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2024-03-31-accounts

REGISTERED COMPANY NUMBER: 2691654 REGISTERED CHARITY NUMBER: 1009826

REPORT OF THE TRUSTEES AND

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

FOR

THE SOCIETY FOR THE STUDY OF ADDICTION

THE SOCIETY FOR THE STUDY OF ADDICTION

CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

Page
Reference and Administrative Details 1
Report of the Trustees 2 to 9
Report of the Independent Auditors 10 to 13
Statement of Financial Activities 14
Statement of Financial Position 15 to 16
Statement of Cash Flows 17
Notes to the Statement of Cash Flows 18
Notes to the Financial Statements 19 to 27

THE SOCIETY FOR THE STUDY OF ADDICTION

REFERENCE AND ADMINISTRATIVE DETAILS FOR THE YEAR ENDED 31 MARCH 2024

TRUSTEES

Professor O Bowden-Jones (President) Dr T Freeman (Vice-President) Dr A Dhandayudham (Treasurer) Dr C E J Edwards (appointed 2/5/23) Professor K Ersche Professor M J Field (appointed 9/11/23) Professor M Hickman Dr S P Sharman (appointed 9/11/23) Professor J M A Sinclair Dr I D Smith (appointed 9/11/23) Professor K H Thomas (appointed 9/11/23) Dr S L Welch

REGISTERED OFFICE Room 5 Rothersthorpe House 4 Billing Road Northampton NN1 5AN

REGISTERED COMPANY 2691654 NUMBER REGISTERED CHARITY 1009826 NUMBER

AUDITORS Shaw Gibbs (Audit) Limited, Statutory Auditor Eagle House 28 Billing Road Northampton Northamptonshire NN1 5AJ

CHIEF OFFICER Mr M Wheeler

Page 1

THE SOCIETY FOR THE STUDY OF ADDICTION

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024

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 March 2024. The trustees have adopted the provisions of 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 (FRS 102) (effective 1 January 2019).

OBJECTIVES AND ACTIVITIES

The Society's principal activity is to add to and promote the scientific understanding of addiction and problems related to it, and to advocate the use of the evidence base in policy and practice.

The Society's main aims and objectives are as follows:

Aims

Objectives

In setting the objectives the trustees have given careful consideration to the Charity Commission's general guidance on public benefit.

The trustees believe the aims and objectives above will lead to clear public benefit as the activities of the Charity are disseminated to front line practitioners.

During February and March 2024, the trustees met to review and update the Society's vision, mission, strategic aims and objectives. It is anticipated that a final version will be agreed at the November 2024 board meeting and then announced to members at the annual conference later that week.

Grant making policy

The Society is committed to ensuring that good quality evidence is transposed into clinical practice and policy-making in the addictions field, and an important way of doing this is by investing funds to help build career pathways in addictions research. For many years the Society has offered financial support to individuals to undertake undergraduate and Masters degrees, a fully-funded PhD studentship programme and post-doctoral fellowship positions. Grants are also awarded as part of the travelling scholarship scheme to support a member or associate of the Society to travel to international meetings, and/or laboratories and/or clinics, to enhance their training.

Applications for all grants are invited from members and student associates at set times of the year and panels consisting of trustees, and occasionally other specialists selected by the board, carry out a shortlisting and award process based on criteria set out on the Society's website.

Page 2

THE SOCIETY FOR THE STUDY OF ADDICTION

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024

ACHIEVEMENT AND PERFORMANCE PRESIDENT'S REPORT - A REVIEW OF THE YEAR'S ACHIEVEMENTS AND FUTURE PLANS

The last year has been exceptionally busy for the Society.

Key developments have included

In addition to these exciting developments, the Society has continued to successfully deliver on a wide range of commitments including our existing funding schemes, our Annual Conference, overseeing the Addiction and Addiction Biology journals, the PhD Symposium and curating a themed programme at the Lisbon international addiction conference.

All this can only be achieved by the exceptional dedication and, hard work of the trustees and SSA staff, who have been tireless in their commitment to driving forward the Society.

Next year will see a significant change to the Society, with our long-term Chief Officer, Martin Wheeler, stepping down after more than 17 years in the post. In addition, two trustees, Julia Sinclair and Tom Freeman, will have also reached the end of their terms, both contributing greatly to the Society in that time. We wish Martin and both demitting trustees the very best with their next steps. While Martin's departure will be a significant loss, I am pleased that the Society has recruited a new CEO, Rob Calder, who knows the Society well through his previous role as Head of Communications and Operations. The Society is also in the process of recruiting to a new finance officer post to complete an impressive staff team.

The Society is now well placed to deliver the three-year strategic plan which has been agreed by the board, with a number of working groups already actively progressing different workstreams. We will report on their activities at the 2024 conference and in next year's annual report. The Society has in place exceptional staff and trustees and I am confident that together we can deliver on our ambitious agenda.

Professor Owen Bowden-Jones President

People

In addition to journal staff mentioned below, the SSA has a small team, who manage the day-to-day operations of the Society: Martin Wheeler (Chief Officer), Rob Calder (Head of Communications and Operations), Graham Hunt (Executive Officer), Natalie Davies (Website Editor), and Jess Duncan (Social Media Specialist).

The team works closely with the SSA's Board of Trustees, which provides scientific, business, and financial direction to the organisation.

Page 3

THE SOCIETY FOR THE STUDY OF ADDICTION

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024

Communications

The SSA shares information and original content through its newsletters, podcasts, social media accounts, and website.

Newsletters

The Society currently publish two monthly newsletters:

The main newsletter (approximately 1,900 subscribers) includes original features from the SSA website (e.g. interviews and blogs) and opportunities from the Society and other stakeholders (e.g. funding, events, jobs).

The smaller, more targeted newsletter (approximately 100 subscribers) is for early career researchers, and includes opportunities and resources most relevant to PhD students and post-doctoral academics in the early stages of their addiction research careers.

In 2023-2024, both newsletters had relatively high rates of engagement and very few people unsubscribed.

Podcasts

The SSA produces four podcasts:

Addictions Edited - the SSA's flagship podcast featuring collaborations with other organisations and people who work in the addiction field

Addiction Audio - showcasing the work of researchers who publish in the journal Addiction

Addiction Lives - preserving the memories and experiences of people who work in the field of addiction through long-form interviews

PhD: Addicted to Research - hosted by PhD students for PhD students about their academic experiences

The Addictions Edited podcast was downloaded 1,532 times in 2023-2024 by people in 38 countries. Most of this activity occurred between January and March 2024, when the podcast launched a series about publishing in addiction science with the International Society of Addiction Journal Editors (ISAJE).

The Addiction Audio podcast published 27 episodes in 2023-2024 and was downloaded 6,398 times by people in over 90 countries. Interviews were conducted by SSA staff and alumni and covered issues such as cannabis apps, fentanyl, long-acting buprenorphine, nitrous oxide, and ontologies.

The SSA launched a training course for PhD students about how to develop and record podcasts. The first tranche included six students who were selected from a podcasting competition at the 2023 PhD Symposium. The course included six training sessions alongside ongoing support and seed money for participants to start their own podcast series.

Social media

The SSA continued to post visual and audio content on social media in 2023-2024. Consistent and more creative posting on X/Twitter helped increase follower numbers from 8,587 in April 2023 to 8,979 in April 2024. Growth on this platform was somewhat stifled during the period by the following: X/Twitter started deprioritising posts that contain hyperlinks, which limited the reach of SSA posts about articles on the website; and large numbers of people started leaving the platform (including hundreds of SSA followers), which the media reported was due to issues such as concerns about X/Twitter not adequately managing disinformation and online harassment. The SSA managed this by posting content more regularly on LinkedIn to diversify its social media reach and to tag contributors who left X/Twitter. The SSA also moved from using Vimeo for video content to YouTube, which will help to reach a bigger audience.

Page 4

THE SOCIETY FOR THE STUDY OF ADDICTION

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024

Website

The website attracted over 57,000 people between April 2023 and April 2024, and had an average of 12,000 page views per month.

The Society re-launched the website in mid-March 2024. The main outcomes were: - a new navigation system - making the site more user-friendly and promoting the strongest areas of content

Events

The SSA hosts two major events each year: the Annual Conference and the PhD Symposium.

Annual Conference

The Annual Conference is the UK's foremost gathering of addiction researchers, policymakers, practitioners, and experts by experience. The 2023 conference - held in Newcastle-upon-Tyne on 9 and 10 November - included 240 delegates and 45 speakers, who came from a dozen countries across Australia, Europe, and North America. The event featured:

Professor Wim van den Brink (Amsterdam University Medical Centers), who gave the Society Lecture on the epidemiology, genetics, neurobiology, prevention, and treatment of ADHD and addiction

Six special sessions, including a panel, one-to-one discussions, and workshops, and presentations by the winners of the Impact Prize and Fred Yates Prize for Early Career Researchers

Four symposia on the themes of cannabis use and mental health, intersectionality, smoking and mental health, and substance use among refugees

Four delegate sessions addressing themes such as harm reduction, helping people to reduce their substance use, new scientific avenues, and premature mortality

Sixty-six poster presentations

PhD Symposium

The PhD Symposium brings together PhD students from a range of disciplines, institutions, and stages in their studies to learn about each other's work, exchange ideas, and foster supportive and productive networks. The 2023 symposium was held in Newcastle-upon-Tyne on 8 November and was primarily organised by academic fellows Dr Nathan Critchlow, Dr Katie East, Dr Melissa Oldham, and Dr Sophie Orton, with assistance from SSA PhD students, Saba Ishrat and Zoe Swithenbank.

The event was over-subscribed and around 40 delegates attended on the day, including people from Australia, Denmark, Germany, Ireland, the Netherlands, and Sweden. For the first time, abstracts were accepted either for 'rapid presentations' (five minutes) or 'full length presentations' (15 minutes).

Funding schemes and prizes

The SSA runs eight funding schemes and prizes that support research careers, invest in people and projects, and recognise excellence.

To date, the SSA has funded 25 PhD students and 12 research fellows. One new student started their PhD in 2023/2024 and two researchers began their fellowships. The SSA received a large number of applications for both schemes for 2024-2025, and has appointed two new PhDs and two new fellows, all due to start in 2024.

Alexandra Hayes received salary support for up to 12 months as part of the SSA's post-doctoral transitional

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THE SOCIETY FOR THE STUDY OF ADDICTION

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024

development scheme. This funding was matched by her host university and is intended to support post-doctoral development of research applications.

In 2023, Philip Newall and Leon Xiao were awarded the Impact Prize for their individual and collective contributions to gambling policy discussions, and Ebtesam Saleh was awarded the Fred Yates Prize for Early Career Researchers for her research into the experiences of substance use and addiction among refugee populations.

A total of 25 people were awarded bursaries - the majority of which will support masters-level courses in addiction. Three people were given travelling scholarships to facilitate travel to international meetings and visiting overseas research departments, laboratories, and clinics. Three projects were supported through the engagement grants funding scheme - one to support the development of collegiate recovery programmes on UK university campuses, one to co-produce a multimedia toolkit that supports destigmatising alcohol problems, and one to develop a process to embed the voices of people with lived experience, policymakers, and practitioners in addiction research.

Journals

The Society owns two academic journals - Addiction and Addiction Biology - and invests the income from these journals back into the sector to support people, projects, and research in addiction science.

Addiction

Addiction has been in print since 1884. It publishes peer-reviewed research reports on pharmacological and behavioural addictions, and offers a lively forum for debate with editorials, commentaries, interviews with leading figures in the field, and a comprehensive book review section.

In 2023, Addiction received 1,001 original article submissions (16% were subsequently accepted), and published 161 articles. The journal's impact factor - a proxy for the relative importance and influence of a journal in its field - was 6.1 in 2022 and 5.2 in 2023. This drop in the impact factor is likely a result of changes in publishing during the COVID-19 epidemic whereby the large increase in papers published during COVID-19 lockdowns has been reversed which has, in turn, reduced the number of citations whilst maintaining the large number of citable items. There have been similar or larger reductions in the impact factor across comparable journals. Addiction publishes press releases, which have helped to generate mainstream media coverage, and shares key findings from the latest studies to over 15,000 followers on X/Twitter.

Professor John Marsden continues as Editor-in-Chief, supported by Professor Keith Humphreys as Deputy Editor-in-Chief, Professor Jamie Brown and Dr Janna Cousijn as joint Regional Editors for Africa, Asia, and Europe, Dr Silke Behrendt as Deputy Regional Editor, and Molly Jarvis as Commissioning Editor. Also continuing in their roles were Professor Shane Darke as Regional Editor for Australasia, Dr John Stapleton as Statistics and Methodology Editor, Dr Rob Calder as Social Media Editor, Dr Jean O'Reilly as Book Review Editor, and Professor Wayne Hall, Professor Matt Hickman and Professor Robert West as Strategic Advisors. Dr Christine Timko was Regional Editor for the Americas, supported by Dr Suzanne Colby and Dr Christina Andrews as Deputy Regional Editors.

Journal Manager Gillian Rangel retired in June 2023. Kirsty Smith was appointed as Editorial Manager, working alongside Margaret Eagers-Rickit (Australian office), Molly Jarvis, Jean O'Reilly and Florence Wissler as Editorial Managers.

Addiction Biology

Addiction Biology focuses on advancing the understanding of substances and addiction from a neuroscience perspective. Accepted papers typically span behavioural, molecular, genetic, biochemical, neurobiological, and pharmacological fields of animal experimentation and clinical research.

In 2023, Addiction Biology received 185 original article submissions (33% were subsequently accepted), and published 124 articles. The journal's impact factor was 3.4 in 2022 and 3.1 in 2023. This slight reduction is likely explained by the same reasons described above for Addiction.

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THE SOCIETY FOR THE STUDY OF ADDICTION

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024

Addiction Biology transitioned to an open access publishing model in July 2023 and became fully open access in January 2024.

Professor Rainer Spanagel continues as the Editor-in-Chief. There are two Senior Editors for the Americas, Dr. Vijay A. Ramchandani and Professor Rosana Camerini.

FINANCIAL REVIEW

Investment policy and performance

In accordance with its governing document, the Society is empowered to invest its monies not immediately required for its purposes, in investments, securities or property as may be thought fit, subject to any statutory requirements and noting that investment should not be made in commercial companies connected with gambling, tobacco or alcohol.

The Society's long-term investments are held in a professionally managed and ethical investment fund, in keeping with the Society's aims. The fund is a well-diversified combination of predominantly quoted shares, together with an allocation of lower risk fixed interest and alternative securities held via an investment fund specifically available to charities and similar institutions and which aims to achieve long-term returns. As of 31 March 2024, the long-term investment portfolio had increased in value by around 7.9% compared with the 31 March 2023 valuation. Global Inflation retreated back down towards central bank target rates during the period. This allowed central banks to halt their interest rate hiking strategies although interest rates remained at recent historic high levels in the US, UK and Europe. Market expectations for interest rates to be cut led to strong gains in both equity and bond markets. Equity markets were also boosted by Artificial Intelligence (AI) momentum. Bond yields remained elevated which resulted in the income yield the Society received from its investments remaining broadly level during the period.

The trustees are satisfied with the returns of the investment funds during a time of continued uncertainty and continue to monitor the on-going performance. In addition, the Society continues to hold a proportion of its reserves in bank treasury term deposits. The proportion of total reserves held in non-cash investments and cash deposits is monitored and maintained in accordance with a policy statement set by the trustees, aided by ongoing investment advice all of which is reviewed regularly.

Results

Net income for the year amounted to £296,855 (2023: net expenditure of £155,424).

Assets

The assets are held in pursuance of the company's charitable objectives. The net assets of the unrestricted funds at 31 March 2024 amount to £5,128,249 (2023: £4,831,394).

Reserves policy

The Board of Trustees has determined that the Society should maintain unrestricted funds which are not invested in tangible fixed assets or fixed asset investments (the 'free reserves') at a level representing a year's expenditure. This would provide sufficient funds to complete the publication of the journals, meet overhead costs and wind up the charitable company if necessary. At the year end, the 'free reserves' amounted to £1,371,554 (2023: £1,350,907) which is in excess of the stated policy. The board has prepared a three-year plan to increase expenditure on various initiatives, in line with the Society's core objectives, which will reduce this excess.

Page 7

THE SOCIETY FOR THE STUDY OF ADDICTION

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024

STRUCTURE, GOVERNANCE AND MANAGEMENT

The Society for the Study of Addiction (the Society) is established for charitable purposes and is constituted as a company limited by guarantee governed by its Articles of Association, last amended in November 2023.

Organisation

The trustees of the Society (the board) are elected by the membership and their role is to provide scientific direction, business and financial administration to the charitable company.

The Board shall have not less than three, nor more than 15 members, of whom no more than 12 are elected by the membership of the Society at the Annual General Meeting, with the board having the power to co-opt up to a maximum of three additional members with the same powers as elected members. Trustees serve until the end of the third Annual General Meeting following the one at which they were elected.

The membership of the board is set out on page one. All served on the board throughout the year apart from Professor Matt Field, Dr Steve Sharman, Dr Iain Smith and Professor Kyla Thomas who were appointed on 9 November 2023. Dr Ed Day, Professor Eilish Gilvarry, Dr Daphne Rumball and Professor Sir John Strang resigned on 9 November 2023. No trustee has any beneficial interest in the Society.

A Chief Officer is appointed by the trustees to manage the day to day operations of the Society. The editors of the Society's journals are appointed by the trustees.

Governance

The Officers of the board consist of the President, Vice President and Treasurer, together with other officers as deemed necessary by the Board. Sub-committees and panels exist to monitor the Society's finances, governance and its academic schemes, journals and other publications. The governance committee consists of a number of trustees and the Chief Officer and it considers good practice and the mitigation of risk in depth as summarised below. It reports to the board as appropriate during the year. Training in aspects of good governance is given to trustees and an induction process is carried out for all new trustees.

Risk management

The Trustees have taken careful account of the current risk exposure of the Society and are confident that they have properly protected the interests of the Society and are able to meet foreseeable liabilities. We are able to confirm that we have procedures in place that mitigate risks.

The main risks identified are as follows:

Reputational - measures are in place to mitigate this risk, specifically in relation to our journals, e-communications, interaction with industry, third party relationships and conflicts of interest. The Board discuss and monitor this issue and receive reports from committees and Journal staff at each Board meeting. Appropriate levels of insurance cover are also maintained.

Financial sustainability - recent levels of income from our journals combined with strong investment performance has allowed us to maintain a healthy level of reserves. However, the volatility of the investment markets means that this may not always be the case and we therefore review the strategy on a regular basis and using professional advice. Reports are received from the journal's publishers on a quarterly basis and with an increase in multi-year subscription licenses, future income levels can be reasonably predicted for a two or three year period.

Operational risks - these are considered by the Board on a regular basis and an appropriate system of reviews and controls has been installed to mitigate financial risk (e.g., fraud) and non-financial risk (e.g., trustee recruitment and workloads and all aspects regarding health and safety). The Board has also considered risks within the broad definition of safeguarding.

Remuneration policy

The pay of all staff is reviewed annually by the President and Treasurer. The Chief Officer's remuneration package is benchmarked against those in a similar role working for Charities of a comparable size.

Page 8

THE SOCIETY FOR THE STUDY OF ADDICTION

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024

STATEMENT OF TRUSTEES' RESPONSIBILITIES

The trustees (who are also the directors of The Society for the Study of Addiction for the purposes of company law) are responsible for preparing the Report of the Trustees 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 those financial statements, the trustees are required to

The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and to 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, Shaw Gibbs (Audit) Limited, Statutory Auditor, will be proposed for re-appointment at the forthcoming Annual General Meeting.

Approved by order of the board of trustees on ............29[th] October 2024................................. and signed on its behalf by:

................................................................. Professor O Bowden-Jones (President)

Page 9

REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF THE SOCIETY FOR THE STUDY OF ADDICTION

Opinion

We have audited the financial statements of The Society for the Study of Addiction (the 'charitable company') for the year ended 31 March 2024 which comprise the Statement of Financial Activities, the Statement of Financial Position, the Statement of Cash Flows 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).

In our opinion the financial statements:

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.

Page 10

REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF THE SOCIETY FOR THE STUDY OF ADDICTION

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters where the Charities (Accounts and Reports) Regulations 2008 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 11

REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF THE SOCIETY FOR THE STUDY OF ADDICTION

Our responsibilities for the audit of the financial statements

We have been appointed as auditors under Section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.

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:

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.

We obtained an understanding of the legal and regulatory frameworks within which the charity operates, focusing on those laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements. The laws and regulations we considered in this context were the Charities Act 2011, Companies Act 2006, United Kingdom Generally Accepted Accounting Practice and relevant Tax legislation.

We identified the greatest risk of material impact on the financial statements from irregularities, including fraud, to be the override of controls by management and the understatement of income. Our audit procedures to respond to these risks included enquiries of management about their own identification and assessment of the risks of irregularities, sample testing on the posting of journals, reviewing meeting minutes, regulatory correspondence and professional fees, detailed substantive testing on the completeness of income, and reviewing accounting estimates for biases. We also reviewed the regulatory correspondence with the Charity Commission.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.

These inherent limitations are particularly significant in the case of misstatement resulting from fraud as this may involve sophisticated schemes designed to avoid detection, including deliberate failure to record transactions, collusion or the provision of intentional misrepresentations.

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.

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REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF THE SOCIETY FOR THE STUDY OF ADDICTION

Use of our report

This report is made solely to the charitable company's trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charitable company's trustees 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 trustees as a body, for our audit work, for this report, or for the opinions we have formed.

reese ibs(Aut)inc

Shaw Gibbs (Audit) Limited, Statutory Auditor Eligible to act as an auditor in terms of Section 1212 of the Companies Act 2006 Eagle House 28 Billing Road Northampton Northamptonshire NN1 5AJ Date: .............................................

Page 13

THE SOCIETY FOR THE STUDY OF ADDICTION

STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING AN INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 MARCH 2024

Notes
INCOME AND ENDOWMENTS FROM
Charitable activities
3
Publishing contracts
Membership subscriptions
Conference income
Other income
Investment income
2
Total
EXPENDITURE ON
Charitable activities
4
Journal expenses
Annual conference
Project funding and prizes
Grants and bursaries
Website
Total
Net gains/(losses) on investments
NET INCOME/(EXPENDITURE)
RECONCILIATION OF FUNDS
Total funds brought forward
TOTAL FUNDS CARRIED FORWARD		 2024
Unrestricted
funds
£
1,195,365
32,155
38,292
16,305
136,597
1,418,714
499,139
124,253
62,904
524,389
187,382
1,398,067
276,208
296,855
4,831,394
5,128,249		 2023
Unrestricted
funds
£
1,165,618
31,620
31,738
15,297
115,736
1,360,009
455,914
126,864
74,892
469,018
166,438
1,293,126
(222,307)
(155,424)
4,986,818
4,831,394

The notes form part of these financial statements

Page 14

THE SOCIETY FOR THE STUDY OF ADDICTION

STATEMENT OF FINANCIAL POSITION 31 MARCH 2024

Notes
FIXED ASSETS
Investments
10
CURRENT ASSETS
Debtors
11
Cash at bank and in hand
CREDITORS
Amounts falling due within one year
12
NET CURRENT ASSETS
TOTAL ASSETS LESS CURRENT
LIABILITIES
NET ASSETS
FUNDS
13
Unrestricted funds
TOTAL FUNDS		 2024
Unrestricted
funds
£
3,756,695
121,576
1,798,146
1,919,722
(548,168)
1,371,554
5,128,249
5,128,249
5,128,249
5,128,249		 2023
Unrestricted
funds
£
3,480,487
53,988
1,751,127
1,805,115
(454,208)
1,350,907
4,831,394
4,831,394
4,831,394
4,831,394

The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not deposited notice, pursuant to Section 476 of the Companies Act 2006 requiring an audit of these financial statements.

The trustees acknowledge their responsibilities for

The notes form part of these financial statements

Page 15

continued...

THE SOCIETY FOR THE STUDY OF ADDICTION

STATEMENT OF FINANCIAL POSITION - continued 31 MARCH 2024

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 ...29[th] October 2024...... and were signed on its behalf by:

............................................. O Bowden-Jones (President)

............................................. T Freeman (Vice-President)

The notes form part of these financial statements

Page 16

THE SOCIETY FOR THE STUDY OF ADDICTION

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2024

Notes
Cash flows from operating activities
Cash generated from operations
1
Net cash (used in)/provided by operating activities
Cash flows from investing activities
Interest received
Dividends received
Net cash provided by investing activities
Change in cash and cash equivalents
in the reporting period
Cash and cash equivalents at the
beginning of the reporting period
Cash and cash equivalents at the end
of the reporting period		 2024
£
(89,578)
(89,578)
33,561
103,036
136,597
47,019
1,751,127
1,798,146		 2023
£
103,812
103,812
15,740
99,996
115,736
219,548
1,531,579
1,751,127

The notes form part of these financial statements

Page 17

THE SOCIETY FOR THE STUDY OF ADDICTION

NOTES TO THE STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2024

1. RECONCILIATION OF NET INCOME/(EXPENDITURE) TO NET CASH FLOW FROM OPERATING ACTIVITIES

Net income/(expenditure) for the reporting period (as per the
Statement of Financial Activities)
Adjustments for:
(Gain)/losses on investments
Interest received
Dividends received
(Increase)/decrease in debtors
Increase/(decrease) in creditors
Net cash (used in)/provided by operations
2.
ANALYSIS OF CHANGES IN NET FUNDS		 2024
£
296,855
(276,208)
(33,561)
(103,036)
(67,588)
93,960
(89,578)		 2023
£
(155,424)
222,307
(15,740)
(99,996)
171,418
(18,753)
103,812
Net cash
Cash at bank and in hand
Total		 At 1/4/23
£
1,751,127
1,751,127
1,751,127		 Cash flow
£
47,019
47,019
47,019		 At 31/3/24
£
1,798,146
1,798,146
1,798,146

The notes form part of these financial statements

Page 18

THE SOCIETY FOR THE STUDY OF ADDICTION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

1. 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 the Charities SORP (FRS 102) '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 (FRS 102)'(effective 1 January 2019), Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention with the exception of investments which are included at market value, as modified by the revaluation of certain assets.

The presentation currency of the financial statements is the Pound Sterling (£) and amounts have been rounded to the nearest whole Pound.

Legal form

The charity is a company limited by guarantee registered in England and Wales. Its registered office is as shown on page 1.

Going concern

At the time of approving the accounts, the Trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the Trustees continue to adopt the going concern basis of accounting in preparing the accounts.

Income

All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably. Policies on specific income streams are:

Investment income

Investment income, including associated income tax recoveries, is recognised when receivable.

Royalty income

Royalty income is received based upon the terms of a contract drawn up in conjunction with the Society's publishers. The contract states that the Society is entitled to a share of the profit for each calendar year that the journal is produced. In the accounts for the year ended 31 March 2024 this therefore represents 75% of the relevant profit share for the year ended 31 December 2023 together with 25% of the estimated profit share for the year ending 31 December 2024.

Membership subscriptions

Membership subscriptions are recognised when received.

Government Grants

Government grant income is recognised as it is receivable, to the extent that the grant has been expended by the end of the financial year.

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.

Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure.

Page 19

continued...

THE SOCIETY FOR THE STUDY OF ADDICTION

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024

1. ACCOUNTING POLICIES - continued

Allocation and apportionment of costs

Support costs are allocated on a percentage based on time spent on each charitable activity.

Taxation

The charity is exempt from corporation tax on its charitable activities.

Fund accounting

Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Tangible fixed assets

The charity has a policy of capitalising individual assets over the value of £1,000.

Financial instruments

Cash and cash equivalents in the balance sheet comprise cash at banks and in hand and short term deposits with an original maturity date of three months or less.

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the statement of comprehensive income under administrative expenses.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.

Significant Judgements and Estimates

The preparation of financial statements requires the use of certain critical accounting estimates. It also requires management to exercise its judgement in the process of applying the company accounting policies. The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the financial statements are disclosed within the individual accounting policies above.

2. INVESTMENT INCOME

Dividend income
Deposit account interest		 2024
£
103,036
33,561
136,597		 2023
£
99,996
15,740
115,736

Page 20

continued...

THE SOCIETY FOR THE STUDY OF ADDICTION

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024

3. INCOME FROM CHARITABLE ACTIVITIES

Activity
Publishing Income -
'Addiction
Publishing contracts
Publishing Income -
'Addiction Biology'
Publishing contracts
Membership subscriptions Membership subscriptions
Conference income
Conference income
Other income
Other income		 2024
£
1,117,068
78,297
32,155
38,292
16,305
1,282,117		 2023
£
1,065,865
99,753
31,620
31,738
15,297
1,244,273

4. CHARITABLE ACTIVITIES COSTS

Direct
Costs
£
Journal expenses
479,498
Annual conference
65,332
Project funding and prizes
23,624
Grants and bursaries
-
Website
148,102
716,556
5.
GRANTS PAYABLE
Grants and bursaries
The total grants paid to individuals during the year was as
Grants to individuals		 Grant
funding of
activities
(see note
5)
£
-
-
-
485,109
-
485,109
follows:		 Support
costs (see
note 6)
£
19,641
58,921
39,280
39,280
39,280
196,402
2024
£
485,109
2024
£
485,109		 Totals
£
499,139
124,253
62,904
524,389
187,382
1,398,067
2023
£
433,005
2023
£
433,005

Grants paid to individuals are bursaries, studentships and fellowships for addiction studies and research.

Page 21

continued...

THE SOCIETY FOR THE STUDY OF ADDICTION

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024

6. SUPPORT COSTS

Management
£
Journal expenses
15,543
Annual conference
46,634
Project funding and
prizes
31,090
Grants and bursaries
31,090
Website
31,090
155,447		 Finance
£
310
928
618
618
618
3,092		 Information
Governance
technology
costs
£
£
637
3,151
1,912
9,447
1,275
6,297
1,275
6,297
1,275
6,297
6,374
31,489		 Totals
£
19,641
58,921
39,280
39,280
39,280
196,402

Support costs, included in the above, are as follows:

Management

Staff costs
Office and other administration costs
Staff costs
Office and other administration costs
Finance
Bank charges		 Grants
and
bursaries
£
30,698
392
31,090		 Journal
expenses
£
15,348
195
15,543
Website
£
30,698
392
31,090
Journal
expenses
£
310		 Annual
conference
£
46,047
587
46,634
2024
Total
activities
£
153,489
1,958
155,447
Annual
conference
£
928		 Project
funding
and
prizes
£
30,698
392
31,090
2023
Total
activities
£
148,688
920
149,608
Project
funding
and
prizes
£
618

Finance

Page 22

continued...

THE SOCIETY FOR THE STUDY OF ADDICTION

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024

6. SUPPORT COSTS - continued

Finance - continued

2024
Grants
and
Total
bursaries
Website
activities
£
£
£
Bank charges
618
618
3,092
Information technology
Journal
Annual
expenses
conference
£
£
Telephone
73
222
Computer expenses
564
1,690
637
1,912
2024
Grants
and
Total
bursaries
Website
activities
£
£
£
Telephone
148
148
739
Computer expenses
1,127
1,127
5,635
1,275
1,275
6,374
Governance costs
Journal
Annual
expenses
conference
£
£
Trustee meeting costs
528
1,580
Auditors' remuneration
442
1,326
Professional fees
2,181
6,541
3,151
9,447		 2023
Total
activities
£
2,618
Project
funding
and
prizes
£
148
1,127
1,275
2023
Total
activities
£
514
3,902
4,416
Project
funding
and
prizes
£
1,053
884
4,360
6,297

Page 23

continued...

THE SOCIETY FOR THE STUDY OF ADDICTION

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024

6. SUPPORT COSTS - continued

Governance costs - continued

Grants
and
bursaries
£
Trustee meeting costs
1,053
Auditors' remuneration
884
Professional fees
4,360
6,297		 Website
£
1,053
884
4,360
6,297		 2024
Total
activities
£
5,267
4,420
21,802
31,489		 2023
Total
activities
£
3,720
4,135
15,565
23,420

7. NET INCOME/(EXPENDITURE)

Net income/(expenditure) is stated after charging/(crediting):

Auditors' remuneration 2024
£
4,420		 2023
£
4,135

8. TRUSTEES' REMUNERATION AND BENEFITS

There was no trustees' remuneration or other benefits for the year ended 31 March 2024 apart from £Nil (2023: £3,850) paid to Professor M Hickman, £275 (2023: £650) paid to Dr T Freeman and £275 (2023: £Nil) paid to Professor K Thomas for editorial services provided to the Society.

Trustees' expenses

Expenses reimbursements were paid to ten trustees (2023: eight) and amounted to £2,237 (2023: £3,720) in respect of travel and subsistence.

9. STAFF COSTS

Staff costs during the year were as follows:

Direct wages and salaries
Employer's National Insurance
Pension costs
Employment allowance		 2024
£
410,669
45,375
40,963
(5,000)
492,007		 2023
£
374,135
38,171
37,414

(5,000)
444,720

The average number of staff during the year was 9 (2023: 8).

One employee earned between £70,001-£80,000 per annum in the current year (2023: one employee earned between £70,001-£80,000).

Page 24

continued...

THE SOCIETY FOR THE STUDY OF ADDICTION

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024

9. STAFF COSTS - continued

Key Management Personnel

Key Management Personnel remuneration for the financial year was £96,480 (2023: £92,756).

10. FIXED ASSET INVESTMENTS

Listed

MARKET VALUE
At 1 April 2023
Revaluations
At 31 March 2024
NET BOOK VALUE
At 31 March 2024
At 31 March 2023		 investments
£
3,480,487
276,208
3,756,695
3,756,695
3,480,487

Listed investments are stated at their mid market value as at the balance sheet date.

If the investments had not been revalued, they would have been included on the historical cost basis at 31 March 2024 of £2,986,845 (2023: £2,986,845).

There were no investment assets outside the UK.

11. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Trade debtors
Prepayments		 2024
£
69,547
52,029
121,576		 2023
£
-
53,988
53,988

Page 25

continued...

THE SOCIETY FOR THE STUDY OF ADDICTION

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024

12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Social security and other taxes
Deferred income
Accruals
VAT Liability		 2024
£
11,343
229,390
160,549
146,886
548,168		 2023
£
10,923
185,640
108,826
148,819
454,208

The deferred income relates to advance payments from the publishers of the journal. This income is proportioned and deferred until rightfully owned.

Balance as at 31 March 2023
Amount released to incoming resources
Amount deferred in year
Balance as at 31 March 2024		 £
185,640
(185,640)
229,390
229,390

13. MOVEMENT IN FUNDS

At 1/4/23
£
Unrestricted funds
General
4,831,394
TOTAL FUNDS
4,831,394
Net movement in funds, included in the above are as follows:
Incoming
Resources
resources
expended
£
£
Unrestricted funds
General
1,418,714
(1,398,067)
TOTAL FUNDS
1,418,714
(1,398,067)
Comparatives for movement in funds
At 1/4/22
£
Unrestricted funds
General
4,986,818
TOTAL FUNDS
4,986,818		 Net
movement

in funds
£
296,855
296,855

Gains and

losses
£
276,208
276,208
Net
movement

in funds
£
(155,424)
(155,424)
At

31/3/24
£
5,128,249
5,128,249

Movement
in funds
£
296,855
296,855

At

31/3/23
£
4,831,394
4,831,394

Page 26

continued...

THE SOCIETY FOR THE STUDY OF ADDICTION

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024

13. MOVEMENT IN FUNDS - continued

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

Unrestricted funds
General
TOTAL FUNDS		 Incoming
resources
£
1,360,009
1,360,009
Resources

expended
£
(1,293,126)
(1,293,126)
Gains and

losses
£
(222,307)
(222,307)
Movement
in funds
£
(155,424)
(155,424)

14. EMPLOYEE BENEFIT OBLIGATIONS

The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension charge represents contributions payable by the company to the fund and amounted to £40,963 (2023 - £37,414). No contributions were outstanding at the year end (2023 - £nil).

15. CONTINGENT LIABILITIES

There were no contingent liabilities as at 31 March 2024 or 31 March 2023.

16. CAPITAL COMMITMENTS

The charitable company had no capital commitments as at 31 March 2024 or 31 March 2023.

17. RELATED PARTY DISCLOSURES

Other than disclosed in note 8 there were no related party transactions for the year ended 31 March 2024 or 31 March 2023.

Page 27