ANATOMICAL SOCIETY THE ANATOMICAL SOCIETY (A company limited by guarantee, formerly known as the Anatomical Society of Great Britain and Ireland) REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024 Company Registered Number: 01848115 Charity Registered Number: 290469 THE ANATOMICAL SOCIETY IA company limited by guarantee) FOR THE YEAR ENDED 30 SEPTEMBER 2024 CONTENTS Pages Legal and administrative information Message from the President Trustees, report 6-21 Independent auditors, report 22-24 Consolidated statement of financial activities 25 Consolidated balan￿ sheet 26 Company balance sheet 27 Consolidated statement of cash flows 28 Notes lo the financial statements 28-41 THE ANATOMICAL SOCIETY {A company limited by guarantee) LEGAL AND ADMINISTRATIVE INFORMATION FOR THE YEAR ENDED 30 SEPTEMBER 2024 The Anatomical Society is registered in England and Wales as a company limited by guarantee, Number 01848115. Registered Charity Number 290469. The trustees are pleased to provide their report together with the financial statements of the Society for the year ended 30 September 2024, prepared in accordance with the Statement of Recommended Practice.. Accounting and Reporting by Charities, SORP 2019. Registered Office 10 Queen Street Place, London, EC4R 1AG Head Office Anatomical Society clo Department of Anatomy and Human Sciences King's College (Guy s Campus) Room HB4.2N Hodgkin Building London, SE1 1UL Tel.. 0207 848 8234 www.analsoc.or President Professor Tracey Wilkinson Honorary Secretary Dr Joanna Matthan Honorary Treasurer Professor Kieran McDermott Executive Administrator Ms Mary-Anne Piggott Bankers Coutts & Co 440 Strand London. WC2R OQS Investment Advlsers Coutts & Co 440 Strand London, WC2R OQS Audltors Haysmac LLP 10 Queen Street Place, London, EC4R 1AG Solicitors Russell-cooke LLP 2 Putney Hill London. SW15 6AB Insurance Brokers Gallagher Unit 17. Manor Courtyard Hughenden Avenue High Wycombe HP13 5RE THE ANATOMICAL SOCIETY {A company limited by guarantee) LEGAL AND ADMINISTRATIVE INFORMATION {contlnued) FOR THE YEAR ENDED 30 SEPTEMBER 2024 Trustees in 20231241, also served as directors of the Company of Anatomists Limited during the yearl D. Barry. C. Brassett, G. Clowry. K. Dulohery. Councillorlelecled AGM 04.01.24 to a casual vacancy) Deputy Honorary Secretary Honorary Research o￿lcer (resigned 04.01.241 Councillor Iresigned Council 30.11.23. Elected lo a casLJal vacancy Website Media and Communications Officer from 05.01.24 10 28.11.24 by 15.02.24 Council) Honorary Meetings Officer (resigned 02.05.241 Website Media And Communications Officer lelected to a 2nd term AGM 04.01.24. Resigned 05.01.24 ratified by 15.02.24 Council) Councillor lelected to a casual vacancy AGM 04.01.241 Honorary Research o￿lcer (elected AGM 04.01.24 to a casual vacancy} Honorary Equality, Diversity and Inclusion Officer Honorary Secretary and Company Secretary of the Anatomical Society Honorary Treasurer Deputy Honorary Treasurer Honorary Meetings Officer leleeled Council 02.05.24 to a easual vacancy) Councillor lelected AGM 04.01.24 to 8 1 st term) Councillor Iresigned 23.07.241 Honorary Education Officer (elected AGM 04.01.24 to a 1 st term) Councillor IEady CareerlPoslgradualel Councillor lelected AGM 04.01.24 to 8 1 st term) Councillor {resigned AGM 04.01.241 Honorary Membership Officer President E. FergLJSOn' C. Hennessy, M. Heyns, N. Jeffery, K. Linehan. J. Matthan, K. McDermott" J. Mortimer. L. Murray, S. Shankland, R. Shepherd. H. Shaw. D. Stone, N. Thomas" C. Tierney" A. Venkatesh" T. Wilkinson. D. C. Davies-. Company Secretary of the Company of Anatomists Ltd but not a Trustee. The SoGiely's AGM was held at the University of Liverpool on 04.01.24. ANATOMICAL SOCIETY {A company limited by guarantee) MESSAGE FROM THE PRESIDENT FOR THE YEAR ENDED 30 SEPTEMBER 2024 Introduction l am delighted lo introduce this year's Trustees, Annual Report. We have made good progress on some of the activities and strategies we planned last year, and have initiated several new ones. It is impossible to cover all of these in my introduction, bul they are discussed throughout this annual report. Successes We continue to develop our relationships with several other societies to improve our influence both nationally and intemalionally. The excellent International Federation of Associations of Anatomists, IIFAA} conference in South Korea. attended by several of our members and councillors, provided a good opportunity to strengthen our relationships with this overarching body, as well as several other national associations. Our two IFAA representatives, Joanna Matthan and I, attended the General Assembly, which allowed us to vole both on the candidates standing for positions on their various committees and on the location of the next bul one IFAA conference Ichilel. We re-established a relationship with the incoming President of the IFAA, Helen Nicholson from New Zealand, as well as several other members of the Executive Committee. We also enjoyed a presentation on the Melbourne congress lo be held in 2026. As one of the strategic partners of the Royal Society of Biology IRSBI, it has been possible for us to become involved in the development of their 20-year vision and their political influence on science nationally in this trying time for evidence-based information. As an organisation supporting the whole of biology nationally, they provide a united voice with increased political impact. We have also held meetings between the three Presidents of the British Association of Clinical Anatomists IBACAI, the Institute of Anatomical Sciences IIASI and our Society to bring these organisations closer together and lo work on some joint initiatives, as well as meetings with representatives of the Earfy Career Anatomists to support the next generation of scientists and educators. Among many other things, these collaborations have resurrected the Anatomy Associations Advisory Committee, a joint initiative between BACA, the IAS and our Society, which aims to establish best practice relating to the Human Tissue Act and the use of human material for Anatomical Examination. We have continued to strengthen our relationship with our German colleagues in the Analomische Gesellschaft, with them holding a lovely symposium at our summer conference in Edinburgh, and are presently planning a tripartite meeting with them and the Nederlandse Analomen Vereniging, probably to be held in 2027. On the topic of conferences, we have held very successful and well allended meetings this year. Our winter conference was held in Liverpool, bringing together several strands of craniofacial anatomy from evolution, biomechanics, and morphology lo maxillofacial interventions. Well done lo Claire Tierney, Nathan Jeffery and their team for an outstanding conference. In the summer, we travelled to Edinburgh lo attend the first combination wnference bettveen our anatomical (Journal of Anatomy) and ageing (Aging Cell) journal communities Sin￿ the launch of the latter journal twenty years ago. This resulted in a fascinating symposium, with truly excellent speakers from both sides making real efforts to foster understanding and collaborations, whilst including topics interesting lo both communities in their talks. Many thanks go lo the organising committee of Monty Montano, Tamir Chandra, Nelly Olova, Lyndsay Murray, Olivia Murray, Simon Parson, Eilidh Ferguson and Jennifer Paxton. Papers from these two conferences will be published in both journals, with Monty Montano, Tamir Chandra and Simon Parson driving these publications. Both conferen￿$ also included useful early career sessions and educational components to stimulate interest and conversations between both new and established anatomists. We extend our congratulations to two distinguished academics, Professor Roger Keynes and Dr David Heylings, whose contributions to science and our Society were acknowledged with the award of Honorary Fellowship. ANATOMICAL SOCIErY {A company limited by guarantee) MESSAGE FROM THE PRESIDENT (contlnuedl FOR THE YEAR ENDED 30 SEPTEMBER 2024 Our pilot mentorship scheme is now up and running, with people across the academic career spectrum having been partnered with a mentor or menlee. Our next aims are to roll this out lo the wider sector, particularly undergraduate anatomists, and to expand the scheme lo a greater number of members. In terms of representation, all our standing committees have undergone a review of membership, whilst fully transparent processes for selecting members (national and intemalionall and Deputy Officers have been instituted. with the aim of widening participation across our membership. We have continued to increase opportunities for more members lo engage with our activities through our 'cascade' system, with objectives for each committee broken into smaller working groups led by one or more of the committee. These initiatives have been highly successful, and I commend the Chairs of our standing committees for their excellent efforts. Additionally, we have opened up the process of selection of the next President of the Society from our more senior members. We are also in the process of carrying out a review of OLJr regulations, some of which are now out of date or do not clearly reflect the inclusivity and transparency we are trying lo strengthen in all that we do. These modified regulations will be presented at Council and our Annual General Meeting in due course. Our Equality, Diversity and Inclusion Committee is now fully established, with action plans to ensure the embedding of these imFlOrtanl principles in all our activities. Finally, we are implementing major revisions lo our website, with the intention of transforming and modemising it over the next period. Challenges This is a Challenging time for learned societies, with the transition lo open access publishing sure to decrease publishing revenues in the future. Although Aging Cell is already open access, the Journal of Anatomy, our major source of income, will be negatively affected, although we continue to collaborate with our publishers to maintain journal income al a reasonable level for the time being. We are investigating other sources of income in our strategy groups, bul it is almost certain that our provision of PhD studentships will have lo be reduced, because il is our largest expenditure each year. We have attempted lo mitigate this by developing joint PhDs with two other societies, the Royal National Institute for Deaf People and Motor Neuron Disease (Scotlandl Ilhanks lo Abbie Carr and Simon Parson respeclivelyl, but these and other initiatives are unlikely lo allain the levels of revenue generated previously. Although our financial reserves are heaY(hy at present, our expenditure will need serious review over the next few years. Another issue is the continuing rise in the demands of an academic career, which makes it more difficult for our many volunteers, who support the Society selflessly and in their own lime, to find opportunities lo carry out activities related to organisations external lo their own instilulions. The thanks owed lo these wonderful colleagues Isee below) is therefore even more deeply felt. The first rise in undergraduate fees for many years, recently announced by the new government, will not prevent the enormous financial pressures on universities and their staff, bul it is hoped, will al least limit the growing losses. Thanks I would like lo extend grateful thanks lo our Executive Administrator for her continued, excellent contribution lo the work of our Society throughout the year. Additionally, our Editors in Chief, Phil Cox, Monty Montano, James Sleigh, Neil Vargesson and Evie Vereecke, and our Managing Editors, Ed Fenton (Journal of Analomyl and Stephanie Waller (Aging Cell) contribute enormously lo the Society by sustsining and supporting our major source of income. We also thank the wonderful teams we rely on to maintain our business and lo enhance our practices. These include Silvana Losilo, Paul Trevorrow and the publishing team IWiley}. Keith Lawrey Inow retired) and Lori Frecker (Foundation for Science and Technology), Kathryn Burton and her team from haysmacinlyre lauditl, Coutts (banking and investmenll, MCI Ltd and the Royal Society of Biology {political Influen￿ and websilel, Russell-cooke Isolicitorsl, Gallagher linsurancel and Hannah Webb {Meetings and Anatomy Training Programme support). ANATOMICAL SOCIETY {A company limited by guarantee) MESSAGE FROM THE PRESIDENT Icontlnued) FOR THE YEAR ENDED 30 SEPTEMBER 2024 Additionally, as mentioned above, much of our work is carried out by volunteers who are passionate about the objectives of the Society. To all of these generous individuals, l extend my extremely heartfelt gralilude.. all the Councillors who have served over the past year (Asha Venkatesh, Catherine Hennessy, Cecilia Brassell, Claire Tierney, D8ny8 Stone, Denis Barry, Eilidh Ferguson. Gavin Clowry. Hannah Shaw, Jeremy Mortimer, Joanna Mallhan, Kate Dulohery, Katherine Linehan, Kieran McDermott, Lyndsay Murray, Marise Heyns, Nathan Jeffery, Neil Thomas, Rebecca Shepherd, Sheona Shanklandl, as well as all our excellent standing committee members and their working groups., lo the Company Secretary of the Company of Anatomists (Ceri Davies), who continues lo support our Society in many different roles., and lo the organisers of this year's conferences mentioned above., to the coordinator of the Anatomy Training Programme (Clemens Kieckerl.. and lo all the other members and volunteers who devote their time and energy. I wish all the members of our wonderful Society another happy, successful and fulfilled yearl Professor Tracey Wilkinson President ANATOMICAL SOCIETY {A company limited by guarantee) TRUSTEES. REPORT Icontinuedl FOR THE YEAR ENDED 30 SEPTEMBER 2024 STRUCTURE, GOVERNANCE AND MANAGEMENT The Society is governed and managed by a Council of seventeen Trustees. Council of Trustees- The Trustees are legally responsible for the overall governance and management of the Society, and for ensuring Complian￿ with the charitable objectives of the Society. The Trustees (Officers and Ordinary Council Members) are the Directors of the Anatomical Society. The Trustees are also Directors of the Company of Anatomists Limited. Under the Society's governance, implemented in January 2011, the Council of Trustees meets six limes a year. Elections to the Council take place each year and any Member of the Society is eligible to stand. The normal tenure of Councillors is three years and Councillors may sland for re- election once before standing down. At an Extraordinary General Meeting held on Thursday 19th August 2021 an amendment lo Article 30 was adopted so that the Society follows the conventional practice of all casual vacancies continuing lo the end of the terms ofoffice and not ceasing al the immediate next AGM, thus ensuring the effective continuity of Officers and Councillors. The AGM held virtually on Thursday 4th January 2023 adopted revised Article 28a increasing the number of Trustees to seventeen, and the adoption of revised Article 28b allowed the addition of an extra Trustee, namely an Equality, Diversity and Inclusion IEDII Officer. The President chairs Meetings of Council. Trustees are made aware of their responsibilities through regular dissemination of information from the Charity Commission and associated organisationsifirms and through bespoke annual training provided by the Society's solicitors. There is also 8 'Truslee Guidance Page, on the Society's main website18natsoc.org.ukl with links lo relevant organisations and documents that help to ensure that Trustees are aware of their responsibilities and liabilities 8s Trustees and Directors. Committees and Working Parties- The Council appoints commillees, boards and working parties lo which it delegates powers and from which it receives reports lo infom) its thinking and decision-making. Membership of these groups is drawn from the Council and other individuals with relevant expertise. In the interests of transparency and fairness, vacancies are publicised lo the membership so that more members have the opportunity lo apply. The following commillees and working parties met either by telephonelvideo conference, by e-mail or in person during 2023124.. Committees and Working Groups: Finance and Investment,. Meetings {Scienttficl,' Eduealion,. Prizes and Awards,. Website, Media and Communications., Membership., Journals-, Research Advisory-, Equality. Diversity and Inclusion {EDI}' fraining Programme., Mentorship Scheme and Strategy Group. Boards: Wiley Business Board. Groups: Education SLJbgroups. Committee Chairs are required lo submit action plans and analysis of outcomes for approval by Council. These provide the guiding framework for the strategic and operational direction of the Society during the year. anagement and Administration: The Society's head office is located al King's College London on the Guy's Campus, where the Society employs a full time Executive Administrator, Ms Mary-Anne Piggott, who has worked a hybrid working pattern since September 2021. Pay and Remuneration Policy.. The charity employs an Executive Administrator., however. the Trustees consider themselves to be the key management personnel of the charity. All Iruslees give of their time freely and are not remunerated by the charity. ANATOMICAL SOCIETY {A company limited by guarantee) TRUSTEES. REPORT Icontinuedl FOR THE YEAR ENDED 30 SEPTEMBER 2024 STRUCTURE, GOVERNANCE AND MANAGEMENT (continued) Professional Advisers: The Trustees have a duty to ensure that the Society is run effectively and efficiently. In order to be compliant with legislation and good practice, the Society works with a team of expert professional advisers.. Coutts (Bankers), Coutts Ilnvestment Advisers), Russell-cooke (Legal Advisers), Gallagher IlnsLJrance Brokers) and the Foundation for Science and Technology. Annual General Meeting- The Society's Annual General Meeting, open to all members, was held in person on Thursday 4th January 2024, in 502 Lecture Hub, University of Liverpool,150 Mount Pleasant, Liverpool, L3 STR. ACHIEVEMENTS AND PERFORMANCE Objectives and Activities for the Public Benefit The Society is established for public benefit for the following objects.. the promotion, development and advancement of the anatomical scIen￿S., the promotion of research in furtherance of the above object and the publication of the results of reSea￿h., the promotion and advancement of education in the anatomical sciences. The vision that shapes the Society's activities remains the promotion and fostering of education and research across the broad spectrum of the anatomical sciences. The Society has furthered these objects during the year by publishing ils two Journals, the Journal of Anatomy and Aging Cell., granting research studenlships,. holding scientific meetings,. running the Anatomy Training Programme,. and awarding prizes, bursaries, research and travel grants. The Trustees conform lo the guidance on public benefit given by the Charity Commission when fulfilling the Society's aims and objectives. Membership of the Society is open lo anyone with a professional interest in the anatomical sciences regardless of ethnicity, sex, sexual orientation, faith, age, disability or any other protected Characlerislic. Promotions and Publications of Anatomical Research Scientific Meetings The aim of the Society's Scientific Meetings is to promote high quality science and research in the anatomical sciences. One of the great strengths of the Society is ils diversty, and nowhere is this exemplified better than by the range of topics al ils meetings. The Society s in-person Winter Scientific Meeting was hosted by the University of Liverpool, Liverpool, between the 3rd lo 5th January 2024. The meeting tide was, 'Applied craniofacial anatomy= evolution, development and bioengineering., The meeting incorporated the Journal of Anatomy best paper prize oral presentation 2022. There were 137 registrations including member and non-member delegates from around the world.. The Society s in-person Summer Scientific Meeting was hosted by the University of Edinburgh, Edinburgh. between the 24th to 26th July 2024. The meeting tiue was, 'From Organ Homeostasis to Healthspan.. 25th Anniversary of Aging Cell., This was also a joint meeting between the Anatomical society and Anatomische Gesellschaft. The meeting incorporated the Dr Sophie Miller Memorial Prize Lecture 2024. There were 175 registrations including member and non-member delegates from around the world. ANATOMICAL SOCIETY {A company limited by guarantee) TRUSTEES. REPORT leontinuedl FOR THE YEAR ENDED 30 SEPTEMBER 2024 ACHIEVEMENTS AND PERFORMANCE (continued) Publications The Society publishes original scientific literature online and in print in ils two journals, the Joumal of Anatomy and Aging Cell, with its publisher Wiley. The annual Business Board Meeting for both journals was held in person in London on 18th April 2024 with Wiley, al which reports on the performance of the previous year and plans for future years were discussed and agreed. Joumal of Anatomy.. The Joumal ofAn8tomy is owned by the Anatomical Society. 11 remains at the heart of the Society, both as a prestigious academic publication and as the major provider of the funds that support the activities of the Society. Aging Cell.- The Society and Wiley jointly own Aging Cell. It is a leading joumal in its field and continues lo show a small financial surplus. The Joumal is now a fully functioning online open access journal free to members and the widerpublic. The Society also publishes a monthly e-Newsletter entitled Anastomosis, which provides the membership with a wide range of articles, news and views. The Society 8Ctively monitors major developments in scholarly publishing, p8rticulady issues around 'Open Access,, copyright in the digital age, new delivery mechanisms and joumal publishing in an uncertain economic market. Prlzes and Awards As part of ils objective of promoting research in the Anatomical Sciences, the Anatomical Society offers a number of grants and prizes both lo support members at various stages of their professional careers, where their work furthers the objects of the Society, and lo celebrate specific achievements (see website for details analsoc.org.ukMunding-and-awards). This year the Society awarded the Anatomical Society Prize to Professor Roger Keynes for his outstanding contribution to the an81omical sciences, Ihirly-two Symington Bequests, for Ihirty-IMo scientists lo partiClP8le in national and international virtual and in-person conferences, and eight lone deferred) Barclay-smilh grants. It also awarded Mo new PhD research sludentships, bringing the total of research sludentships currently awarded by the Society to eleven. Two inaugural Anatomy Research Development awards were made. There were four lone cancelled) Departmentsl Seminars. The Society also awarded prizes for the best and runner-up papers published in the Journal of Anatomy and Aging Cell. Eight undergraduate Student Research Scholarships were awarded this year. Six lone deferred) Public Engagement and Outreach Awards awarded. There were two Support for Sludenl Societies Awards. The Dr Sophie Miller Award, given in memory of an Anatomical Society awarded PhD student 12011-2014) following a generous donation from Dr Miller's parents, was awarded lo Mr Benjamin Davies in 2023124. Promotion and Advancement of Education in the Anatomical Sciences Anatomy Training Pmgramme.. This programme, a collaboration wilh the American Association for Anatomy, is now into its fifteenth full cycle12024-251. Dr Clemens Kiecker took over leadership in 2022-23. In 2024, the summer schools for two modules were held from 8th to 12th July 2024, hosted by the Human Anatomy Centre, Department of Physiology, Development and Neuroscience, University of Cambridge. ANATOMICAL SOCIETY {A company limited by guarantee) TRUSTEES. REPORT leontinuedl FOR THE YEAR ENDED 30 SEPTEMBER 2024 ACHIEVEMENTS AND PERFORMANCE (continued) Membership and Membership Services The Society welcomes those with a professional interest in the Anatomical Sciences. Currently, ils membership is 831 and growing. The benefits of membership include.. Opportunlty lo network with fellow professionals and to participate in the Society's regular scientific meetings and social events. Free electronic subscription lo the Journ&l of An&tomy. Free access to Anastomosis, the Society s monthly e-magazine. Free electronic access to Aging Cell. Discounts for registration at the Society's Scientific Meetings. Eligibility to apply for generous international travel and training grants, bursaries, awards, prizes and scholarships. Opportunity lo apply for Fellowship of the Society after al least seven years of full membership. Opportunity lo contribute to the Society's committees and working parties. Opportunity to participate in the Anatomy Training Programme. Access to members-only section. Information on, and participation in, debates on policy or professional and educational issues. Links lo selected anatomical websites, building an international online network of selected sites. Website lanatsoc.org.uk)-' The Trustees recognise the importance of the Society having a modem website fully integrated with social media and which is mobile technology compatible. This resource is vital for the Society lo be able lo deliver costoffeclive high-qualily services to its members and to provide information to the public. The website is also a conduit for promoting the Society's Journals and e-Newsletter, scientific meetings and other activities, as well as a gateway for the Society's Training Programme, student and post- doctoral activities, events. jobs and funding opportunities. In 2024 the Society made a commitment to implement a review of the website and has signed contracts with MCI Ltd lo further develop the website. Governance Joining the Royal Society of Biology's Strategic Partners Group in March 2021 and renewing membership for 2022, 2023 and 2024. Holding an in-person Council Strategic Away Day in May 2024, hosted by the President, Professor Tracey Wilkinson, University of Birmingham, Birmingham Participating in virtual Trustee Training sessions, focusing on govemance and regulatory matters deliVe￿d as free webinars for the charity sector by the Society's solicitors, Russell-cooke, and auditors Haysmacinlyre. Successful operation of virtual Council meetings four limes this year, with the first (November) meeting being held in-person at King's College London and the fourth {May} meeting being held in-person, al the University of Birmingham. Implementing a formal process for selecting a President-Elect. Effective running of eight Standing and Other Committees, and a Prizes and Awards Committee utilising virtual technology where appropriate. SUC￿$SfUl embedding of the EDI Committee following its eslablishmenl as a Standing Committee of Council. ANATOMICAL SOCIETY {A company limited by guarantee) TRUSTEES. REPORT Icontinuedl FOR THE YEAR ENDED 30 SEPTEMBER 2024 ACHIEVEMENTS AND PERFORMANCE (continued) Operation of fair and transparent recruilmenl prO￿dureS for members of Standing and Other Committees. Successful operation of a strategic planning process centred on devolved action plans from the Standing Committees. Ongoing implementation of a cascade system of active committee management. Review of aspects of the Society's Governing Documents in the light of committee and governance changes. Review of the eligibility criteria for the Society's Prizes and Awards and Grants in progress. Formulation of a document articulating the valLJes of the Society as part of the Society's commitment to equality, diversity and inclusion. Streamlining of the Society's CoLJncil documentation to improve efficiency and effectiveness. Professional Indemnity Insurance in place for Trustees, Editors-ln-chief of the Society's Journals and others. Review of the Society's contracts for workers, including Journals conlracls, in progress. Annual review of the Society's Risk Register and incorporating safeguarding as a risk. Effective operation of the accounting and budgeting systems and tailored investment portfolio for managing the Society s investments. Reviewed the Data Protection and Privacy Policies Internal and External., Equality, Diversity and Inclusion Statement,. and Conflicts of Interest Poliry and general Disclaimer Statement. Membership and Membership Services The Royal Society of Biology administers and hosts the Society's membership database. Categories of membership continue lo work well,. changes in membership grade can now be tracked. One-year free membership continues to be offered for delegates joining al the Anatomical Society's Winter and Summer Meetings. Managed membership system operating effectively. New streamlined procedure on the Society's website implemented for potential members seeking referees for membership applications. Eligible members encouraged to apply for Society Fellowship. Website and communications Main website lanatsoc.org.ukl design and content is in the process of being upgraded and developed following the approval of contracts with MCI Ltd by Council July 2024. Societys presence on social media plafforms developed through the Society's Website Media and Communications Committee. Monthly e-Newsletter Anestomosis revamped with new content. It is extremely well received by the membership and has been successfully inlegraled as a webpage on the main website lanatsoc.org.ukl since January 2020. University job opportunities regularly published on the vacancies, website page and in the Newsletter. Agreed to a reciprocal arrangement with the Ro al Socie to publish flyers on the Society's website and Newsletter from lime lo lime. 10 ANATOMICAL SOCIETY {A company limited by guarantee) TRUSTEES. REPORT Icontinuedl FOR THE YEAR ENDED 30 SEPTEMBER 2024 ACHIEVEMENTS AND PERFORMANCE (continued Publications SUC￿$Sful implementation of regular virtual meetings led by Chair and Deputy Chair of the Journals Committee with Editors-in-chief and Managing Editors and the Wiley Publisher on a regular basis. Negotiation of a new Journal of Anatomy contract which is ongoing al the lime of writing. Present contract expires al end De￿mber 2023. Onboarding of new Journal of Anatomy Edilors-in Chief. Selection of new Edilor-in-chief, Professor Evie Vereecke, lo replace Dr Stefan Milz. Ongoing review of the strategic marketing plans for the Journal of Anatomy and for Aging Cell developed in conjunction with Wiley. The high quality of articles PLJblished in both the Journal of Anatomy and Aging Cell has been maintained. Established for Journal of Anatomy a Social Media Editor and Early Career Researchers, Editorial Board. A Special Issue dedicated to Professor Gillian Morriss-Kay on 'Advan￿S in Craniosynostosis Basic Science to Clinical Practice, guest edited by Professor Mehran Moazen and Professor Stephen Twigg will be published as the DeTrmber 2024 Issue. A Special Issue on 'Human Brain Development,, guest edited by Professor Zoltan Molnar and Dr Gavin Clowry is in progress. A special issue on 'Tendon Ligament and Enthesis,, guest edited by Professor Fabio Quondamatteo, Dr Jennifer Paxton and Dr Flora Groening, in honour of Professor Michael Benjamin, is in progr8SS. A Special Issue on 'Paleohistology,' guest edited by Dr Mateusz Wosik and Dr Greg Funslon is in progress. A Special Issue on 'Evolutionary Anatomy. guest edited by Dr Isabelle Winder and Dr Vivien Shaw is in progress. A Special IssLJe on 'Biomedical Imaging in Comparative Anatomy,, guest edited by Dr Sourav Bhattacharjee is in progress. A Special Issue on 'Anatomical Variations of Hearrng and Sound Production in Amniotes,, guest edited by Dr Laura Wilson, Dr Daisuke Koyabu and Dr Jason Bourke is in progress. For Aging Cell, a Special Issue arising from discussions with the Society on 'Healthy aging.. linking casual mechanisms with holistic outcomes,, was published in January 2024. For Aging Cell, a consistent increase in the number of papers published. For Aging Cell, the scope of the Journal has increased lo include Iranslalional studies From the Society's Summer Meeting 2024, hosted by the University of Edinburgh, a joint editorial in both the Journal of Anatomy and Aging Cell is planned and several manuscripts have been commissioned for a special section in an Aging Cell issue. Abstracts from the Society's Winter 2023 Meeting, hosted by University of Liverpool, will be published in the Journal of Anatomy November 2024. The abslracls from the Summer 2024 Meeting, hosted by University of Edinburgh, will be published in the Journal of Anatomy in due course. Journal ofAnatomy.' The 2023 impact factor decreased lo 1.8. The journal is now ranked 9122 in the category 'Anatomy and Morphology (Science),. Ils 5-year impact factor also compares well with competitors. Aging Cell= The 2023 Impact Factor increased lo 8.0 placing Aging Cell 5174 in the category 'Geriatrics and Gerontology, and 351205 in the category 'Cell Biology,. Anastomosis.. Online monthly formal under the editorship of Dr Kale Dulohery continues to be a suc￿ss. ANATOMICAL SOCIETY {A company limited by guarantee) TRUSTEES. REPORT leontlnuedl FOR THE YEAR ENDED 30 SEPTEMBER 2024 S¢igntifi¢ Maetings Two successful in-person Scienlific Meetings were held.. the Winter Scientific Meeting 2023, hosted by University of Liverpool in January 2024, and the Summer Scientific Meeting 2024 was hosted by the University of Edinburyh in July 2024. Two Society awarded PhD students, Ms Sophie Mok, University of Edinburgh and Ms Nalalia Penar, University of Edinburgh, were nominated by the Society lo lake part in the Annual European Student Symposium on Anatomical Research, hosted by the European Federation for Experimental Morphology IEFEM}, in October 2024. Four lone cancelled) Departmental seminars were made. Six lone deferredl Public Engagement and Outreach Awards were made. Agreement to have Society Meetings Ambassadors at the two Scientrfic Meetings. Meetings Code of Conduct agreed and implemented for the Summer Scientthc Meeting 2024 onwards. New fLJture meetings proposal form implemented. Prizes and Awards This year, the following awards were made.. The Anatomical Society Prize 2023 was awarded to Professor Roger Keynes, University of Cambridge.No Fellowships were awarded. Two Fellowships were awarded. New Fellow of the Year was awarded to Dr Clara Murphy. Inaugural Anatomical Society Research Development Awards were awarded to- Dr Julielle Hu hes, University of Liverpool. Project= Darkest just before dawn.. the role of the calcified cartilage in osleoarthrilis Dr Norah Fo art King's College London. Project.. Investigation of effects of folate-depletion on human trophoblast stem cell regulation Anatomical Society Research Studentships were awarded to: Dr Mariah Lelos" Universil of C8rdiff Cardiff. Student.. Ms Demi Marie Owen-Boyer. Project.. Elucidating the function of the dopaminergic midbrain-claustrum projection in the healthy brain and in Parkinson's disease., "Early Career Investigator Studenlship. Professor Thomas Wishart, Nottingham Trent University, Nottingham, Student= Mr Zac Vincent. Project. Investigating the role of the ubiquitously expressed thioesterase Pp11 a mulli organ morphological and molecular study lo inform Iherapeulic tsrgeling., Undergraduate Student Summer Vacation Research Scholarships were awarded to Dr Laura Andrea Kin 's Colle e London. Student.. Ms Nurul Firzanah Binti Omar. Project Title. Mapping RNA regulatory mechanisms underlying autism spectrum disorder., 12 ANATOMICAL SOCIETY {A company Ilmlted by guarantee) TRUSTEES. REPORT leontinuedl FOR THE YEAR ENDED 30 SEPTEMBER 2024 ACHIEVEMENTS AND PERFORMANCE Icontinuod) One Journal of Anatomy Best Paper Journal Prize was funded. One Journal of Anatomy Runner-up Best Paper Journal Prize was funded. One Aging Cell Best Paper Joumal Prize was funded. One Aging Cell Runner-up Best Paper Journal Prize was funded. Thirty-two Syminglon Bequest Awards were funded. Eight lone deferred) Barclay-smith Awards were funded. Four lone cancelled) Departmental Seminars were funded. One Best Image Prize (Artwork Calegoryl was funded October 2023. One Best Image Prize (Scientific Calegoryl was funded October 2023. One Runner-up Best Image Prize (Artwork Category) was awarded October 2023. One Runner-up Best Image Prize Iscienlific Calegoryl was awarded October 2023. One Best Image Prize (Artwork Category) was awarded May 2024. One Best Image Prize (Scientific Calegoryl was awarded May 2024. One Runner-up Best Image Prize (Athork Category) was awarded May 2024. One Runner-up Best Image Prize (Scientific Calegoryl was awarded May 2024. One Young Investigator Best Oral Presentation Prizes were funded and awarded at the in-person Winter Scientific Meeting" hosted by University of Liverpool, January 2024. One Best Poster Presentstion Prize (Cavel was awarded in 2024 at the in-person Summer Scientrfic Meeting hosted by University of Edinburgh, July 2024. One Runner-up Best Poster Presentation Prize (Cavel was awarded in 2024 al the in-person Summer Scientific Meeting hosted by University of Edinburgh, July 2024. Six {one deferred) Public Engagement and Outreach Awards were awarded. Two Support for Student Societies awards were funded. The Dr Sophie Miller Memorial Prize Lecture was awarded and delivered at the in-person Summer Meeting held al the University of Edinburgh, July 2024. Education and Outreach Two virtual Education Committee meetings held. Education Subgroups fully established lo progress the work of the Committee. Careers in Anatomy Project - profiles available on the website. Collaboration with the American Association for Anatomy in running the Anatomy Training Programme continues, with fourteen trainees presently enrolled. Education OffI￿r represents the Anatomical Society on the Royal Society of Biology Education and Science Policy Committee. Education pre-conference workshops al Society Scientific Meetings successful. Education research training workshop collaboration between the Society and the Biochemical Society May 2024 Education Research Seminar Series established, and first webinar held in September 2024 The Society participated in organising a Science Museum London Lates Event May 2024. Proposal in principle agreed for Primal Pictures lo sponsor an undergraduate Student Summer Vacation Research Award in 2025 and a summer intemship. Development of a training package for Dls and PDS. 13 ANATOMICAL SOCIETY {A company Ilmlted by guarantee) TRUSTEES. REPORT Icontinuedl FOR THE YEAR ENDED 30 SEPTEMBER 2024 ACHIEVEMENTS AND PERFORMANCE Icontinuod) Generation of three inclusive education anatomy teaching resOU￿eS in collaboration with the EDI Committee. Education Committee 'Tip of the Month, published in Anastomosis. The Society's Core Syllabus for Veterinary Anatomy was published in the Journal of Anatomy in the laller part of 2023. Online teaching guides implemented - the Education Committee (based on their personal experience) have created a set of infographics describing some pros and cons and top t4.ps to developing drffferent aspects of online education Providing ongoing educational oversight and expertise to Wiley publishers and Primal Pictures to develop educational resources from the published Article, 'The Anatomical Society core regional anatomy syll8bus for undergraduate medicines, published in Journal of Anatomy, 228.. 15-23. Early Career Researcher Webinar Series embedded, with a Joint webinar held with BACA. Anatomy Master Classes being developed. Eduulion Innovation Award - next award 2025 sponsored by the Anatomical Sciences Education IASEI and can be applied for using an online application form. There were two Support for Student Societies awards. Six lone deferred) Public Engagement and Outreach Awards were awarded. New merchandising approved to enhance the profile of the Society al meetings and outreach events. The Society continues to play a significant role internationally in educational matters through the European Federation for Experimental Morphology, Trans-European Pedagogic Anatomical Research Group, and the International Federation of Associations of Anatomy. IFAA Survey on Anatomical Public Engagement publicised to Society members. The National Undergraduate Neuroanalomy Competition, held in Glasgow in June 2024, was supported by the Society. Research The Society's main website has a dedicated 'Research Section, lanalsoc.org.uklresearchl. Virtual Officer visits were made lo current 2rO year Society PhD studenlship holders. Part-time Society funded PhD sludentship implemented from October 2018. Two Society awarded PhD students participated in international conferences as part of their PhD studies under the International Conference Allowance. Early Career Investigators stLJdentships implemented from 2018 and proving successful. Following the impact of Covid-19 on current PhD studenlships, the Society continues to offer additional funding andlor extensions on a case-by-case basis lo minimise the impact of the disruption to students, studies. The Society continues lo cover (since 20191 the cost of a single Open-Access Fee for one original article with the student as lead author based on Society funded reSea￿h published in either the Joumal ofAn8tomy or Aging Cell. A record of PhD awards and first destinations helps lo monitor the efficacy of the Anatomical Society studenlship programme. One joint funded 3-year PhD partnership with Motor Neurone Disease IMND} Scotland. One joint funded 3-year PhD partnership with The Roy81 National Institute for Deaf People {RNIDI. 14 ANATOMICAL SOCIETY {A company Ilmlted by guarantee) TRUSTEES. REPORT Icontinuedl FOR THE YEAR ENDED 30 SEPTEMBER 2024 ACHIEVEMENTS AND PERFORMANCE (continued) Two inaugural Anatomy Research Development Awards {ARDAI-S Spotlight on publications emanating from the Society's PhD sludentships now a dedicated page on the Society s main website implemented. Eight undergraduate student research scholarship awards were made. The 'Featured Artieles, initiative, describing research groups, departments and institutions that carry out anatomical research on the Society's main website anatsoc.org.uk. has proved popular. Early Careerlstudent Matters Early careerlstudenl engagement events held at the in-person Winter Meeting in collaboration with the Early Career Anatomists, hosted by University of Liverpool, January 2024. Early careerlstudenl engagement events arranged for the in-person Summer Meeting, hosted by University of Edinburgh, July 2024. Career progress profiles and videos implemented. Monthly webinar series developed focusing on, 'how to... and 'career development in anatomy., A Mentoring Scheme to support career development work has been implemented. A number of Society members participated in the Early Career Anatomists (ECA} Conference, University of Sunderland, Sussex, August 2024. Anatomical Society Roadshows initiative was agreed and is in the process of being implemented. Collaboration with Anatomical and other Societies Anatomy Asso¢ialions Advisory Committee IAAACI approved guidance on the retention and processing of donor paperwork {February 20231 which has been duly published on the participating organisations, websites. The Society is in the process of renewing its Memorandum of Understanding with the British Association of Clinical Anatomists IBACAI and the Institute of Anatomical Sciences IIASI. The Society signed an inaugural Memorandum of Understanding with the Analomische Gesellschaft IAGI in 2019. The Society signed in 2022 a Memorandum of Understanding with the Royal National Institute for Deaf People IRNIDI. The Society signed in 2023 a Memorandum of Understanding with Motor Neurone Disease IMND) Scotland. . The Society is a signatory to the Understanding Animal Research, 'Concordal on Openness on Animal research. As a strategic partner of the Royal Society of Biology the Society, Officers have attended a number of virtual and in-person events organised by the Royal Society of Biology. The Royal Society of Biology in-person AGM and Charter Lecture was attended by Professor Tracey Wilkinson, President. Collaboration with Anatomical and other Societies {continuedl The Society has active and productive collaborations with a number of international societies, including the American Association for Anatom International Federation of Associations of Anatomists and their various commillees and rammes, Euro ean Federation for Ex erimental Mor holo and Tmns-Euro Peda ic An8lomical Research Grou ean 15 ANATOMICAL SOCIETY {A company Ilmlted by guarantee) TRUSTEES. REPORT Icontinuedl FOR THE YEAR ENDED 30 SEPTEMBER 2024 ACHIEVEMENTS AND PERFORMANCE (continued) Key Strategic Goals for 2024-25- Looking Ahead strategic Initiatives Implement a number of strategic issues li.e., implement a pilot mentorship scheme., develop HTA DIIPD training scheme., direct debits for the membership,. reinstating the Society's membership sland al meetings., extend postnominals lo the membership similar lo the Society's Fellows and Honorary Fellows,. modernise the Society's website- ensure that there is an education section in Society Scientific meetings and progress more joint studenlships with other similar oryanisalionsl. Governance Review the sustainability of the Society within the Society's strategic planning process by continuing to build the Society's investment portfolio to counter the forecast fall in income from the journals and implement a reduction in SLJPPOrt costs wtth a timed implementation plan. Sel up a central online repository for Society documentation. Develop a strategy to diversify inwme sources {i.e., fundraising opportunities legacies). Continue lo encourage trustees lo allend online trustee training events lo ensure good governance. Continue lo implement EDI initiatives al Board, Committee and membership levels. Continue lo develop a coaching culture and capability, initially within the Council, to promote the career development of staff of the Society and its members. Monitor policies and implementation, in partiCLJlar the implementation of the General Data Protection Regulations. Continue lo review the Society's Goveming Documents to ensure compliance with current legislation and best practice. especially bequests and Communications and Profile Raising Continue to develop and utilise promotional materials and seek opportunities lo raise the profile of the Society within the scientific and educational community and the general public. Continue lo enhance the Society's profile using the main website, social media and Anastomosis newsletter. Continue lo enhance the Society's profile as one of the Royal Society of Biology Strategic Partners. Membership and Membership Services and Online Imember Portal Continue lo fully engage and ulilise the expertise and experience of the new membership management provider. Continue to monitor the success of the new membership categories. Apply EDI monitoring to the Society's membership database lo ensure fairness and transparency. Continue to ensure transparency and fairness in recruitment of new members to commillees. 16 ANATOMICAL SOCIETY {A company limited by guarantee) TRUSTEES. REPORT Icontlnuedl FOR THE YEAR ENDED 30 SEPTEMBER 2024 ACHIEVEMENTS AND PERFORMANCE Icontinugd) Publications Increase the high quality of articles published in and the Impact Factor for the Joumal of Anatomy and Aging Cell. Publish Special Issues in our two journals, specifically from the joint ageing and anatomy conference to be held in Summer 2024 in Edinburyh. Continue to develop and enhance Anastomosis content to help promote the Society, ils charitable activities and research. Education and Outreach Continue enhancing the Anatomy Training Programme. Develop a leaming centre and repository for material for Anatomy Training Programme participants. Develop further resoLJrces and activities for mid-career progression. Develop outreach activities under the auspices of the Education Committee. Encourage educational paper submissions lo the Journal of Anatomy. Continue implementing the Education and Innovation Award. Continue developing and implementing Core Curricula. Meetings Continue lo organise high quality scientific meetings and promote the Society's prizes and awards. Develop further reciprocal membership rates for partner anatomical society societies. Implement future collaboration with the British Association of Clinical Anatomists and the Institute of Anatomical Sciences. Instigate partnerships with sister societies abroad. Continue collaboration with the International Federation of associations of Analomisls {IFAAI annual World Anatomy Day celebrations, October 2024. Research Ensure that all Society funded PhD students affected by the impact of the Covid-19 pandemic complete their studies. Continue fine-luning the management and adminislralion of the Research Sludenlship programme. Develop further the Anatomical Society Undergraduate Summer Research Sludentship programme to encourage wider participation. Develop further partnerships with other societies for joint PhDs. Early Careerlstudent Matters Develop further early careerlstudent engagement with the Society. Implementation the pilot Mentorship Scheme for career development support. Continue encouraging allendance al webinars for Early career members {i.e. AS Early Career Webinars, IFAA President's Emergent Anatomists Programmel. 17 ANATOMICAL SOCIETY {A company Ilmlted by guarantee) TRUSTEES. REPORT Icontinuedl FOR THE YEAR ENDED 30 SEPTEMBER 2024 ACHIEVEMENTS AND PERFORMANCE (continued) Collaboration with other Societies RSB Society delegate to RSB Strategic Partners- Professor Tra￿Y Wilkinson, President Society delegate to the Parliamentary Steering Group Professor Tracey Wilkinson, President. Society delegate to the AGM and Annual Charter Lecture President. Society delegate to the Education and Science Policy Committee Education Officer. Society delegate to the Group Event Managers Meetings Dr Eilidh Ferguson, Meetings Officer (to May 20241 and Dr Lyndsay Murray Ilrom May 20241. Society delegate to the Outreach and Public Engagement Meetings Or Hannah Shaw, Education Officer Ito July 20231 succeeded by Ms Rebecca Quinn, Dr Eilidh Ferguson, Meetings Officer (to May 20241 and Dr Lyndsay Murray Ifrom May 20241. Open to all Society Councillors Parliamentary Links Day Professor Tracey Wilkinson, President and Dr Joanna Matthan, Honorary Secretary. Society representative to the RSB Member Organisation Diversity and Inclusion Committee- Professor Katherine Linehan. Parliamenta Links Da Cancelled in 2024 en to all Councillors. Society Representatives to the British Association of Clinical Anatomists Dr Jeremy Mortimer, De Honora Treasurer BACA Council Meetin s and Scientific Meetin Society Representative5 to the Institute of AnatOTnical Sci8nces Dr Clair8 Ti8rney, Councillor (IAS Council Meetin s and Scientific meetin Soci dele at8 to Anatomi5ch8 Ges811schaft AG - Profes50rTrace Wilkinson, Presid8nt. Society delegates to IFAA- Professor Tracey Wilkinson, President and Dr Joanna Matthan, Honorary Secretary. Society representats.ve to the IFAA College of Representatives President. Society representative to FICSP Iscientrfic Publications) - Dr Monty Montano, Editor in Chief, Aging Cell and Dr Phil Cox lone of the Editors-in-chiel, Journal of Anatomy. Society representative to FIPAE (Anatomical EdLJcationl- Dr Hannah Shaw. Socie re resentative to FICEDA E ualit and Diversi in Anatom Professor Katherine Linehan. Socie dele ale to TEPARG- Dr Asha Venkatesh, Membershi offi￿r. Socie dele ale to EFEM - Dr Joanna Malthan. Honora Secreta Society representstives to the Anatomy Association Advisory Committee IAAACI.. Professor D. Qeri Davies, Dr Asha Venkatesh. Membershi Officer and Dr Eilidh Fe uson. Meetin s Officer. Understanding Animal Research- Professor Nathan Jeffery. Research Officer and Dr Eilidh Ferguson, Me8tin s Offic&r toma 2024 8nd Dr L ndsa Murra from Ma 2024 Socie re resentative to the Societ Publishers, Coalition Professor Trace Socie resentative to The Anatom Collective lor Quali Professor Tracey Wilkinson, Dr Hannah Shaw, BACA IAS AG IFAA Professor Tracey Wilkins()n, TEPARG EFEM UAR pc ACQ Wilkinson, President - TBA. 18 ANATOMICAL SOCIETY {A company limited by guarantee) TRUSTEES. REPORT Icontlnuedl FOR THE YEAR ENDED 30 SEPTEMBER 2024 FINANCIAL REVIEW The total funds of the Anatomical Society and the Company of Anatomists during the financial year increased from £5,577,345 to £6,422,634 due to the continued success of jOLJrnal publications. The lolal income amounted to £1,705,058 whilst total expenditure was £1,352,273 leaving a net surplus before investment gains of £352,785 compared to £294,642 in 2022123. Expenditure was at similar levels lo the prior years. Overall, this is consistent with our slated policy of aiming to maintain expenditure on charitable activities. The value of the two main investment portfolios increased over the financial yearfrom £3,583,366 10 £4,392,566 and while there was a increase in income from listed investment to £121,403 from £86,834, there were also net gains of £492,504 compared lo nel losses of £171.748 in the prior year from the portfolio. The trustees. in view of the continuing low bank interest rates and under advice from our investment managers, are continuing lo maintain the level of investment in the Society's investment portfolio. The online accounting system is fully operational for accounting and budgeting for both the Society and the Company ofAnatomisls. Public benefit Our annual public benefit activities included two very well attended conferences with scientific and educational symposia and public lectures., sponsorship of 4 new PhD research studenlships (two jointly funded) to commence October 2024, with a tol81 of 11 funded this year,. grants lotalling £22,571 were awarded to 28 scientists to disseminate or develop their research121 Syminglon Bequests, 6 Barclay-smith and 1 Analomic81 Society Research Development Award ),' grants of £21,775 awarded to seven undergraduate students for summer research projects. sponsorship of four university departmental seminars. and expenditure on prizes amounting lo £1204 Golng Concem Given the level of free reserves available at the year end, the valuation of the investments and the agreed publishing contract and income from Wiley through its subsidiary entity, the Trustees consider that the Society has adequate resources lo continue in operational existence for the foreseeable future, this is based on reviewing budgeted spend and those available resources for a period of 12 months through lo the end of 2025. Accordingly, the financial statements have been prepared on a going concern basis and the trustees do not believe there are any material uncertainties in relation to going concern. Reserves pollcy The lolal funds as al 30 September 2024 are £6,422,634 12023.. £5,577,345) of which £490.639 (2023: £435,678} are reslricled. The members of the Council continue lo review the level of reseNes of the Society in light of current and future planned aclivily. The Society and its trading subsidiary, the Company of Anatomists Limited, publish two journ8ls, the Joumal of Anatomy and Aging Cell, through Wiley publications. These journals, particularly the former, continue lo be the major source of revenue for the Society, and the threat of loss of income due to open access publishing campaign continues lo be monitored and reviewed together with our publisher. Aging Cell has been operating on an open ac￿$$ model for several years and, thus far there has been no negative impact upon the revenue from this journal. We are mindful of the fact that our reserves musl be adequate lo cover the longer-term liabilities of PhD sludentships, employment costs, website and membership services and consequently maintain at least three year forward liquidity to cover all sludentship costs for th￿e year 19 THE ANATOMICAL SOCIETY {A company limited by guarantee) TRUSTEES. REPORT Icontlnuedl FOR THE YEAR ENDED 30 SEPTEMBER 2024 Investment policy and performance Under the Memorandum and Articles of Association. and in accordance with guidelines from the Charity Commission, the Society has the power lo invest those funds not immediately required for its purposes. Coulls & Co are engaged as investment advisers with discretionary authority to operate the portfolios held for the Society within agreed investment objectives and guidelines. The Anatomical Society and Symington Bequest Funds, which the investment managers are instructed lo manage in order to maximise the total return on the portfolios within the constraints of a medium to low risk investment portfolio will be closely monitored in the coming year to maximise their polenlial. Risk Management The members of the Council undertake an annual review to identify and assess the risks to which the Society is exposed, in particular those relating to the operations and finances of the Society and its trading subsidiary. the Company of Anatomists Limited. The charity has a formal risk management process through which the Leadership Team identifies the major risks to which the organisation may be exposed and has ranked these by likelihood and impact, culminating in a risk control docLJment which is updated on a regular basis. All significant risks, together with current mitigation actions, are reviewed regulady throughout the year by the Trustees. The Trustees are satisfied that systems have been developed and are in place to mitigate identified risks to an acceptable level. Risk identified Large institutions and consortia have increasingly rejected publisher's contracts, making the need for open access publishing more likel resultin in lost income. Increasing activities of the Society place a greater workload on Councillors and other volunteers which could result in low morale and retention problems. Action taken to miti ate the risk Journals committee have enhanced inleradions with the publishers Wiley so that we understand more fully the funding models and costs of our ournals. Increase in outsourcing and secretarial support for subcommittees, with contractual arrangements, annual review of Servi￿ and good communication to ensure members are well served and Trustees and retained. The finance committee has transitioned lo a tsilored investment portfolio that is more able lo swiftly adapt lo changes in markets. A portion of income is kept liquid lo ensure that market volalilily will not affect day-to-day running of the Socie in the short and medium term. Ongoing upgrade of website lo disseminate information about anatomical science. Ability lo host online scientific meetings and continue to host virtual meetings to ensure Society's activities continue lo reach its communit Potential risk in reduced investment value due to volatility in financial m8rkels due to the ongoing impact of Covid-19 and Brexit. Potential risk in ability lo engaged in charitable aims of the Society 20 THE ANATOMICAL SOCIETY {A company limited by guarantee) TRUSTEES. REPORT Icontlnuedl FOR THE YEAR ENDED 30 SEPTEMBER 2024 STATEMENT OF RESPONSIBILITIES OF MEMBERS OF THE COUNCIL The Council, as directors of the charitable company, are responsible for preparing the Trustees, Report and the financial statements in accordance with applicable law and regLJlations. Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable lawl. Under Company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the stale of affairs of the Company and of the profil or loss of the Company for that period. In preparing these financial statements, the directors are required to.. select suitable accounting policies and then apply them ¢onsislenUy', observe the methods and principles in the Charities SORP., make judgments and accounting eslimales that are reasonable and prudent., stale whether applicable United Kingdom Accounting Standards have been followed,. prepare the financial ststements on the going concern basis unless it is inappropriate to presume that the Company will continue in business. The directors are responsible for keeping adequate accounting records that are sufficient lo show and explain the company's transactions and disclose with reasonable accuracy at any lime the financial position of the company and enable them lo ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for tsking reasonable steps for the prevention and detection of fraud and other irregularities. So far as each of the directors is aware al the lime the report is approved.. there is no relevant audit information of which the company's auditors are unaware., and the directors have taken all steps that they ought to have taken lo make themselves aware of any relevant audit information and lo establish that the auditors are aware of that infomiation. The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company s transactions and disclose with reasonable accuracy at any lime the financial position of the company and enable them lo ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. So far as each of the directors is aware al the time the report is approved.. there is no relevant audit information of which the company's auditors are unaware., and the directors have taken all steps that they ought to have tsken lo make themselves aware of any relevant audit information and lo establish that the auditors are aware of that information. In preparing this report, the Directors have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006 Approved by the Trustees on 10 December 2024 and signed on their behalf by Prof. T Wilkinson President ANATOMICAL SOCIETY INDEPENDENT AUDITORS, REPORT FOR THE YEAR ENDED 30 SEPTEMBER 2024 Opinion We have audited the financial statements of the Anatomical Society ended 30 September 2024 which comprise the Group of Financial Aclivilies, the Group and Parent Charitable Company Balance Sheets, the Group Statement of Cash Flows and notes lo 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 Praclicel- In our opinion, the financial statements.. give a true and fair view of the stale of the group's and of the parent charitable company's affairs as at 30 September 2024 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. Basls for oplnlon We conducted our audit in accordance with International Standards on Auditing IUKI IISAS IUKII 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 OLJr 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 FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate lo provide a basis for our opinion. Conclusions relating to going concern In auditing the financial slalemenls, we have concluded that the trustees, use of the going concern basis of accounting in the preparab'on of the financial statements is appropriate. Based on the work we have performed, we have not identified any material Un￿rtaInlieS relating to events or conditions that, individually or collectively, may cast significant doubl on the group's ability lo continue as a going concern for a period of at least ￿e1ve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the trustees with respect lo going concern are described in the relevant sections of this report. Other infomation The trustees are responsible for the other information. The other information comprises the information included in the Trustees, Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly staled in our report, we do not express any form of assuran conclusion Ihereon. In connection with our audit of the financial statements, our responsibility is lo read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial slatemenls, or our knowledge obtained in the audit or otherwise appears lo be materially misstated. If we identify such material inconsistencies or apparent material misstalemenls, we are required lo determine whether there is a material misstalemenl in the financial statements or a material misslalement of the other information. If, based on the work we have perfomied, 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. 22 ANATOMICAL SOCIErY INDEPENDENT AUDITORS, REPORT {contlnuedl FOR THE YEAR ENDED 30 SEPTEMBER 2024 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 Trustees, Report (which includes the directors, report prepared for the purposes of company lawl for the financial year for which the financial statements are prepared is consistent with the financial ststemenls., and the directors, report induded within the Trustees, Report has been prepared in accordance with applicable legal requirements. 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 misstalemenls in the Trustees, Report Iwhich incorporates the directors, report). We have nothing lo report in respect of the following mallers in relation lo 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 the parent charitable company financial statements are not in agreement with the accounting records and retums., or certain disclosures of trustees, remuneration specified by law are not made., or we have not received all the information and explanations we require for our audit., or the trustees were not entitled lo prepare the financial statements in accordance with the small companies, regime and lake 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 Iruslees, responsibilities statement sel out on page 19, the Iruslees (who are also the directors of the charitable company for the purposes of company lawl 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 lo 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, mallers related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the group or the parent charitable company or to cease operations, or have no realistic alternative but to do so. Auditorfs responsibilities for the audit of the financial statements Our objectives are to obtsin reasonable assurance about whether the financial statements as a whole are free from material misstalemenl, whether due to fraud or error. and lo issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, bul is not a guamnlee that an audit conducted in accordance with ISAS IUKI will always delecl a material misslalement when il exists. Misslalements 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 slalemenls. Irregularities, including fraud, are instan￿$ of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, lo delect material misstatements in respect of irregularities, including fraud. The exlenl to which our procedures are capable of detecting irregularities, including fraud is detailed on the following page.. 23 ANATOMICAL SOCIErY INDEPENDENT AUDITORS, REPORT {contlnuedl FOR THE YEAR ENDED 30 SEPTEMBER 2024 Based on our understanding of the group and the environment in whieh il operates, we identified that the principal risks of non-compliance with laws and regulations related lo regulatory requirements for GDPR, Charities Act 2011 and Companies Act 2006, 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 8 direct impact on the preparation of the financial statements such as the Companies Act 2006, the Charities Act 2011 and Charities SORP. We evaluated management's incentives and opportunities for fraudulent manipulation of the financial slalements lincluding the risk of override of conlrolsl, and determined that the principal risks were related lo posting inappropriate journal entries lo revenue and management bias in accounting estimate and application of controls around authorisation of expenditure and payments. Audit procedures perfomied 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., Evaluating management's controls designed to prevent and delecl 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 delect 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 slatemenls, 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 misrepresentslion. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website al.. vrnw.fr¢.org.uklauditorsresponsibilities. This description forms part of our auditor's report. Use of our 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 slate to the charitable company's members those matters we are required to slate to them in an Auditorfs report and for no other purpose. To the fullest exlenl permilled by law, we do not accept or assume responsibility lo 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. Kathryn Burton (Senior Ststutory Auditor) for and on behalf of Haysmac LLP Statutory Auditors 10 Queen Street Place London EC4R 1AG Dale: 1911212024 24 ANATOMICAL SOCIETY CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES INCORPORATING THE INCOME & EXPENDITURE ACCOUNT FOR THE YEAR ENDED 30 SEPTEMBER 2024 Total Funds 2024 Total Funds 2023 Unrestricted Funds Restricted Funds Notes INCOME FROM: Donations and legacies Charitable activities-. Publication ofjoumals Membership subscriptions Training programmes & events Investments Income from listed investments Bank deposit interest 1,483,459 33,955 38,638 1,483,459 33,955 38,638 1.434,032 33,806 44,425 109,163 26,303 12,240 121,403 26,303 86,834 17,979 Total income 1,692,818 12,240 1,705,058 1,617,076 EXPENDITURE ON: Raising funds Investment management fees 17,990 2,261 20,251 17,761 Charitable actlvities Research, training & events Publication ofjournals 598,257 724,261 9,504 607,761 724,261 617,346 687,327 1,322,518 9,504 1,332,022 1.304,673 Total expendlture 1,340,508 11,765 1,352,273 1.322,434 Net Incomellexpendlturel before Investments gains and losses 352,310 475 352,785 294,642 Nel gainslllossesl on investments 10 438,018 54,486 492,504 171,748 Net incomelnel movements in funds 790,328 54,961 845,289 466,390 Totsl funds brought forward 5,141,667 435,678 5,577,345 5,110,955 Total funds carrled fonNard 14 5,931,995 490,639 6,422,634 5,577,345 All of the above results are derived from continuing activities. All gains and losses recognised in the year are included above. The notes on pages 27 and 39 fomi part of these financial statements. Details of comparative figures by fund are disclosed in note 17. 25 ANATOMICAL SOCIErY COMPANY NUMBER.. 01848115 CONSOLIDATED BALANCE SHEET FOR THE YEAR ENDED 30 SEPTEMBER 2024 2024 2023 Notg FIXED ASSETS Tangible assets Investments 465 3,583,366 10 4,392,566 4,392,581 3,583,831 CURRENT ASSETS Debtors Cash al bank and in hand 245,775 1,884,579 700,383 1,332,158 2,130,354 2,032,541 CREDITORS: amounts falling due within one year 12 1100,301) 139,0271 NET CURRENT ASSETS 2,030,053 1,993,514 NET ASSETS 6,422,634 5,577,345 INCOME FUNDS Unrestricted fund Reslricled funds 5,931,995 490,639 5,141,667 435,678 13 TOTAL FUNDS 6,422,634 5,577,345 The unconsolidated surplus of the Charity was £1,113,32712023'. surplus of £403,839). The financial statements were approved and aulhorised for issue by the Council on 10 December 2024. Prof. T Wilkinson President Prof. K McDemiott Honorary Treasurer The notes on pages 27 10 39 from part of these financial slalements. 26 ANATOMICAL SOCIErY COMPANY NUMBER.. 01848115 COMPANY BALANCE SHEET FOR THE YEAR ENDED 30 SEPTEMBER 2024 2024 2023 Notg FIXED ASSETS Tangible assets Investments in subsidiary company Investments 15 100 4,392,566 465 100 3,583,366 10 4,392,681 3,583,931 CURRENT ASSETS Debtors Cash al bank and in hand 26,778 1,321,659 51,645 1,219.299 1,348,437 1,270.944 CREDITORS- amounts falling due within one year 12 {87,0111 128,4521 NET CURRENT ASSETS 1.261,426 1.242,493 NET ASSETS 5,654,107 4,826,424 INCOME FUNDS Unrestricted fund Reslricled funds 5,163,468 490,639 4,390,746 435,678 13 TOTAL FUNDS 5,654,107 4,826,424 The financial statements were approved and aulhorised for issue by the Council on 10 December 2024. Prof. T Wilkinson President Prof. K McDerrnott Honorary Treasurer The notes on pages 27 to 39 from part of these financial statements. 27 ANATOMICAL SOCIErY CASH FLOW STATEMENT FOR THE YEAR ENDED 30 SEPTEMBER 2024 2024 2023 Note Cash flows from operating activities: Net cash provided by operating activities 759,259 1222,5811 Cash flows from investing activities- Dividends and interest from investments Proceeds from the sale of investments Purchase of investments 109,858 3,676,681 {3,993,3771 68,333 1,174,846 (1,673,161) Net cash used investing activities {206,8381 1429,9821 Change in cash and cash equivalents in the Reporting period 552,421 1652,5631 Cash and cash equivalents at the beginning of the reporting period 1,332,158 1,984,721 Cash and cash equivalents at the end of The reporting period 1,884,579 1,332,158 A. Reconciliation of net income to net cash flow from operating activities 2024 2023 Ngt incom& for the reporting period las per the statement of financial activities) 845,289 466,390 Adjustments for: Depreciation charges {increaselldecrease in debtors IncreasellDecreasel in creditors Dividends and interest from investments {Gainslllosses on investments 450 450 454,608 1415,4571 61,274 131,2021 1109,8581 171,0141 (492,5041 1171,7481 Net cash provided by operating activities 759,259 1222,5811 B. Analysis of movements in net debt 2023 Cashflow Non-cash flow 2024 Cash al bank and in hand 1,332.158 552,421 1,884,579 At the Balan￿ sheet date the Charity is not holding any debt. 28 ANATOMICAL SOCIETY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024 GENERAL INFORMATION The Anatomical Society is registered in England and Wales as a company limited by guarantee, Number 01848115. Registered Charity Number 290469. The registered office is 10 Queen Street Place, London, EC4R 1 AG. The principal objectives of the charity are set out within the Trustees Report, on page 5. ACCOUNTING POLICIES Basis of Preparatlon The financial stslemenls have been prepared in accordance with Accounting and Reporting by Charities.. Statement of Recommended Practice applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 102} leffective 1 January 20191 Icharilies SORP IFRS10211, the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 and the Companies Act 2006. The Anatomical Society meets the definition of a public benefit entity under FRS102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy notes. The financial stslemenls are presented in UK Slerfing, which is the Charity's functional currency, and rounded to the nearest pound. Golng Concern Given the level of free reserves available al the year end, the valuation of the investments and the agreed publishing contract and income from Wiley through ils subsidiary entity, the Trustees consider that the Society has adequate resour¢es to continue in operational existen￿ for the foreseeable future, this is based on reviewing budgeted spend and those available resources for a period of 12 months through lo the end of 2025. Accordingly, the financi81 statements have been prepared on a going concem basis and the Iruslees do not believe there are any material uncertainties in relation lo going Concern. Basis of Consolidation The financial statements consolidate the results of the charity and its wholly owned subsidiary, Company of Analomisls Limited (The), on a line-by-line basis. A separate Slalement of Financial Activities and Income and Expenditure Account for the charity has not been presented because the charity has taken advantage of the exemption afforded by section 408 of the Companies Act 2006. Income All income is recognised once the charity has entitlement to income, it is probable that income will be received, and the amount of income receivable can be measured reliably. The following specific policies are applied to particular categories of income.. Investment income is included when receivable. Publishing, events and other income are included when ￿eDiable. Members. subscriptions are recorded in the year in which they become due. Expenditure Expenditure is recognised on an accrual basis as a liability is incurred. Costs of raising funds consist of investment management fees. Charitable expenditure comprises those costs incurred by the Society in the delivery of ils activities and services for its beneficiaries. It includes both costs that can be allocated directly lo such activities, and thosecoslsofan indirect nature necessary lo support them. Grants payable are recorded once the Society has made an unconditional commitment to pay the grant and this is Communicated to the beneficiary, or the grant has been paid, whichever is the earlier. The Society has not made any grant commitments of more than one year. The basis on which support costs have been allocated are sel out in note 4. Other Expenditure represents those items not falling into any other heading. 29 ANATOMICAL SOCIErY NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 30 SEPTEMBER 2024 ACCOUNTING POLICIES (continued) Value added tax Value added lax not recoverable is included in the relevant costs in the Slalement of Financial Activities. Tangible Fixed Assets Fixed Asset acquisitions or improvements are capitalised at cost. Tangible fixed sssels are slated al cost, less depreciation. Depreciation is provided al rates calculated to write off the cost of fixed assets, less their estimated residual value. over their expected useful life as follows.. Equipment Website cosls 5-7years 3 years Investments Investments are included in the financial statements at market value at the balance sheet date. Fund A¢¢ounting Unreslricled funds are available for use al the discretion of the Trustees in furtherance of the Charitsble objects of the Anatomical Society. Designated funds comprise unrestricted funds that have been set aside by the Trustees for particular purposes. There were no such funds during the yoar. Reslricled income funds are funds subject lo specific reslriclions imposed by donors or by the purpose of the appeal. The purposes and uses of the restricted funds are set out in note 13. Financial instruments The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments, including trade and other debtors and creditors are initially recognised al transaction value and subsequently measured al amortised cost with the ex￿ptIon of investments which are measured at fair value. 30 ANATOMICAL SOCIErY NOTES TO THE FINANCIAL STATEMENTS {continued) FOR THE YEAR ENDED 30 SEPTEMBER 2024 ACCOUNTING POLICIES (continued) Debtors Trade and other debtors are recognised al the selllemenl amount due after any trade discount offered. Prepayments are valued al the amount prepaid net of any trade discounts due. Cash at bank and In hand Cash al bank and cash in hand includes cash and short term highly liquid investments. Creditors and provisions Creditors and provisions are recognised where the charity has a present obligation resuY(ing 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 or estimated reliably. Creditors and provisions are normally recognised al their settlement amount after allowing for any trade discounts due. Employee benefits Short temi beneftts including holiday pay are recognised as an expense in the period in which the service is received. Termination benefits are accounted for on an accrual basis and in line with FRS 102. Foreign currencies Transaelions in foreign currencies are recorded al the rale ruling at the dale of the transaction. Assets and liabilities denominated in foreign currencies are translated at the rates of exchange ruling at the balance sheet date. All differences are taken lo the Statement of Financial Activities. Critical accounting judgements and key sources of estimation uncertainty In the application of the accounting policies, the Trustees are required lo make judgement, estimates. and assumptions about the carrying value of assets and liabilities that are not readily apparent from other sources. The eslimales and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and undedying assumptions are reviewed on an ongoing basis. 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 rf the revision affected current and future periods. In the view of the Trustees, no assumptions concerning the future or eslimalion uncertainly affecting assets or liabilities al the balance sheet date are likely lo result in a material adjustment lo their carrying amounts in the next financial year. ANATOMICAL SOCIErY NOTES TO THE FINANCIAL STATEMENTS Icontinuedl FOR THE YEAR ENDED 30 SEPTEMBER 2024 2. SUBSDIARY COMPANY The Society has a wholly owned trading subsidiary, the Company al Anatomists Limited, incorporated in the United Kingdom, the principal activity of which is the publication of the Journal of Anatomy and Aging Cell. The Company of Anatomists Limited paid £750.047 of taxable profits to the Society by gift aid. A summary of the trading results of the Company of Anatomists Limited for the year ended 30 September 2024 is shown below. Audited accounts are filed al Companies House. 2024 2023 Profit and Loss Account Turnover Cost of sales 1,483,459 (711,2771 1,434,032 1676,100) Gross profit Administrative expenses, 772,182 112,8501 757,932 112,102) Operating profit Interest reeelvable Finance costs linlercompany108nl 759,332 9,329 11331 745,830 4,474 1257) Profil before tax Tax provision 768,528 750,047 Profil for the financial year 768,528 750,047 Bf Profil and loss account Profil for the financial year Gift aid distributions 750,047 768,528 (750,0471 688,368 750,047 1688,368} Retained in subsidiary 768,528 750,047 The net assets of the subsidiary were.. Assets Liabilities 808,696 140,0681 813,242 163,095} 768,628 750,147 Share capital in the trading subsidiary amounts to £100 in both years. 32 ANATOMICAL SOCIErY NOTES TO THE FINANCIAL STATEMENTS {continued) FOR THE YEAR ENDED 30 SEPTEMBER 2024 INVESTMENT INCOME 2024 2023 Interest receivable from UK government stocks 26,170 17,979 UK dividends and interest Overseas dividends and interest 117,224 4,312 82,577 4,257 147,706 104,813 4. TOTAL EXPENDITURE Total 2024 Total 2023 Unrestricted Restricted Raising funds Investment management fees 17,990 2,261 20,251 17,761 Charitable activities Research, training & events.. Graduate research Training programme Sponsorship of seminars Conferences, travel and subsistence International meetings Website development Grants Prizes Subscriptions paid Supporting costs (see below} 317,990 8,803 2,280 52,672 317,990 8,803 2,280 52,672 363,740 19,833 395 41.606 1,818 1.818 1,667 4,269 26,009 8,384 23,952 127,491 30,517 1,704 18,210 164,263 9,504 40,021 1,704 18,210 164,263 Total research. training and events 598,257 9,504 607,761 617,346 Publications of journals 724,261 724,261 687,327 Total charitable activity expenditure 1,322,518 9,504 1,332,022 1.304,673 Total expendlture 1,340,508 11,765 1,352,273 1.322,434 The total expenditure in 2024 was £1,352,273 {2023.' £1,322,434), representing costs to unreslricled funds of £1,340,508 {2023'. £1,312,756) and lo restricted funds of £11,76512023.. £9.6781. The restricted costs in 2024 related lo investment management fees of £2,261 12023.. £2,107) and £9,50412023.' £7,571) for grants. 33 ANATOMICAL SOCIErY NOTES TO THE FINANCIAL STATEMENTS {continued) FOR THE YEAR ENDED 30 SEPTEMBER 2024 TOTAL EXPENDITURE {¢ontinugdl Total Funds 2024 Total Funds 2023 Analysis of support costs Unrestricted Restricted Funds Funds Wages and salaries Secretarial support Payroll costs Office rent Telephone Insurance Membership charges Bank charges Sundries Journal Contract negotiations Depreciation of equipment SofbNare and website Advertising Govemance Isee below) 51,359 5,867 588 11,380 119 4,166 14,769 2,075 816 5,953 450 27,120 1,584 38,017 51,359 5,867 588 11,380 119 4,166 14,769 2,075 816 5,953 450 27,120 1,584 38,017 48,412 4.966 588 11,454 179 4,042 9,488 1.592 540 450 20,029 2,301 23,450 164,263 164,263 127,491 Govemance costs Audit Professional and Legal Committee meeting costs Accounting fees 11,154 8,800 1,846 12,804 20,904 5,959 38,017 23,450 STAFF COSTS AND THE COST OF KEY PERSONNEL The average head count of employees of the Society during the year was 1 {2023'. 11. No employees received remuneration of more than £60,000. 2024 2023 Staff costs were as follows.. Wages and salaries Social security costs Pension costs 34,902 12,199 4,258 33,767 9,929 4,716 51,359 48,412 Other than the members of Council, there are no key management personnel. Council's expenses and remuneration are outlined in note 7. 34 ANATOMICAL SOCIErY NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 30 SEPTEMBER 2024 FINANCIAL PERFORMANCE OF THE CHARITY The Consolidated Statement of Financial Activities includes the results of the Society's wholly owned subsidiary, the Company of Anatomists Limited. The summary financial performance of the Society alone is.. 2024 2023 INCOME FROM: Donations and legacies.. Gift aid distribution from subsidiary company 688 368 Charitable Activities Investments.. Bank Interest Listed investments Other interest 72,593 86,859 16,841 121,403 133 13,505 86,823 257 210,970 187,444 Other- Conference Registrations 1,300 TOTAL INCOME 962,317 875,812 EXPENDITURE ON: Raising Funds - Investment management fees Charitable Activities 120,2511 1607,7611 {17,761 } 1625,962) TOTAL EXPENDITURE 1628,0121 {643,723} Net incomellexpenditure) before gainsl(losseslon Investments 334,305 232,089 Net {losses)Igains on investments 492,504 171,748 826,809 403,837 Total funds brought forward at 1 October 2023 4,827,298 4,422,587 Total funds carried forward at 30 September 2024 5,654,107 4,826,424 Represented by.. Unreslricled income fund Restricted income funds 5,163,468 490,639 4,390,746 435,678 5,654,107 4,826,424 35 ANATOMICAL SOCIErY NOTES TO THE FINANCIAL STATEMENTS Icontinuedl FOR THE YEAR ENDED 30 SEPTEMBER 2024 EXPENSES OF MEMBERS OF THE COUNCIL 2024 2023 Travel and subsistence within Great Britain and Ireland 17,934 11,108 Number of members of the Council reimbursed 17 17 The members of the Council neither re￿iVed nor waived any ￿muneratIon during the year in ￿Spect of their services to the Society- The four Editors-in-chief of the Joumal of Anatomy received an honorarium of £4,000 each plus £1,0(10 expenses payable on provision of receipts paid by the Publisher Wiley as part of the joumal costs forthe Journal ofAnatomy. The Edilor-in-chief of the Aging Cell has been a Wiley member of staff since 2023 and the charge for this service in not currently included in the joumal account. Of the 10 graduate research awards paid dLJring the year, none lone.. 20231 were paid to a university for a sludenl of whom a trustee was the supervisor. The lolal costs of the awards in 2023.. £10,708. No (Nil.. 20231 summer sludenlships were awarded to a Iruslee this year. During the year, five grants (£2500112023.. £nill were paid from the Johnson Syminglon Memorial Bequest Fund to paruy reimburse trustees for the costs in attending overseas anatomical conferences and meetings12023= GRANTS During the year, 31 grants were paid from the Johnson Syminglon Memorial Bequest Fund lo assist applicanls12023.. 19 grants) to deliver scientific presentations at anatomical conferences and meetings held within Great Britain and Ireland and Overseas. Seven awarded bul only six funded undergraduate student research scholarships were also awarded lo support the development of the next generation of researchers. 36 ANATOMICAL SOCIErY NOTES TO THE FINANCIAL STATEMENTS {continued) FOR THE YEAR ENDED 30 SEPTEMBER 2024 TANGIBLE FIXED ASSETS Website and Equipment Group Society Cost Al 1 October 2023 69,771 61,914 At 30 September 2024 69,771 61,914 Depreciation Al 1 October 2023 Charge for year 69,306 450 61,449 450 At 30 September 2024 69,756 61,899 Net Book Valug AI 30 September 2024 15 AI 30 September 2023 465 465 10. FIXED ASSETS INVESTMENTS Total Funds 2024 Total Funds 2023 Unrestrlcted Funds Restrlcted Funds Movement In flxed asset Ilsted Investments Market value at 1 October 2023 Additions in the ye8r at cost Disposals proceeds Net (loss)/gains on investments 3,183,340 3,575,574 13,265,656) 438,018 400,026 3,583,366 2,910,621 417,803 3,993,377 1,673,161 {411,0251 13,676,681) 11,172,164) 54,486 492,504 171,748 Market value at 30 September 2024 3,931,276 461,290 4,392,566 3,583,366 In addition lo the investments shown above, the Society holds an investment of £10012023.. £1001 in its subsidiary company al cost (see note 21. All of the investments are held in the UK. Funds held in excess of 10Ok of total investments Unrestricted Funds Coulls Actively Man8ged US Equty Fund Coulls North knerican ESG Insights Equity Fund Coutts US ESG Insights Equity Fund Restricted Funds Coulls Actively Managed US Equty Fund Coutts North Arn&rican ESG Insights Equity Fund Coutts US ESG Insi htsE uil Fund £512.335 £699.733 £523,119 £60.000 £81,913 £61,278 37 **ANATOMICAL SOCIETY** ## **NOTES TO THE FINANCIAL STATEMENTS (continued)** ## **FOR THE YEAR ENDED 30 SEPTEMBER 2024** ## **11. DEBTORS** ||**Group**|**Group**|**Society**|**Society**| |---|---|---|---|---| ||**2024**|**2023**|**2024**|**2023**| ||**£**|**£**|**£**|**£**| |Trade debtors|245,775|700,383|-|-| |The Company of Anatomists Limited|-|-|26,778|51,645| ||--------------------|--------------------|-------------------|-------------------| ||245,775|700,383|26,778|51,645| ||=========|=========|==========|==========| The amount due from the Company of Anatomists relates to balances on loans previously provided to the company. These loans are due for repayment in December 2024. Interest is charge at 0.5% per annum above base rate with interest to be paid each year, on the anniversary of the commencement of the loan. In the year to 30 September 2024 £25,000 (2023: £25,000) of these loans were repaid from the Company of Anatomist to the Anatomical Society. ## **12. CREDITORS: amounts falling due within one year** ||**Group**|**Group**|**Society**|**Society**| |---|---|---|---|---| ||**2024**|**2023**|**2024**|**2023**| ||**£**|**£**|**£**|**£**| |Accruals and other creditors|100,301|39,027|87,011|28,452| ||==========|=========|==========|==========| ## **13. RESTRICTED FUNDS** The income funds of the Society include restricted funds comprising the following unexpended balances: ||**Balance at**|**Income**|**Expenditure**|**Net Realised**|**Balance at**| |---|---|---|---|---|---| ||**30 September**||**Losses &**|**Unrealised**|**30 September**| ||**2023**||**Transfers**|**Gains**|**2024**| ||**£**|**£**|**£**|**£**|**£**| |Johnson Symington|||||| |Memorial Bequest Fund|435,678|12,240|(11,765)|54,486|490,639| ||==========|=========|==========|==========|==========| 38 ANATOMICAL SOCIErY NOTES TO THE FINANCIAL STATEMENTS Icontinuedl FOR THE YEAR ENDED 30 SEPTEMBER 2024 13. RESTRICTED FUNDS (continugd) PRIOR YEAR RESTRICTED FUNDS Balance at 30 September 2022 Income Expenditure Losses & Transfers Net Realised Unrealised Gains Balance at 30 September 2023 Johnson Symington Memorial Bequest Fund 414,512 9,958 19,6781 20,886 435,678 The Johnson Syminglon Memorial Bequest Fund was set up by Miss Nina Syminglon, daughter of the late Professor Symington, MD, FRCS, FRS (President of the Society 1903- 1906}, who bequeathed the residue of her estate to the Society for the purpose of encouraging anatomical research. 14. ANALYSIS OF GROUP NET ASSETS BETWEEN FUNDS Unrestricted Funds Restricted Funds Total Funds Fund balances at 30 September 2024 are represented by: Tangible fixed assets Investments Current assets Current liabilities 15 3,931,276 2,098,500 1100,3011 15 4,392,566 2,130,351 {100,3011 461,290 31,851 Total net assets 5,929,490 493,141 6,422,631 PRIOR YEAR ANALYSIS OF GROUP NET ASSETS BETWEEN FUNDS Unrestricted Funds Restricted Funds Total Funds Fund balances at 30 September 2023 are represented by: Tangible fixed assets Investments Current assets Current liabilities 465 3,183,340 1,996,889 {39,027) 465 3,583,366 2,032,541 139,0271 400,026 35,652 Total net assets 5,141,667 435,678 5,577,345 39 ANATOMICAL SOCIErY NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 30 SEPTEMBER 2024 15. RELATED PARTIES Twenty-one members of the Council also serve during the year as directors of the Company of Analomisls Limited, the wholly owned subsidiary company of the Society. As described in note 2, the Company of Analomisls Limited paid £768,52812023'. £750,047) of its taxable profits to the Society by gift aid by 30 June 2025. There were no other related party transactions noted in either year, and no balances were outstanding with any related parties at either Balance sheet date. 16. CHARITABLE STATUS The society is a registered charity (no. 2904691 and accordingly, no liability to taxation arises on the results for the year lo the extent that income and gains a￿ applied lo the Society's charitable projects. 40 ANATOMICAL SOCIErY NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 30 SEPTEMBER 2024 17. COMPARATIVE FUNDS UNDER FRS 102 {SORP 20151 Total Funds 2023 Unrestricted Funds Restricted Funds Notes INCOME FROM: Donations and legacies Charitable activities: PubliGation ofjournals Membership subscriptions Training programmes & events Investments Income from listed investments Bank d8POSIt interest 1,434,032 33,806 44,425 1,434,032 33,806 44,425 76,876 17,979 9,958 86,834 17,979 Total income 1,607,118 9,958 1,617,076 EXPENDITURE ON: Raising funds Investment management fees 15,654 2,107 17,761 Charitable activiti&s Research, training & events Publication ofjournals 609,775 687,327 7,571 617,346 687,327 1,297,102 7,571 1,304,673 Total expenditure 1,312,756 9,678 1,322,434 Net incomellexpenditurel before Investments gains and losses 294,362 280 294,642 Net gainsl{lossesl on investments 10 150,862 20,886 171,748 Net incomelnel movements in funds 445.224 21,166 466,390 Total funds brought forward 4,696,443 414,512 5,110,955 Total funds carried forward 14 5,141,667 435,678 5,577,345 Al of the above results are derived from continuing activities. All gains and losses recognised in the year are included above. 41