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

2. Results 2011/12 – 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 2011/12 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

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 Summary of General Fund results £’000’s Income 1,364 Expenditure 1,465 Reported deficit on fund 101 Balance at 31 March 2012 375

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