2021.

15 – Auditors’ Remuneration

The auditors’ remuneration (excl. VAT) for the period for the charity was £16,250 (2021: £14,300). In addition, the auditors provided audit and corporation tax services to Institute of Biomedical Science (Professional Services) Ltd which were subject to a separate agreement.

16 – Capital Commitments

There were no capital commitments (2021: £45,191) at the year end.

17 – Post Balance Sheet Events

There were no post balance sheet events.

18 – Related Party Transactions

The Institute owns 100% of the share capital in Institute of Biomedical Science (Professional Services) Ltd and its results are consolidated into these financial statements.

During the year 7 members of Council received payments totalling of £5,030 (2021: £4,755 for 10 Council members) for providing professional examination, accreditation and assessment services. In addition, payments totalling £1,354 (2021: £710) were paid to the spouse of a member of the senior management team for providing professional examination services. The payments were on the same basis as that made to others providing the same services.

The spouse of a member of the senior management team was deputy editor of the BJBS and received a payment of £600 (2021: £600). The payment was made on the same basis as that made to others providing the same services.

Two members of the senior management team were also trustees of the Science Council. During the year the Institute incurred costs of £101,298 (2021: £101,483) from the Science Council. The costs related to membership and registration services.

A member of the senior management team is also a director of the International Federation of Biomedical Laboratory Science (IFBLS). The cost of travel, accommodation and out of pocket expenses related to this role is met by IFBLS. The cost of the IFBLS subscription paid by the Institute for the year was £7,631 (2021: £6,812).

19 – Lessor Operating Lease Commitments

The charity has entered into a non-cancellable operating lease as lessor for which the total of future minimum lease payments receivable (excluding VAT) as follows:

Within one year
Later than one year but within five years
Total		 2022
£
10,600
-
10,600		 2021
£
62,400
10,600
73,000

Page 30

INSTITUTE OF BIOMEDICAL SCIENCE (377268)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 (CONTINUED)

20 – Comparative Statement of Financial Activity

Consolidated Statement of Financial Activities for the Year Ended 31 December 2021

(Incorporating the Income and Expenditure Account)

Notes
Income from:
Charitable activities
Subscriptions
Qualifications
Portfolios, assessments and accreditations
Publications
Regions, branches and discussion groups
2
Other income
Congress and other trading activities
7b
Investments
Listed investment income
Property rental
Bank interest
Total Income
Expenditure on:
Raising Funds
Congress and other trading activities
Investment management fees
Charitable activities
Education, qualifications and registration
3
Publications
3
Regions, branches and discussion groups
2,3
Member events, representation and benefits
3
Grants and prizes
Total Expenditure
Net gains / (losses) on investments
Net income / (expenditure)
Other recognised gains / (losses)
Actuarial gains / (losses) on defined benefit
pension scheme
15
Gain on revaluation of investment property
NET MOVEMENT IN FUNDS FOR THE YEAR
Total funds brought forward
Total funds carried forward
13,14		 Unrestricted
Funds
Restricted
Funds
2021
£
2021
£
2,440,341
-
356,538
34,158
327,929
-
34,674
-
6,633
-
572
-
27,949
-
177,097
-
64,237
-
1,130
-		 Total
2021
£
2,440,341
390,696
327,929
34,674
6,633
572
27,949
177,097
64,237
1,130
3,471,258
143,078
82,726
1,320,800
99,977
66,872
1,421,822
30,296
3,165,571
913,223
1,218,910
-
50,000
1,268,910
15,812,145
17,081,055		 Total
2020
£
2,393,783
267,246
250,054
36,559
53,224
53,627
29,511
168,400
41,854
7,671
3,437,100
34,158		 3,301,929
143,078
-
82,726
-
1,286,642
34,158
99,977
-
66,872
-
1,421,822
-
30,296
-		 125,887
64,483
1,047,768
101,891
145,034
1,157,590
24,571
3,131,413
34,158		 2,667,224
913,223
-		 978,596
1,218,910
-
-
-
50,000
-		 1,613,301
1,000
674,533
1,268,910
-
15,812,145
-		 2,288,834
13,523,311
17,081,055
-		 15,812,145

Page 31