annual general meeting 2012 treasurer’s report professor sue iversen cbe fmedsci
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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
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