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Annual General Meeting 2012 Treasurer’s report Professor Sue Iversen CBE FMedSci

Annual General Meeting 2012 Treasurer’s report Professor 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:

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Annual General Meeting 2012 Treasurer’s report Professor Sue Iversen CBE FMedSci

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  1. Annual General Meeting 2012Treasurer’s reportProfessor Sue Iversen CBE FMedSci

  2. Results2011/12 – on the website Download from http://www.acmedsci.ac.uk/p29.html

  3. 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

  4. Results 2011/12 • 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 2011/12 was a year of consolidation

  5. Total Income 2011/12£5.12 million

  6. 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.

  7. Expenditure 2011/12£4.37 million

  8. Total Funds at 31 March 2012 £9.6 million

  9. General Fund movement 2011/12

  10. 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

  11. 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

  12. 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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