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2025-09-30-accounts

Registered number: 01848115 Charity number: 290469

THE ANATOMICAL SOCIETY

(A Company Limited by Guarantee)

TRUSTEES' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2025

THE ANATOMICAL SOCIETY

(A Company Limited by Guarantee)

CONTENTS

Page
Reference and Administrative Details of the Society, its Trustees and Advisers 1 - 2
Message from the President 3 - 5
Trustees' Report 6 - 21
Independent Auditors' Report on the Financial Statements 22 - 25
Consolidated Statement of Financial Activities 26
Consolidated Balance Sheet 27
Society Balance Sheet 28
Consolidated Statement of Cash Flows 29
Notes to the Financial Statements 30 - 44

THE ANATOMICAL SOCIETY

(A Company Limited by Guarantee)

REFERENCE AND ADMINISTRATIVE DETAILS OF THE SOCIETY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 30 SEPTEMBER 2025

Trustees D. Barry, Councillor*1
C. Brassett, Deputy Honorary Secretary*1
M. Heyns, Councillor*(appointed 1 May 2025, resigned 28 November 2024)1
J. Matthan, Honorary Secretary*1
K. McDermott, Honorary Treasurer*1
J. Mortimer, Deputy Honorary Treasurer*1
L. Murray, Honorary Meetings Officer*1
S. Shankland, Councillor*1
H. Shaw, Honorary Education Officer*1
D. Stone, Councillor*1
N. Thomas, Councillor*1
A. Venkatesh, Honorary Membership Officer*1
T. Wilkinson, President*1
C Curtin, Honorary Equality, Diversity and Inclusion Officer* (appointed 7 January
2025)1
K. Linehan, Honorary Equality, Diversity and Inclusion Officer* (resigned 28
November 2024)1
N. Jeffery, Honorary Research Officer*(resigned 2 December 2024)1
C Hennessy, Website Media and Communications Officer* (appointed 28
November 2024, resigned 13 February 2025)1
K. Dulohery, Website, Media and Communications Officer* (appointed 13 February
2025, resigned 20 June 2025)1
L Reid, Councillor*(appointed 7 January 2025)1
E. Ferguson, Honorary Meetings Officer (appointed 1 May 2025)1
1
Trustees in 2024/25 ( also served as directors of the Company of Anatomists
Limited during the year)
Company registered
number
01848115
Charity registered
number
290469
Registered office
10 Queen Street Place
London
EC4R 1AG
Head office
Anatomical Society
c/o 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.anatsoc.org.uk
Honorary secretary
Joanna Matthan
Executive Administrator
Mary-Anne Piggott
Independent auditors*
HaysMac LLP
10 Queen Street Place
London
EC4R 1AG

Page 1

THE ANATOMICAL SOCIETY

(A Company Limited by Guarantee)

REFERENCE AND ADMINISTRATIVE DETAILS OF THE SOCIETY, ITS TRUSTEES AND ADVISERS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2025

Bankers and Investment Coutts & Co advisers 440 Strand London WC2R 0QS Solicitors Russell-Cooke LLP 2 Putney Hill London SW15 6AB Insurance Brokers Gallagher Unit 17, Manor Courtyard Hughenden Avenue High Wycombe HP13 5RE

Page 2

THE ANATOMICAL SOCIETY

(A Company Limited by Guarantee)

MESSAGE FROM THE PRESIDENT FOR THE YEAR ENDED 30 SEPTEMBER 2025

As I write this report, my three-year Presidency is drawing to a close, giving me an opportunity to reflect on the past three years.

Initiatives

The three years of my Presidency has been thoroughly enjoyable. I have had the opportunity to work with many dynamic, motivated individuals who have made each day of working for the Society a pleasure. Several initiatives have come to fruition over the past three years, or are well in hand. We now have a vibrant mentorship programme, with well over 100 people having signed up as mentors, mentees or both. This has now run successfully for two years, with our latest recruitment drive netting a further 36 individuals, including several repeats. We are also planning an associated research project to assess its effectiveness. Many thanks to Danya Stone, Jeremy Mortimer, Sheona Shankland, Kate Dulohery, Sam Snowdon and Mandeep Gill Sagoo for working so well on this project.

At the time of writing, we have just launched our new website, with a modern look, more accessible features and quick links to areas attractive to the public and to present and prospective members. Thanks very much to Catherine Hennessy, Kate Dulohery and especially Tom Flanagan for getting this over the line, as well as Damian Clarke for his continuing good advice. We have also carried out two excellent Master classes so far this year. Many thanks to Claire Fitton for organising these fascinating talks.

The Equality, Diversity and Inclusion (EDI) Committee is now well established as one of our Standing Committees, with EDI values becoming embedded in all that we do. For example, we now have more open, transparent processes for selecting the Officers, Deputies and Members of our Standing Committees and President of the Society. Additionally, I felt it important that the membership of our committees reflect our whole membership, so all committees underwent a refresh to bring in new representation. These initiatives now allow all members the opportunity to apply for roles and to serve the Society in some capacity, with the voices of many more members being heard during our various activities. There is still more to be done, but it is gratifying to see so many new names in the lists of our committee members and I would encourage anyone interested to apply for positions when they become available. I would like to say a big thank you to the Chairs of these committees, who include Hannah Shaw (Education), Katherine Linehan and Caroline Curtin (Equality, Diversity and Inclusion), Kieran McDermott (Finance and Investments), Asha Venkatesh (Membership), Nathan Jeffery and Lyndsay Murray (Research Advisory), Lyndsay Murray and Eilidh Ferguson (Meetings), Catherine Hennessy and Kate Dulohery (Website, Media and Communications) and to the members of the Journal Committee, Ceri Davies, Kieran McDermott, Lyndsay Murray, Simon Parson, Hannah Shaw and Abigail Tucker for their support over the year. I would also like to thank deeply the members of the Prizes and Awards Committee, Cecilia Brassett, Joanna Matthan and Kieran McDermott for their advice, support and sense of humour over the past three years. Our membership is thriving; our education and research projects continue to expand; our journals continue to be excellent; our meetings, social media and website are reaching ever more people; and our financial base is strong. All of this is due to the work of these outstanding teams of people.

Two projects still underway are a training programme for new Designated Individuals and Persons Designated, which will be rolled out next year. Many thanks to Cecilia Brassett and Kat Sanders for the work on this scheme, which has the support of the Human Tissue Authority. We have also carried out a thorough review of the Society’s regulations, which are somewhat out of date and also need to reflect the more open, transparent selection of our representatives. Thanks to Mary-Anne Piggott, Ceri Davies and Abigail Tucker for all their help with these. The changes will be coming to Council and the Annual General Meeting.

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THE ANATOMICAL SOCIETY

(A Company Limited by Guarantee)

MESSAGE FROM THE PRESIDENT (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2025

Collaborations

We have strengthened our relationships with several of our partner institutions. Our relationship with the Royal Society of Biology continues to grow; I and several colleagues on Council have attended several meetings and functions online or in London, such as Parliamentary Links Day (an opportunity to meet Members of Parliament in person), Voice of the Future (thank you to Charlie Ritchie (2024) and Joanna Tomlinson (2025) for representing us at this event), the Education and Science Policy Committee, the AGM and the Annual Lecture. Seeing the inside of the Houses of Parliament at the Christmas function with Danya Stone was definitely a highlight! Our Society is now both a strategic partner and heavily involved in their ‘Biologist of Tomorrow Skills Vision Project, where we are ably represented by Abigail Tucker.

I have had regular meetings with the Presidents of the British Association of Clinical Anatomists and the Institute of Anatomical Sciences, which has led to greater understanding and some joint activities, with the possibility of a joint meeting in the next 2-3 years. Additionally, we are in regular communication with the International Federation of Associations of Anatomists. This has improved considerably over the past year, with a closer relationship between the two groups now established. We are looking forward to joining them in Melbourne, Australia in September 2026 with a sponsored symposium, and the Congress after that is planned in Chile. So start saving!

Finance and journals

Although open access publishing continues to threaten turnover, the Society is in a strong financial position under the leadership of our Treasury team, Kieran McDermott and Jeremy Mortimer. We made the decision to move most of the excess of our considerable cash reserves into our investment portfolios, which is paying off with good gains at present. Both journals are thriving, with the open access Aging Cell, started 25 years ago by Bernard Moxham, performing well both reputationally and financially. Our flagship Journal of Anatomy is not open access, but continues to provide the major proportion of our income each year. Thank you very much to our excellent Editors in Chief, Phil Cox, James Sleigh, Neil Vargesson and Evie Vereecke for the Journal of Anatomy, and Monty Montano for Aging Cell. These are ably supported by our Early Career Research Editorial Board, who are developing their skills in reviewing papers, as well as the main Editorial Boards. Particular thanks also go to our Managing Editors, Ed Fenton, Stephanie Waller and Isabell Mayr, who quietly continue to do a superb job in the background, ensuring our processes continue to run effectively. Sadly, Stephanie will be retiring from her role this year, so we wish her all the very best for the future. I would also like to thank our publishing partners, Wiley, particularly Paul Trevorrow, Silvana Losito, Sarah Mellor and Kerry Edwards. Additionally, our newsletter, Anastomosis, continues to improve under the wonderful editorship of Kate Dulohery and now Elena Patera.

Prizes and awards

Our PhD studentships continue to flourish. The outstanding recipients of these awards and their students represent the Society well on all occasions, but I would like to make special mention this year to one student, Lauren Barratt (supervised by Gerard O’Keeffe and Kieran McDermott), who won the category for preliminary data at the European Federation for Experimental Morphology Student Symposium on Anatomical Research, an excellent achievement. We now have three joint PhD studentships with other charitable societies (Royal National Institute for Deaf People, Motor Neurone Disease (Scotland) and this year the Epilepsy Research Institute), lessening our financial outlay while maintaining academic excellence. Many thanks to Abigail Tucker, Simon Parson and Gavin Clowry for driving these exciting partnerships.

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THE ANATOMICAL SOCIETY

(A Company Limited by Guarantee)

MESSAGE FROM THE PRESIDENT (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2025

The Anatomy Training Programme continues to go from strength to strength under the leadership of Clemens Kiecker, while our various image competitions attract a wide range of entrants each year. A new art competition has been introduced in association with World Anatomy Day (WAD), with some excellent entries last year. Thanks to Ourania Varsou for all her excellent work on making this a success. WAD activities are also continuing to grow and expand across the Society’s members.

The Anatomy Research Development Award for early career researchers is now well into its second year and contributing to the success of future leading researchers. The Fellow of the Year in 2025 was a particularly hard competition, with several excellent candidates. The eventual winner was Phil Cox, who was a worthy recipient with his outstanding career, including leading the scientific excellence of the Journal of Anatomy as one of our Editors in Chief.

Conferences

We have held two exceptional conferences this year, the first at the University of Central Lancashire in Preston, organised by Kris Phillips, Liam Young and Colin Mitchie, and the second in Oxford, organised by Zoltan Molnar and Gavin Clowry. Both were well attended by an engaged, enthusiastic audience, ensuring lively scientific exchanges at both. Thank you to the organisers and their wonderful teams, who ensured that we all enjoyed ourselves enormously at both meetings. Also thank you to Lyndsay Murray and Eilidh Ferguson, our Meetings Officers over this period. We are also planning a tripartite meeting with the Anatomische Gesellschaft and the Nederlande Anatomen Verenigung in 2027, which should be a lovely time to reconnect with our European colleagues. We will also be joining the former at their conference in 2026 as part of the Memorandum of Understanding we signed some years ago.

Thanks

It is impossible to list all the very many people who have been so kind, so helpful and so exemplary to work with during my time as President of the Society, and I thank you all from the bottom of my heart. I will, however, name specifically the people who have served on or attended Council this year, who include Denis Barry, Cecilia Brassett, Caroline Curtin, Ceri Davies, Kate Dulohery, Eilidh Ferguson, Catherine Hennessy, Marise Heyns, Nathan Jeffery, Katherine Linehan, Joanna Matthan, Kieran McDermott, Jeremy Mortimer, Lyndsay Murray, Luke Reid, Hannah Shaw, Danya Stone, Sheona Shankland, Neil Thomas, Abigail Tucker and Asha Venkatesh. I hope you have had as much fun as I have! I’d also like to thank our Executive Administrator for the work she continues to do for the Society.

Final thoughts

In conclusion, a gentle word. The Society relies very heavily on large numbers of volunteers, all of whom give of their time freely, usually on top of the ever-increasing demands of an academic career. In this hectic environment, it costs us nothing to be kind to each other, and a kind word can change someone’s entire day. So let’s ensure that we are all, similar to the vast majority of our members, kind, caring individuals who attract even more marvellous people into this wonderful Anatomical Society, about which we feel so passionate. I wish the incoming President, Abigail Tucker, all the best for the next three years. I have no doubt that she will do an outstanding job, and look forward to seeing our Society continue to flourish under her leadership.

Prof. T. Wilkinson President Date: 3 December 2025

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THE ANATOMICAL SOCIETY

(A Company Limited by Guarantee)

TRUSTEES' REPORT FOR THE YEAR ENDED 30 SEPTEMBER 2025

STRUCTURE, GOVERNANCE AND MANAGEMENT

The Society is governed and managed by a Council of fifteen Trustees.

Council of Trustees

The Trustees are legally responsible for the overall governance and management of the Society, and for ensuring compliance 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 times 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 stand for re-election once before standing down. At an Extraordinary General Meeting held on Thursday 19th August 2021, an amendment to Article 30 was adopted so that the Society follows the conventional practice of all casual vacancies continuing to the end of the terms of office and not ceasing at 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 (EDI) Officer. Meetings of Council are chaired by the President. Trustees are made aware of their responsibilities through regular dissemination of information from the Charity Commission and associated organisations/firms and through bespoke annual training provided by the Society’s solicitors. There is also a ‘Trustee Guidance Page’ on the Society’s main website (anatsoc.org.uk) with links to relevant organisations and documents that help to ensure that Trustees are aware of their responsibilities and liabilities as Trustees and Directors.

Committees and Working Parties

The Council appoints committees, boards and working parties to which it delegates powers and from which it receives reports to inform 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 to the membership so that more members have the opportunity to apply. The following committees and working parties met either by telephone/video conference, by e-mail or in person during 2024/25:

Committee Chairs are required to 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.

Management and Administration

The Society’s head office is located at 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 Society employs an Executive Administrator; however, the Trustees consider themselves to be the key management personnel of the Society. All trustees give of their time freely and are not remunerated by the Society.

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THE ANATOMICAL SOCIETY

(A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2025

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 (Investment Advisers), Russell-Cooke (Legal Advisers), Gallagher (Insurance 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 Tuesday 7th January 2025, in the Foster Lecture Theatre 1 (Mitchell & Kenyon Cinema), Foster Building, University of Central Lancashire, PR1 2HE.

ACHIEVEMENTS AND PERFORMANCE

Objectives and Activities for the Public Benefit The Society is established for public benefit for the following objects:

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 its two Journals, the Journal of Anatomy and Aging Cell; granting research studentships; holding scientific meetings; running the Anatomy Training Programme; and awarding prizes, bursaries, research and travel grants. The Trustees conform to the guidance on public benefit given by the Charity Commission when fulfilling the Society’s aims and objectives. Membership of the Society is open to anyone with a professional interest in the anatomical sciences regardless of ethnicity, sex, sexual orientation, faith, age, disability or any other protected characteristic.

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 its diversity, and nowhere is this better exemplified than by the range of topics at its meetings.

The Society’s in-person Winter Scientific Meeting was hosted by the University of Central Lancashire (UCLan), Preston, between the 6th to 8th January 2025. The meeting title was, ‘Impact and Outreach of Anatomy Education and Research.’ The meeting incorporated the Journal of Anatomy and Aging Cell Best paper prizes oral presentations 2023. There were 119 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 Oxford, Oxford, between the 14th to 16th July 2025. The meeting title was, ‘Human Cerebral Cortex Development III – Oxford. The meeting incorporated the Dr Sophie Miller Memorial Prize Lecture 2025. There were 181 registrations including member and non-member delegates from around the world.

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THE ANATOMICAL SOCIETY

(A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2025

Publications

The Society publishes original scientific literature online and in print in its two journals, the Journal of Anatomy and Aging Cell, with its publisher Wiley. The annual Business Board Meeting for both journals was held in person in London on 21st July 2025 with Wiley, at which reports on the performance of the previous year and plans for future years were discussed and agreed.

Journal of Anatomy

The Journal of Anatomy is owned by the Anatomical Society. It 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

Aging Cell is jointly owned by the Society and Wiley. It is a leading journal in its field and continues to show a small financial surplus. The Journal is now a fully functioning online open access journal free to members and the wider public.

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 actively monitors major developments in scholarly publishing, particularly issues around ‘Open Access,’ copyright in the digital age, new delivery mechanisms and journal publishing in an uncertain economic market.

Prizes and Awards

As part of its objective of promoting research in the Anatomical Sciences, the Anatomical Society offers a number of grants and prizes both to support members at various stages of their professional careers, where their work furthers the objects of the Society, and to celebrate specific achievements (see website for details anatsoc.org.uk/funding-and-awards). This year, the Society awarded the Symington Memorial Prize to Dr Bipasha Choudhury for her outstanding contribution to the anatomical sciences, Sixteen Symington Bequests, for fifteen scientists to participate in national and international virtual and in-person conferences, and twelve Barclay-Smith grants. It also awarded three new PhD research studentships, bringing the total of research studentships currently awarded by the Society to eleven. One inaugural Anatomy Research Development Award was made. There were four Departmental Seminar Awards. The Society also awarded prizes for the best and runner-up papers published in the Journal of Anatomy and Aging Cell. Nine undergraduate Student Research Scholarships were awarded this year. Six Public Engagement and Outreach Awards were awarded. There were five Support for Student Societies Awards. The Dr Sophie Miller Award, given in memory of an Anatomical Society awarded PhD student (2011-2014) following a generous donation from Dr Miller’s parents, was awarded to Ms Orla Mitchell in 2024/25.

Promotion and Advancement of Education in the Anatomical Sciences

Anatomy Training Programme: This programme, a collaboration with the American Association for Anatomy, is now into its sixteenth full cycle (2025-26). Dr Clemens Kiecker took over leadership in 2022-23. In 2025, the summer schools for two modules were held from 7-11 July 2025, hosted by the Human Anatomy Centre, Department of Physiology, Development and Neuroscience, University of Cambridge.

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THE ANATOMICAL SOCIETY

(A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2025

Membership and Membership Services

The Society welcomes those with a professional interest in the Anatomical Sciences. Currently, its membership is 847 and growing. The benefits of membership include:

Website (anatsoc.org.uk)

The Trustees recognise the importance of the Society having a modern website fully integrated with social media and which is mobile technology compatible. This resource is vital for the Society to be able to deliver cost-effective high-quality 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 2024/25 the Society will launch a new refreshed website on 15th October 2025 to celebrate World Anatomy Day.

Governance

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THE ANATOMICAL SOCIETY

(A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2025

Reviewed the Data Protection and Privacy Policies Internal and External; Equality, Diversity and Inclusion Statement; and Conflicts of Interest Policy and general Disclaimer Statement.

Membership and Membership Services

Website and communications

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THE ANATOMICAL SOCIETY

(A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2025

Publications

Page 11

THE ANATOMICAL SOCIETY

(A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2025

Scientific Meetings

Prizes and Awards

This year, the following awards were made:

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THE ANATOMICAL SOCIETY

(A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2025

Page 13

THE ANATOMICAL SOCIETY

(A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2025

Education and Outreach

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THE ANATOMICAL SOCIETY

(A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2025

Research

Early Career/Student Matters

Page 15

THE ANATOMICAL SOCIETY

(A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2025

Collaboration with Anatomical and other Societies

The Society has active and productive collaborations with a number of international societies, including the American Association for Anatomy, International Federation of Associations of Anatomists and their various committees and programmes, European Federation for Experimental Morphology and Trans European Pedagogic Anatomical Research Group

Key Strategic Goals for 2025-26 – Looking Ahead

Strategic Initiatives

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THE ANATOMICAL SOCIETY

(A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2025

Governance

Communications and Profile Raising

Membership and Membership Services and Online / Member Portal

Publications

Education and Outreach

Page 17

THE ANATOMICAL SOCIETY

(A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2025

Meetings

Research

Early Career/Student Matters

Page 18

THE ANATOMICAL SOCIETY

(A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2025

RSB Society delegate to RSB Strategic Partners – Professor Tracey Wilkinson, President
-
Society delegate to the Parliamentary Steering Group – Professor Tracey Wilkinson,
President.
-
Society delegate to the AGM and Annual Charter Lecture – Professor Tracey Wilkinson,
President.
-
Society delegate to the Education and Science Policy Committee – Dr Hannah Shaw,
Education Officer.
-
Society delegate to the Group Event Managers Meetings –Dr Lyndsay Murray (from May
2025) Dr Eilidh Ferguson, Meetings Officer (to May 2025). .
-
Society delegate to the Outreach and Public Engagement Meetings – Dr Eilidh Ferguson,
Meetings Officer (from May 2025).
-
Open to all Society Councillors Parliamentary Links Day – Professor Tracey Wilkinson,
President and Professor Joanna Matthan, Honorary Secretary.
-
Society representative to the RSB Member Organisation Diversity and Inclusion
Committee –Dr Caroline Curtin.
-
Parliamentary Links Day – open to all Councillors.
BACA Society Representatives to the British Association of Clinical Anatomists – Dr Jeremy Mortimer,
Deputy Honorary Treasurer (BACA Council Meetings and Scientific Meetings).
IAS Society Representatives to the Institute of Anatomical Sciences – tba (IAS Council Meetings and
Scientific meetings).
AG Society delegate to Anatomische Gesellschaft (AG) – Professor Tracey Wilkinson, President.
IFAA Society delegates to IFAA – Professor Tracey Wilkinson, President and Professor Joanna Matthan,
Honorary Secretary.
Society representative to the IFAA College of Representatives – Professor Tracey Wilkinson,
President.
Society representative to FICSP (Scientific Publications) – Dr Monty Montano, Editor in Chief,
Aging Cell and Dr Phil Cox (one of the Editors-in-Chief, Journal of Anatomy.
Society representative to FIPAE (Anatomical Education) – Dr Hannah Shaw.
Society representative to FICEDA (Equality and Diversity in Anatomy) – Dr Caroline Curtin.
TEPARG Society delegate to TEPARG – Dr Asha Venkatesh, Membership Officer.
EFEM Society delegate to EFEM – Professor Joanna Matthan, Honorary Secretary.
AAAC Society representatives to the Anatomy Association Advisory Committee (AAAC): Professor Ceri
Davies (to 17.07.25) Professor Joanna Matthan (from 17.07.25), Dr Asha Venkatesh, Membership
Officer and Dr Eilidh Ferguson, Meetings Officer.
UAR Understanding Animal Research – Profesor Nathan Jeffery, Research Officer (to December 2024),
Dr Lyndsay Murray, Research Officer (from 01.05.25)
Dr Eilidh Ferguson, Meetings Officer (from 01.05.25) and Dr Lyndsay Murray, Meetings Officer (
to 01.05.25).
PC Society representative to the Society Publishers’ Coalition – Professor Tracey Wilkinson, President
ACQ Society representative to The Anatomy Collective for Quality - tba.

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THE ANATOMICAL SOCIETY

(A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2025

FINANCIAL REVIEW

The total funds of the Anatomical Society and the Company of Anatomists during the financial year increased from £6,422,634 to £7,564,790 due to the continued success of journal publications. The total income amounted to £1,688,955, whilst total expenditure was £1,341,720, leaving a net surplus before investment gains of £347,235, compared to £352,785 in 2023/24.

The value of the main investment portfolios increased over the financial year from £4,392,565 to £5,669,943. There were net gains on investments of £794,921 compared to net gains of £492,504 in the prior year. The trustees are continuing to 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 of Anatomists.

Public benefit

Our annual public benefit activities included two very well attended conferences with scientific and educational symposia and public lectures; sponsorship of 3 new PhD research studentships commencing October 2025, with a total of 11 funded this year; grants totalling £22,674 were paid to 29 scientists to disseminate or develop their research (16 Symington Bequests, 12 Barclay-Smith and 1 Anatomical Society Research Development Award); grants of £18,400 paid to 8 undergraduate students for summer research projects; sponsorship of four university departmental seminars, and expenditure on prizes amounting to £3,687.

Going Concern

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 to 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 to the end of 2026. 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 policy

The total funds as at 30 September 2025 are £7,564,790 (2024: £6,422,634) of which £545,287 (2024: £490.639) are restricted. The members of the Council continue to review the level of reserves of the Society in light of current and future planned activity. The Society and its trading subsidiary, the Company of Anatomists Limited, publish two journals, the Journal of Anatomy and Aging Cell, through Wiley publications. These journals, particularly the former, continue to be the major source of revenue for the Society, and the threat of loss of income due to open access publishing campaign continues to be monitored and reviewed together with our publisher. Aging Cell has been operating on an open access 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 must be adequate to cover the longer-term liabilities of PhD studentships, employment costs, website and membership services and consequently maintain at least three year forward liquidity to cover all studentship costs for three years.

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 to invest those funds not immediately required for its purposes. Coutts & 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 to 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 potential.

Page 20

THE ANATOMICAL SOCIETY

(A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2025

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 Society 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 document which is updated on a regular basis. All significant risks, together with current mitigation actions, are reviewed regularly 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.

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 regulations.

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 law). 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 state of affairs of the Company and of the profit or loss of the Company for that period. In preparing these financial statements, the directors are required to:

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 time the financial position of the company and enable them to 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 at the time the report is approved:

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 order of the members of the Board of Trustees on 3 December 2025 and signed on their behalf by:

Prof. T. Wilkinson President

Page 21

THE ANATOMICAL SOCIETY

(A Company Limited by Guarantee)

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE ANATOMICAL SOCIETY

Opinion

We have audited the financial statements of the Anatomical Society, for the year ended 30 September 2025, which comprise the Consolidated Statement of Financial Activities, the Consolidated and Company Balance Sheets, the Consolidated Statement of Cash Flows and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the Trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Group’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

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

Page 22

THE ANATOMICAL SOCIETY

(A Company Limited by Guarantee)

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE ANATOMICAL SOCIETY (CONTINUED)

Other information

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 stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements, or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

Matters on which we are required to report by exception

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

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

Page 23

THE ANATOMICAL SOCIETY

(A Company Limited by Guarantee)

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE ANATOMICAL SOCIETY (CONTINUED)

Responsibilities of trustees

As explained more fully in the Trustees' Responsibilities Statement, set out on page 21, the Trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

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

Auditors' responsibilities for the audit of the financial statements

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

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

Based on our understanding of the Group and the environment in which it operates, we identified that the principal risks of non-compliance with laws and regulations related to 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 a 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 statements (including the risk of override of controls), and determined that the principal risks were related to posting inappropriate journal entries to revenue and management bias in accounting estimate and application of controls around authorisation of expenditure and payments. Audit procedures performed by the engagement team included:

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

Page 24

THE ANATOMICAL SOCIETY

(A Company Limited by Guarantee)

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE ANATOMICAL SOCIETY (CONTINUED)

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

Use of our report

This report is made solely to the charitable company's members, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and its members, as a body, for our audit work, for this report, or for the opinions we have formed.

Jackson Berry For and on behalf of HaysMac LLP

Statutory Auditors 10 Queen Street Place London EC4R 1AG

Date: 8 December 2025

HaysMac LLP are eligible to act as auditors in terms of section 1212 of the Companies Act 2006.

Page 25

THE ANATOMICAL SOCIETY

(A Company Limited by Guarantee)

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 30 SEPTEMBER 2025

Note
Income from:
Charitable activities
4
Investments
5
Total income
Expenditure on:
Raising funds
6
Charitable activities
7
Total expenditure
Net movement in funds before other
recognised gains/(losses)
Other recognised gains/(losses):
Gains on revaluation of investments
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Net movement in funds
Total funds carried forward		 Restricted
funds
2025
£
-
8,038
8,038
2,521
6,824
9,345
(1,307)
55,955
54,648
490,639
54,648
545,287		 Unrestricted
funds
2025
£
1,589,097
91,820
1,680,917
21,291
1,311,084
1,332,375
348,542
738,966
1,087,508
5,931,995
1,087,508
7,019,503		 Total
funds
2025
£
1,589,097
99,858
1,688,955
23,812
1,317,908
1,341,720
347,235
794,921
1,142,156
6,422,634
1,142,156
7,564,790		 Total
funds
2024
£
1,557,351
147,707
1,705,058
20,251
1,332,022
1,352,273
352,785
492,504
845,289
5,577,345
845,289
6,422,634

The Consolidated Statement of Financial Activities includes all gains and losses recognised in the year.

The notes on pages 30 to 44 form part of these financial statements.

Page 26

THE ANATOMICAL SOCIETY (A Company Limited by Guarantee) REGISTERED NUMBER: 01848115

CONSOLIDATED BALANCE SHEET AS AT 30 SEPTEMBER 2025

Note
Fixed assets
Tangible assets
11
Investments
12
Current assets
Debtors
13
Cash at bank and in hand
Creditors: amounts falling due within one
year
14
Net current assets
Total net assets
Charity funds
Restricted funds
15
Unrestricted funds
15
Total funds		 241,115
1,821,341
2,062,456
(167,609)		 2025
£
-
5,669,943
5,669,943
1,894,847
7,564,790
545,287
7,019,503
7,564,790		 245,775
1,884,579
2,130,354
(100,300)		 2024
£
15
4,392,565
4,392,580
2,030,054
6,422,634
490,639
5,931,995
6,422,634

The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime.

The financial statements were approved and authorised for issue by the Trustees on 3 December 2025 and signed on their behalf by:

Prof. T. Wilkinson President

Kieran mcdermott

Prof. K. McDermott Honorary Treasurer

The notes on pages 30 to 44 form part of these financial statements.

Page 27

THE ANATOMICAL SOCIETY (A Company Limited by Guarantee) REGISTERED NUMBER: 01848115

SOCIETY BALANCE SHEET AS AT 30 SEPTEMBER 2025

Note
Fixed assets
Tangible assets
11
Investments
12
Current assets
Debtors
13
Cash at bank and in hand
Creditors: amounts falling due within one
year
14
Net current assets
Total net assets
Charity funds
Restricted funds
15
Unrestricted funds
15
Total funds		 26,778
1,167,894
1,194,672
(69,786)		 2025
£
-
5,670,043
5,670,043
1,124,886
6,794,929
545,287
6,249,642
6,794,929		 26,778
1,321,659
1,348,437
(87,010)		 2024
£
15
4,392,665
4,392,680
1,261,427
5,654,107
490,639
5,163,468
5,654,107

The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime.

The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:

Prof. T. Wilkinson President Date: 3 December 2025

Kieran mcdermott

Prof. K. McDermott Honorary Treasurer

The notes on pages 30 to 44 form part of these financial statements.

Page 28

THE ANATOMICAL SOCIETY

(A Company Limited by Guarantee)

CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 30 SEPTEMBER 2025

Cash flows from operating activities
Net cash used in operating activities (see note 18)
Cash flows from investing activities
Dividends, interests and rents from investments
Proceeds from sale of investments
Purchase of investments
Net cash used in investing activities
Change in cash and cash equivalents in the year
Cash and cash equivalents at the beginning of the year
Cash and cash equivalents at the end of the year
The notes on pages 30 to 44 form part of these financial statements		 2025
£
319,361
99,858
1,739,947
(2,222,404)
(382,599)
(63,238)
1,884,579
1,821,341		 2024
£
721,410
147,707
3,676,681
(3,993,377)
(168,989)
552,421
1,332,158
1,884,579

Page 29

THE ANATOMICAL SOCIETY

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025

1. 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 1AG. The principal objectives of the Society are set out within the Trustees Report.

2. Accounting policies

2.1 Basis of preparation of financial statements

The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

The Anatomical Society meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting notes. The financial statements are presented in UK Sterling, which is the Society's functional currency, and rounded to the nearest pound.

2.2 Going concern

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 to 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 to the end of 2026. 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.

2.3 Basis of Consolidation

The financial statements consolidate the results of the Society and its wholly owned subsidiary, Company of Anatomists Limited (The), on a line-by-line basis. A separate Statement of Financial Activities and Income and Expenditure Account for the Society has not been presented because the Society has taken advantage of the exemption afforded by section 408 of the Companies Act 2006.

2.4 Income

All income is recognised once the Society 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:

Page 30

THE ANATOMICAL SOCIETY

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025

2. Accounting policies (continued)

2.5 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 its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities, and those costs of an indirect nature necessary to 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 set out in note 4. Other Expenditure represents those items not falling into any other heading.

2.6 Value added tax

Value added tax not recoverable is included in the relevant costs in the Statement of Financial Activities.

2.7 Tangible fixed assets and depreciation

Fixed Asset acquisitions or improvements are capitalised at cost.

At each reporting date the Society assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined to be the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

Tangible fixed assets are stated at cost, less depreciation. Depreciation is provided at rates calculated to write off the cost of fixed assets, less their estimated residual value, over their expected useful life as follows:

2.8 Investments

Investments are included in the financial statements at market value at the balance sheet date.

2.9 Fund accounting

Unrestricted funds are available for use at the discretion of the Trustees in furtherance of the charitable 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 year.

Restricted income funds are funds subject to specific restrictions imposed by donors or by the purpose of the appeal. The purposes and uses of the restricted funds are set out in note 13.

2.10 Debtors

Trade and other debtors are recognised at the settlement amount. Prepayments are valued at the amount prepaid net.

Page 31

THE ANATOMICAL SOCIETY

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025

2. Accounting policies (continued)

2.11 Cash at bank and in hand

Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

2.12 Creditors and provisions

Creditors and provisions are recognised where the Society has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

2.13 Employee benefits

Short term benefits 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.

2.14 Foreign Currencies

Transactions in foreign currencies are recorded at the rate ruling at the date 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 to the Statement of Financial Activities.

2.15 Financial instruments

The Group only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.

3. Critical accounting estimates and areas of judgement

In the application of the accounting policies, the Trustees are required to make judgement, estimates, and assumptions about the carrying value of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

Critical accounting estimates and assumptions:

The estimates and underlying 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 if the revision affected current and future periods.

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

Page 32

THE ANATOMICAL SOCIETY

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025

4. Income from charitable activities

Publication of journals
Membership subscriptions
Training programmes & events
Total 2024		 Unrestricted
funds
2025
£
1,501,304
35,630
52,163
1,589,097
1,557,351		 Total
funds
2025
£
1,501,304
35,630
52,163
1,589,097
1,557,351		 Total
funds
2024
£
1,483,459
35,254
38,638
1,557,351

5. Investment income

Interest receivable from UK government
stocks
UK dividends and interest
Total 2024		 Restricted
funds
2025
Unrestricted
funds
2025
£
£
185
24,038
7,853
67,782
8,038
91,820
12,240
135,467		 Total
funds
2025
£
24,223
75,635
99,858
147,707		 Total
funds
2024
£
26,170
121,537
147,707

6. Investment management costs

Investment management fees
Total 2024		 Restricted
funds
2025

£
2,521
2,261		 Unrestricted
funds
2025
£
21,291
17,990		 Total
funds
2025
£
23,812
20,251		 Total
funds
2024
£
20,251

Page 33

THE ANATOMICAL SOCIETY

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025

7. Analysis of expenditure on charitable activities

Summary by fund type

Charitable activities
Total 2024
Charitable activities
Total 2024
Analysis of direct costs
Graduate research
Conferences, travel and subsistence
International meetings
Prizes
Sponsorship of seminars
Subscriptions paid
Training programme
Publications of journals
Grants
Total 2024		 Restricted
funds
2025

£
6,824
9,504
Direct
costs
2025
£
1,160,482
1,167,759		 Unrestricted
funds
2025
£
1,311,084
1,322,518
Support
costs
2025
£
157,426
164,263
Charitable
activities
2025
£
275,739
73,784
2,274
3,687
392
17,237
11,576
724,001
51,792
1,160,482
1,167,759		 Total
2025
£
1,317,908
1,332,022
Total
funds
2025
£
1,317,908
1,332,022
Total
funds
2025
£
275,739
73,784
2,274
3,687
392
17,237
11,576
724,001
51,792
1,160,482
1,167,759		 Total
2024
£
1,332,022
Total
funds
2024
£
1,332,022
Total
funds
2024
£
317,990
52,672
1,818
1,704
2,280
18,210
8,803
724,261
40,021
1,167,759

Page 34

THE ANATOMICAL SOCIETY

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025

. Analysis of expenditure by activities (continued)

Analysis of support costs

Staff costs
Depreciation
Software and website
Payroll costs
Insurance
Membership charges
Telephone
Advertising
Bank charges
Secretarial support
Office rent
Journal Contract negotiations
Sundries
Governance costs
Total 2024		 Charitable
activities
2025
£
59,847
15
(4,578)
588
6,241
12,537
-
3,841
2,351
6,940
13,376
-
5,553
50,715
157,426
164,263		 Total
funds
2025
£
59,847
15
(4,578)
588
6,241
12,537
-
3,841
2,351
6,940
13,376
-
5,553
50,715
157,426
164,263		 Total
funds
2024
£
51,359
450
27,120
588
4,166
14,769
119
1,584
2,075
5,867
11,380
5,953
816
38,017
164,263

Governance costs

Audit fees
Committee meeting costs
Accountancy fees		 2025
£
19,800
20,831
10,084
50,715		 2024
£
11,154
20,904
5,959
38,017

Page 35

THE ANATOMICAL SOCIETY

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025

8. Staff costs

Group
Group
2025
2024
£
£
Wages and salaries
52,056
34,902
Social security costs
6,470
12,199
Pension costs
1,321
4,258
59,847
51,359
The average number of persons employed by the Society during the year was
Group
Group
2025
2024
No.
No.
1
1		 Society
2025
£
52,056
6,470
1,321
59,847
as follows:
Society
2025
No.
1		 Society
2024
£
34,902
12,199
4,258
51,359
Society
2024
No.
1

No employee received remuneration amounting to more than £60,000 in either year.

Other than the members of Council, there are no key management personnel. Council's expenses and remuneration are outlined in note 9.

9. Expenses of members of the Council

The members of the Council neither received nor waived any remuneration during the year in respect of their services to the Society.

Three Symington Awards totalling £1,500 awarded to three Trustees, £500 paid to each (2024: five grants (£2,500)).

One Public Engagement/Outreach Award of £380 awarded to one Trustee.

During the year ended 30 September 2025, expenses totalling £ 12,135 were reimbursed or paid directly to 15 members of the Council (2024 - £17,934 to 17 Trustees) .

10. Grants

During the year, 16 grants were paid from the Johnson Symington Memorial Bequest Fund to assist applicants (2024: 21 grants) to deliver scientific presentations at anatomical conferences and meetings held within Great Britain and Ireland and Overseas. Three PhD studentships were awarded to researchers advancing anatomical knowledge(2024: 4 grants). Twelve Barclay Smith awards were made to early career researchers to attend Anatomical Society Scientific Meetings (2024: 7 grants). Eight undergraduate student research scholarships were also awarded to support the development of the next generation of researchers. (2024: 7 grants). One Anatomical Society Research Development Award was made (2024:1 grant).

Page 36

THE ANATOMICAL SOCIETY

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025

11.
Tangible fixed assets
Group and Society
Cost or valuation
At 1 October 2024
At 30 September 2025
Depreciation
At 1 October 2024
Charge for the year
At 30 September 2025
Net book value
At 30 September 2025
At 30 September 2024
12.
Fixed asset investments
Group
Cost or valuation
At 1 October 2024
Additions
Disposals
Revaluations
At 30 September 2025
Net book value
At 30 September 2025
At 30 September 2024		 Website and
equipment
£
61,914
61,914
61,899
15
61,914
-
15
Listed
investments
£
4,392,566
2,222,404
(1,739,948)
794,921
5,669,943
5,669,943
4,392,566

Page 37

THE ANATOMICAL SOCIETY

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025

12. Fixed asset investments (continued)

Society
Cost or valuation
At 1 October 2024
Additions
Disposals
Revaluations
At 30 September 2025
Net book value
At 30 September 2025
At 30 September 2024
All of the investments are held in the UK.
Funds held in excess of 10% of total investments
Coutts Actively Managed US Equity Fund
Coutts North American ESG Insights Equity Funp		 Investments
in
subsidiary
companies
£
100
-
-
-
100
100
100		 Listed
investments
£
4,392,566
2,222,404
(1,739,948)
794,921
5,669,943
5,669,943
4,392,566		 Total
£
4,392,666
2,222,404
(1,739,948)
794,921
5,670,043
5,670,043
4,392,666
2025
£
585,254
906,411
1,491,665

Page 38

THE ANATOMICAL SOCIETY

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025

13. Debtors

Due within one year
Trade debtors
Amounts owed by group undertakings		 Group
2025
£
241,115
-
241,115		 Group
2024
£
245,775
-
245,775		 Society
2025
£
-
26,778
26,778		 Society
2024
£
-
26,778
26,778

The amount due from the Company of Anatomists relates to balances on loans previously provided to the Company. These loans were repaid in full in November 2025. 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 2025 £Nil (2024: £25,000) of these loans were repaid from the Company of Anatomist to the Anatomical Society.

14. Creditors: Amounts falling due within one year

Other taxation and social security
Other creditors
Accruals and deferred income		 Group
2025
£
86,234
3,151
78,224
167,609		 Group
2024
£
-
2,400
97,900
100,300		 Society
2025
£
2,315
3,151
64,320
69,786		 Society
2024
£
-
-
87,010
87,010

Page 39

THE ANATOMICAL SOCIETY

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025

15. Statement of funds

Statement of funds - current year

Balance at
Balance at 1 30
October Gains/ September
2024 Income Expenditure (Losses) 2025
£ £ £ £ £
Unrestricted funds
General Funds 5,931,995 1,680,917 (1,332,375) 738,966 7,019,503
Restricted funds
Johnson Symington Memorial
Bequest Fund 490,639 8,038 (9,345) 55,955 545,287
Total of funds 6,422,634 1,688,955 (1,341,720) 794,921 7,564,790
Statement of funds - prior year
Balance at
Balance at 30
1 October Gains/ September
2023 Income Expenditure (Losses) 2024
£ £ £ £ £
Unrestricted funds
General Funds 5,141,667 1,692,818 (1,340,508) 438,018 5,931,995
Restricted funds
Johnson Symington Memorial
Bequest Fund 435,678 12,240 (11,765) 54,486 490,639
Total of funds 5,577,345 1,705,058 (1,352,273) 492,504 6,422,634

The Johnson Symington Memorial Bequest Fund was set up by Miss Nina Symington, 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.

Page 40

THE ANATOMICAL SOCIETY

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025

16. Analysis of net assets between funds

Analysis of net assets between funds - current year

Fixed asset investments
Current assets
Creditors due within one year
Total		 Restricted
funds
2025
Unrestricted
funds
2025
£
£
524,974
5,144,969
21,278
2,041,178
(965)
(166,644)
545,287
7,019,503		 Total
funds
2025
£
5,669,943
2,062,456
(167,609)
7,564,790

Analysis of net assets between funds - prior year

Tangible fixed assets
Fixed asset investments
Current assets
Creditors due within one year
Total		 Restricted
funds
2024
£
-
461,290
31,851
-
493,141		 Unrestricted
funds
2024
£
15
3,931,275
2,098,503
(100,300)
5,929,493		 Total
funds
2024
£
15
4,392,565
2,130,354
(100,300)
6,422,634

Page 41

THE ANATOMICAL SOCIETY

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025

17. Reconciliation of net movement in funds to net cash flow from operating activities

Net income for the year (as per Statement of Financial Activities)
Adjustments for:
Depreciation charges
Dividends, interests and rents from investments
Decrease in debtors
Increase in creditors
Net cash provided by operating activities		 Group
2025
£
347,235
15
(99,858)
4,659
67,310
319,361		 Group
2024
£
352,785
450
(147,707)
454,608
61,274
721,410

18. Analysis of cash and cash equivalents

Cash in hand
Total cash and cash equivalents		 Group
2025
£
1,821,341
1,821,341		 Group
2024
£
1,884,579
1,884,579

19. Analysis of changes in net debt

Cash at bank and in hand At 1
October
2024
£
1,884,579
1,884,579		 Cash flows
£
(63,238)
(63,238)		 At 30
September
2025
£
1,821,341
1,821,341

20. Pension commitments

The group operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the group in an independently administered fund. The pension cost charge represents contributions payable by the group to the fund and amounted to £1,321 (2024 - £4,258). £110 (2024 - £Nil) was payable to the fund at the balance sheet date and is included in creditors.

Page 42

THE ANATOMICAL SOCIETY

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025

21. Related party transactions

15 members of the Council, at the Balance sheet date, also served during the year as directors of the Company of Anatomists Limited, the wholly owned subsidiary company of the Society. The Company of Anatomists Limited will pay £769,861 (2024: £768,528) of its taxable profits to the Society by gift aid on or before 30 June 2026.

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.

22. Charitable status

The society is a registered charity (no. 290469) and accordingly, no liability to taxation arises on the results for the year to the extent that income and gains are applied to the Society’s charitable projects.

Page 43

THE ANATOMICAL SOCIETY

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025

23. Principal subsidiaries

The following was a subsidiary undertaking of the Society:

Name Company Registered office or principal Class of Holding Included in number place of business shares consolidation Company of Anatomists Limited 01838518 10 Queen Street Place, London, Ordinary 100% Yes United Kingdom, EC4R 1AG

The financial results of the subsidiary for the year were:

Name Income Expenditure Profit/(Loss) Net assets
£ £ / Surplus/ £
(Deficit) for
the year
£
Company of Anatomists Limited 1,508,252 724,002 769,861 769,961

Page 44