REGISTERED COIWIPANY NUMBER: 00933565 (England #nd WAl¢$) REGJSTERED CHARITY NUMBEIL. 313433 REPQRT OF THE TRUSTEES_AND FIf4AllCLIL STATEMENTS FQR THE YEAR_ENDED 31 DE£EMBER 202 FOR THE INSTITufE OF NIEDICAL ILLUSTRATORS LIMITED Lenians Statutory Auditor 29 Arboretum Streei Nottingham Nottinghamshire NGI 4JA INSTITUTE OF MEDICAL tLLUSTRATORS CONTENTS OF THE FINANCIAL STATEMENTS IDE Page Report of the Trustees Report Df the Independent Auditors stat¢ment of Finanei41 Activities 12 B8lIDce She¢t 13 Notes to the Financial Statenient5 14 to 20 THE INSTIT TE OF MEDICAL ILLUSTRAT(LRS LIMrrED RECISTERED NUMBER: 00933565 REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024 Th¢ Tn]ste¢s who ar¢ also dii'¢clors of ihe charity for the purposes of the Compani¢s Art 21M)6, prc5cnl their r¢porl with th¢ finan¢ia] ststements of the cli￿'1ty for the year ended 31 December 2024. The trustees have adopl¢d the provisions of the Statement of Recommended Practice (SORP) "Accounting and Rcporting by Charities" in preparing the annual report and financial statements ofihe charity. The financial Statements hav¢ been prepared in accordance with the acwunling poliGies set out in notes co the accounts and comply with ihe charity's governing document. the Charities Act 2011 and Accounting and Reporting by Charities- Stafrment of Recommended Pi'actice applicable to charities preparing their ￿￿ount5 in accordance with the Financi Reporting Standard applicable in the UK and Republic of Ir¢land published in October 2019. OBJEcrtVES AIYD ACTIVITIES Objectives and aims Th¢ aims objectives for i¥hi¢h the In51ilut of Medical Illustrators OMI) is established are set out in Clause 3 of the Institute's Memorandum and Articles of Association dated 20 September 1989, amended 20 Sepl¢mber 2009, 17 Septcmber 2016 and 8th Octoliei. 2022. The primary objectiv¢ is to pmrnotc and Advance education in all matters connected with medical illUs￿tiOn and any subjects ancillary to or of U3L or benefit to the profession. Page THE INSTITUTE OF MEDICAL ILLUSTRATORS ISTERED NUMBER. O(b9?3ISJ REPoRT￿F THE TRUSTF.ES FOR THE YEAR ENDED 31 DECEMBER 211 OBJECTIVES AND ACTIVITIES Review of a¢tlvhles Council The day.to4ay tnanagemeiit of the Institute has continued during the l&%t y¢ar with Council meeting virtually via video.conference and also face-lo-face. The AGM took place as a f&ce-to-face meeting attended by member5 on Ortober 4th 2024 as part of the annual conference. An election in the spi'ing of 2025 for a new Student representative to Council resulted in the appoinlment of Malina lfrim who took up lier i?asilion on 01103125. Award3 The Institute organises anniial aw￿.d$ for the recognition of excellence in medical illusli'ation. The award5 are tnade up of any number of Bronze and Silver (each given a certificate) or Gold winners (each 8etting a certificate and a cash priz¢ paid by bank transfer), and also individua] prizes for best studenL best graphic design, and best vid¢0 entry, each r¢¢eivin8 & certificate and a trophy. A Platinum {'best irA show,) award is also given consisting of a certificat¢ and a cash ptize p8id by bank transfer. A selection of the awards fi'oiTI the ProfessTonal Exhibition at IMI'S ¥Jnnual ¢onference are publishcd in the Journal of Visual Communication in Medicine and on the IMI website. An elecl)rJnic exhibition was staged at the annual conference at the Radisson BILI14otel. C&8tle Donington, 4ih.6ih October 2024. Conferences The Institute ￿ntinUeS to organise an annual conf¢ren(E offering delegates thc opportuniry to meet and hear of the latest techniques and develDpments Miithin our profession. Th¢ 2024 conf¢ren¢¢ i¥as held at Castle Donington and was a great 5ucecss. Plans are underway for thc next Conferen(￿ to iakc place in October 2025 in Newcasile uwn Tyne and locations arc being identified and contra¢L8 developed tor conferences beyond 2025. Continuing Professional Developrnent The Inslituie supix)rts the CPD aiidii for Academy of Healthcare S¢i¢nce (AHCS) r¢gistranls and continues to provide op￿rts￿nitieS to its members foi. undertaking training required for CPD. Graphics A deSi￿ated Graphics Lead irports to Council. tn the coming year efforts will be fo¢ussed on developing IMI'S offering for Graphi¢s n)¢mbers 3nd aiii'acting new members. Academy of Healthcare scie￿Ce (AHCS) IMI has coniinued lo play an Icclive part of Academy business and is represented on the AHCS Professional Bodies Council by thc immcdiatc pasl IMI Chair and/or the Chair Elect. IMI sils within the profession￿ group for Clinical EngÈn¢ering. Aoditionallyj an IMI r¢pre5entalive has a seat on the ACHS Regulation Board. Education and Training The Team liaises regularly with Fligher EducatiorL Institutions and other educational auil)orities to accredit courses that lead lo quaIifications that are aceept&bl¢ for professiona] memb¢rship of IMI and rcgi5tration with th¢ AHCS. IMI woJ*ed with the AHCS to devclop a Certificate of Competence as an equivalent routr lo registration and this been available via IMI since Api'il 2017. The University of SiaffordsliiiE I'LlliS a ontryear graduate Certificate alongside a Postgr8ilu&le Certificate, on a distan¢¢ learning b&sis for graduatc-lcvcl pliotogTaphers artd graphic designers. The University of Dundee ofleiE postgraduate courses in Medical Art and Medi￿1 and Forensic Art & Facial Imaging* and Ihe University of Glasgow l Glasgow School of Art on Medical Viquali8ation and Human Anatomy. IMI has worked closely with Health Education & Improvement Wales (HEIW) to develop a new post-graduate ¢ourse in clinical photO8raphy that comimen¢ed in September 2023. Page 2 THE INSTJTUTE OF MEI DTCAL ILLUSTRATORS LIMITED - ￿GISTERED NUMBER.. 93 65 REPORT OF THE TRUSTLI ES FOR THE YEAR ENDED 31 DECEMBER 2024 OBJECTtVES A]YD ACTIVITIES Following the cancellation by the Universily of Gloucester to launch a new undergraduate programm¢ in Medicat Illustration in 2024, IMI liaised with the Academy of Healthcare S¢i¢n¢e to explore other options. IMI News IMI News continues to be delivgi'ed as an online publication, and is well received by the membcrship. IMI News is a benefit lo members and foi. some. particularly those working in remote areas, it is invaluable in keeping in louch with the profession. The Journal of Visual CornmunicatiOTJ in Medicine The Journal continues to bs a bencfit to members and saw a new editor in chief appointed in lafr 2021 and review and re-organisation of the ediloi'ial team in 2022. Journal publication dates weir delayed in 2024 but much effort is being made to improve this for 2025. Marketing Efforts in the past year have Loncenlrated on the improvement of the IMI yvebsite and is continuin& Social media sites continu¢ to see an increa8e in activity and popularity and are often uscd to share relevant interesting links and news to a wider audience, M¢mbershlp Membership Numbers March 2025 Members Mtmber8 Profession81 Members Member Photographi - Member Graphic - Mernb¢r Video - Member Other - Matemity & Career breaks Total Professional M¢mb¢i's'. Retired Iletired Photo Rctir¢d Graphics Retired Video Retired Other Tfrt*l Students.. 222 42 10 21 (2) 294 12 Afflllate - Affiliate Photo - Aifiliate Graphics Aifiliate Video AtTiliate Oihei. Totsl A￿lliate. Fellows: Honorary Fellows.. li 14 20 S¢ud¢nts - Stud¢nt Pholowphic - Swdent Graphic - Student Video - Student Other Total Students: 39 33 CorporAte Metnbers: 14 TOTAL MEMBER . 421 National Guidelines The Institute publishes a range of National Guidelines on medical illuslralion disciplines. Submission guidance for teams working on the guidelines is published on ih¢ IMI websit& A number of previously published guideline8 have been revieNved and sevtral new CJiiidelines are in preparation. Quality Assurance Standards Medical Illustration Departments continu¢ to work towards QAS assessineni at levels l and 2 and activity ha5 rcturn post-pandcmic utilising a nciv method of on-line &8s¢ssm¢nt. An on-line review process 18 in development. Reglons Regional activity h&8 significantly increa5¢d and wntinues lo develop. Thcre have bccn many Changes tn the regional presentative personnel bringing new activity and regeneration. Regulatio The Institute cimtinues to PUI'SLIC the statutory regulation of clinical photogi'aphers, and has represenl8¢tion on the AHCS Regulation Board. Page 3 THE INSTITUTE F MEDICAL ILLUSTRATOILS LIMITED . ￿EGIsTERED NUMBER.. 00933565 REPORT OF THE TRUSTEF.S FOR THE YEAR ENDÈD 31 DECEMBER 2024 OBJECTtVES AND ACTIVITIES Schools li4ison and c4r¢ers adviee A large number of careers enquiries ar¢ answered through the year by the Careers Advisor. Most ofthose enquiring can be referr¢d to the IMI websilt, or the InSti￿le'S careets bmchures and posters. as well as Inforniation from wh of the univcrsities Webslte The Institutc wcb 3itc offcrs a public interface for our pmfrssion. This incliides a "Find a Professional" search facility, lega] and ethiGa] issu¢s, natioiial photography guidelinc3, caK¢r3. education, news, meel1n8s, Gonf¢rencrt Costs i¥ithoul which the charity could noi fimction and to support the annua] conference. Council ￿nsider it pnjdent that unrestricied reserves should be sufficienl lo cover one year's operating and suppoit costs. The level of reserves is monitored and reviewed by Coun¢il annually. At 31 December 2024 unrestricted r¢sei'ves were £123,225 and restricted resei'ves Mwere £25,833. The results for the year are as shown in the attached Financial Statements. The Inslitute's work is reliant on membership fees, these fvnds have been Lised in furtherance of the Institute's objective5. STRUCTURE, GOVERNANCE AIYD MANAGEMENT Governing doeumtnt The Charity is wntrolled by its governing do¢ument, a deed of trust, and constitutes a limited company, limil¢d by guarantee, as defined by tht Coinpanies Act 2006. In the event of the charity wiii¢Jing up members, liabililits will not exceed £1. Organls*tlonal structure The day to day running OF the charity is delegated lo the Honorary Secretary and Honorgry Treasurer subject to ratification of those decisions madc by tnembers of council. Risk management The Council's extx)sure lo risk has been revi¢w￿ and systems are being pui in placc to miti(yat¢ exposure to major risks. REFERENCE AND ADMINISTRATIVE DETAILS Reg￿tered CompAny number 00933565 (England and Wal¢s) Regtstered Ch*rity nun)ber 313433 Registered office 12 Coldbath Square London ECIR5HL Twstees C L&moon A Bdwards C M Fleming G B Gilbert A Roddick G Meredith P Quinlan A Jone5 LCA Whit¢ M Ifrim Chair Chair Elect Honorary S￿retary Flonorary Treasurer M¢mber of Council I Scottish representative Meniber of Council I Welsh ￿preSentatiVe Member of Council / Irish represenlalive M¢inber of Council / Englith representative SILident representative StiJdcnt representative appointed 04.10.2024 rc5ign¢d appointed 31.01.2025 01.02.2025 Co-optsd for one year K J McFal J Tov¢y Educ*ion Lead Mai'l£cting Lead appointed appointed 04.10.2024 04.10.2024 Company Secretsry C Fleming Page 5 THE INSTrruTE F MEDICAL ILLUSTRAT REGISTERED NUMBER: W9 LIMITED L_ 565 REPORT OF THE TRUSTEI ES FOR THE YEAR ENDED 31 DECEMBER 2024 REFERENCE AND ADM]NISTRATIVE DETAIIS Audltor5 Lemans Statutrory Auditor 29 ArlK)thm Street Nottingham Nottingh8mshir¢ NGI 4JA Banke National Westminster Bank PIC 52 Rectory Road W￿t Bridgford Nottingham NG2 6FF Solicitors William Sturges & Co Burwood House 14.16 C&xlon Sireel London SWIH OQY PUBLIC BENEFIT The Trustees have had du¢ regard to the guidance published by the Charity Commission on public benefjt wh reviewing the Charil￿S aims aiid objectives. The object of the charity and details of who and how the charity has helpcd be found on page l. STATEMENT OF TRUS'fF,ES' RESPONSIBILITIES The Iruslees (who ase alst) dii'L¢ttii's of The Institute of Medid Illustrators Limited for the purtK)ses of company law) are responsible for preparing the T￿￿tees, Annual Rcport and the financial Statements in aGcordancc with applicable law and United Kingdom AGcouiiling Standards (United Kingdom Gcncrally Accepted Accounting Pra¢¢i¢e). Company law requires the Ii'u,%tees to prepare financial statements for each financial year, which give a true and fair view of the state of Affairs of the charitable CoMpt￿Y and of th¢ incotning r¢sour¢es and application of resources. including the income and expenditure: of the charitable company for that pti'iod. In prq>aring these financiai 31atements. thc trustees ar¢ required to: select suitable accounting polieics and then apply them consistently. obs¢rv¢ the m¢thods 8￿d priiiciplcs in the Charilies SORP 2019. - make judgements and estiFnales that are reasonable and prudent. stale whdher applicable UK Accounting Siand8rds have becn followed. subject to any material departurcs disclosed and explained in the financial slateJllenls' prepare the fmancial stalemeiils on the goit)E concem basis unless il is inappropriat lo presutne that ihe ¢haritable company will contlnue in op¢i'&tion. The trustees are responsiblc for keeping adequate accounting records thai disclose with Ipasonable accuracy at any time the finan¢ial position of the ¢harilable company and enable thcm to ensure that the financial statements comply with the Companies Act 2006. Th¢). ¢ll'e (ilso responsible for 8af¢gvarding die rt of the Trustees has been prepared it) accordance with appliGabl¥ legal requiren)ents. Page 8 REPORT OF THE JNDEPEIYDENT AUDITORS TO THE MEMBERS OF THE INSTITUTE OF MEDICAL ILLUSTRATORS LIMrrED Matters on which we are required to report by ex¢¢ption In the li8ht of th¢ knowledg¥ ￿ld understanding of the charitsblc company and ils environment Obtain￿ in Ihc course of the audit, we have noi identitied materid misstatements in thc Rcport of thc Trustees. We have nothing to report iii I'espcct of the ftillowing matters where the Companies Act 2006 requir¢s lis to report lo you if. in our opinion.. adequate ￿COunting recoi'ds liave not ken kept or returns adequate tor our audit have not been received from brancELes not visited by us. or th¢ financial staternents al'e not in agreement with the accounting records and retL5rns; or certain disclosure5 of trustees, I'cmuneration specified by law are not made. or we have not received all the infom]ation and explanations we requiTC for our audit. or tILe trustea8 were not entitled to take advantsge of thc small companies exemption from the requirement to prepar¢ Strategic Report or in preparing the Report of the Trustees. Respo￿$1b￿lItles of trustees As explained more fully in Ilie Siatem¢nl of Tru3tCC5' Re5ponsibiliti&8, thL trustees (w,lio are also the directors of the charitable company for the PLlI'poses of company law) are responsible for the preparation of the financial statements and for being satisfied that th¢y giTr¥ a true and fair view, and for such intcrnal Ltinlrol as the trustees deterniine is necessary lo enable the preparation of tinancial statements that axe free from malei'ial miSs￿tement, whethu due lo fraud or error. In preparin£ the financia] sl&leiments, the trustee5 are responsible for a&sessing the charitable company's ability to Continue as a going concem, disLlosing, &8 applicable, matters relat￿ lo going ¢on¢em and using the 80ing ¢on¢ern ba515 of accounting unless the Ii'ustee5 either intend to liquidate the chw'itable company or to ce&8e operations, or have no realistic alternative but to do so. Page 9 RT OF THE INDEPENDENf AUDITORS TO THE MEMBERS OF THE INSTITUTE OF MEDICAL ILLUSlliAT RS IMI Our respoftsiblllties for the Audit of the fjnancial statement5 Our objective5 are to obtain reasonable assurance aboui whethei. the financial statemcnls as a whole ar¢ free fi'om material misstatement, whether due to fraud or e￿or, and to issue a Report ot. the Independent Auditors that includes our opinion. Reasonable assuraiicc is a high level of assurance, but is not & guarantec that an audit conducted in accordance with ISAS (UK) will always Lletecl a material misstatement when it exists. Misstatements can arise frorn fraud or crror and are Considered material IF, individually or in thc aggregate, Ihey could r¢&sonably be expected to influenc¢ the economic decisions of usws talccn on the basis of th&8e financia] statements. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed belDW'. rregul￿7t￿es, including tl'l¢ ud, al'e iiislances of non-compliancc with Ic1WS aiicl rcgulation.s. We design procedures lin¢ with our responsibilities, OLiilinecl above. lo detect material misslatcniLnts in respect ol- irregularities. including fraud. The specific procedures foi. this engagement and the extent to which ihese are CaP¢]ble of detecting irregularitics, inGluding fraud is detailed b¢loi4': Exercise professional judgnienl and maintain prOfe￿i0nal scepli¢ism throughoui the planning and perfom)8nce of Ihe Identify and assess the risks of material misststemenl of the financial stalements, whether due ￿ fraud or e￿or, design and rKrfom audit procedLir¢s IEsponsive to those risks, and obtain audit eviden￿ that 1$ sufficient and appropriate to provide a basis for our opinion. Obtain an understanding o'l. tlie intemal control relevant to the audit in order to dcsign audit PTo¢edures that are appropriate in the cir¢umstèinces. but not for the purpose of expressing an Opinion on the eff¢ctiveness of the charity's intemal control. Evaluate lh¢ appropriateness of accounting policies used and the reasonableness of accounting estimate5 and related disclosures made by managem¢iit' - Make enquiries of managenient and those Charg￿ with govcrnance of any instances ot non-compliance with laws and regulation5 and of any actual and potential litigation and claims, Review financial statement disclosures lo supporting documentation lo wess compliance with applicable laws and regulations Because ot the inhei'ent liinilÉltii)ns of an audit, there is a I'i5k that ii'i will not detect all irregularities, including thos¢ leading lo a material m15st￿le1]ILlil in the financial statements or non-Lompliance with regulation. This risk increases the more that compliance with a laKI' or regulation is retnoved from thc LVCNts and transactions reflec*d in the financial statetnents, &s we will be less likely to Etcome aware of instsfftces of nun-¢ompliance. The risk is also greatcr reg?￿]ng irregularities o¢¢uffing due to fraud rath￿ than error, ag fraud involves inlentionaj ¢onceaimenL forgery, collusion, omission or misreprescntalioii, A fvrther description of our responsibilities for th¢ 8udit of the financial statements is located on Ihe Financial RetM)rting Council's websit¢ at www.fi.c.org.uklauditorsresponsibilities. This desVI'iPtion forms part of our Report of the Independent Auditors. Page 10 REPORT F THE INDEPENDENT AUDITORS TO THE MEMBERS QF THE INSTITirrE OF MEDIC.AL ILLUSTtUTORS LIMITED Use of our report This re￿rt is made solely to th¢ ¢haritabl¢ company's members. as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work ken undertaken 50 that we might state to the charitable company's members those matters w¢ air rquired to state to them in an auditors, report and for no other purrx)se. To the full¢st extent pem]itted by law. we do not &¢¢ept OT &8sume r¢sponsibility to anyone other than th¢ charitable company and the ch8rritable cornpatty's memljei's as a ix)dy, for our audit worK for Ihis repoit, oi. for Ihc opinions we have tormcd. K Mealand (Senior St&lutoi'y Auditor) for and on behalf of Lemans Stalutory Auditor 29 Arboretum Street Nottingham Notlinghamshire NGI 4JA Date.. Pag¢ll THE INsfiTUTE OF IVtEDICAL ILL LIMITED TRATORS STATEME￿ OF FtNANCIAL ACTivrtlES RP AN INCOME AND EXP FOR THE YEAR ENDED 31 DCICEMBER 2024 UN 31.12.24 Total fitnds 31.12.23 Total funds Unreslricled funds Restricted nds Notes INCOME ALYD ELYDOWMEprfs FROM Donations and legacies 20 20 50 Charitsble activitles Membership Annual Conference Education and Training Marketing and Communication Quajity A&gurance and Standards Journal of Visual Communicalions in Medicin 48,133 68,064 5,360 2,(K>O 500 2,957 48,133 68,064 5.360 2,000 500 2.957 51,676 92,144 8,140 2,000 2,480 Investment income Other income 3,868 150 1,142 5,010 150 4,348 Totsl 131.032 1,162 132,194 160,838 EXPENDThE ON Ch#ritAble aetivities M¢mb¢rship Annua] Conference EdU￿tIOn and Training Markcling Communication 18.597 70215 9,289 23,987 275 18,872 70,215 9,289 23,987 26,106 75.566 10,022 17,835 Tot&1 122,088 275 122,363 129,529 Net gainO(105se5) on invesltnents (1,347) {4.412) (5.759) {1,317) NET INCOMEIIEXPEIYDITURE) 7,597 (3,525) 4.072 29,992 RECONCILIATION OF FIINDS Total funds brought forward 115,628 29,358 144.986 114,994 TOTAL FUNDS CARRIED FORWARD 123,225 25.833 149,058 144,986 The notes forni part of these financial statements Page 12 EDI AL ILL STIL4TORS RED NUMBEIL. 00933565J aLDECEMBER 2024 31.12.24 31.12.23 Notes FIXED ASSETS Investments 87.080 53.532 CURREEYf ASSETS Debiors C&8h at bank 10 12,678 83.469 17,827 114.816 96,147 132,643 CREDITORS Amounts falling due within one year (34,169) (41,189) NET CURRENf ASSETS 61,978 91,454 TOTAL ASSETS LESS CURREIYT LIABILITIES 149,058 144,986 NET ASSETS 149.058 144,986 FUNDS Unrestricted funds Restricted funds 13 123,225 25,833 115.628 29,358 TOTAL FUNDS 149,058 144.986 Thes¢ financial stratcmenls have been prepared in ac(x)rdance with the provisions applicable lo charitable cotnpanies Subject lo the small companies regime. The07k9￿ 5tatcmcnls welt approved by the Board o)f Trustees and a￿l￿rIsed for issue ,Thd iVLre signed on ils behalf by.. on C Lamoon- Truste¢ C Fleming- Tn￿tre The notes forni part of these financial statements Page 13 THE INST LlllllTED F MEDJCAL ILLUSTRATORS NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 STATirroRY INFORMATION The Institute of Medical Illustrators Limited is a private charitable COFnpany limited by guarantee in¢ortx)rated in England within the Uniled Kingdom, Th¢ addws of the regislercd office and re8151ration llUTnbers gre given in the rqK)rt of the trustees administrative inforniation on pages 5 2nd 6 of these finoncial statements. ACCOULYfiNG POLICIES Basis of preparing the financial ststements Th¢ financial stalem¥iils ol. the charitable company, which is a puhlic benefit entity under FRS 102, have been prepared in accordance I￿1th Accounting and Reporting b>, Cliaritics.. Statemcnt ot Re¢ommefided Practice applicable to charities pi'eparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and RepubliL of Ireland issued in Ootober 2019, the Financi￿ Rewrtin8 Standard 4)plicable in the UK and Rcpublic ol Ireland (FRS 102), Ihe Charitics Act 201 I, th¢ Companies Act 2006 and UK Gcnerally Accepted Ac￿unting Pi'actice. The financial statements are prepared on a going concern b&sis under the historica] cost convention modified lo in¢lude ¢¢rtain items ai fair value. The financia] state]n￿lt8 are prq)ared in 3terling whith is the functiona] curTency of the charity and rounded lo the ne8rest pound. The trustees Consider that there are tLO material unccrtainlies about the Charity's ability to continue as a going concenL Ineomt All inwme is re¢ogniscd in the Statement of Financial Activities when the charity is legally entitled lo the income after any pei'lormance conditions have been mel, the atllount can IK me&ur¢d reliably and it is probable the income will b6 receiv￿. Subscription inwmty 1% d¢Lounl¢d for in ihe perÈod to which il rblales. Conference income 18 accounted for in the period in which the ¢onfei'ence is held. Expelldithre Liabilities are recognised as expenditure as soon as Ih¢r¢ is a legal or wn5tructive obligation committing the charity to that expenditLire. it is probable that a transfer of economic benefils will be required in setilemenl and the amount of th¢ Obli￿tIOn can be measured reliably. EX￿ndItUre is ￿COUnted foi. on an accruals basis and has be￿ classified undci. headings that aggregate all cost related lo ihe caiegory. Wher¢ costs CE￿￿01 bc diEe¢tly attributed to parti¢ular headings they have been allocated to activitics on a basis consistent with the use of Jrsources. Alloeation and apportionment of ¢ost5 Where costs cannot be dii'ectly attTibuted to particular headings they have been allocated to ￿t[VItIeS on a b&815 consistent with the usc of ￿Sources. Intsngible fjxed assets The website developinent costs are being deprc£iat¢d over 4 years. Tangible fixed assets Depreciation is pi'ovided al the following annual rates in order lo write off each asset over its estimated use￿1 life. Exhibition Stand- 20 /D on cost Computer equipment IS Wl'itlen off in the year of ￿qu￿iti0n. Pagc14 continued... THE INST LIMITED TE F MEDICAL ILLUSTRAT RS NOTES TO THE FINANCIAL STATEME]YTS- continu FOR THE YEAR EfiDED 31 DECKMBER 2024 ACCOUNTING POL TCIES- continued Fund accounting The general fund consists of the accuTnulalion of suwluses less defi¢its of incorne over revenue expenditure and gn be used in accoi'danct with the objects of the charity al the discreiion of the trustees. Designated fvnds coinprise unrestricted thnds that have been Sel aside by the trustees for particular purposes. The aim and use of the dcsignated fund is set out in Ihe notes to the financial statements. Restricted funds can Ortly be used for p8xlicular restricted pur￿SeS within the objects of the charity. Investments Inve3tments are stated iii thc balance sheet at fair value, with ¢hanges recognised in 'net gainsl(losses) on inve51menls' in the SOFA. Jnvestment inwme is included incojne receivablc. Deferred Income Membership in¢ome Itceived during the current financial year that ￿lateS to the next fin￿Gial year 13 included defer￿d income. Grants Payable Grants aff payable fTom the Tumbull thnd and ar¢ included in the year in which the offer is coftveyed to the recipient. Cash At Bank The charity holds sull'icieni funds in order lo meet ils short lerni cash Lommitments 8$ they fall due. Debtor5 and creditors Debtors and crcditoi-& are r¢corded at transaction PTi¢e. INVESTMENT JNCOME 31.12.24 3l.12.23 Investment income DeFrt)sit a¢Gount int¢reqi 3,683 1,327 2.740 1,608 5,010 4.348 NET INCOME/(EXPENDITURE) Nel incomel(cxpenditure) is stated aftcr chargin@(¢rediting): 31.12.24 31.12.23 Auditoi's, remuneraiioii Non-audit fee5 2.270 5.700 2,140 5,692 Page 15 ¢ontinue&,. AL ILLUSTRATORS IM_ITED QTES TQ.TIt.E FI￿A_NC1￿L STATEME]Yrs- FOR THE YEAR EIYDED 31 DECEMBER 2024 TRUSTEES, RETrtUNERATION AND BENEFITS There were no trusl¢es' remufteration or other benefits for the year ended 31 Dettmber 2024 nor for the year ended 31 December 2023. Tn]Me￿, expenses During the y¢ar £6,483 WU¢ yaid to 12 council metnbcr5 in respect of tr&vel and reimburscd expenses (2023 £6.173 paid to 9 council membcts). MEMBERS, LIABILITY The liability of the MeiMbei% is limited to a maxitnum of £1 ¢ach. INTANGIBLE FIXED ASSETS Website development Costs COST At l January 2024 and 31 December 2024 44,250 AIVIORTISATION At l January 2024 and 31 December 2024 44.250 NET BOOK VALUE At 31 D￿¢[nber 2024 Ai 31 December 2023 TANGIBLE FIXED ASSETS Exhibition Stand and Office Equipment COST At l January 2024 and 31 Deccmber 2024 4.077 DEPRECIATION Ai l January 2024 and 31 December 2024 4,077 NET BOOK VALUE At 31 D￿ember 2024 At 31 December 2023 Page16 continued... THE INSTtTUTE OF MEDICAL ILLUSTRATORS LIMITED OTLS TO THE FINANCIAL STATEMENTS- Continued FOR THE YEAR ENDED 31 DECEMBER 2024 FIXED ASSET INVESTMENTS Listed investments iVIARKET VALUE At l January 2024 Additions Revaluations 53,532 39,307 (5,759) At 31 December 2024 87.080 NET BOOK VALUE At 31 December 2024 87.080 At 31 December 2023 53,532 There were no investment assets outside the UK. All investmenls are held primarily for an investment return. Cost or valuation at 31 D¢c¢m￿r 2024 is r¢pr¢3en*d by: Listcd investments Valualion in 2024 87,080 10. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 31.12.24 31.12.23 Trade debtors Pre]Ydyments a￿r￿ed income 9.182 3.496 11,640 6,187 12,678 17.827 11. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 31.12.24 31.12.23 Trdde Gr¢dilors Accruals and deferred inci)me 12,726 21,443 17,248 23,941 34,169 41,189 Page 17 continued... THE JNsfiTUTE LIMITED F MEDICAL ILLUSTRATORS NOTLS TO THE FINANCIAL STATEMENTS- eontinued FOR THE YEAR ENDED 3J DECEMBER 2024 12. ANALYSIS OF NET ASSETS BETWEEN FUNDS 31.12.24 Tota] funds 31.12.23 Total funds Unrestricted funds Restricted funds ItLv¢slm¢nls Current assets Current liabilities 70.186 86,932 (33.893) 16,894 9,215 (276) 87,080 96,147 (34,169) 53,532 132,643 (41,189) 123,225 25,833 149,058 144,986 13. iWIOVEMEiYf IN FUNDS Net movement in fijnds At 31.12.24 At 1.1.24 Unrestricted funds Genernl fund 115,628 7,597 123,225 Restricted funds Turnbull Fund 29.358 (3.525) 25,833 T(yfAL FUl￿s 144.986 4,072 149,058 Net mov¢ment in funds, included in the above are as follows: In￿MIng rcsources Rcsources expended Gains and losses Movement in fvnds Unrestricted fund5 General fund 131,032 (122,088) (1,347) 7,597 Res¢rieted funds Tumbull Fund 1,162 (275) (4,412) (3,525) TOTAL FUNDS 132,194 (122,363) (5,759) 4,072 Comparatives for movement in funds Net movement in fvnds At 31.12.23 Atl.1.23 Unrestrided funds General fund 86,208 29.420 115.628 Restrieted funds Tumbull Fund 28,786 572 29.358 TOTAL Fi]NDS 114,994 29,992 144,986 Page 18 ¢onlinued... THE INsfiTufE OF MEDICAL ILLll￿RATOR LIMITED EFI TATEMENTS - eontinued FOR THE YEAR ENDED 31 DECEMBER 2024 13. MOVEMENT IN FUNDS- continued Comparntive net movement in funds, in¢ludsJ in the above are as follows.. Incoming resourcc Resources expeJ]ded Gains and loss¢s Movement in funds Unrestricted funds General fund 159.572 {129,529) (623) 29,420 Restrieted funds Tumbull Fund 1.266 (694) 572 TOTAL FUNDS 160,838 (129,529) (1.317) 29,992 A current year 12 months and prior 12 months combined wsition is as fallows.. Nct movement in funds At 31.12.24 Atl.1.23 Unrestricted funds General fund 86,208 37,017 123.225 Restricted funds Turnbull Fund 28,786 (2,953) 25,833 TOTAL FUNDS 114,994 34,064 149,058 A current year 12 montlis and prior year 12 month5 ¢O[nb1n￿ net Inovement in funds, included in Ihe 8lY)ve are as follows.. Lncorning rc50urces Re80urces cxpended Gains and losses Movement in funds Ullrestricted fumds General fund 290,604 (251.617) (1,970) 37.017 Restricted fu￿d5 Tumbull Fund 2,428 (275) (5,106) (2,953) TOTAL FUNDS 293,032 (251,892) (7.076) 34,064 Turnbull Fund This fijnd assists members of the Institute in their travel thnding to conferences throughout the world. Applications are made t(> Council on an anonymous basis. Page 19 ntinued... THE tNSTrfuTE OF MEDICAL ILLUSTRATOR LJMITED NOTES TO THE FINAN IAL STATEMENTS- FOR THE YEAR ENDED 31 DECEMBER 2024 ontinued 14. RELATED PARTY DISCLOSURES Dr W Manley, Kaihy NlcFatl's husban& w&8 paid £nil (2023 - £1,140) duriT]g the year for PTof¢sslon￿ editing and education services. Page 20