Annual General Meeting 2012

Treasurer’s reportProfessor Sue Iversen CBE FMedSci

Results 2011/12 – on the website

Download from http://www.acmedsci.ac.uk/p29.html

AGM 2012

Three formal items of business for the meeting:

• To present the audited Annual Report and Financial Statements for the year ending 31 March 2012

• To approve the re-appointment of the auditors for 2012/13

• To approve the Fellows’ subscription rates for 2013/14

Results 2011/122011/12 was a year of consolidation

• Our first full year at 41 Portland Place and for the trading company

• Merger with the Medical Research Society

• Significant work streams including Animals containing Human Material report

Total Income 2011/12£5.12 million

Grant Funding - 41%

Programme Funding - 7%

Medical Research Society - 21%

Other Donations - 5%

41 Portland Place -12%

DH Core Grant - 9%

Academy Fellows - 4%

Investment Income - 1%

Trading company

• Result of company for period to 31 March 2012; profit of £33,460.

• Council approved maximum secured loan to company of £200k on commercial terms in 2010.

• £100k drawn down to date and cash flow suggests no requirement to increase loan in 2012/13.

Expenditure 2011/12£4.37 million

Charitable objectives - 82%

Fundraising Costs - 3%

41 PP: business - 11%

41PP: building costs - 2%

Governance - 1%

Endowment Funds - £1,054k

Restricted Funds - £5,599k

Designated Asset Fund - £2,300k

Designated Business Fund - £200k

Designated Repair Fund - £80k

General Fund - £375k

Total Funds at 31 March 2012 £9.6 million

General Fund movement 2011/12

Summary of General Fund results

£’000’s

Income 1,364

Expenditure 1,465

Reported deficit on fund 101

Balance at 31 March 2012 375

Reserves Policy

• Finance Committee confirmed target level of free reserves to be in the range £225k to £250k

• General Fund balance £375k at 31 March 2012; therefore free reserves currently above range.

• Finance Committee consider this appropriate in light of deficit on General Fund budgeted for 2012/13

Fellows’ subscriptions 2013/14• Fellows subscriptions are an important source of

unrestricted income for the Academy

• Finance Committee recommends that the subscriptions remain unchanged for 2013/14 • Clinical subscription £308 • Non-clinical subscription £184

AGM 2012

The Treasurer recommends to Fellows that:• The audited Annual Report and Financial Statements for

the year ending 31 March 2012 be accepted;

And that the following be approved:• The re-appointment of PKF (UK) LLP as auditors for

2012/13

• No increase in Fellows’ subscription rates for 2013/14