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2021-12-31-accounts

Charity registered number: 1010639

The Society for the Study of Inborn Errors of Metabolism

(A company limited by guarantee)

Annual report and financial statements

For the year ended 31 December 2021

Company registered number: 02567711

The Society for the Study of Inborn Errors of Metabolism

Contents

ontents
Page
Reference and administrative details 1
Trustees’ report 2 - 8
Independent auditor’s report 9 - 12
Statement of financial activities 13
Statement of financial position 14
Statement of cash flows 15
Notes to the financial statements 16 - 22

The Society for the Study of Inborn Errors of Metabolism

Reference and administrative details

For the year ended 31 December 2021

Trustees Prof Dr D M Cassiman
Dr A Garcia-Cazorla
Prof Dr Med J D B Häberle
Prof G la Marca
Dr R J Lapatto
Dr H Michelakakis
Prof P B Mills, Treasurer
Prof F M J Mochel
Dr M D S Quelhas
Prof S Rahman
Prof J C Rocha
Prof G S Salomons, Chair
Prof M Schiff
Company secretary Prof M Schiff
Company registered number 02567711
Charity registered number 1010639
Registered office C/O Stone King LLP
Boundary House
91-93 Charterhouse Street
London
EC1M 6HR
Independent auditor Buzzacott LLP
130 Wood Street
London
EC2V 6DL
Bankers Barclays Bank PLC
PO Box 43
Sheffield
S9 2LF

1

The Society for the Study of Inborn Errors of Metabolism

Trustees’ report

For the year ended 31 December 2021

The Trustees present their annual report together with the financial statements of The Society for the Study of Inborn Errors of Metabolism (‘SSIEM’) (‘the Society’) for the year ended 31 December 2021.

Since the Society qualifies as small under section 383 of the Companies Act 2006, the Strategic report required of medium and large companies under The Companies Act 2006 (Strategic report and Directors’ report) Regulations 2013 is not required.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Constitution

The Society is constituted under a Memorandum of Association dated 12 December 1990 and amended by Resolutions dated 13 September 1991, 6 September 2007, 31 August 2011 and 3 September 2014. It is a registered charity with its charity number being 1010639.

The Society is limited by guarantee and does not have share capital. All Trustees are members of the Society and guarantee to contribute £1 in the event of winding up.

Trustees

The Trustees who served during the year were:

Prof Dr D M Cassiman Dr A Garcia-Cazorla Prof Dr Med J D B Häberle Prof G la Marca Dr R J Lapatto Dr H Michelakakis Prof P B Mills, Treasurer Prof F M J Mochel Prof E Morava-Kozicz (resigned on 1 January 2022) Dr M D S Quelhas Prof J C Rocha Prof G S Salomons, Chair Prof M Schiff, Secretary

OBJECTIVES AND ACTIVITIES

Policies and objectives

The principal objective of the Society is to foster the study of inherited metabolic disorders and related topics .

In order to further these objectives, membership of the Society promotes the exchange of ideas between professional workers in different disciplines who are interested in inherited metabolic disorders. The aim is pursued in scientific meetings, training courses and publications. The Society supports an annual symposium concentrating on different topics relating to inborn errors of metabolism each year and publishes its journals (Journal of Inherited Metabolic Disease (JIMD) and JIMD reports).

Membership of the Society is open to all and especially to those who are professionally involved in metabolic disorders or related topics.

2

The Society for the Study of Inborn Errors of Metabolism

Trustees’ report (continued)

For the year ended 31 December 2021

Public benefit

In supporting an annual symposium and publishing its journal, the Society aims to advance health by sharing ideas on different topics relating to Inborn Errors of Metabolism. In doing so, the Society has considered the Charity Commission's guidance on public benefit.

Organisational structure and decision-making

A General Council made up of Honorary Officers of the Society and additional members manage the organisation. The Honorary Officers are a Chair, a Secretary and a Treasurer. Council Members are elected at the Annual General Meeting. Honorary Officers are appointed by the General Council. Honorary Officers of the Society may hold office for three years and are eligible for re-appointment to the same office for a further three years. Members of the General Council other than Honorary Officers may hold office for three years; they may be re-elected for a further three years.

All Honorary Officers of the Society and Members of the General Council are considered to be key management of SSIEM although all are non-paid volunteers.

The Finance Sub-Committee (‘FSC’) comprises the current Honorary Treasurer, Honorary Chair, Honorary Secretary, Chair and Secretary Elect, previous Honorary Treasurer and an independent financial advisor plus invited members of staff and CLO.

ACHIEVEMENTS AND PERFORMANCE

Review of activities

During the year ended 31 December 2021 the Society published Journals and continued development of its own administration. The SSIEM held a virtual symposium and AGM in 2021 as the ICIEM (International Congress of Inborn Errors of Metabolism) Conference was postponed until November 2021.

The membership subscription structure remained the same as 2020.

SSIEM Education and Training Advisory Committee (ETAC) exercised its responsibilities for the training syllabi and the recognition of training centres for paediatric metabolic medicine. ETAC also organised the annual SSIEM Academy course, which for 2021 was a virtual Academy. The SSIEM also held Dietitian and Adult training courses.

The SSIEM Journal of Inherited Metabolic Disease (JIMD) and JIMD Reports were again run from the JIMD Editorial Office in Heidelberg. A new agreement was made with the JIMD Editorial Office with continued support from the Publisher Wiley.

The SSIEM offered modest financial support for non-profit organisations such as parent support groups or societies. In 2021 eight applications were received in the 1[st] round and twelve in the 2[nd] round. These applications were independently judged by a panel from the SSIEM Advisory Council. A total of nine awards were made for a total of €20,000.

Travel support for educational activities for healthcare professionals seeking experience in centres of excellence was awarded to two individuals along with membership support.

The Society also supported the development of guidelines associated with inborn errors of metabolism which will be published in the JIMD.

The ICIEM which is a global symposium hosted by SSIEM and its sister societies on a rotation basis. Symposium surplus goes to the hosting society which was held in Sydney, Australia as a hybrid meeting.

3

The Society for the Study of Inborn Errors of Metabolism

Trustees’ report (continued)

For the year ended 31 December 2021

FINANCIAL REVIEW

Principal funding

The overall income excluding any surplus from the symposium is used to pay the administrative and running costs of the Society including ETAC and to allow for publication of educational journals devoted to the study of the inborn errors of metabolism. Surplus funds are invested. Interest from investments is used in pursuance of the educational objectives of the Society.

The Council is cognisant of the current global financial crisis and has taken steps to protect investment and secure the financial position of the Society so that it can continue to meet its objectives. The Honorary Office and Council have also reviewed the current position about the COVID-19 pandemic.

The Society is truly international with membership drawn from more than 75 countries. The Society exists to promote the exchange of ideas between all who are professionally interested in inherited metabolic disease. It is the wish of the Council that this exchange should occur between members in as many countries as possible. The Council has agreed to set aside an amount of money from any surplus generated from normal activities to make membership more widely available to those who would otherwise be unable to participate without support from the Society. In 2021, the annual subscriptions of 4 (2020: 4) members were paid by the Society.

Results for the year

Overall, the financial result for the year was a net increase in the reserves of €79,466 (2020: €34,476 net decrease in reserves) to a year-end figure of €2,813,947 (2020: €2,734,481).

Reserves policy

It is the policy of the Society to maintain unrestricted funds, which are the free reserves, at a level that is sufficient to cover management and administration and support costs and allows the Society to be managed efficiently. This reserve is set at €1,000,000 (2020: €1,000,000). This is considered to be enough to cover a year’s worth of expenditure if no income were earned. The Council proposes that a proportion of the surplus funds are invested, currently €1,100,000 (2020: €900,000); the purpose of the investment is to provide the SSIEM with a modest income from its surplus. The remaining surplus is used in pursuance of the educational and charitable objectives of the Society. A limited number of grants will become available to finance individual members to visit, or work for short periods of time, in other centres of expertise. Support of non-profit organisations, such as parent support groups, is being further developed, travel bursaries, symposium scholarships and also development of guidelines associated with inborn errors of metabolism. As at 31 December 2021 an unrestricted fund balance of €2,813,947 (2020: €2,734,481) was held.

During the year, the Council utilised some of the reserves to develop its administration with the employment of two staff members and purchase of operating systems. Support of non-profit organisations, such as parent support groups, was also promoted.

Investment policy and performance

All investments have been acquired in accordance with powers available to the Council. The assets are sufficient to guarantee normal running of the Society for a period of not less than one year and to support the SSIEM Symposium if there were financial difficulties. The Council considers that this is the best way of ensuring the independence of the Society and that its educational objectives can be fulfilled. Since the majority of assets are financial investments there is unlikely to be any delay or shortfall in realising the assets into cash if this becomes necessary.

4

The Society for the Study of Inborn Errors of Metabolism

Trustees’ report (continued)

For the year ended 31 December 2021

Risk management

The Trustees have assessed the major risks to which the Society is exposed, in particular those related to the operations and finances of the Society, and are satisfied that systems and procedures are in place to mitigate our exposure to the major risks.

The main risks and the methods by which the risks are mitigated are:

Symposia risk

It is expected that the above insurance policies and agreements are included in any contract with any Professional Conference Organiser (PCO) providing services for the annual Symposium.

Data risk

The IT and data facilities are virtual and back-up routinely.

Compliance with GDPR regulations. Specialist advice has been sought to ensure compliance.

Financial risk

Brexit risk

The uncertainty surrounding Brexit persists and may pose risks to the Society in general. The Society continues to follow reputable media sources in order to better identify these risks and plan for them.

COVID-19

The uncertainty surrounding the COVID-19 pandemic worldwide; the Society continues to review the situation and look into holding virtual meetings and use all available IT facilities to engage with all those interested in inherited metabolic disorders.

5

The Society for the Study of Inborn Errors of Metabolism

Trustees’ report (continued)

For the year ended 31 December 2021

PLANS FOR FUTURE PERIODS

Future developments

The Council will continue to:

Develop the SSIEM own administration team & Professional Conference Organiser (PCO)

ETAC will continue to:

Canvas the views of SSIEM members on training issues.

The Society actively encourages the formation of National Societies which can communicate with each other through the SSIEM to raise awareness of metabolic diseases so that standards of care and research are improved.

COVID-19

The decision to reschedule the symposium planned for September 2020 to 2022 in Freiburg and to continue as a face to face meeting has been investigated by the SSIEM and will be updated monthly to see if the meeting should be made Hybrid. The SSIEM must be cognitive that other pandemics or a COVID-19 recurrence are a real risk and plan accordingly.

The SSIEM did not realise any significant income in 2021 due to the ICIEM symposium in Sydney but the SSIEM did hold a virtual symposium which made a small surplus thanks to the excellent organising team. The success of this event has helped the SSIEM to hold other events to benefit the membership.

The SSIEM has been able to host its Council meetings using video conferencing technology. This has negated council costs. However at least one face to face meeting per year would be valuable.

Going concern

After making appropriate enquiries, the Trustees have a reasonable expectation that the Society has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements.

6

The Society for the Study of Inborn Errors of Metabolism

Trustees’ report (continued)

For the year ended 31 December 2021

Trustees' responsibilities statement

The Trustees (who are also directors of The Society for the Study of Inborn Errors of Metabolism for the purposes of company law) are responsible for preparing the Trustees' report 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. Under company law the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Society and of the incoming resources and application of resources, including the income and expenditure, of the Society for that period.

In preparing these financial statements, the Trustees are required to:

select suitable accounting policies and then apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Society's transactions and disclose with reasonable accuracy at any time the financial position of the Society and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Society and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The Trustees are responsible for the maintenance and integrity of the corporate and financial information included on the Society’s website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

Disclosure of information to auditor

Each of the persons who are Trustees at the time when this Trustees' report is approved has confirmed that:

7

The Society for the Study of Inborn Errors of Metabolism

Trustees’ report (continued)

For the year ended 31 December 2021

Small companies exemption

In preparing this report, the Trustees have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.

This report was approved by the Trustees and signed on their behalf by:

…………………………….

Prof P B Mills

Treasurer

Date:

8

Independent auditor’s report to the Trustees of The Society for the Study of Inborn Errors of Metabolism

For the year ended 31 December 2021

Opinion

We have audited the financial statements of The Society for the Study of Inborn Errors of the Metabolism (‘the Society’) for the year ended 31 December 2021, which comprise the Statement of financial activities, the Statement of financial position, the Statement of cash flows and the related notes, 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, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (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 auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the Society in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council'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 Society'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 the report.

9

Independent auditor’s report to the Trustees of The Society for the Study of Inborn Errors of Metabolism (continued)

For the year ended 31 December 2021

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 auditor's report 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 there is a material misstatement in the financial statements or a material misstatement of the other information. 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.

Opinion on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the Society and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees' report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of Trustees

As explained more fully in the Trustees' responsibilities statement on page 7, the Trustees (who are also the directors of the charitable company for the purpose 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.

10

Independent auditor’s report to the Trustees of The Society for the Study of Inborn Errors of Metabolism (continued)

For the year ended 31 December 2021

In preparing the financial statements, the Trustees are responsible for assessing the Society'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 Society or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

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 an Auditor's report 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.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

We assessed the susceptibility of the Society’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

To address the risk of fraud through management bias and override of controls, we:

11

Independent auditor’s report to the Trustees of The Society for the Study of Inborn Errors of Metabolism (continued)

For the year ended 31 December 2021

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the Trustees and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

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 Auditor's report.

Use of our report

This report is made solely to the Society’s Trustees, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Society’s members those matters we are required to state to them in an Auditor's 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 Society and the Society’s members, as a body, for our audit work, for this report, or for the opinions we have formed.

Mark Worsey (Senior statutory auditor) for and on behalf of

Buzzacott LLP Statutory Auditor 130 Wood Street London EC2V 6DL

Date: 22 July 2022

12

The Society for the Study of Inborn Errors of Metabolism

Statement of financial activities

For the year ended 31 December 2021

Income and expenditure
Note
Income from:
Charitable activities – symposium and memberships
3
Charitable activities – journal royalties and courses
4
Investments
5
Total income
Expenditure on:
Charitable activities
6
Exceptional expenditure
10
Total expenditure
Net expenditure before investment
gains and losses
Unrealised gain on revaluation of fixed asset
investments
11
Net gain on investments
11
Gain/(loss) on retranslation of fixed asset investments
11
Net movement in funds
Reconciliation of funds:
Total funds at the beginning of the year
14
Total funds at the end of the year		 Unrestricted
funds
2021
€
202,780
378,129
17,647
598,556
677,206
-
677,206
(78,650)
41,661
16,855
99,600
79,466
2,734,481
2,813,947		 Unrestricted
funds
2020
€
288,769
400,912
15,447
705,128
651,223
144,336
795,559
(90,431)
105,624
11,847
(61,516)
(34,476)
2,768,957
2,734,481

The Statement of financial activities includes all gains and losses recognised in the year.

All of the Society’s activities derived from continuing operations during the above two financial years.

The notes on pages 16 to 22 form part of these financial statements.

13

The Society for the Study of Inborn Errors of Metabolism – Registered number: 02567711

Statement of financial position

As at 31 December 2021

----- Start of picture text -----
2021 2020
Note € € € €
Fixed assets
Investments 11 1,353,878 1,215,138
Current assets
Debtors 12 288,094 445,667
Cash at bank and in hand 1,433,921 1,323,431
1,722,015 1,769,098
Creditors: amounts falling due within one year 13 (261,946) (249,755)
Net current assets 1,460,069 1,519,343
Net assets 2,813,947 2,734,481
Charity funds
Unrestricted funds:
General fund 14 2,750,468 2,595,782
Designated fund 14 63,479 138,699
2,813,947 2,734,481
Total unrestricted funds 2,813,947 2,734,481
----- End of picture text -----

The Trustees acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS102 Section 1A – small entities.

The financial statements were approved by the Trustees on

and signed on their behalf by:

……………………….... Prof P B Mills Treasurer

The notes on pages 16 to 22 form part of these financial statements.

14

The Society for the Study of Inborn Errors of Metabolism

Statement of cash flows

For the year ended 31 December 2021

Cash flow from operating activities:
Net cash generated from/(used in) operating activities
A
Cash flow from investing activities
Purchase of investments
Disposal of investments
Investment income
Net cash generated from/(used in) investing activities
Change in cash and cash equivalents in the year
Cash and cash equivalents at beginning of year
Cash and cash equivalents at end of year
B
A Reconciliation of net income to net cash flow from operating activities
Net income/(loss) for the year (as per the Statement of financial activities)
Adjustments for:
Gain on revaluation of investments
Gain on disposal of investments
(Gain)/loss on retranslation of fixed asset investments
Investment income
Decrease in debtors
Increase/(decrease) in creditors
Net cash generated from/(used in) operating activities
B Analysis of cash and cash equivalents
Cash at bank and in hand
Cash held by investment managers
Total cash and cash equivalents		 2021
€
73,467
(532,694)
552,070
17,647
37,023
110,490
1,323,431
1,433,921
2021
€
79,466
(41,661)
(16,855)
(99,600)
(17,647)
157,573
12,191
73,467
2021
€
1,376,471
57,450
1,433,921		 2020
€
(295,892)
(110,099)
46,089
15,447
(48,563)
(344,455)
1,667,886
1,323,431
2020
€
(34,476)
(105,624)
(11,847)
61,516
(15,447)
195,948
(385,962)
(295,892)
2020
€
1,295,080
28,351
1,323,431

15

The Society for the Study of Inborn Errors of Metabolism

Notes to the financial statements

For the year ended 31 December 2021

1. General information

The Society for the Study of Inborn Errors of Metabolism (‘the Society’) is a company limited by guarantee. The members of the Society are the Trustees named on page 1. In the event of the Society being wound up, the liability in respect of the guarantee is limited to £1 per member of the Society. The Society is incorporated in England and Wales. Its registered office and principal place of business is C/O Stone King LLP, Boundary House, 91-93 Charterhouse Street, London, EC1M 6HR. The company registration number is 02567711 and the charity registration number is 1010639.

2. Accounting policies

2.1 Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention, with the exception of investments, which are included on a market value basis. The financial statements have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (effective 1 January 2015) (Charities SORP FRS 102), Section 1A of Financial Reporting Standard 102, ‘The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland’ (‘FRS 102’), the Charities Act 2011 and the Companies Act 2006.

The charity constitutes a public benefit entity as defined by FRS 102.

The financial statements are presented in Euros (€).

The principal accounting policies adopted, judgements and key sources of estimation uncertainty in the preparation of the financial statements are as follows:

2.2 Going concern

After making appropriate enquiries, the Trustees have a reasonable expectation that the Society has adequate resources to continue in operational existence for the foreseeable future. For this reason, the Society will continue to adopt the going concern basis in preparing the financial statements.

The Trustees have considered the impact of the current COVID-19 pandemic on the Society's ability to continue as a going concern. The Trustees do not consider this to be cause for material uncertainty in respect of the Society's abilities to continue as a going concern. The Society has adapted well, implementing contingency plans, and has continued to generate revenues despite the difficult circumstances. The Society has sufficient cash resources, including fixed asset investments, to continue for the foreseeable future, despite the current crisis. Therefore, the financial statements have been prepared on the going concern basis.

2.3 Fund accounting

The general fund is an unrestricted fund which is available for use at the discretion of the Trustees in furtherance of the general objectives of the Society and which has not been designated for other purposes.

2.4 Income

All income is recognised in the Statement of financial activities when the Society has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.

Annual symposium

Symposium income is the gross revenue generated by the symposium organiser on behalf of SSIEM and includes the registration fees and sponsorship fees at the event.

16

The Society for the Study of Inborn Errors of Metabolism

Notes to the financial statements

For the year ended 31 December 2021

2. Accounting policies (continued)

Subscriptions income

Income from subscriptions are recognised in the period the membership relates to.

Journal royalties

Journal royalties are recognised on an accruals basis.

Investment income

This comprises interest on bank deposits and National Savings Bank income bonds and dividend income. Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Society. This is normally upon notification of the interest paid or payable by the bank. Dividends are recognised once the dividend has been declared and notification has been received of the dividend due.

2.5 Expenditure

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the Society to make a payment to a third party or it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. All expenditure is stated inclusive of irrecoverable VAT.

All expenditure is accounted for on an accruals basis. Expenditure comprises direct costs and support costs. All expenses, including support costs, relate to the charitable activities of the Society.

Expenditure on charitable activities includes all costs associated with furthering the charitable purposes of the Society through the provision of its charitable activities. Such costs have been apportioned as follows:

Annual symposium

Symposium expenditure is the gross expenses incurred by the symposium organiser on behalf of the Society.

Grants payable

Grants payable are charged in the year when the offer is made except in those cases where the offer is conditional, with such grants being recognised as expenditure when the conditions attached are completed by the Society. Grants offered subject to conditions which have not been met at the year-end are noted as a commitment, but not accrued as expenditure.

2.6 Fixed asset investments

Investments are stated at market value at the reporting date. The Statement of financial activities includes the net gains and losses arising on revaluations and disposals throughout the year.

2.7 Debtors

Trade and other debtors are recognised at the settlement amount after any trade discount offered and net of any provision. Prepayments are valued at the net amount prepaid.

17

The Society for the Study of Inborn Errors of Metabolism

Notes to the financial statements

For the year ended 31 December 2021

2. Accounting policies (continued)

2.8 Cash at bank and in hand

Cash at bank and in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

2.9 Liabilities and provisions

Liabilities are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably. Liabilities are recognised at the amount that the Society anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.

2.10 Financial instruments

The Society only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

2.11 Foreign currencies

Monetary assets and liabilities denominated in foreign currencies are translated into Euros at rates of exchange ruling at the balance sheet date.

Transactions in foreign currencies are translated into Euros at the rate ruling on the date of the transaction.

Exchange gains and losses are recognised in the Statement of financial activities incorporating income and expenditure account.

3. Income from charitable activities – symposium and memberships

4.

Annual symposium
Subscriptions
Academy income
Income from charitable activities – journal royalties and cours
Journal royalties
Courses		 Unrestricted
funds
2021
€
74,871
125,333
2,576
202,780
es
Unrestricted
funds
2021
€
362,208
15,921
378,129		 Total
funds
2021
€
74,871
125,333
2,576
202,780
Total
funds
2021
€
362,208
15,921
378,129		 Total
funds
2020
€
171,341
117,428
-
288,769
Total
funds
2020
€
400,342
570
400,912

18

The Society for the Study of Inborn Errors of Metabolism

Notes to the financial statements

For the year ended 31 December 2021

5. Income from investments

Income from investments
Income bonds
Interest income
Dividend income
Analysis of charitable activities
Direct costs
Council symposium expenses
Publication of journal
JIMD Honorarium
Academy expenses
Symposium awards
Symposium expenses
Courses
Total direct costs
Support costs
Salaries and wages
Council travel and subsistence
Printing, postage, stationery and carriage
Exchange rate variance
Website costs
Other administration expenses
Secretarial expenses
Telephone and fax
IT supplies
Bad debts
Irrecoverable VAT
Total support costs
Governance costs
Audit & accountancy fees
Professional charges
Total governance costs
Total expenditure on charitable activities		 Unrestricted
funds
2021
€
26
5,908
11,713
17,647
Unrestricted
funds
2021
€
2,391
106,921
21,000
138,494
-
81,140
22,600
372,546
89,340
5,306
13,987
12,783
21,256
55,457
39,769
366
20,276
2,182
21,714
282,436
22,194
30
22,224
677,206		 Total
funds
2021
€
26
5,908
11,713
17,647
Total
funds
2021
€
2,391
106,921
21,000
138,494
-
81,140
22,600		 Total
funds
2020
€
5,060
2,620
7,767
15,447
Total
funds
2020
€
1,782
174,833
20,500
134,550
2,500
89,960
5,217
372,546
89,340
5,306
13,987
12,783
21,256
55,457
39,769
366
20,276
2,182
21,714		 429,342
-
3,648
576
9,491
13,068
54,071
46,457
648
3,542
-
62,648
282,436
22,194
30		 194,149
25,668
2,064
22,224
677,206		 27,732
651,223

6. Analysis of charitable activities

2 delegates were supported with financial grants of €3,750 (2020: €Nil) during the year.

19

The Society for the Study of Inborn Errors of Metabolism

Notes to the financial statements

For the year ended 31 December 2021

7. Trustees’ remuneration

No Trustees received any remuneration or benefits in kind in respect of their services during the year (2020: €Nil). During the year, a Trustee received reimbursement of expenses of €33 (2020: €5,207, 7 Trustees).

8. Auditor’s remuneration

Auditor's remuneration amounts to a current year audit fee of €14,293 (2020: €15,240) and fees charged for other non-audit services amounts to €5,777 (2020: €8,729).

9. Staff costs

Wages and salaries
Social security costs
Pension costs		 2021
€
75,922
7,875
5,543
89,340		 2020
€
-
-
-
-

The average monthly number of employees during the year was 2 (2020: Nil).

During the year, no staff received emoluments exceeding €60,000 excluding employer pension contributions.

The Society considers the Board of Trustees, the administrator and executive administrator as their key management personnel. The total employment benefits (including employer’s national insurance contributions and employer’s pension contributions) of key management personnel was €89,340 (2020: €nil).

10. Exceptional expenditure

Cancellation costs Unrestricted
funds
2021
€
-
-		 Total
funds
2021
€
-
-		 Total
funds
2020
€
144,336
144,336

During the year, cancellation costs totalling €Nil (2020: €144,336) were incurred by the Society with respect to the cancellation of the symposium.

20

The Society for the Study of Inborn Errors of Metabolism

Notes to the financial statements

For the year ended 31 December 2021

11. Fixed asset investments

Investments at market value comprise of the following:
Listed investments
Other investments
Market value
At 1 January 2021
Additions at cost
Disposals at book value (proceeds: €75,642 Profit: €16,855)
Foreign exchange movement
Revaluations
At 31 December 2021
At 31 December 2020		 2021
€
2020
€
1,353,878
733,014
-
442,124
1,353,878
1,215,138
Listed
securities
€
Other
investments
€
Total
€
773,014
442,124
1,215,138
532,694
-
532,694
(58,787)
(476,428)
(535,215)
65,296
34,304
99,600
41,661
-
41,661
1,353,878
-
1,353,878
773,014
442,124
1,215,138		 Total
€
1,215,138
532,694
(535,215)
99,600
41,661
1,353,878
1,215,138

Other investments comprised of £400,000 National Savings Bank income bonds, disposed of during the year. Investments are held to provide an investment return.

All fixed asset investments are held in the UK.

12. Debtors

Symposium related debtors
Prepayments and accrued income		 2021
€
5,000
283,094
288,094		 2020
€
93,908
351,759
445,667

21

The Society for the Study of Inborn Errors of Metabolism

Notes to the financial statements

For the year ended 31 December 2021

13. Creditors: Amounts falling due within one year

Other creditors
Accruals and deferred income
Deferred income at beginning of year
Resources deferred during the year
Amounts released from previous years
Deferred income at end of year		 2021
€
62,361
199,585
261,946
2021
€
68,495
48,582
(68,495)
48,582		 2020
€
33,584
216,171
249,755
2020
€
1,890
68,495
(1,890)
68,495

Deferred income relates to the deferral of subscription income over the period to which it relates.

14. Unrestricted funds

General fund
Designated fund		 Balance at
1 January
2021
€
2,595,782
138,699
2,734,481		 Income
€		 Expenditure
€
(677,206)
-
(677,206)		 Gain on
investments
€		 Transfers
between
funds
€		 Balance at 31
December
2021
€
598,556
-
598,556		 158,116
-
158,116		 75,220
(75,220)
-		 2,750,468
63,479
2,813,947

The general fund represents the ‘free reserves’ and the designated fund represents ring-fenced funding in respect of providing three and a half years of funding for a Scientific Deputy in the ERNDIM office.

15. Related party transactions

There were no related party transactions during the year. During the last accounting year, the Society provided services totalling €42,704 to European Research Network for Evaluation and Improvement of screening, Diagnosis and Treatment of Inborn Errors of Metabolism (ERNDIM). Ms A Y Brown, a Trustee of ERNDIM, was also a Trustee of the Society in the last accounting year.

22