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2025-12-31-accounts

REGISTERED COMPANY NUMBER: 00933565 (England and Wales) REGISTERED CHARITY NUMBER: 313433

REPORT OF THE TRUSTEES AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

FOR

THE INSTITUTE OF MEDICAL ILLUSTRATORS LIMITED

Lemans Statutory Auditor 29 Arboretum Street Nottingham Nottinghamshire NG1 4JA

THE INSTITUTE OF MEDICAL ILLUSTRATORS LIMITED

CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025

Page
Report of the Trustees 1 to 6
Report of the Independent Auditors 7 to 10
Statement of Financial Activities 11
Balance Sheet 12
Notes to the Financial Statements 13 to 19

THE INSTITUTE OF MEDICAL ILLUSTRATORS LIMITED (REGISTERED NUMBER: 00933565)

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2025

The Trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 December 2025. The trustees have adopted the provisions of the Statement of Recommended Practice (SORP) "Accounting and Reporting by Charities" in preparing the annual report and financial statements of the charity.

The financial statements have been prepared in accordance with the accounting policies set out in notes to the accounts and comply with the charity's governing document, the Charities Act 2011 and 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 published in October 2019.

OBJECTIVES AND ACTIVITIES

Objectives and aims

The aims and objectives for which the Institute of Medical Illustrators (IMI) is established are set out in Clause 3 of the Institute's Memorandum and Articles of Association dated 20 September 1989, amended 20 September 2009, 17 September 2016 and 8th October 2022.

The primary objective is to promote and advance education in all matters connected with medical illustration and any subjects ancillary to or of use or benefit to the profession.

Review of activities

Council

The day-to-day management of the Institute has continued during the last year with Council meeting virtually via video-conference and also face-to-face.

The AGM took place as a face-to-face meeting attended by members on Friday 3rd October 2025 as part of the annual conference.

Awards

The Institute organises annual awards for the recognition of excellence in medical illustration. The awards are made up of any number of Bronze and Silver (each given a certificate) or gold winners (each getting a certificate and a cash prize paid by bank transfer), and also individual prizes for best student, best graphic design, and best video entry, each receiving a certificate and a trophy. A Platinum ('best in show') award is also given consisting of a certificate and a cash prize paid by bank transfer. Additionally, there are a number of awards sponsored by IMI’s trade members.

A selection of the awards from the Professional Exhibition at IMI's annual conference are published in the Journal of Visual Communication in Medicine and on the IMI website. An electronic exhibition was staged at the annual conference at the Crowne Plaza Hotel, Stephenson Quarter, Forth Street, Newcastle upon Tyne, held from 3rd to the 4th October 2025.

Conference s

The Institute continues to organise an annual conference offering delegates the opportunity to meet and hear of the latest techniques and developments within our profession. The 2025 conference was held in Newcastle on Tyne and was a great success.

Plans are underway for the next conference to take place in October 2026 at Clydebank and locations are being identified and contracts developed for conferences beyond 2026.

Continuing Professional Development

The Institute supports the CPD audit for Academy of Healthcare Science (AHCS) registrants and continues to provide opportunities to its members for undertaking training required for CPD.

Graphics

There is no longer a designated Graphics Lead reporting to Council and instead, Graphics activity is managed via a Special Interest Group that reports through Education.

Page 1

THE INSTITUTE OF MEDICAL ILLUSTRATORS LIMITED (REGISTERED NUMBER: 00933565)

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2025

OBJECTIVES AND ACTIVITIES

Academy of Healthcare Science (AHCS)

IMI has continued to play an active part of Academy business and is represented on the AHCS Professional Bodies Council by the immediate past IMI Chair and/or the Chair Elect. IMI sits within the professional group for Clinical Engineering.

Additionally, an IMI representative has a seat on the AHCS Regulation Board.

Education and Training

The Team liaises regularly with Higher Education Institutions and other educational authorities to accredit courses that lead to qualifications that are acceptable for professional membership of IMI and registration with the AHCS. IMI worked with the AHCS to develop a Certificate of Competence as an equivalent route to registration and this has been available via IMI since April 2017.

The University of Staffordshire runs a one-year graduate Certificate alongside a Postgraduate Certificate, on a distance learning basis for graduate-level photographers and graphic designers.

The University of Dundee offers postgraduate courses in Medical Art and Medical and Forensic Art & Facial Imaging, and the University of Glasgow / Glasgow School of Art on Medical Visualisation and Human Anatomy.

IMI has worked closely with Health Education & Improvement Wales (HEIW) to develop a new post-graduate course in clinical photography that commenced in September 2023.

Following the cancellation by the University of Gloucester to launch a new undergraduate programme in Medical Illustration in 2024, IMI continues to liaise with the Academy of Healthcare Science and Higher Education providers to explore other options.

IMI News

IMI News continues to be delivered as an online publication, and is well received by the membership. IMI News is a benefit to members and for some, particularly those working in remote areas, it is invaluable in keeping in touch with the profession.

The Journal of Visual Communication in Medicine

The Journal continues to be a benefit to members and saw a new editor in chief appointed in late 2021 and review and re-organisation of the editorial team in 2022. Journal publication dates were delayed in 2024 and 2025 but much effort is being made to improve this. Following a professional discussion at the 2025 AGM, a short life working group was formed to consider the future direction of the journal.

Marketing

Efforts in the past year 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 share relevant interesting links and news to a wider audience.

Page 2

THE INSTITUTE OF MEDICAL ILLUSTRATORS LIMITED (REGISTERED NUMBER: 00933565)

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2025

OBJECTIVES AND ACTIVITIES

Membership

Membership Numbers March 2026

Membership
Membership Numbers March 2026

Members		 Members
Professional Members Retired
- Member Photographic
231		 - Retired Photo
10
- Member Graphic
44		 - Retired Graphics
1
- Member Video
10		 - Retired Video
1
- Member Other
21		 - Retired Other
3
- Maternity & Career breaks
(2)		 Total Students:
15
Total Professional Members:
304
Affiliate
Fellows:
12		 - Affiliate Photo
19
Honorary Fellows:
14		 - Affiliate Graphics
9
- Affiliate Video
6
Students - Affiliate Other
2
- Student Photographic
40		 Total Affiliate:
36
- Student Graphic
2
- Student Video
1		 Corporate Members:
17
- Student Other
2
Total Students:
45		 TOTAL MEMBERS:
443

National Guidelines

The Institute publishes a range of National Guidelines on medical illustration disciplines. Submission guidance for teams working on the guidelines is published on the IMI website. A number of previously published guidelines have been reviewed and several new Guidelines are in preparation.

Quality Assurance Standards

Medical Illustration Departments continue to work towards QAS assessment at levels 1 and 2 and activity has returned post-pandemic utilising a new method of on-line assessment. An on-line review process is in development.

Regions

Regional activity has significantly increased and continues to develop. There have been many changes in the regional representative personnel bringing new activity and regeneration.

Regulation

The Institute continues to pursue the statutory regulation of clinical photographers, and has representation on the AHCS Regulation Board.

Schools liaison and careers advice

A large number of careers enquiries are answered through the year by the Careers Advisor. Most of those enquiring can be referred to the IMI website, or the Institute's careers brochures and posters, as well as information from each of the universities.

Website

The Institute web site offers a public interface for our profession. This includes a "Find a Professional" search facility, legal and ethical issues, national photography guidelines, careers, education, news, meetings, conferences, job vacancies and an image gallery. In addition, there is a private area for IMI members containing a searchable contact database, on-line CPD recording, full online access to our journal, IMI News and minutes from Council meetings.

The web site reflects the branding and values of the Institute and provides a modern interface for our profession and our members. It incorporates benefits for our existing members and is designed to attract new members by showcasing our Institute as modern, supportive, accountable, responsive, real and innovative.

The IMI Conference has a large presence on the website with links via the home page. The promotion of the upcoming conference directly replaces the previous year's post conference information / debrief.

Page 3

THE INSTITUTE OF MEDICAL ILLUSTRATORS LIMITED (REGISTERED NUMBER: 00933565)

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2025

OBJECTIVES AND ACTIVITIES

The website has been successfully maintained by Design Monkey since 2021 and the association with IMI is working well and several improvements have been achieved.

IMI Nations

Council currently includes representatives from Scotland, Ireland, Wales and England and they report to Council.

Governance

IMI continues to review its governance arrangements and the new sub-committee of Council set up in 2021 is working well. Council also has Equality and Diversity as a standing agenda item.

Grantmaking

The Pat Turnbull fund assists members of the Institute in their travel funding to conferences throughout the world. Any paid-up member can apply and there is a defined procedure to ensure equity and fairness. All applications are dealt with anonymously, with Council basing their decision on who benefits solely on the details of the application. No member will be awarded funding in consecutive years, unless there 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 IMI News or the Journal of Visual Communication in Medicine.

Volunteers

All departments of the charity are run by volunteers.

FINANCIAL REVIEW

Investment policy and objectives

Investments held by the Institute have been acquired in accordance with the power available to the Council of Members. The Trustees intend that the real value of the reserves be protected and enhanced by investing at lower risk, seeking professional help as and when required.

Reserves policy

Unrestricted funds are needed to cover operating and support costs without which the charity could not function and to support the annual conference. Council consider it prudent that unrestricted reserves should be sufficient to cover one year's operating and support costs. The level of reserves is monitored and reviewed by Council annually. At 31 December 2025 unrestricted reserves were £137,757 and restricted reserves were £28,343.

The results for the year are as shown in the attached Financial Statements. The Institute's work is reliant on membership fees, these funds have been used in furtherance of the Institute's objectives.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing document

The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006.

In the event of the charity winding up members' liabilities will not exceed £1.

Organisational structure

The day to day running of the charity is delegated to the Honorary Secretary and Honorary Treasurer subject to ratification of those decisions made by members of council.

Risk management

The Council's exposure to risk has been reviewed and systems are being put in place to mitigate exposure to major risks.

REFERENCE AND ADMINISTRATIVE DETAILS

Registered Company number

00933565 (England and Wales)

Page 4

THE INSTITUTE OF MEDICAL ILLUSTRATORS LIMITED (REGISTERED NUMBER: 00933565)

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2025

Registered Charity number 313433

Registered office

12 Coldbath Square London EC1R 5HL

Trustees
C Lamoon Chair resigned 03.11.2025
A Edwards Chair appointed 03.11.2025
A Edwards Chair Elect resigned 03.11.2025
C M Fleming Honorary Secretary
G B Gilbert Honorary Treasurer
A Roddick Member of Council / Scottish representative
G Meredith Member of Council / Welsh representative
P Quinlan Member of Council / Irish representative
A Jones Member of Council / English representative
L C A White Student representative resigned 31.01.2025
M Ifrim Student representative appointed 01.02.2025
Co-opted for one year
K J McFall Education Lead appointed 03.11.2025
J Tovey Marketing Lead resigned 03.11.2025
C Lamoon Marketing Lead appointed 03.11.2025
Company Secretary
C Fleming
Auditors
Lemans
Statutory Auditor
29 Arboretum Street
Nottingham
Nottinghamshire
NG1 4JA
Bankers
National Westminster Bank Plc
Nottingham Smiths Bank
16 South Parade
Nottingham
Nottinghamshire
NG1 2JX
Solicitors
William Sturges & Co
Burwood House
14-16 Caxton Street
London
SW1H 0QY

PUBLIC BENEFIT

The Trustees have had due regard to the guidance published by the Charity Commission on public benefit when reviewing the charity's aims and objectives. The object of the charity and details of who and how the charity has helped can be found on page 1.

Page 5

THE INSTITUTE OF MEDICAL ILLUSTRATORS LIMITED (REGISTERED NUMBER: 00933565)

REPORT OF THE TRUSTEES

FOR THE YEAR ENDED 31 DECEMBER 2025

STATEMENT OF TRUSTEES' RESPONSIBILITIES

The trustees (who are also directors of The Institute of Medical Illustrators Limited for the purposes of company law) are responsible for preparing the Trustees' Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the trustees to prepare financial statements for each financial year, which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing these financial statements, the trustees are required to:

The trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charitable 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 charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

In so far as the trustees are aware:

AUDITORS

The auditors, Lemans, will be proposed for re-appointment at the forthcoming Annual General Meeting.

This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

Approved by order of the board of trustees on 22 May 2026 and signed on its behalf by:

A Edwards - Trustee

Page 6

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF THE INSTITUTE OF MEDICAL ILLUSTRATORS LIMITED

Opinion

We have audited the financial statements of The Institute of Medical Illustrators Limited (the 'charitable company') for the year ended 31 December 2025 which comprise the Statement of Financial Activities, the Balance Sheet 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 (United Kingdom Generally Accepted Accounting Practice).

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 charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate 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 charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

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

Other information

The trustees are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Report of the Independent Auditors thereon.

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 this gives rise to a material misstatement in the financial statements themselves. 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:

Page 7

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF THE INSTITUTE OF MEDICAL ILLUSTRATORS LIMITED

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Trustees.

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

Responsibilities of trustees

As explained more fully in the Statement of Trustees' Responsibilities, 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 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 charitable company or to cease operations, or have no realistic alternative but to do so.

Page 8

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF THE INSTITUTE OF MEDICAL ILLUSTRATORS LIMITED

Our 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 a Report of the Independent Auditors 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.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

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 specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud is detailed below:

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

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

Page 9

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF THE INSTITUTE OF MEDICAL ILLUSTRATORS LIMITED

Use of our report

This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might 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 the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed.

K Mealand (Senior Statutory Auditor) for and on behalf of Lemans Statutory Auditor 29 Arboretum Street Nottingham Nottinghamshire NG1 4JA 27 May 2026 Date: .............................................

Page 10

THE INSTITUTE OF MEDICAL ILLUSTRATORS LIMITED

STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING AN INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 DECEMBER 2025

Unrestricted
funds
Notes
£
INCOME AND ENDOWMENTS FROM
Donations and legacies
-
Charitable activities
Membership
55,215
Annual Conference
71,802
Education and Training
-
Marketing and Communication
2,000
Quality Assurance and Standards
1,000
Journal of Visual Communications in Medicine
2,307
Investment income
3
5,131
Other income
-
Total
137,455
EXPENDITURE ON
Charitable activities
Membership
27,815
Annual Conference
77,582
Education and Training
2,157
Marketing and Communication
15,628
Total
123,182
Net gains/(losses) on investments
259
NET INCOME
14,532
RECONCILIATION OF FUNDS
Total funds brought forward
123,225
TOTAL FUNDS CARRIED FORWARD
137,757		 Restricted
funds
£
-
-
-
-
-
-
-
1,143
-
1,143
1,958
-
-
-
1,958
3,325
2,510
25,833
28,343		 31.12.25
31.12.24
Total
Total
funds
funds
£
£
-
20
55,215
48,133
71,802
68,064
-
5,360
2,000
2,000
1,000
500
2,307
2,957
6,274
5,010
-
150
138,598
132,194
29,773
18,872
77,582
70,215
2,157
9,289
15,628
23,987
125,140
122,363
3,584
(5,759)
17,042
4,072
149,058
144,986
166,100
149,058

The notes form part of these financial statements

Page 11

THE INSTITUTE OF MEDICAL ILLUSTRATORS LIMITED (REGISTERED NUMBER: 00933565)

BALANCE SHEET 31 DECEMBER 2025

Notes
FIXED ASSETS
Investments
9
CURRENT ASSETS
Debtors
10
Cash at bank
CREDITORS
Amounts falling due within one year
11
NET CURRENT ASSETS
TOTAL ASSETS LESS CURRENT
LIABILITIES
NET ASSETS
FUNDS
13
Unrestricted funds
Restricted funds
TOTAL FUNDS		 31.12.25
£
98,722
16,874
88,966
105,840
(38,462)
67,378
166,100
166,100
137,757
28,343
166,100		 31.12.24
£
87,080
12,678
83,469
96,147
(34,169)
61,978
149,058
149,058
123,225
25,833
149,058

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

The financial statements were approved by the Board of Trustees and authorised for issue on 22 May 2026 and were signed on its behalf by:

A Edwards - Trustee

C Fleming - Trustee

The notes form part of these financial statements

Page 12

THE INSTITUTE OF MEDICAL ILLUSTRATORS LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025

1. STATUTORY INFORMATION

The Institute of Medical Illustrators Limited is a private charitable company limited by guarantee incorporated in England within the United Kingdom. The address of the registered office and registration numbers are given in the report of the trustees administrative information on pages 5 and 6 of these financial statements.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with 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 issued in October 2019, the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102), the Charities Act 2011, the Companies Act 2006 and UK Generally Accepted Accounting 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 functional currency of the charity and rounded to the nearest pound.

The trustees consider that there are no material uncertainties about the Charity's ability to continue as a going concern.

Income

All income is recognised in the Statement of Financial Activities when the charity is legally entitled to the income after any performance conditions have been met, the amount can be measured reliably and it is probable that the income will be received.

Subscription income is accounted for in the period to which it relates.

Conference income is accounted for in the period in which the conference is held.

Expenditure

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.

Allocation and apportionment of costs

Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.

Intangible fixed assets

The website development costs are being depreciated over 4 years.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Exhibition Stand - 20% on cost

Computer equipment is written off in the year of acquisition.

continued...

Page 13

THE INSTITUTE OF MEDICAL ILLUSTRATORS LIMITED

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2025

2. ACCOUNTING POLICIES - continued

Fund accounting

The general fund consists of the accumulation of surpluses less deficits of income over revenue expenditure and can be used in accordance with the objects of the charity at the discretion of the trustees.

Designated funds comprise unrestricted funds that have been set aside by the trustees for particular purposes. The aim and use of the designated fund is set out in the notes to the financial statements.

Restricted funds can only be used for particular restricted purposes within the objects of the charity.

Investments

Investments are stated in the balance sheet at fair value, with changes recognised in 'net gains/(losses) on investments' in the SOFA. Investment income is included as income when receivable.

Deferred Income

Membership income received during the current financial year that relates to the next financial year is included as deferred income.

Grants Payable

Grants are payable from the Turnbull fund and are included in the year in which the offer is conveyed to the recipient.

Cash at Bank

The charity holds sufficient funds in order to meet its short term cash commitments as they fall due.

Debtors and creditors

Debtors and creditors are recorded at transaction price.

3. INVESTMENT INCOME

INVESTMENT INCOME
31.12.25 31.12.24
£ £
Investment income 5,247 3,683
Deposit account interest 1,027 1,327
6,274 5,010
NET INCOME/(EXPENDITURE)
Net income/(expenditure) is stated after charging/(crediting):
31.12.25 31.12.24
£ £
Auditors' remuneration 2,400 2,270
Non-audit fees 6,300 5,700

4. NET INCOME/(EXPENDITURE)

continued...

Page 14

THE INSTITUTE OF MEDICAL ILLUSTRATORS LIMITED

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2025

5. TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 31 December 2025 nor for the year ended 31 December 2024.

Trustees' expenses

During the year £8,149 was paid to 11 council members in respect of travel and reimbursed expenses (2024 - £6,483 paid to 12 council members).

6. MEMBERS' LIABILITY

The liability of the Members is limited to a maximum of £1 each.

7. INTANGIBLE FIXED ASSETS

8.

INTANGIBLE FIXED ASSETS
Website
development
costs
£
COST
At 1 January 2025 and 31 December 2025 44,250
AMORTISATION
At 1 January 2025 and 31 December 2025 44,250
NET BOOK VALUE
At 31 December 2025 -
At 31 December 2024 -
TANGIBLE FIXED ASSETS
Exhibition
Stand and
Office
Equipment
£
COST
At 1 January 2025 and 31 December 2025 4,077
DEPRECIATION
At 1 January 2025 and 31 December 2025 4,077
NET BOOK VALUE
At 31 December 2025 -
At 31 December 2024 -

Page 15

continued...

THE INSTITUTE OF MEDICAL ILLUSTRATORS LIMITED

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2025

9. FIXED ASSET INVESTMENTS

FIXED ASSET INVESTMENTS
Listed
investments
£
MARKET VALUE
At 1 January 2025 87,080
Additions 40,000
Disposals (31,964)
Revaluations 3,606
At 31 December 2025 98,722
NET BOOK VALUE
At 31 December 2025 98,722
At 31 December 2024 87,080

There were no investment assets outside the UK. All investments are held primarily for an investment return.

Cost or valuation at 31 December 2025 is represented by:

Listed
investments
£
Valuation in 2025 98,722
10. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.25 31.12.24
£ £
Trade debtors 10,573 9,182
Prepayments and accrued income 6,301 3,496
16,874 12,678
11. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.25 31.12.24
£ £
Trade creditors 12,897 12,726
Accruals and deferred income 25,565 21,443
38,462 34,169

Page 16

continued...

THE INSTITUTE OF MEDICAL ILLUSTRATORS LIMITED

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2025

12. ANALYSIS OF NET ASSETS BETWEEN FUNDS

Unrestricted
funds
£
Investments
78,503
Current assets
97,646
Current liabilities
(38,392)
137,757
13.
MOVEMENT IN FUNDS
Unrestricted funds
General fund
Restricted funds
Turnbull Fund
TOTAL FUNDS
Net movement in funds, included in the above are as follows:
Incoming
resources
£
Unrestricted funds
General fund
137,455
Restricted funds
Turnbull Fund
1,143
TOTAL FUNDS
138,598
Comparatives for movement in funds
Unrestricted funds
General fund
Restricted funds
Turnbull Fund
TOTAL FUNDS		 Restricted
funds
£
20,219
8,194
(70)
28,343
At 1.1.25
£
123,225
25,833
149,058
Resources
expended
£
(123,182)
(1,958)
(125,140)
At 1.1.24
£
115,628
29,358
144,986		 31.12.25
31.12.24
Total
Total
funds
funds
£
£
98,722
87,080
105,840
96,147
(38,462)
(34,169)
166,100
149,058
Net
movement
At
in funds
31.12.25
£
£
14,532
137,757
2,510
28,343
17,042
166,100
Gains and
Movement
losses
in funds
£
£
259
14,532
3,325
2,510
3,584
17,042
Net
movement
At
in funds
31.12.24
£
£
7,597
123,225
(3,525)
25,833
4,072
149,058

continued...

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THE INSTITUTE OF MEDICAL ILLUSTRATORS LIMITED

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2025

13. MOVEMENT IN FUNDS - continued

Comparative net movement in funds, included in the above are as follows:

Unrestricted funds
General fund
Restricted funds
Turnbull Fund
TOTAL FUNDS		 Incoming
resources
£
131,032
1,162
132,194		 Resources
expended
£
(122,088)
(275)
(122,363)		 Gains and
Movement
losses
in funds
£
£
(1,347)
7,597
(4,412)
(3,525)
(5,759)
4,072		 Gains and
Movement
losses
in funds
£
£
(1,347)
7,597
(4,412)
(3,525)
(5,759)
4,072
4,072

A current year 12 months and prior year 12 months combined position is as follows:

Unrestricted funds
General fund
Restricted funds
Turnbull Fund
TOTAL FUNDS		 At 1.1.24
£
115,628
29,358
144,986		 Net
movement
in funds
£
22,129
(1,015)
21,114		 At
31.12.25
£
137,757
28,343
166,100

A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:

Unrestricted funds
General fund
Restricted funds
Turnbull Fund
TOTAL FUNDS		 Incoming
resources
£
268,487
2,305
270,792		 Resources
expended
£
(245,270)
(2,233)
(247,503)		 Gains and
Movement
losses
in funds
£
£
(1,088)
22,129
(1,087)
(1,015)
(2,175)
21,114		 Gains and
Movement
losses
in funds
£
£
(1,088)
22,129
(1,087)
(1,015)
(2,175)
21,114
21,114

Turnbull Fund

This fund assists members of the Institute in their travel funding to conferences throughout the world. Applications are made to Council on an anonymous basis.

continued...

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THE INSTITUTE OF MEDICAL ILLUSTRATORS LIMITED

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2025

14. RELATED PARTY DISCLOSURES

Dr W Manley, Kathy McFall's husband, was paid £180 during the year for professional editing services.

Page 19