## **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: 

- (i) the President, the Past President, the President Elect and the Treasurer, _ex officio_ ; 

- (ii) not more than twelve persons elected by members of the Institute registered within the regions (“regional members”); and 

- (iii) not more than twenty persons elected by the members of the Institute (“national members”). 

## _**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 Membership and Marketing Committee which is responsible for the creation and implementation of the Institute’s membership and marketing strategies. It is also the reporting committee for the local region and branch network. 

- The Education and Professional Standards Committee which is responsible for matters relating to professional standards, education, training and professional development of members working in the profession. 

- The Finance and Risk Committee which is responsible for monitoring the financial performance of the Institute, the performance of the Institute’s investments and the effectiveness of the Institute’s risk management processes and making recommendations to Council. 

- The Audit Committee which seeks assurance from the external auditor that the accounts give a true and fair view of the financial performance and position and that the accounts comply with relevant accounting standards. The Audit Committee will also consider any issues raised by the auditors and the management’s response. 

- The Remuneration Committee which is responsible for determining the Institute’s remuneration strategy and reviewing the terms and conditions of employment for the Chief Executive. 

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** 

- Responded positively to HCPC consultation on professional standards and continuation of HCPC as the professional regulator. 

- Monitor progress of the review of the GMC register carefully. 

- Regular meetings with HCPC and UKAS to shape future policy developments. 

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

- Existing website maintained until new site launched. 

- Regular meetings with suppliers to address outstanding issues on the action log. 

- Extensive user testing to be undertaken before 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. 

- Professional advisers engaged and investment strategy in place. 

- Day to day management of the investment portfolio delegated to professional investment managers. 

- F&RC monitoring the portfolio performance and taking advice from investment advisors. 

## **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: 

- Acting as an advocate for the biomedical science community with key stakeholders and policy makers to help ensure the high standards of the profession and patient safety are maintained. 

- Developing and maintaining educational qualifications to enhance the skills, knowledge and career development of biomedical scientists within the profession. 

- Providing opportunities for biomedical scientists to keep up to date with scientific developments through Institute publications and training events. 

- Raising awareness of the importance of biomedical science in the provision of healthcare and the career opportunities in the profession. 

- Supporting original research into scientific developments. 

## **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:** 

- Reviewed our guidance policy for professional best practice on the supervision of biomedical support staff. 

- Co-wrote a response to the NHS England’s elective care recovery plan with the Royal College of Pathologists (RCPath) and Association for Clinical Biochemistry and Laboratory Medicine (ACB), highlighting the investment required in diagnostics and the biomedical science workforce for tackling the COVID-19 backlog of elective care. 

- Issued a COVID-19 response to highlight how the capability to resume testing at scale, and the associated workforce support, must be part of the Government’s contingency plan. 

- Recorded and promoted 11 presentations from IBMS Congress 2022, available for our members to watch and record for their continuing professional development (CPD) records. 

- Undertook a membership survey to understand the concerns of our members and to further develop our services to support them better. 

- Issued professional guidance and key facts around the emergence of new cases of Monkeypox, polio and Group A Streptococcus in the UK. 

- Submitted extensive feedback on the initial Terms of Reference for the UK COVID-19 Inquiry. 

- Responded to the NHS England’s report on blood culture practice as IBMS President Debra Padgett commented on its key recommendations. 

- Published a response to the Health and Social Care Select Committee report on Workforce: recruitment, training and retention in health and social care. 

- Held training webinars to increase the number of active verifiers to support our registration and specialist qualifications and to support training in the laboratories. 

- Hosted a two-day Biomedical Science Day Live virtual event for members to support their CPD. 

- Issued a joint statement with RCPath and ACB on the updated ISO 15189:2022 laboratory accreditation standards. 

- Held a highly successful Congress, deferred due to the pandemic from 2021, which achieved a record number of attendees and exhibitors. 

- Accredited 21 biomedical science degree courses, covering 58 undergraduate and 10 post graduate programmes and including two new universities. 

- Accredited three new degree apprenticeship programmes and re-accredited 10 existing degree apprenticeship programmes. 

- In recognition of high academic achievement on an IBMS accredited undergraduate degree course, 39 President’s Prize Awards were given to IBMS eStudent members who graduated and achieved academic distinctions. 

- Reviewed and implemented revised criteria for the accreditation of undergraduate and postgraduate degrees in biomedical science for 2022/23. 

- Increased the pool of registration training portfolio verifiers (two verifier training events (250 attendees)) in September 2022, plus one “Supporting Successful Laboratory Training” event (115 attendees) in November 2022. 

- Established stronger links with training networks in Scotland and Northern Ireland, and throughout England with the Practice Educators nations. 

- Doubled the number of trained non-accredited degree assessors. Expanded the number of trained lay, professional and academic assessors for the Certificate of Competence by Equivalence route. 

- Started work on clarifying the routes to registration  with UCAS for degree entry requirements and by the co-creation of a new biomedical science subject guide. 

- Updated the Equivalence route (Certificate of Competence by Equivalence)  and clarified guidance  for 2022/23. 

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:** 

- Submitted nominations for and promoted winners of the National School of Healthcare Science (NSHCS) Associate and Honorary Fellowships. 

- Established an Equality, Diversity and Inclusion Working Group to ensure that a diverse range of our members’ voices are heard and to improve our diversity and inclusion, guided by the Science Council Benchmarking Framework. 

- Responded to the Government’s plan to increase capacity, reach and efficiency of the UK's diagnostic service, the Health Secretary’s Our Plan for Patients policy paper and to the Public Account Committee’s inquiry on managing NHS backlogs and waiting times. 

- Sponsored PRIDE marches in Manchester, London and Belfast for LGBTQ+ members to celebrate their hard-won rights and freedoms. 

- Launched a campaign to celebrate Black History Month and the contributions of our members to biomedical science. 

- Continued to develop our virtual learning platform to include online portfolios. 

- Created and launched three new specialist advisory panels in Quality Management, Point of Care Testing and Molecular Pathology. 

- Collaborated with Labvine and Power of Process to offer our members discounted rates on an online Laboratory Transformation course. 

- Collaborated with Practice Educators for the delivery of specialist portfolio training sessions in clinical chemistry, haematology, immunology and microbiology with blood transfusion, cellular pathology and virology. 

- Developed and published a new specialist portfolio module to cover Rapid On-Site Evaluation (ROSE). 

- Appointed PLMR to continue to grow our profile post-pandemic and to develop a policy and engagement capability at government level. 

- Attended the launch of the Professional Standards Authority’s new report Safer care for all – solutions from professional regulation and beyond at the House of Lords. 

- Attended a political party conference to investigate how to increase our visibility at government level. 

- Issued guidance to our members on expectations of professionalism following the news of a former member being struck off Health and Care Professions Council (HCPC) register. 

- Highlighted HCPC consultations to our members on the proposed fee increase and to help them develop their guiding principles for preceptorship across health and care professions. 

- Welcomed over 50 new members from Malaysia and supported a Ukrainian member to secure a placement in the UK. 

- Issued 185 portfolios and 161 certificates to support the career progression of support staff via the Certificate of Achievement. 

- Issued 1,179 registration training portfolios, 1,267 Certificates of Competence and assessed 15 Certificate of Competence by Equivalence candidates (from 2020 and 2021 cohorts) to support the HCPC registration of biomedical scientists. 

- Issued 813 specialist portfolios, 440 Specialist Diplomas and issued 443 non-accredited degree assessments to support the career progression of biomedical scientists. 

- Recruited a new Head of Digital Education who will lead the development and delivery of our online training and qualifications to support members’ careers. 

- Passed 198 candidates in the IBMS Certificate of Expert Practice distance learning qualifications, the largest number to pass in one year. 

- Ran the largest ever single exam series for the Higher Specialist Diploma in 2022 with 63 candidates sitting the exam in September 2022 with 46 candidates passing all of whom could upgrade to Fellow. 

- A record 45 candidates sat the IBMS Diploma of Expert Practice in Histological Dissection exam in November 2022, which 30 passed.  Four candidates passed the Advanced Specialist Diploma in Histological Dissection. 

- 11 candidates sat the Stage C exam for the Advanced Specialist Diploma in Histopathology Reporting exam. 

- Launched the revised Diploma of Expert Practice in Ultrastructural Pathology. 

- Launched a new distance-learning online Certificate of Expert Practice in Laboratory Information Technology and Clinical Informatics. 

- Provided HEE funded training grants totalling £276,729  to employers to support candidates on the Institute’s histopathology qualifications. 

- Admitted six new Chartered Scientists and 11 Registered Scientists to the Science Council registers. 

- Undertook assessor training for Science Council applications to widen the pool of assessors. 

- Developed shortened application routes for Science Council registration for Healthcare Science apprentices. 

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:** 

- Part-funded and promoted a series of videos that show cased the roles of laboratory staff in healthcare as part of a digital #PathologyROAR campaign. 

- Supported members taking part in public engagement events throughout the year including at national events for Healthcare Science Week and Biomedical Science Day, providing them with promotional materials and funding to highlight biomedical science to the public. 

- Sponsored external national science awards – STEM for Britain and the Advancing Healthcare Awards ‘Biomedical Scientist of the Year’ award. 

- Sponsored a media fellowship, enabling a member to attend and undertake a 3-week placement with a national media organisation. 

- Celebrated 100 years of women in the profession with a promotional campaign to highlight the role of women in membership throughout the years. 

- Held our sixth annual Biomedical Science Day, the biggest celebration so far as our campaigns trended in the top 5 trends on social media and reached an audience of over four million people. 

- Celebrated the contribution of technical staff and to promote ourselves to a wider audience we took part in the Crick Institute’s Technicians Week. 

- Our publication the British Journal of Biomedical Science launched five special issues that focused on research and the contribution our profession makes to healthcare. 

## **To ensure organisational robustness, the IBMS:** 

- Agreed a new three-year strategy to support and develop the profession and members’ practice. 

- Created a new Council sub-group to commission strategic research projects that supports the delivery of the new strategy. 

- Developed and implemented a new investment strategy to strengthen the Environmental, Social and Governance (ESG) element of the strategy. The portfolio now has more of a focus on sustainability and an element of the portfolio adopts a thematic approach, focusing on healthcare and science. 

- Continued work on developing a new website, although technical issues around integration with our membership database has delayed the launch. 

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

- Membership numbers – overall membership numbers reduced by 1,262 or 6% from the previous year. The reduction in the number of Fellows was lower than expected. The number of e-students reduced due to timing in processing the bulk buy packages. 

- Educational activity - the number of registration and specialist portfolios issued increased year on year. The number of support staff accessing the Certificate of Achievement reduced. The number of degree assessments reduced but remained relatively high. There was a full programme of Institute exams in the year, and candidate numbers on the distance learning qualifications continued to grow. 

- Financial performance- the surplus on income and expenditure was higher than expected in 2022. The surplus on Congress exceeded expectations. Strategy expenditure significantly lower than planned. There was a negative return from the investment portfolio of £1.194 million, reflecting significant turbulence in the investment markets during the year. 

- Staff turnover and sickness levels – sickness levels remained in line with expectations for an organisation of this size. Staff turnover was higher than in previous years, particularly in the education and membership teams. The job market was very competitive during the year. 

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: 

- select suitable accounting policies and then apply them consistently; 

- observe the methods and principles in the Charities SORP; 

- make judgements and accounting estimates that are reasonable and prudent; 

- state whether applicable UK Accounting Standards have been followed subject to any material departures disclosed and explained in the financial statements; 

- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business. 

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: 

- so far as each Council member is aware, there is no relevant audit information (that is, information needed by the company's auditors in connection with preparing their report) of which the company's auditors are unaware; and 

- each Council member has taken all the steps that they ought to have taken as a Council member in order to make themselves aware of any relevant audit information and to establish that the charitable company's auditors are aware of that information. 

## **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: 

- give a true and fair view of the state of the group’s and of the parent charitable company’s affairs as at 31 December 2022 and of the group’s and parent charitable company’s net movement in funds, including the income and expenditure, for the year then ended; 

- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and 

- have been prepared in accordance with the requirements of the Companies Act 2006. 

## **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: 

- the information given in the Council Members’ Report (which incorporates the strategic report and the directors’ report) for the financial year for which the financial statements are prepared is consistent with the financial statements; and 

- the strategic report and the directors’ report included in the Council Members’ Report have been prepared in accordance with applicable legal requirements. 

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: 

- adequate accounting records have not been kept by the parent charitable company, or returns adequate for our audit have not been received from branches not visited by us; or 

- the parent charitable company financial statements are not in agreement with the accounting records and returns; or 

- certain disclosures of trustees’ remuneration specified by law are not made; 

- we have not received all the information and explanations we require for our audit; or 

- the trustees were not entitled to prepare the financial statements in accordance with the small companies’ regime and take advantage of the small companies’ exemptions in preparing the trustees’ report and from the requirement to prepare a strategic report. 

## **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: 

- Inspecting correspondence with regulators and tax authorities; 

- Discussions with management including consideration of known or suspected instances of non-compliance with laws and regulation and fraud; 

- Reviewing the controls and procedures of the charitable company to ensure these were in place throughout the year, including during the continued Covid-19 remote working period 

- Evaluating management’s controls designed to prevent and detect irregularities; 

- Identifying and testing journals, in particular journal entries posted with unusual account combinations, postings by unusual users or with unusual descriptions; and 

- Challenging assumptions and judgements made by management in their critical accounting estimates 

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**<br>**Income from:**<br>Charitable activities<br>Subscriptions<br>Qualifications<br>Portfolios, assessments and accreditations<br>Publications<br>Regions, branches and discussion groups<br>2<br>Other income<br>Congress and other trading activities<br>7b<br>Investments<br>Listed investment income<br>Property rental<br>Bank interest<br>**Total Income**<br>**Expenditure on:**<br>Raising Funds<br>Congress and other trading activities<br>Investment management  fees<br>Charitable activities<br>Education, qualifications and registration<br>3<br>Publications<br>3<br>Regions, branches and discussion groups<br>2,3<br>Member events, representation and benefits<br>3<br>Grants and prizes<br>**Total Expenditure**<br>Net (losses) / gains on investments<br>**Net (expenditure) / income**<br>**Other recognised gains / (losses)**<br>Gain on revaluation of investment property<br>**NET MOVEMENT IN FUNDS FOR THE YEAR**<br>Total funds brought forward<br>**Total funds carried forward**<br>13,14|**Unrestricted**<br>**Funds**<br>**Restricted**<br>**Funds**<br>**2022**<br>**£**<br>**2022**<br>**£**<br>2,390,123<br>-<br>344,706<br>285,069<br>373,983<br>-<br>6,671<br>-<br>121,031<br>-<br>2,110<br>-<br>1,600,093<br>-<br>196,220<br>-<br>63,107<br>-<br>29,361<br>-|**Total**<br>**2022**<br>**£**<br>2,390,123<br>629,775<br>373,983<br>6,671<br>121,031<br>2,110<br>1,600,093<br>196,220<br>63,107<br>29,361<br>5,412,474<br>1,120,784<br>79,489<br>1,656,514<br>109,312<br>191,134<br>1,232,172<br>38,043<br>4,427,448<br>(1,310,233)<br>(325,207)<br>-<br>(325,207)<br>17,081,055<br>16,755,848|**Total**<br>**2021**<br>**£**<br>2,440,341<br>390,696<br>327,929<br>34,674<br>6,633<br>572<br>27,949<br>177,097<br>64,237<br>1,130|
|---|---|---|---|
||5,127,405<br>285,069||3,471,258|
||1,120,784<br>-<br>79,489<br>-<br>1,371,445<br>285,069<br>109,312<br>-<br>191,134<br>-<br>1,232,172<br>-<br>38,043<br>-||143,078<br>82,726<br>1,320,800<br>99,977<br>66,872<br>1,421,822<br>30,296|
||4,142,379<br>285,069||3,165,571|
||(1,310,233)<br>-||913,223|
||(325,207)<br>-<br>-<br>-||1,218,910<br>50,000|
||(325,207)<br>-<br>17,081,055<br>-||1,268,910<br>15,812,145|
||16,755,848<br>-||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**<br>**Fixed Assets**<br>Tangible assets<br>6<br>Listed investments<br>7a<br>Investment property<br>8<br>**Current Assets**<br>Stock<br>Debtors<br>9<br>Cash at bank and in hand<br>**Creditors:**amounts falling due within one year<br>10<br>**Net Current Assets**<br>**Total assets less current liabilities**<br>**Creditors:**amounts falling due after more than one year<br>10<br>**Net Assets**<br>**Unrestricted Funds**<br>Accumulated fund<br>Designated fund<br>Listed investment revaluation reserve<br>Investment property revaluation reserve<br>12,13|**2022**<br>**£**<br>1,267,207<br>10,600,327<br>1,150,000<br>13,017,534<br>975<br>798,931<br>4,829,540<br>5,629,446<br>(1,891,132)<br>3,738,314<br>16,755,848<br>-<br>16,755,848<br>14,996,897<br>51,996<br>982,422<br>724,533<br>16,755,848|**2021**<br>**£**<br>1,295,163<br>11,793,830<br>1,150,000|
|---|---|---|
|||14,238,993<br>975<br>698,017<br>4,916,282|
|||5,615,274<br>(2,754,482)|
|||2,860,792|
|||17,099,785<br>(18,730)|
|||17,081,055|
|||14,681,404<br>66,589<br>1,608,529<br>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**<br>**Fixed Assets**<br>Tangible assets<br>6<br>Listed investments<br>7a<br>Investment property<br>8<br>**Current Assets**<br>Stock<br>Debtors<br>9<br>Cash at bank and in hand<br>**Creditors:**amounts falling due within one year<br>10<br>**Net Current Assets**<br>**Total assets less current liabilities**<br>**Creditors:**amounts falling due after more than one year<br>10<br>**Net Assets**<br>**Unrestricted Funds**<br>Accumulated fund<br>Designated fund<br>Listed investment revaluation reserve<br>Investment property revaluation reserve<br>12|**2022**<br>**£**<br>1,267,207<br>10,601,327<br>1,150,000<br>13,018,534<br>975<br>544,223<br>3,876,888<br>4,422,086<br>(1,514,662)<br>2,907,424<br>15,925,958<br>-<br>15,925,958<br>14,167,007<br>51,996<br>982,422<br>724,533<br>15,925,958|**2021**<br>**£**<br>1,295,163<br>11,794,830<br>1,150,000|
|---|---|---|
|||14,239,993<br>975<br>374,795<br>3,764,221|
|||4,139,991<br>(1,533,881)|
|||2,606,110|
|||16,846,103<br>(18,730)|
|||15,519,149|
|||14,427,722<br>66,589<br>1,608,529<br>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<br>**Reconciliation of net (expenditure)/ income to cash flow from**<br>**operating activities**<br>Net (expenditure) / income for the year (as per Statement of<br>Financial Activities)<br>_Adjustments for:_<br>Depreciation of property, plant and equipment<br>6<br>Losses / (gains) on investments<br>Loss / (profit) on sale of fixed asset<br>Listed investment income and bank interest<br>Property rental<br>Decrease / (increase) in stock<br>(Increase) / decrease in debtors<br>9<br>(Decrease) / increase in creditors<br>10<br>**Net cash provided by operating activities**<br>**Cash flows from investing activities**<br>Listed investment income and bank interest<br>Property rental<br>Purchase of property, plant and equipment<br>6<br>Purchase of investments<br>Disposal of investments<br>Decrease / (increase) in cash in investment portfolio<br>**Net cash provided by / (used in) investing activities**<br>**Change in cash and cash equivalents in the reporting period**<br>Cash and cash equivalents at start of year<br>**Cash and cash equivalents at end of year**<br>**Components of cash and cash equivalents**<br>Cash at bank and in hand<br>Short term deposits<br>**Analysis of change in net debt**<br>There are no debts held, the net debt relates only to cash and cash equivalents<br>Cash and cash equivalents at start of year<br>Cash flows<br>Cash and cash equivalents at end of year||**2022**<br>**£**<br>(325,207)<br>115,901<br>1,310,233<br>2,495<br>(225,581)<br>(63,107)<br>-<br>(100,914)<br>(882,080)<br>(168,260)<br>225,581<br>63,107<br>(90,440)<br>(7,310,732)<br>6,730,185<br>463,817<br>81,518<br>(86,742)<br>4,916,282<br>4,829,540<br>1,810,769<br>3,018,771<br>4,829,540<br>**2022**<br>**£**<br>4,916,282<br>(86,742)<br>4,829,540|||**2021**<br>**£**<br>1,218,910<br>109,492<br>(913,223)<br>-<br>(178,227)<br>(64,237)<br>645<br>(258,663)<br>1,462,889|
|---|---|---|---|---|---|
||||||1,377,586|
||||||178,227<br>64,237<br>(11,172)<br>(2,981,803)<br>2,932,865<br>(45,434)|
||||||136,920|
||||||1,514,506<br>3,401,776<br>4,916,282|
||||||3,897,552<br>1,018,730|
||||||4,916,282|
||||||**2021**<br>**£**<br>3,401,776<br>1,514,506<br>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<br>Investment management fees<br>Education, qualifications and registration<br>Publications<br>Regions, branches & discussion groups<br>Membership events, representation and<br>benefits<br>Grants & prizes<br>Total Expenditure|**Direct costs**<br>**£**<br>1,039,827<br>79,489<br>1,128,992<br>93,643<br>167,630<br>812,767<br>38,043<br>3,360,391|**Support costs**<br>**£**<br>80,957<br>-<br>527,522<br>15,669<br>23,504<br>419,405<br>-<br>1,067,057|**Total   2022**<br>**£**<br>1,120,784<br>79,489<br>1,656,514<br>109,312<br>191,134<br>1,232,172<br>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<br>Investment management fees<br>Education, qualifications and registration<br>Publications<br>Regions, branches & discussion groups<br>Membership events, representation and<br>benefits<br>Grants & prizes<br>Total Expenditure<br>**upport Costs**<br>People costs<br>Office running costs<br>IT & website<br>Irrecoverable VAT<br>Depreciation<br>Other costs<br>Governance<br>Council and committees<br>Audit|**Direct costs**<br>**£**<br>84,724<br>82,726<br>831,216<br>90,576<br>46,120<br>956,185<br>30,296<br>2,121,843||**Support costs**<br>**£**<br>58,354<br>-<br>489,584<br>9,401<br>20,752<br>465,637<br>-<br>1,043,728<br>**2022**<br>**£**<br>482,872<br>146,151<br>146,322<br>66,862<br>115,901<br>50,136<br>42,563<br>16,250<br>1,067,057||**Total   2021**<br>**£**<br>143,078<br>82,726<br>1,320,800<br>99,977<br>66,872<br>1,421,822<br>30,296|
|---|---|---|---|---|---|
||||||3,165,571|
||||||**2021**<br>**£**<br>546,471<br>136,139<br>143,801<br>35,458<br>109,492<br>43,505<br>14,562<br>14,300<br>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**<br>**£**<br>Salaries and wages<br>1,280,653<br>Social security<br>149,748<br>Employer pension contributions – DC schemes<br>105,005<br>Temporary staff<br>170,089<br>Life assurance<br>4,801<br>Staff expenses<br>8,861<br>Defined benefit pension scheme running costs<br>-<br>Recruitment and training<br>43,198<br>1,762,355<br>The average number of employees in the period was:<br>27<br>he number of staff whose annual emoluments in the period fell within the following bands were:<br>£60,000 to<br>£70,000<br>-<br>£70,000 to<br>£80,000<br>2<br>£80,000 to<br>£90,000<br>1<br>£130,000 to<br>£140,000<br>1|**2021**<br>**£**<br>1,197,533<br>132,443<br>98,168<br>133,212<br>6,276<br>1,534<br>115,628<br>41,100|
|---|---|
||1,725,894|
||29<br> <br>1<br>3<br>1<br>-|



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**<br>**Freehold**<br>**Property**<br>**£**<br>**Cost**<br>At 1 January 2022<br>800,000<br>Additions<br>-<br>Disposals<br>-<br>At 31 December 2022<br>800,000<br>**Depreciation**<br>At 1 January 2022<br>41,333<br>Charge for the year<br>16,000<br>Disposals<br>-<br>At 31 December 2022<br>57,333<br>**Net Book Value**<br>At 31 December 2022<br>742,667<br>At 31 December 2021<br>758,667<br>**7a – Listed and Unlisted Investments**<br>**2022**<br>**£**<br>Listed investments - valuation<br>As at 1 January<br>11,102,504<br>Additions<br>7,310,732<br>Disposals<br>(6,730,185)<br>Realised (losses) / gains<br>(684,127)<br>Unrealised (losses) / gains<br>(626,106)<br>At 31 December<br>10,372,818<br>Investment in subsidiary<br>-<br>Cash held as investments at<br>period end<br>227,509<br>Total investments<br>10,600,327|**Furniture,**<br>**Fixtures &**<br>**Fittings**<br>**£**<br>633,089<br>1,735<br>-<br>634,824<br>139,943<br>63,173<br>-<br>203,116<br>431,708<br>493,146<br>**Group**<br>**2021**<br>**£**<br>10,140,343<br>2,981,803<br>(2,932,865)<br>164,013<br>749,210<br>11,102,504<br>-<br>691,326<br>11,793,830||**Computers**<br>**Total**<br>**£**<br>**£**<br>314,917<br>1,748,006<br>88,705<br>90,440<br>(37,421)<br>(37,421)<br>366,201<br>1,801,025<br>271,567<br>452,843<br>36,728<br>115,901<br>(34,926)<br>(34,926)<br>273,369<br>533,818<br>92,832<br>1,267,207<br>43,350<br>1,295,163<br>**Charity**<br>**2022**<br>**£**<br>**2021**<br>**£**<br>11,102,504<br>10,140,343<br>7,310,732<br>2,981,803<br>(6,730,185)<br>(2,932,865)<br>(684,127)<br>164,013<br>(626,106)<br>749,210<br>10,372,818<br>11,102,504<br>1,000<br>1,000<br>227,509<br>691,326<br>10,601,327<br>11,794,830|**Computers**<br>**Total**<br>**£**<br>**£**<br>314,917<br>1,748,006<br>88,705<br>90,440<br>(37,421)<br>(37,421)<br>366,201<br>1,801,025<br>271,567<br>452,843<br>36,728<br>115,901<br>(34,926)<br>(34,926)<br>273,369<br>533,818<br>92,832<br>1,267,207<br>43,350<br>1,295,163<br>**Charity**<br>**2022**<br>**£**<br>**2021**<br>**£**<br>11,102,504<br>10,140,343<br>7,310,732<br>2,981,803<br>(6,730,185)<br>(2,932,865)<br>(684,127)<br>164,013<br>(626,106)<br>749,210<br>10,372,818<br>11,102,504<br>1,000<br>1,000<br>227,509<br>691,326<br>10,601,327<br>11,794,830|**Total**<br>**£**<br>1,748,006<br>90,440<br>(37,421)|
|---|---|---|---|---|---|
||||||1,801,025|
||||||452,843<br>115,901<br>(34,926)|
||||||533,818|
||||||1,267,207|
||||||1,295,163|
|||||11,102,504<br>1,000<br>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<br>Managed funds – overseas equities<br>Managed funds – alternative strategies<br>Managed funds – fixed interest securities<br>Managed funds – commercial property<br>Sub-total<br>Cash held in the investment portfolio|**2022**<br>**£**<br>1,410,271<br>6,384,746<br>893,610<br>1,684,191<br>-<br>10,372,818<br>227,509<br>10,600,327|**2021**<br>**£**<br>2,431,162<br>5,242,571<br>243,228<br>2,957,140<br>228,403|
|---|---|---|
|||11,102,504<br>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<br>Liabilities<br>Representing:<br>Share Capital<br>Profit and Loss account<br>etails of the subsidiary’s profit and loss accounts are as follows:<br>Turnover<br>Cost of sales<br>Gross profit / (loss)<br>Interest receivable<br>Administrative expenses<br>Corporation Tax<br>Gift aid donation to parent undertaking<br>Movement on profit and loss account for the year|**2022**<br>**£**<br>1,232,633<br>(401,743)<br>830,890<br>1,000<br>829,890<br>830,890<br>**2022**<br>**£**<br>1,600,093<br>(1,013,093)<br>587,000<br>1,865<br>(12,657)<br>576,208<br>-<br>-<br>576,208|**2021**<br>**£**<br>1,537,673<br>(1,282,991)<br>254,682<br>1,000<br>253,682<br>254,682<br>**2021**<br>**£**<br>27,949<br>(54,691)<br>(26,742)<br>40<br>(12,612)<br>(39,314)<br>-<br>-<br>(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**<br>As at 1 January<br>Unrealised gains / (losses)<br>At 31 December|**2022**<br>**£**<br>1,150,000<br>-<br>1,150,000|**2021**<br>**£**<br>1,100,000<br>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<br>Prepayments<br>Accrued income<br>Amounts owed from group undertakings<br>Total|**2022**<br>**Group**<br>**£**<br>**Charity**<br>**£**<br>489,507<br>363,295<br>299,427<br>145,658<br>9,997<br>9,997<br>-<br>25,273<br>798,931<br>544,223|**2021**<br>**Group**<br>**£**<br>**Charity**<br>**£**<br>257,231<br>98,112<br>415,126<br>188,633<br>25,660<br>25,660<br>-<br>62,390<br>698,017<br>374,795|**2021**<br>**Group**<br>**£**<br>**Charity**<br>**£**<br>257,231<br>98,112<br>415,126<br>188,633<br>25,660<br>25,660<br>-<br>62,390<br>698,017<br>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<br>Trade creditors<br>Taxation and social security costs<br>Accruals<br>Other creditors|**Group**<br>**£**<br>1,594,256<br>84,889<br>45,075<br>121,089<br>45,823<br>1,891,132|**2022**<br>**Charity**<br>**£**<br>1,238,607<br>73,118<br>45,075<br>112,439<br>45,423<br>1,514,662|**2021**<br>**Group**<br>**£**<br>**Charity**<br>**£**<br>2,388,573<br>1,172,898<br>89,539<br>89,413<br>107,871<br>107,871<br>151,301<br>146,501<br>17,198<br>17,198<br>2,754,482<br>1,533,881|**2021**<br>**Group**<br>**£**<br>**Charity**<br>**£**<br>2,388,573<br>1,172,898<br>89,539<br>89,413<br>107,871<br>107,871<br>151,301<br>146,501<br>17,198<br>17,198<br>2,754,482<br>1,533,881|
|---|---|---|---|---|
|||||1,533,881|



## **Amounts Falling Due After More Than One Year** 

|Property rent deposit|**Group**<br>**£**<br>-<br>-|**2022**<br>**Charity**<br>**£**<br>-<br>-|**2021**<br>**Group**<br>**£**<br>**Charity**<br>**£**<br>18,730<br>18,730<br>18,730<br>18,730|**2021**<br>**Group**<br>**£**<br>**Charity**<br>**£**<br>18,730<br>18,730<br>18,730<br>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**<br>Amounts released to SOFA in current<br>year<br>Amounts deferred in the current year<br>**Balance carried forward**|**Group**<br>**£**<br>2,388,573<br>(1,917,808)<br>1,123,491<br>1,594,256|**2022**<br>**Charity**<br>**£**<br>1,172,898<br>(702,133)<br>767,842<br>1,238,607|**2021**<br>**Group**<br>**£**<br>**Charity**<br>**£**<br>958,673<br>876,889<br>(419,387)<br>(419,387)<br>1,849,287<br>715,396<br>2,388,573<br>1,172,898|**2021**<br>**Group**<br>**£**<br>**Charity**<br>**£**<br>958,673<br>876,889<br>(419,387)<br>(419,387)<br>1,849,287<br>715,396<br>2,388,573<br>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**<br>**Restricted Funds**<br>HEE Histopathology project<br>Total restricted funds<br>**Unrestricted Funds**<br>Designated Funds:<br>Jen Johnson Bursary<br>Total designated funds<br>Accumulated funds<br>Listed investment<br>revaluation reserve<br>Investment property<br>revaluation reserve<br>Total unrestricted funds<br>**Group**<br>**Restricted Funds**<br>HEE Histopathology project<br>Total restricted funds<br>**Unrestricted Funds**<br>Designated Funds:<br>Jen Johnson Bursary<br>Total designated funds<br>Accumulated funds<br>Listed investment<br>revaluation reserve<br>Investment property<br>revaluation reserve<br>Total unrestricted funds|**At**<br>**01/01/2022**<br>**Income**<br>**Expenditure**<br>**Net gains /**<br>**(losses)**<br>**Transfers**<br>**At**<br>**31/12/2022**<br>**£**<br>**£**<br>**£**<br>**£**<br>**£**<br>**£**<br>-<br>285,069<br>(285,069)<br>-<br>-<br>-|
|---|---|
||-<br>285,069<br>(285,069)<br>-<br>-<br>-|
||66,589<br>-<br>(14,593)<br>-<br>-<br>51,996|
||66,589<br>-<br>(14,593)<br>-<br>-<br>51,996<br>14,681,404<br>5,127,405<br>(4,127,786)<br>(684,126)<br>-<br>14,996,897<br>1,608,529<br>-<br>-<br>(626,107)<br>-<br>982,422<br>724,533<br>-<br>-<br>-<br>-<br>724,533|
||17,081,055<br>5,127,405<br>(4,142,379)<br>(1,310,233)<br>-<br>16,755,848|
|||
||17,081,055<br>5,412,474<br>(4,427,448)<br>(1,310,233)<br>-<br>16,755,848|
||**At**<br>**01/01/2021**<br>**Income**<br>**Expenditure**<br>**Net gains /**<br>**(losses)**<br>**Transfers**<br>**At**<br>**31/12/2021**<br>**£**<br>**£**<br>**£**<br>**£**<br>**£**<br>**£**<br>-<br>34,158<br>(34,158)<br>-<br>-<br>-|
||-<br>34,158<br>(34,158)<br>-<br>-<br>-|
||66,589<br>-<br>-<br>-<br>-<br>66,589|
||66,589<br>-<br>-<br>-<br>-<br>66,589<br>14,211,704<br>3,437,100<br>(3,131,413)<br>164,013<br>-<br>14,681,404<br>859,319<br>-<br>-<br>749,210<br>-<br>1,608,529<br>674,533<br>-<br>-<br>50,000<br>-<br>724,533|
||15,812,145<br>3,437,100<br>(3,131,413)<br>963,223<br>-<br>17,081,055|
|||
||15,812,145<br>3,471,258<br>(3,165,571)<br>963,223<br>-<br>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**<br>**Restricted Funds**<br>HEE Histopathology project<br>Total restricted funds<br>**Unrestricted Funds**<br>Designated Funds:<br>Jen Johnson Bursary<br>Total designated funds<br>Accumulated funds<br>Listed investment<br>revaluation reserve<br>Investment property<br>revaluation reserve<br>Total unrestricted funds<br>**Charity**<br>**Restricted Funds**<br>HEE Histopathology project<br>Total restricted funds<br>**Unrestricted Funds**<br>Designated Funds:<br>Jen Johnson Bursary<br>Total designated funds<br>Accumulated funds<br>Listed investment<br>revaluation reserve<br>Investment property<br>revaluation reserve<br>Total unrestricted funds|**At**<br>**01/01/2022**<br>**Income**<br>**Expenditure**<br>**Net gains /**<br>**(losses)**<br>**Transfers**<br>**At**<br>**31/12/2022**<br>**£**<br>**£**<br>**£**<br>**£**<br>**£**<br>**£**<br>-<br>285,069<br>(285,069)<br>-<br>-<br>-|
|---|---|
||-<br>285,069<br>(285,069)<br>-<br>-<br>-|
||66,589<br>-<br>(14,593)<br>-<br>-<br>51,996|
||66,589<br>-<br>(14,593)<br>-<br>-<br>51,996<br>14,427,722<br>3,609,416<br>(3,186,005)<br>(684,126)<br>-<br>14,167,007<br>1,608,529<br>-<br>-<br>(626,107)<br>-<br>982,422<br>724,533<br>-<br>-<br>-<br>-<br>724,533|
||16,827,373<br>3,609,416<br>(3,200,598)<br>(1,310,233)<br>-<br>15,925,958|
|||
||16,827,373<br>3,894,485<br>(3,485,667)<br>(1,310,233)<br>-<br>15,925,958|
||**At**<br>**01/01/2021**<br>**Income**<br>**Expenditure**<br>**Net gains /**<br>**(losses)**<br>**Transfers**<br>**At**<br>**31/12/2021**<br>**£**<br>**£**<br>**£**<br>**£**<br>**£**<br>**£**<br>-<br>34,158<br>(34,158)<br>-<br>-<br>-|
||-<br>34.158<br>(34,158)<br>-<br>-<br>-|
||66,589<br>-<br>-<br>-<br>-<br>66,589|
||66,589<br>-<br>-<br>-<br>-<br>66,589<br>13,918,708<br>3,463,665<br>(3,118,664)<br>164,013<br>-<br>14,427,722<br>859,319<br>-<br>-<br>749,210<br>-<br>1,608,529<br>674,533<br>-<br>-<br>50,000<br>-<br>724,533|
||15,519,149<br>3,463,665<br>(3,118,664)<br>963,223<br>-<br>16,827,373|
|||
||15,519,149<br>3,497,823<br>(3,152,822)<br>963,223<br>-<br>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<br>Later than one year but within five years<br>Total|**2022**<br>**£**<br>10,600<br>-<br>10,600|**2021**<br>**£**<br>62,400<br>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**<br>**Income from:**<br>Charitable activities<br>Subscriptions<br>Qualifications<br>Portfolios, assessments and accreditations<br>Publications<br>Regions, branches and discussion groups<br>2<br>Other income<br>Congress and other trading activities<br>7b<br>Investments<br>Listed investment income<br>Property rental<br>Bank interest<br>**Total Income**<br>**Expenditure on:**<br>Raising Funds<br>Congress and other trading activities<br>Investment management  fees<br>Charitable activities<br>Education, qualifications and registration<br>3<br>Publications<br>3<br>Regions, branches and discussion groups<br>2,3<br>Member events, representation and benefits<br>3<br>Grants and prizes<br>**Total Expenditure**<br>Net gains / (losses) on investments<br>**Net income / (expenditure)**<br>**Other recognised gains / (losses)**<br>Actuarial gains / (losses) on defined benefit<br>pension scheme<br>15<br>Gain on revaluation of investment property<br>**NET MOVEMENT IN FUNDS FOR THE YEAR**<br>Total funds brought forward<br>**Total funds carried forward**<br>13,14|**Unrestricted**<br>**Funds**<br>**Restricted**<br>**Funds**<br>**2021**<br>**£**<br>**2021**<br>**£**<br>2,440,341<br>-<br>356,538<br>34,158<br>327,929<br>-<br>34,674<br>-<br>6,633<br>-<br>572<br>-<br>27,949<br>-<br>177,097<br>-<br>64,237<br>-<br>1,130<br>-|**Total**<br>**2021**<br>**£**<br>2,440,341<br>390,696<br>327,929<br>34,674<br>6,633<br>572<br>27,949<br>177,097<br>64,237<br>1,130<br>3,471,258<br>143,078<br>82,726<br>1,320,800<br>99,977<br>66,872<br>1,421,822<br>30,296<br>3,165,571<br>913,223<br>1,218,910<br>-<br>50,000<br>1,268,910<br>15,812,145<br>17,081,055|**Total**<br>**2020**<br>**£**<br>2,393,783<br>267,246<br>250,054<br>36,559<br>53,224<br>53,627<br>29,511<br>168,400<br>41,854<br>7,671|
|---|---|---|---|
||3,437,100<br>34,158||3,301,929|
||143,078<br>-<br>82,726<br>-<br>1,286,642<br>34,158<br>99,977<br>-<br>66,872<br>-<br>1,421,822<br>-<br>30,296<br>-||125,887<br>64,483<br>1,047,768<br>101,891<br>145,034<br>1,157,590<br>24,571|
||3,131,413<br>34,158||2,667,224|
||913,223<br>-||978,596|
||1,218,910<br>-<br>-<br>-<br>50,000<br>-||1,613,301<br>1,000<br>674,533|
||1,268,910<br>-<br>15,812,145<br>-||2,288,834<br>13,523,311|
||17,081,055<br>-||15,812,145|



Page 31