2022-12-31-accounts - The Society For The Study Of Inborn Errors Of Metabolism

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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 2022

Company registered number: 02567711

The Society for the Study of Inborn Errors of Metabolism

Contents
	Page
Reference and administrative details	1
	2 - 7
	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 2022

Trustees	Prof Dr D M Cassiman
	Dr A Garcia-Cazorla
	Dr S Grünewald
	Prof Dr Med J D B Häberle
	Prof Dr Med I Knerr
	Prof G la Marca
	Dr R J Lapatto
	Dr H Michelakakis
	Prof P B Mills
	Dr M D S Quelhas
	Prof S Rahman
	Prof J C Rocha
	Prof M Schiff
Company secretary	Dr H Michelakakis
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

The Society for the Study of Inborn Errors of Metabolism

For the year ended 31 December 2022

The Trustees present their annual report together with the financial statements of The Society for the Study of Inborn Errors of Metabolism for the year ended 31 December 2022.

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 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 Dr S Grünewald (appointed 31[st] August 2022) Prof Dr Med J D B Häberle Prof Dr Med I Knerr (appointed 31[st] August 2022) Prof G la Marca Dr R J Lapatto Dr H Michelakakis Prof P B. Mills Asst Prof F M J Mochel (resigned 31[st] August 2022) Dr M D S Quelhas Prof S Rahman (appointed 1[st] January 2022) Prof J C Rocha Prof G S Salomons (resigned 31[st] August 2022) Prof M Schiff

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).

The Society for the Study of Inborn Errors of Metabolism

For the year ended 31 December 2022

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

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 to help run the financial side of the Society was announced at the 2014 AGM and installed in 2015. The FSC comprises the current Honorary Treasurer, a Council member (currently the SSIEM Chair), the previous SSIEM Honorary Treasurer or Ex-Officio member of Council and an independent financial advisor.

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;
observe the methods and principles in Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with Financial Reporting Standard applicable to the UK and Republic of
make judgements and accounting estimates that are reasonable and prudent;
state whether applicable United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Society will continue in operation.

The Society for the Study of Inborn Errors of Metabolism

For the year ended 31 December 2022

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 website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

ACHIEVEMENTS AND PERFORMANCE

Review of activities

The membership subscription structure remained the same as 2020 & 2021.

During the year ended 31 December 2022 the Society published Journals and continued development of its own administration. The SSIEM held a symposium in Freiburg, Germany 2022 which was attended by 2442 delegates. The Society supported 30 travel scholarships to attend the symposium which covered the registration fees, accommodation and travel expenses of the awardees.

The SSIEM Journal of Inherited Metabolic Disease (JIMD) was 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. start from 1[st] January 2023 for six years is under review.

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 2022 was held in Amsterdam, The Netherlands.

The SSIEM organised three Dieti

The SSIEM offered modest financial support for non-profit organisations such as parent support groups or societies. In 2022 seven applications were received in the 1[st] round and five in the 2[nd] round. These applications were independently judged by a panel from the SSIEM Advisory Council. A total of six awards were made.

Five Travel & Training Bursaries for educational activities for healthcare professionals seeking experience in centres of excellence or to attend conferences or meetings were awarded. The SSIEM continued to help seven individuals in the Ukraine within the IEM community with supported membership together with six others from different countries.

The SSIEM awarded a group with support for guideline development and publishing.

A total of 71,386 was given in awards, grants and bursaries for 2022. 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 and organise training & educational events. Surplus funds are invested. Interest from investments is used in pursuance of the educational objectives of the Society.

The Society for the Study of Inborn Errors of Metabolism

For the year ended 31 December 2022

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 Society is truly international with membership drawn from more than 82 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 2022, the annual subscriptions of 13 (2021: 4) members were waived by the Society.

Results for the year

Overall the financial result for the year was a net increase in the reserves of 188,496 (to a year-end figure of 3,002,443.

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 future management and administration, symposium and support costs for a limited period which would allow the Society to be managed efficiently if there were a significant downturn. This reserve is set at 00,000 (2021: 1,000,000). The Council proposes that a proportion of the surplus funds are invested, currently ,000 (2021: ,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. These include Adult & Dietitian meetings, ETAC Academy and the annual symposium, plus a limited number of awards, grants and bursaries. The latter includes: the Travel & Training Bursaries 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 holding events or parent/carer projects; Symposium scholarships for travel, accommodation and registration at the SSIEM Symposium and development of Guidelines. As at 31 December 2022 an unrestricted fund balance of 3,002,443 (2021: 2,813,947) was held.

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.

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 Society for the Study of Inborn Errors of Metabolism

For the year ended 31 December 2022

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

Symposia risk

Insurance against bodily or material harm including third parties.
Insurance against cancellation was considered unacceptably expensive and therefore inappropriate use of funds. However, this can be reviewed with each symposium.
Agreement re a force majeure event.
Making the Symposia a hybrid or virtual meeting if required

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 backed-up routinely.
Compliance with new GDPR regulations. Specialist advice has been sought to ensure compliance.

Financial risk

The major risk to the SSIEM is the potential lack of success of the annual symposium which is covered above. The financial surplus of the Society is conservatively managed and is considered to be low risk as funds are held in Sterling and Euro.

PLANS FOR FUTURE PERIODS

Future developments

The Council will continue to:

Develop our administration team.
Review and develop corporate governance.
Review and develop structures of committees, succession planning and terms of reference
Continually assess and manage risk.
Develop communications links with the members.
Develop/update our Symposium and meetings.
Support parent support groups or societies through the funding award scheme.
Support healthcare professional seeking experience in centres of excellence.
Support for Guideline Developments.
Support and/or invite Societies to provide educational meetings or training courses.
Encourage ERNDIM-SSIEM Collaboration.
Encourage MetabERN SSIEM joint training.

ETAC will continue to:

Canvas the views of SSIEM members on training issues.
Undertake accreditation visits when requested.
Update the training syllabus on a regular basis.
Consider whether courses in inborn errors of metabolism are suitable for training needs.
Organise further specific training programmes as part of the SSIEM academy.
Encourage ETAC-NAMA Collaboration.

nherited Metabolic Disease will:

Continue and will further d
Develop special issues.
Make the JIMD environmentally friendly by going paperless.

The Society for the Study of Inborn Errors of Metabolism

For the year ended 31 December 2022

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.

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.

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;
observe the methods and principles in Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with Financial Reporting Standard applicable to the UK and Republic of
make judgements and accounting estimates that are reasonable and prudent;
state whether applicable United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Society will continue in operation.

Disclosure of information to auditor

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

So far as that Trustee is aware, there is no relevant audit information of which the Society's auditor is unaware, and
The Trustee has taken all the steps that ought to have been taken as a trustee in order to be aware of any relevant audit information and to establish that the Society's auditor is aware of that information.

The Society for the Study of Inborn Errors of Metabolism

For the year ended 31 December 2022

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 Trustee

Date: 28 July 2023

Inborn Errors of Metabolism

For the year ended 31 December 2022

Opinion

We have audited the financial statements of The Society for the Study of Inborn Errors of the Metabolism Society ) for the year ended 31 December 2022, 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 U

Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

give a true and fair view of the state of the Society's affairs as at 31 December 2022 and of its result for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.

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.

of The Society for the Study of

Inborn Errors of Metabolism (continued)

For the year ended 31 December 2022

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:

the information given in the Trustees' report company law, for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Trustees' report, , has been prepared in accordance with applicable legal requirements.

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:

adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of Trustees' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit; or
the Trustees were not entitled to prepare the financial statements in accordance with the small report and from the requirement to prepare a Strategic report.

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.

of The Society for the Study of

Inborn Errors of Metabolism (continued)

For the year ended 31 December 2022

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:

the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations; and
the audit team held a discussion to identify any particular areas that were considered to be susceptible to misstatement, including with respect to fraud and non-compliance with laws and regulations; and
we obtained an understanding of the legal and regulatory frameworks that are applicable to the Society and determined that the most significant frameworks which are directly relevant to specific assertions in the financial statements are those that relate to the reporting framework (Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011), the Companies Act 2006 and those that relate to data protection (General Data Protection Regulation).

an understanding of how fraud might occur, by:

making enquiries of management as to where they considered there was susceptibility to fraud and their knowledge of actual, suspected and alleged fraud; and
considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

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

performed analytical procedures to identify any unusual or unexpected relationships;
assessed whether judgements and assumptions made in determining the accounting estimates set out in the accounting policies were indicative of potential bias; and
tested journal entries to identify unusual transactions.

of The Society for the Study of

Inborn Errors of Metabolism (continued)

For the year ended 31 December 2022

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

agreeing financial statement disclosures to underlying supporting documentation; reading the minutes of meetings of those charged with governance; and enquiring of management as to actual and potential litigation and claims.

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 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 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 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:

28 July 2023

The Society for the Study of Inborn Errors of Metabolism

Statement of financial activities

For the year ended 31 December 2022

----- Start of picture text -----
Income and expenditure Unrestricted Unrestricted
funds funds
Note 2022 2021
Income from:
Charitable activities symposium and memberships 3 2,341,281 202,780
Charitable activities journal royalties and courses 4 452,374 378,129
Investments 5 24,153 17,647
Total income 2,817,808 598,556
Expenditure on:
Charitable activities 6 2,312,844 677,206
Total expenditure 2,312,844 677,206
Net expenditure before investment
gains and losses 504,964 (78,650)
Unrealised (loss)/gain on revaluation of fixed asset
investments 10 (265,111) 41,661
Net gain on investments 10 18,834 16,855
(Loss)/gain on retranslation of fixed asset investments 10 (70,191) 99,600
Net movement in funds 188,496 79,466
Reconciliation of funds:
Total funds at the beginning of the year 13 2,813,947 2,734,481
Total funds at the end of the year 3,002,443 2,813,947
----- End of picture text -----

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

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

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

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

Statement of financial position

As at 31 December 2022

----- Start of picture text -----
2022 2021
Note
Fixed assets
Investments 10 1,042,152 1,353,878
Current assets
Debtors 11 686,305 288,094
Cash at bank and in hand 1,646,165 1,433,921
2,332,470 1,722,015
Creditors: amounts falling due within one year 12 (372,179) (261,946)
Net current assets 1,960,291 1,460,069
Net assets 3,002,443 2,813,947
Charity funds
Unrestricted funds:
General fund 13 3,002,443 2,750,468
Designated fund 13 - 63,479
3,002,443 2,813,947
Total unrestricted funds 3,002,443 2,813,947
----- 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 28 July 2023 and signed on their behalf by:

Prof P B Mills Treasurer

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

The Society for the Study of Inborn Errors of Metabolism

Statement of cash flows

For the year ended 31 December 2022

Cash flow from operating activities: Net cash generated from operating activities A Cash flow from investing activities Purchase of investments Disposal of investments Investment income Net cash generated from 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 for the year (as per the Statement of financial activities) Adjustments for: Loss/(gain) on revaluation of investments Gain on disposal of investments Loss/(gain) on retranslation of fixed asset investments Investment income (Decrease)/increase in debtors Increase in creditors Net cash generated from 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	2022 192,833 (272,862) 268,120 24,153 19,411 212,244 1,433,921 1,646,165 2022 188,496 265,111 (18,834) 70,191 (24,153) (398,211) 110,233 192,833 2022 1,583,280 62,885 1,646,165		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

The Society for the Study of Inborn Errors of Metabolism

Notes to the financial statements

For the year ended 31 December 2022

1. General information

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 (FRS 102) (Charities SORP FRS 102), Section 1A of Financial Reporting Standard 102, The Financial Reporting Standard applicable in the UK 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 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.

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.

The Society for the Study of Inborn Errors of Metabolism

Notes to the financial statements

For the year ended 31 December 2022

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:

Direct costs These are the costs associated directly to meeting the charitable objects of the Society and include annual symposium expenditure, grants payable and costs incurred in respect of producing journals.
Support costs These are the costs incurred directly in support of expenditure on the objects of the Society and include project management carried out at Headquarters.
Governance costs These are the costs directly attributable to the meetings and audit process such as staff costs, printing, meetings and travel costs.

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.

The Society for the Study of Inborn Errors of Metabolism

Notes to the financial statements

For the year ended 31 December 2022

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

Annual symposium Subscriptions Academy income Income from charitable activities journal royalties and cours Journal royalties Courses	Unrestricted funds 2022 2,190,406 141,795 9,080 2,341,281 es Unrestricted funds 2022 440,984 11,390 452,374	Total funds 2022 2,190,406 141,795 9,080 2,341,281 Total funds 2022 440,984 11,390 452,374	Total funds 2021 74,871 125,333 2,576 202,780 Total funds 2021 362,208 15,921 378,129

4. Income from charitable activities journal royalties and courses

The Society for the Study of Inborn Errors of Metabolism

Notes to the financial statements

For the year ended 31 December 2022

5. Income from investments

5. Income from investments
Income bonds Interest income Dividend income 6. Analysis of charitable activities Direct costs Council symposium expenses Publication of journal JIMD Honorarium JIMD Illustrations Academy expenses Symposium expenses Courses Awards/bursaries and grants 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 2022 - 11,463 12,690 24,153 Unrestricted funds 2022 11,882 111,789 21,000 698 145,604 1,555,540 31,171 71,386 1,949,070 109,479 13,002 15,150 (7,582) 3,652 24,938 170 973 6,844 - 169,322 335,948 27,192 634 27,826 2,312,844	Total funds 2022 - 11,463 12,690 24,153 Total funds 2022 11,882 111,789 21,000 698 145,604 1,555,540 31,171 71,386	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 -
		1,949,070 109,479 13,002 15,150 (7,582) 3,652 24,938 170 973 6,844 - 169,322	372,546 89,340 5,306 13,987 12,783 21,256 55,457 39,769 366 20,276 2,182 21,714
		335,948 27,192 634	282,436 22,194 30
		27,826 2,312,844	22,224 677,206

5 delegates were supported with financial grants of 6,392 (2021: 3,750) during the year.

The Society for the Study of Inborn Errors of Metabolism

Notes to the financial statements

For the year ended 31 December 2022

7.

No Trustees received any remuneration or benefits in kind in respect of their services during the year (2021: Nil). During the year, 12 Trustees received reimbursement of expenses of 9,724 (2021: 33, 7 Trustees).

8.

Auditor's remuneration amounts to a current year audit fee 16,940 (2021 14,293) and fees charged for other non-audit services amounts to 6,928 (2021 5,777).

9. Staff costs

Wages and salaries Social security costs Pension costs	2022 103,150 9,648 6,937 119,735	2021 75,922 7,875 5,543 89,340

The average monthly number of employees during the year was 2 (2021: Nil).

The number of higher paid employees was:

2022 1 1	2021 - -

Within Symposium costs are

The Society considers the Board of Trustees, the administrator and executive administrator as their key management personnel. The t national insurance contributions and pension contributions) of key management personnel was 119,735 (2021: 89,340).

The Society for the Study of Inborn Errors of Metabolism

Notes to the financial statements

For the year ended 31 December 2022

10. Fixed asset investments

Investments at market value comprise of the following: Listed investments Investments are held to provide an investment return. All fixed asset investments are held in the UK. Debtors Trade debtors Symposium related debtors Prepayments and accrued income Market value At 1 January 2022 Additions at cost Disposals at book value (p 268,120 p 18,834) Foreign exchange movement Revaluations At 31 December 2022 At 31 December 2021	2022 1,042,152 1,042,152 2022 21,249 269,129 395,927 686,305 Listed securities 1,353,878 272,862 (249,286) (70,191) (265,111) 1,042,152 1,353,878	Total 1,353,878 272,862 (249,286) (70,191) (265,111)
		1,042,152
		1,353,878
		2021 1,353,878 1,353,878 2021 - 5,000 283,094 288,094

11. Debtors

The Society for the Study of Inborn Errors of Metabolism

Notes to the financial statements

For the year ended 31 December 2022

12. 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		2022 217,621 154,558 372,179 2022 48,582 36,306 (48,582) 36,306	2021 62,361 199,585 261,946 2021 68,495 48,582 (68,495) 48,582

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

13. Unrestricted funds

General fund Designated fund	Balance at 1 January 2022 2,750,468 63,479 2,813,947	Income	Expenditure (2,312,844) - (2,312,844)	Losses from investments	Transfers between funds 63,479 (63,479) -	Balance at 31 December 2022
		2,817,808 - 2,817,808		(316,468) - (316,468)		3,002,443 - 3,002,443

The general fund .

The designated fund represented ring-fenced funding in respect of providing funding for a Scientific Deputy in the ERNDIM office. It was decided during the year that this was no longer required and the balance was transferred to the general fund.

14. Related party transactions

There were no related party transactions during the year (2021: none).