REGISTERED COMPANY NUMBER: 00933565 (England and Wales) REGISTERED CHARITY NUMBER: 313433 REPORT OF THE TRUSTEES AND FINANCIAL STATElENTs FOR THE Y R EIYDED 3 EMBER 202 FO THE INlTuTE OF MEDICAL ILLUSTRATORS LIMITED Lemans Statutory AuditOT 29 Arboretum Str¢¢t Nottingbam Nottinghamsliire NGI 4JA
THE INSTITUTE OF MEDICAL ILLUSTRATORS tJMUED COIYTENTS OF THE FINANCIAL STATEMEwrs ELR THE YEAR ENDED 31 DECEMBER 2023 Page Report of the TYu&t Report of the Independent Auditors 8 to 11 ststement of Financial Actlvities 12 Balance Sheet 13 Notes to the Financial Ststements 14 to 20
THE IFisrrTvfE OF MEDICAL ILLUSTRATORS LIMITED REGISTERED NUMBER: 00_933565J REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2023 The Trustees who are also directors of the charity for the purposes of the Coll1pleS Act 2006, present their report with the financial stat¢m¢nts of the Chlty for the year ended 31 December 2023. The trustees have adoptsd the provisions of ih¢ Statement of Recommended Pracli¢e (SORP) "AcGounting and Reporting by Charlties" in preparing the annua] report and financial statements of the charity. The fuw]cial statements have been wepared tn accordance with the accounting wlicies set out in notes to the accounts and omply with the chaiity's governing document, the Charities Act 2011 and A¢¢ounting and Reporting by Chlties.. Ststement of Recommended Practice appliGable to charities Preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland published in October 2019. OWEcfivES AND ACTIVIT]ES Objectiv¢$ 4nd aims The aims and objectives for which the Institute of Medical lllustrators (IMI) is estsblished are set out in Clause 3 of the Institute's Memornldum and Article5 Of Association dated 20 September 1989, amended 20 September 2009, 17 September 2016 and 8th Oclober 2022. The prinry objective is to promote and advance education in all matters connected with medical illusti*ion and any subjects ancillary to or of use or benefit to the profession. Page I
THE tNSTITUTE OF MEDICAL ILLUSTRATORS LIMITED LREGISTERED NUMBER: 00933565 IIEPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2023 OWEcfivES AND ACTivfTIES Review of getfvities CouDcil The daY-tdaY management of the Institute has continued during the last year with Council meeting VIrallY via video-conference and also face-to-face. The AGM took place as a face-to-fa¢¢ meeting attended by members on November 9th 2023 &$ part of the annua] conference. An elethion in the summer of 2023 resulted in the appointhient of Council representative5 foT England, Scotlanl Ireland, and Wales and individuals took up these positions in November 2023. Awants The Institute organises annual awards for the rewgnition of excellence in medica] illustration. The awards are Jnade up of any number of Bronze and Silver (¢aGh given a certificate) OT Gold winners (each getting a certificat¢ and a cash prize paid by bank transfer), and also individual pri7£s for best studenL best graphic desig and best video enty, each receiving a ertifice and a trophy. A Platinum ('bes¢ in sho) award is also given consisting of a certificate and a cash prize paid by bank transfer. A selection of the awards from tbe Professional Exhibition at Imt's annual conf¢ren¢e are published in the Journal of Visual CommuniGation in Medicine and on the Imi website. An eltroniC exhibition was 51aged at th¢ annual conference at the Radisson Blu Hotel. Cardiff. 9th-10th N0vebe[ 2023 and an award5 catalogue for distribution to each member is in preparation. Conferenees The Institute ntinueS to organise an 2nnual conference offering delegates the opportunity to meet and hear of th¢ latest t¢Ghniques and d¢v¢lopments within our profession. A reco number of delegates attended the 2023 conference in Cardiff and had a very successful rneeting. Additionally, a virtual graphics study day was developed and offered free to all tml members. It Includ a number of presentstions and w&s well attended. Plans are underway for the next conference to take place in October 2024 in Castle DoniDgton and IatIonS wr being identified and contracts developed for a conference in northem England in 2025. Continuing Professional Development The Institute supports the CPD audit for A¢ademy of Healthcare Science (AHCS) registrants and wntinues to provide opportunities to its memb¢rs fr>r undertaking knining required for CPD. Graphit8 A designated Grnphics Lead reports to Council. Jn the coming year efforts will be focussed on developing IMI'S offering for Graphics memlw and attracting new members. Academy of Healthcare Science (AHCS) Imt has continued io play an active part of Academy business and is represented on the AHCS Professional Bodies Council by the Imt Chair or theiT T¢presentative. IMI sits within the professional group for Clinical Engineering. Additionally an representative a seat on the ACHS Regulation Board. Education and Training The Team liaiseg regularty with Higher Educthion Institutions and other educational authorities to accredit courses that lead to qualifications that are aeptable for prof¢55ional mernbership of Imt and registration with the AHCS. tMI W0ed witb the AHCS to develop a Certificate of Cornpetence as an equivalent roufr to regi51ration and this has been available via IN since April 2017. The University of Staffordshire runs a one-year graduate Certificate alongside a Postgraduate Ccrtificate. on a distane learning basis for graduate-level photographers and graphic designers. The Univetsity of Dunde¢ offers postgraduate ¢ourses in Medical Art and Medical and Forensic Art & Facial Identification, and the University of Glasgow l Gl&sgow sChJ1 of Art on Medi¢al Visualisation and Human Anatomy. Page 2
THE INSTITUTE OF MEDICAL ILLUSTRATORS Ll_MfTED {REGIS'IERED NUMBER: 00933565J REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2023 owEIVEs AND ACTIVITIES The University of Wales Postgraduate Certificate (Pgcert) in CliT)ical Photography closed in early 2023. Imt has worked losely with Health Education & Improvement Wales (HEIW) to develop a new post-graduats coutse in cliniGal photography that commenced in September 2023. Imt has W0ed with the Gloucesler University to develop an undergraduate prograne in Medical Illustration which was expected to be open for applications in 2023 with the first cohort expected to start in 2024. However, a Ghange in university peT50nnel and finan$ halted the development of this cose and a new start dafr 15 awaited. The Ir Summer School, was reintroduced into the training progratnme in 2023, following a 10-year gap. Fourteen students parti¢ipat¢d in the 3-day residential cou]se that *aches foundation skills through clinical and non-clinical workshops. The course will run again in 2024. IMI News ]Mt News continues to b¢ delivered as an online publication. and is w¢ll received by the membership. Imt News is a benefit to memb¢r5 and for some, parti¢vlarly those w01ng in remote aa$, it is invaluable in keeplng in touGh with the profession. The Journal of Vlsual Communleation in Medicine The Journal continues kn be a benefjt to mernbers and saw a new editor in chief appointed in late 2021 and review and TrganisatIon of the edRtorial team in 2022. Marketing Efforts in the past y¢ar have concentrated on the improvement of the IMI website and is continuing. Social media sites continue to see an increase in activity and popularity and are often used to Sha relevalrt interesting links and news lo a wider audi¢n¢e. Membership Membership Numbers March 2024 Memben Mcmb¢n Professional Members - Member Photographic - Member Grnphi¢ - M¢mber Vid - Member Other - Maternity & Career breaks Totsl Professional Mcmb¢rs: Sthdents Student Photographi - Student Graphic - Student Video Total Students: 248 49 41 47 307 Retired - Retired Photo - Retired Grnphics Retired Video Total Retired: Fdlojys - Practicing - Retired Total Fellows: 12 Affiliate Affiliate Photo Affiliate Graphics - Afflliate Video - Affiliate Other Tolal Affiligte: Hollorary Fellows: - Pra¢ticing - RetlT¢d Total Honorary Fellows: 37 Jo 15 49 - Corpornte Members - Auditor AL MEMBERS: NAtioDal Guidelines The Institufr publishe5 a range of Na130nal Guidelines on medical illusttztion disciplines. Submlssion guidance for team5 Working on the guidelin¢s is published on the IM] website. A number of previousty published guidelines hav¢ been reviewed and several new Guidelines are in preparation. Page 3
THE INSTITUTE OF MEDICAL ILLUSTIL4TORS LIMITED IREGISTERED NtJMBER: 00933565J EPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2023 ORIECTIVES AND ACTIvrriES Quality ASSUnCe StandArds Medical Illustration Departments continue to WO towards QAS assessment at lev¢ls l and 2 a¢tivity h&8 returned post-pandemic utilising a new method of on-line assessment An on-lin¢ review process is in developnlent. ReEiOll3 Regiona] activty bas Tesumed post-pandemic continues to develop. There have been many changes in the regional representstive personnel bringing new activity aT)d r¢generntion. Regulation The Institute continues to pursue the statutory regulation of clinical photogrdphers, and has representation on the AHCS Regulation Board. Schools liaison and eareer5 advice A large number of caTeet5 ¢nquiries are answered through the Ye by the Carters Advisor. M05t of th05e enquiring can b¢ referred to the Imt website, or the Institute's &qreets brochures and posters, as well as inforniation fn)m each of tbe universities. In 2024, IMI will be hosting a stsnd at the nattonal Photography gnd Video Show at the NEC. Birniingham. Webshe The In5titut¢ web site offtrs a public interface for our profession. This includes a "Find a Professional" sewch facility, legal and ethical issues. national photogrnphy guidelines, caree, education, n¢ws, meetings, confrrences. job vacancies and an imag¢ gallery. In additio there is a private area for IMI Members containing a searchable contact database. on-line CPD Tecording, full online access to our journal, Imt News and minutes from Council meetinEg. The web site reflects the branding and values of the Institute and provides a modem interface for our profession and our members. It inwrporntes benefits ftjr our existing members and is designed to attrnct new members by showcasing our ]nstitLrte as modern. supportive. accountable, r¢swnsiv4 real aT]d innovative. A series of videos promoting the profession has been developed. The Imt Conference has a laTge PT¢s¢nce on the website with links via the home page. The promotion of the upcoming conference direcily replaces the Previous yearfs post confEnce inforniation / debrief. The website IS been sueeessfully maintained by Design Monkey since 2021 and the association with IMI is working well and several improvements have been achieved including the management of the Awards. However, problems with the member's database continu¢ and the Officers tk tbe decision to request a re-build of the membevs database in 2024. It is hoped that this will resolve ihe ongoing difficulties. IMI Nations Council currently includes representalives from SGotland, Irelanl Wal¢s and England and they report to Council. Governance IMI continues to review its governance atrdngements and the new sub-committee of Council set up in 2021 is working well. ]n 2023 R¢gulation was incowated into the leam. Innovation The Innovation and Twhnical SUb-mMIttee of Council was set up in 2021 to ¢onsider te¢hnologi¢al issues and pr¢ssur¢s upon the profe8sion and is working well. Page 4
THE INSTITUTE OF MEDICAL ILLUST114TORS LI_MITED LKL¢ilSTERED NUMBER: 00933565) REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2023 oRcT[YEs AND ACTIVJTIES Grnntmaking The Pat Turnbull fund assists rnembers of the Institute in their travel funding to conferences thmughout the world. Any paid-up member apply and there is a defined Procedure to ensure equity aT]d fairness. All applictons are dealt with anonymously Wlth Council basing their decision on who benefits solely on the details of the appli¢ation. No member will be awarded funding in consecutive years. unless the is a lack of applications. Funding will only be presented on the implicit understanding that a short report of the meeting attended is written for either Imt News or the Journal of Visual Communication in Medicine. There were no Pat Tumbull awards nMde in 2023. Volunteers All departments of tbe charity are run by volunteers. FINANCIAL REVIEW Investment policy objèctlves Investments held by the Institr have been acquired in a¢¢4)rdance with the Wer available to the Council of Members. The TNsle¢s intend that th¢ r¢al value of the reserves be protected and enhCed by inv¢sting at lower risk. seeking professional help and when requid. Reserves policy Unrestricted fvnds are needed to cover operating and support costs without which the charity could not function and to support the amnual conference. Council consider it prudent that unrestricted reseeS should be sufficient to cover one year's op¢rJting and support costs. The level of reserves is monitored revi¢woJ by Council annually. At 31 Deceftnber 2023 unrestricted reserves were £115,628 and restricted reserve5 were £29,358. The resuhs for the year are as shown in the attached Financial Statements. The Institute's work is reliant on membership fee these fimds have been used fUrthenCe of the InstitLrte's objectives. STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document The charity is controlled by its governing a0meAl a deed of twst, and constitutes a limited company, limit by 8uarnnt, Ls defined by the Companies Act 2006. In the event of the charity winding up membets, liabilities will not exceed £1, Organisatlon21 strueture The day to day running of the charity is delegated to the Honordry Secretary and Honordry TSUr subje¢t to ratification of those decisions made by m¢mbers of council. Risk manggement The Council's exposure to risk has been VieWed and systwns are being put in place to mitigate exposure to tnajor risks. REFERENCE AND ADMINISTRATIVE DETAILS Regi5t¢r¢d Company number 00933565 {Engiand and Wales) Registered Charity number 313433 Registered office 12 Coldbath Square London ECIR5HL Page 5
THE INSTITufE OF MEDICAL ILLu¥fiL4TORS LIMJIED GIST NUMBER: OQ933565J REPORT OF THE TRUSTE& FOR THE YEAR ENDED I DECEMBER 2023 Trustees N White C Lamoon C Lamoon C M Fleming G B Gilbert S Sutherland A Roddick C Lleweltyn G Meredith LCA White Chair Chair Chair Ele Honorary S¢etary Honorary Treasurer Member of Council I Scottish representstive Member of Council I Scottish repres¢ntstive Member of Council I W¢lsh representative Member of Council I Welsh representative Student representative resigned appointed resiEn¢d 10.11.2023 10.11.2023 10.11.2023 resigned appointed reSI¢d appointed appointed 10.11.2023 10.11.2023 10.11.2023 10.11.2023 03.02.2023 C(HIpt for one year K J McFall J Tovey P Comiskey P Quinlan I Culley A Jones Education Lead MCtIng I*ad Member of Council I Irish R¢presetttative Member of Council I Irish Representative memb of Council l English Representative Member of Council l English Representative appointed appointed Tesign appointed Tesigned appointsd 10.11.2023 10.11.2023 10.11.2023 10.11.2023 10.11.2023 10.11.2023 Company Secretary C Fleming Auditors Lern$ Ststutory Auditor 29 Arboretum Street Nottingham Nottinghan]shire NGI 4JA Bankers National We5tininster Bank Pl¢ 52 Rectory Road West BridEford Nottingham NG2 6FF So]i¢itors William Sturge8 & Co Burwood House 14-16 Caxton Street London SWIH OQY PUBLIC BENEFTT The Trustees have had due regard to the guidance published by the Charity Commission on public benefit when reviewing the Charitys aims and objective5, The object of the charity and details of WIK) and how the charity has helpgd Gan be found onpage l. Page 6
THE INsrrrtrrE OF MED AL ILLUSTRATORS LJMITED (REGIS ED NUMBEIL. QQ EP RT F THE_TRU&TEES FOR THE YEAR ENDED 31 DECEMBER 2023 srATEMENT OF TRUSTEES. RESPONSIBILITIES The trustees (Mtho are aJ80 directots of The Institut¢ of Medical Illustrators Limited for the purposes of cxJmpaT)y law) are responsible for Preparing the TnceS, Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Acceptsd Accounting PractiG¢). Cornpany law requiffs the trusteeg to prepare financial statements for each finan¢ial year, which give a true and fair view of the stste of affaiT5 of the charitable company and of the incoming resources and application of regource4 including th incomc and expenditure, of the charitable company for that perio(L In preparing these financtal statements, the trustees are required to: - select suitable accounting polkcies and then apply them consistently. - observe the methods and principles in the Charities SORP 2019. - make judgements and estimatss that are reasonable and pnen¢ state whether applicable UK Accounting Standard5 bave been followe4 subject to any material departure5 dis¢losed and ¢xplained in the financial statements. prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continu¢ in operation. The trustees are T¢Swnsible for keeping adequate accounting re¢ords that disclos¢ with reasonable accurdcy at any tim¢ th¢ financial position of the charitable company and enable them to ensure that the financial stalements comply with the Companies Act 2006. They are also restKJnsi7)le for safeguarding tbe agsets of the charitable company and hence for taking reagonable steps for the prevgntion and detection of fraud alld other irregularities. In 50 far as the tnJst¢¢s are aware.. - there is no Televant audit inforniation of which the clwitable company's auditor ig unaware. and - the lrnstees have taken all stws that they ought to have taken to make themselves aware of any relevant audit infonnation and to establish that the auditor 15 aware of that infornialion. AUDITORS The auditor4 Ltmans, will be pn)pos¢d for r¢-appointment at the forthcoming Annual General Meeting. This rqx)rt has been prcpaffd ill accordance with the special provisions of Part 15 of the Companies Act 2006 relaing to small wmpallies. Approved by order of the board of ffiistees on 5 April 2024 and si8tted Oll its behalf by.. C Lamoon - Trnstee Page 7
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF THE INSTITirrE OF MEDICAL ILLU TRATORS LIMITED OpinioD We have audited the finan¢ial statetnents of The Institute of Medical Illustrators Limited (th¢ 'charitable company,) for the year end¢d 31 December 2023 which compris¢ the Statement of Finanrial Activitie5, the Balance Sheet and notes to the financial statements, including a summary of 5ignifi¢ant accounting PK)licies. The fmancial reporting framework th* has been applied in their pparatIon 15 applicable law and United Kingdom Accounting Standards Iunitrd Kingdom Generally A¢c¢pted Accounting Practice). In our opinion the financial statements: give a tsue faiT view of the state of the Gharitable Company's affairs as at 31 Decemkr 2023 and of its inwrning resour¢¢5 and application of r¢gour¢es. including its in¢ome 2nd expenditure, for the year then ended. have been properly prepared in accordartce with United Kingdom Generally AcGeptgJ A¢counting Prdrtic¢" and hav¢ been prepared in a¢cordance with the requirement5 of the Companies Act 2006. Basis for opinion We conduct¢d our audit in a¢coTdance with Internation St2ndards on Auditing (UK) (ISAS (UK)) and applicable law. Our swnsibilities under those stalldards ate fi]rther described in the Auditors, respoT)sibilities for the audit of the financial stat¢m¢nts se£tion of our report. We are independenl of the tharitable Company in aLxordance with the ethical requinents tIt are relevant to our avdit of the fllwlcial stat¢ments in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical 5)nSibIlItieS in accordance with these requirements. We believe that the audit evidence we have obtained i5 sufficient and appropriate to provide a basis for our opinio Conclusions relgting to going eoneern In auditing ihe financial 5tafrTn¢nts, we have conGlud¢d that the trustees, use of the going concern basis of accounting in ihe prepaTation of the fmancial statements is appropriate. Based on the woth we have perfornied we have not identified any mat¢rial uncertaintie5 rclaling to events or conditions thaL individually or collectively, may wt significant doubt on the charilable company'5 abilty to continue Is a going concern foT a period of at least twelv¢ montbs from when the financial statements are authorised for i&sue. Our reSnsibIlitieS and the responsibilities of the trustees with respect to going concern are d¢S1bed in the relevant sections of this reN)rt. Other inforn]ation The trust¢es are resw]5ibl¢ for the other inforniation. The other infonnation comprises the infomation included in Éh¢ Annual Report, other than the financial statements and our Report of the Indq)endtnt Auditors thereon. Our opinion on the financial ststements does not cover the oiher infomiation and, except to the extent otherwise explicitly stated in ourreport, we do not express any forni of agsurdnce conclusion then. In connection with our audit of ihe fmancial slatsTnents, our responsibility is to read the other infOrntIOll and. in doing so, consider whether the other inforination is nteriallY inci)nsistent with the finan¢ial statements or our knowledge obtained in the audit or otherwise appe to be materially misstated. If we identify such n]aterial inconsistenci¢5 or apparent material misstatements, we are required to detern)ine whether this gives rise to a material misstatement in the fiT]an¢ial statements themselves. If, based on the work we have perfonned, we wJ)Glude tbat there is a material misstatement of this other infomation, we are required to report that fa¢t. We have notbing to report in this regard. Opinions on other matters prescribed by the Companies Act 2006 In our Opinio based on the work undertaken in the course of the audit: the inforniation given in the Report of the Trustees for the financial year for which the finan¢ial statements are prepared is consistent with the financial stalement5" and the Rew)rt of the T5¢¢¢$ has been prepared in accordance with applicable legal requirements. Page 8
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF THE INSTITUTE OF IIIEDICAL ILLUSTRATORS LIMITED Matters on which we are requir to report by exception tn the light of the knowledge and understanding of the charitable comptny and ils environment obtsined in the course of the audit, we have not identified material misstatements in the Rep)rt of the Tte¢s. We have nothing to report in respect of the following matters wh¢re the Companies Act 2006 Tcquires us to report to you i£ in our opinion: adequate accounting records have not been kept or returns adequate for our audit have not been received from brdnches not Vi51ted by u& or the financial statements are not in agreement with the accounting and rettuns; or ertain disclosures of trustees, remuneration SPlfied by law are not made. or we have not received all the infomiation and explanations we require for our audit. or the tNstees were not entitled to take advantage of the small companies ex¢mption from th¢ r¢quitEment to ppare a Strategic Report or in preparing the Report of the Trustees. Responsibilities of trustrts As explained more fully in the Statement of Trustees, Responsibilities. the trustees (WIMI are also the directors of the charitable company for the purposes of company law) are responsible for the preparntion of the fitwirial sfatem¢nts and for being satisfied that th¢y give a true and fair view, and for such internal control a5 the trnstees detemine is necessary to enable the preparation of financial ststements that are free from material mi55tat¢ment, whether due to fraud OT error. In preparing the financial statements, the trustees responsible for assessing the Chitable company's ability to Continue as a going concern, disclosing, as applIble. matters related to going concern and using the going concern basis of accounting unless th¢ tNstees either int¢nd to liquidate the charitsble company or to cease operations, or have no realistic alternative but to do so. Page 9
REPORT OF THE INDEPENDENT AUDTTORS TO THE MEMBERS OF THE INSTITUTE OF MEDICA_L ILLSTRATORs LIMITED Our responsibilities for the alldlt of the financial statements Our objectives lo obtain reasonable assurance about whether the finan¢ial statements &8 a whole are fite from material misstatemenl whether due to fraud or error, and to issue a Report of the Independent Auditors Ihat includes our opinion. Reasonable &ssurance is a high l¢v¢l of &ssurdnce, but is not a guarantee that ¥n audit conducted in aGGordance with ISAS (UK) will always detect a nllterial misstatement when il 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 econorni decisions of users tsken on the basis ofthese financial statements. The axtent to wbich our pmcedures are capable of detecting Irregul1tics, including is detailed below.. IrreEularitie& including frdud, are in51aD¢w of non-compliance with laws and regulations. We design pmcedures in line with our respon5ibiliti¢s, outlined abov4 to delect material misstatements in respect of irregularitie4 including fraud. The sp¢cific procedures for this engagement and the extent to which these capable of detscting irregularitie4 including fraud is detailed below". - Exerclse pmfessionaljudgment and maintsin professional scepticism throughout the planning and perfonn2nce of the audiL - Identify and as$ the risks of material rnisstatement of the financial ststements, wh¢th¢r du¢ to fiaud or eTror, design and perfonn audit procethres responsive to those risk4 and obtsin audit evidence that is sulYici¢nt and appropriate to provide a basis for our opinion. - Obtain an understanding of the internal control relevant to the audit in order to desigrt audit procedures that are appropriate in th¢ ¢ircumstances, but not for the purp)se of ¢xpressing an opinion on the effecliveness of the charity's internal control; Evaluate the appropriateness of accounting policies used and the reasonablen$ of a¢countAng estijnates and related disclosures made by managemenL - Make enquiries of management and thos¢ cIwged with governance of any instances of nonkn¢A)mpliance with laws and regulations and of any actual and potential litigation and claims. R¢view financial 5tatemwrt disclosures to supwrting documentation to assess compliance with appli¢able laws and regulations Because of the inherent limitations of an audiL there is a risk that we will not detect all irregularities. including those leading to a material misststement in the financial statsments or non-compliance with regulatton. This risk increases the n]or¢ that ¢ompliance witb a law or regulation is removed from the events and transactions reflected in th¢ fmancial statements, as w¢ will be less likely to become aware of inslan¢¢s of non-cornpliance. Th¢ risk is also greater regarding irregularities occurring due to ud rather than eLTOT, as fraud involves intentional concealment. forgery. collusion, ornission or misrepresentatio A further description of our responsibilities for the a[lt of the financia] statements Is located on the Financial Reporting Council's website at www.frc.org.uUauditor5spoDSibil1IieS. This description fornis part of our Report of the Independent Auditors. Page 10
REPORT OF THE INDEPENDENT A DITORS TO THE MEMBERS E IIYSTITUTE OF MEDIcLILLuTRATOBS LIMITED Us¢ ofollr report This report is made solely to the chlble coMpanS members, as a body, in accordance with Chapter 3 of Part 16 of the Cornpanies Act 2006. Our audit work has been undertaken so that we might state to Ihe charitable company's members those mattets we aTe requiTed to state to them in an auditors, Ttport and for no other purpose. To the fullest extent perniitted by law, we do not awept or Ume responsibility to Anyone other than the charitabl¢ company and the chaTitable company's members as a body, for our audit work, for this rqxirt, or for the opinions we have fomed. FI.1c. K Mealand (Senior Statutory Auditor) for and on behalf of L•nans Statutory Auditor 29 Arboretum Street NottInlaM Nottingharnshire NGI 4JA Page 11
THE INlTurE OF MEDICAL ILLUSTRATORS LIMITED STATEMENT OF FINANCIAL AlTIE INCORPORATING AN INCOME AND EXPENDITURE ACCOI: FOR THE YEAR ENDED 31 DECEMBER 2023 31.12.23 Total funds 31.12.22 Unrestricted fid8 Restrlctsd funds funds Notes JNCOME AND ENDOWME]Y15 FROM I)onati¢)ns and legacies 50 50 30 ChAritable activities Membership Annual Conference Education and Training Mark&ing Communication Journal of Visual Communications in Medicine 51,676 92,144 8,140 2.000 2,480 51,676 92,144 8,140 46,456 55,984 450 2,000 2.485 2,480 Investment income Other income 3,082 1.266 4.348 1,835 413 Total 159,572 1,266 160,838 109,653 EXPENDITURE ON Charitable activities Membership Annual Conference Education and Training Marketing and Communication 26,106 75,566 10.022 17.835 26,106 75,566 10,022 17,835 20,317 45,286 948 16,941 Totsl 129529 129.529 83,492 Net gainsl(loss¢$) on investments (623) (694) (1,317) {3,354) NET INCOIVIE 29.420 572 29,992 22,807 RECONCILIATION OF FUNDS Total funds brought forward 86208 26,786 114,994 92,187 TOTAL FUNDS CARRIED FORWARD 115,628 29,358 144,986 114,994 The notes forni part of these financial stthements Page 12
THE INSTITUTE OF MEDICAL ILLUSTRATORS LIMITED LREGISTERED NUMBEIL: 00933565 BALANCE SHEET 31 DECEMBER 2023 31.12,23 31.12.22 Notes FIXED ASSETS Invgstments 53,532 32,849 CURREiYf ASSETS Debtors Cash at bank io 17.827 114,816 14,834 91594 132,643 107,428 CREDITOILS Amounts falling due within on¢ year 11 (41,189) (25283) NET CURRENT ASSETS 91,454 82.145 TOTAL ASSETS LESS CURRENT LIABILITIES 144,986 114,994 NET ASSETS 144.986 114.994 FUNDS Unrestricted fvnds Restricted n$ 13 115,628 29,358 86208 28,786 TOTAL FUNDS 144.986 114,994 These financial 5tat¢ments have been prepared in ac¢ot%lance with the provisions applid>lc to charitable ¢ompanies subject to the small companies regime. The financial gtatements We approved by the Board of Trustees and authorised for issue on 5 April 2024 and were signed on itg behalf by.. C Lamoon - Trnstee C Fl¢ming- TNstee The notes forni part of th¢s¢ financial ststements Page 13
THE INSTITUTE OF MEDICAL ILLUSTRATORS NOTES TO THE FINANCIAL STATEMENrs FOR THE YEAR ENDED 31 DECEMBER 2023 STATUTORY INFORMATION The Institute of Medical Illustrators Limited is a private charitable company limited by guarantee incowrated in England within the United Kingdotn. The address of the registered office 8J]d registration nutnben are given in the report ofthe tnleeS administrative infonnation on pages 5 and 6 of these fmancial statemwits. ACCOUNTING POLICIES Basis of PT¢p8ring the fmAncial statements The fmancial statem¢nts of the charitable company. which is a public benefit entity under FRS 102, have been prepared in accordance with Accounting and Reporting by Charitie5: Statement of Recommended Prnctice applicable to charlties preparing their aGwunts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland issued in October 2019, the Financial Reporting Standard Applicable in the UK and Republi¢ of ]r¢land (FRS 102), th¢ Charities Act 2011, the Companies Act 2006 and UK GeneTally Accepted Accountiv)g Practice. The financial statements are prepared on a going concern basis under the historical cost convention modified to include certain items at fair value. The financial statements are prepared in sterling which is the functiona] cuencY of the tharity and rounded to the neest pound. Th¢ trustees COD5ider that th¢r¢ are no material uncertainties about the Charity's ability to continue as a going concem. Income All income is recognised in the Statement of Financial Activities when the charity is legally entitled to the income after any perfomlance conditions have been met, the amount can be measured reliably and il is probable that the income will be received. Subscription income is accounted for in the period to which it r¢lat¢s. Conference inwme is accounted for in the p&iod in which the conference is held. Expenditure Liabilitie5 are re¢ognised as expenditu as soon &$ there is a legal or constructive obligation committing the charity to that expenditur4 it is probable that a transfer of economic benefits will be required in settlem¢nt and the amount of the obligation can be measured reliably. Expenditure is accounted for on an aGfflials basis and ha5 beell Classif1 under headings ITrt aggregate all cost Telated to th¢ eategory. Where costs cannot b¢ directly attributed to particular headings they have been allocated to activities on a basis C4)nsistent with the use of resouT¢es. Alloeation and apportionment of costs Where costs camiot be directly attributed to particular heading5 they have beea allocated to activities on a basis consigtsnt with the use of sources. Intangibk fixed assets The website development costs are being depreciated over 4 years. T8ngJl>le fixed assets DepreciatiQD 15 provided at the following annual rates in order to write off each &8set over its estimated useful life. Exhibition Stsnd - 200/0 on cost Pag¢ 14 contittued...
THE INsfiTtrrE OF MEDICAL ILLUSTIL4TORS LIMITED NOTF8 T() THF. WINANCIAL STATEMENIS- continue FOR THE YEAR ENDED 31 DECEMBER 2023 ACCOU1[G POLICIES- continued Tangible fixcd assets Computer equipment is written off in the year of acquisition. Fund gccounting Th¢ generdl fimd consists of the accumulation of surpluses less deficits of income over revenue expenditur¢ and call be used in acwrdance with the objects of the charity at the discretion of the ffiistees. Designat¢d fiLnds comprise ut]restricted funds that have been set &side by the trustees for particular purse$. The aim and use of the designated fund is set out in the notes to the fman¢ial ststements. Restricled funds can only be used for particular restricted purw)ses within the objects of the Gharity. Inv¢slments Investments are stated in the ba12nce sheet at fair value, with changes recognised in knet goinsl{losses) on investments, in the SOFA. Investment income is included as income when receivable. Deferred Income MembeT5hip income received during the cumt fmancial yw that lateS to the next financial year is included as d¢f¢rr¢d income. Grants Payable Grants are payable fiDm the Tumbull fund and are included in the year in which the offer is Conveyed to the reGipienL Cash at Bank The charity holds sufficient funds in order to meet its short tenn casb commitments as they fall due. D¢b¢ors and creditors Debtors and ClItorS are recorded at trn]sathAon price, INVESTMENT INCOME 31.12.23 31.12.22 Investment income DqsIt accowit interest 2,740 1,608 1,597 238 4,348 1,835 Page 15 conliDued...
THE INSTITUTE OF MEDICAL ILLUSTRATORS LIMIT LYQTES TO THE IAL TATEMENTS. nlled FOR THE YEAR ENDED 31 DECEMBER 2023 PIET INCOMEI(EXPENDITURE) Net incomel{expenditure) is stated after charging1(¢a1ting). 31.12.23 31.1222 Auditors, remuneration Website development costs amortisation Non-audil fees 2,140 1,980 3,150 5,348 5,692 TRUSTEES, REMUNERATJON AND BENEFJTS There were no trustees, remuneration or other benefits for the year ended 31 December 2023 nor for the year ended 31 December 2022. Trustees, expenses During the year £6.173 was paid to 9 ¢ouneil members in respect of travel and reimbursed expenses (2022 - £6,252 paid to I I council membets). MEMBERS, LJABILITY The liability of the Members is limited to a maximum of £1 each. INTANGIBLE FIXED ASSETS Website development costs COST At l January 2023 and 31 December 2023 44,250 AMORTISATION At l January 2023 and 31 December 2023 44.250 NET BOOK VALUE At 31 December 2023 At 31 December 2022 Page 16 continued..,
THE INSTJTUTE OF MEDICAL ILLUSTRATORS LIMJTED NOTES TO THE FINANCLIL STATEMENTS- eontinued R THE YEAR ENDED 31 DECEMBER 2023 TANGIBLE FIXED ASSETS Exhibition Stand and Office Equipment COST At l January 2023 Disposals 17.065 {12,988} At 31 DecembeT 2023 4,077 DEPRECIATION At l January 2023 Eliminated on disposal 17,065 (12,988) At 31 December 2023 4,077 NET BOOK VALUE At 31 De£ember 2023 At 31 De¢¢mber 2022 FIXED ASSET INVESTMENIS Listed investtnents MARKET VALUE At l January 2023 Additions Revaluations 32,849 22.000 (1,317) At 31 December 2023 53,532 NET BOOK VALUE At 31 December 2023 53.532 At 31 December 2022 32,849 There were no invcstlnent &ssets outside the UK. All investments are held primarily for an investment retLrn. Cost or valuation at 31 December 2023 is repTesented by., Listed inv¢stmenls Valuation in 2023 53,532 Page 17 continued...
THE INsfiTUTE OF MEDICAL ILLUSTRATORS LIMITED NOTES TO THE FINLI.N.QIAL STAT FOR THE YEAR ENDED 31 DECEMBER 2023 ntinued io. DEBTORS: AMOUNTS FALLING DUE WITHIIY O]YE YEAR 31.12.23 31.12.22 Trade debtors Prepayments and accrued incorne 11,640 6,187 9,745 5,089 17,827 14,834 ii. CREDITORS: AMOUNTS FALLING DUE wrrHIN ONE YEAR 31.12.23 31.12.22 Trade crgjitors Accruals and d¢f¢ed income 17,248 23,941 2213 23,070 41,189 25.283 12. ANALYSIS OF NET ASSETS BETWEEN FUNDS 31.12.23 Total funds 31.12.22 Totsl fimds Unrestricted funds Restricted funds Investments CuTrenl assels Current liabilities 31226 124,591 (41.189) 21,306 8.052 53,532 132,643 (41,189) 32.849 107,428 (25,283) 115,628 29,358 144,986 114.994 13. MOVEMENT IN FUNDS Net movement in funds At 31.12.23 At 1.1.23 Unre$tri¢ted funds General fund 86,208 29,420 115,628 Restrieted funds TuTnbull Fund 28,786 572 29,358 TOTAL FUNDS 114,994 29,992 144.986 Page 18 continued...
THE INSTI E OF MEDICAL ILLUSTIL4T N(yfF,S TQ THF FINANCIAL STATEMENIS lUll -ton FOR THE YEAR ENDED 31 DECEMBER 2023 13. MOVEMENT IN FUNDS- continued Net movernent in funds, included in the aiK)ve are &$ follows.. Incomillg resourres Resources expended Gains and losses Movernent in ndS Unrestricted fun(ts Genernl fund 159.572 (129.529) {623) 29.420 Restricted funds TuTnbull Fund 1,266 (694) 572 TOTAL FUNDS 160.838 (129,529) (1,317) 29,992 Comparntives for movement in funds Net movement in funds At 31.12.22 At 1.1.22 Unrestricted funds General fund 63,486 22,722 86,208 Re5tiicted funds Turnbull Fund 28,701 85 28.786 TOTAL FUNDS 92,187 21807 114,994 Comparative net movement in fimd% included in the above are as follows,. Incoming resources Resources expended Gains and 1035¢S Movern¢v)t in fimds unrestrict funds G¢nernl fund 109,568 (83.492) (3.354) 22,722 Restricted funds Turnbull Fund 85 85 TOTAL FUNDS 109,653 (83,492) (3J54} 22,807 Page 19 contlnued...
THE IN TITtrrE OF MEDJCAL ILLUSTRATORS LIMITED THE FINAFIC AL SIAYEMENTS- continue FOR THE YEAR ENDED 31 DECEMBER 2023 13. MOVEMENT IN FUNDS- continued A current year 12 months and prior year 12 months combined sItiOn is as follows: Net movement in fjjnds At 31,12,23 At 1.1.22 Unrestricted fun(ts Gencrnl fimd 63.486 51142 115,628 Re5trieted Turnbull Fund 28,701 657 29,358 TOTAL FUNDS 92,187 52,799 144.986 A Guent year 12 months and Prior year 12 months cornbined net movement in fijnds. in¢luded in tbe above are as follows: Incoming resources ResoUe8 expended Gains and losses Movement in fvnds Unrestricted fulld$ General fund 269.140 (213,021) (3,977} 52,142 Restrleted funds Turnbull Fund 1351 (694) 657 TOTAL FUNDS 270,491 (213,021) (4.671) 52,799 Turnbull Fund This fund assists members of the Institute in their travel fijnding to conferences throughout the world. Applications are made to Council on an anonyrnous basis. 14. RELATED PARTY DISCLOSURES Dr W Manley, Kathy McFail's husband, w&8 paid £1,140 during the year for professional editing and education services. Page 20