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2023-12-31-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 2023

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
7
Independent auditor�s report 8
11
Statement of financial activities 12
Statement of financial position 13
Statement of cash flows 14
Notes to the financial statements 15
22

The Society for the Study of Inborn Errors of Metabolism

Reference and administrative details

For the year ended 31 December 2023

Trustees Prof Dr D M Cassiman
Dr A E Dardis
Dr A Garcia
Cazorla
Dr S Grünewald
Prof Dr Med J D B Häberle
Prof Dr Med I M Knerr
Prof G la Marca
Dr R J Lapatto
Dr H Michelakakis
Prof P B Mills
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

1

The Society for the Study of Inborn Errors of Metabolism

Trustees�report

For the year ended 31 December 2023

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 2023.

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 E Dardis (Appointed 30[th] August 2023) Dr A Garcia Cazorla Dr S Grünewald Prof Dr Med J D B Häberle Prof Dr Med I M Knerr Prof G la Marca Dr R J Lapatto Dr H Michelakakis Prof P B. Mills Prof Dr M D S Quelhas (Resigned on 30[th] August 2023) Prof S Rahman Prof J C Rocha 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).

2

The Society for the Study of Inborn Errors of Metabolism

Trustees�report (continued)

For the year ended 31 December 2023

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 Directors/Trustees of the Society are considered to be key management personal of the SSIEM although all are non paid volunteers. Other key management personnel include the SSIEM Administration team with whom the Directors/Trustees work closely with.

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

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:

3

The Society for the Study of Inborn Errors of Metabolism

Trustees�report (continued)

For the year ended 31 December 2023

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.

ACHIEVEMENTS AND PERFORMANCE

Review of activities

The two tier membership subscription structure used for 2022 & 2023 has been revised and agreed at the 2023 AGM. A three tier subscription will be operated i.e. �high income countries��middle income countries �and the �rest of the world� for 2024 , as identified by the World Bank List of Economies . With all categories for the �rest of the world paying a nominal fee of �10.00 per annum.

During the year ended 31 December 2023 the Society published Journals and continued development of its own administration. The SSIEM held a symposium in Jerusalem, Israel 2023 which was attended by 1,467 delegates. The Society supported 30 travel scholarships to attend the symposium which covered the registration, 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. The new agreement with the JIMD Editorial Office and the Publisher Wiley commenced in 2023.

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 2023 was held in Manchester, United Kingdom.

The SSIEM organised three Dietitian�s meetings.

The SSIEM offered modest financial support for non profit organisations such as parent support groups or societies. In 2023 fourteen applications were received for each of the 1[st] and 2[nd] award calls. These applications were independently judged by a panel from the SSIEM Advisory Council. A total of eight awards were made.

Seven 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 eleven individuals in the Ukraine within the IEM community with supported membership together with three others from other countries.

There were no awards for the SSIEM support for guideline development and publishing them in the JIMD for 2023.

A total of �56,517 was given in awards, grants and bursaries including symposium scholarships for 2023.

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

4

The Society for the Study of Inborn Errors of Metabolism

Trustees�report (continued)

For the year ended 31 December 2023

errors of metabolism and organise training and educational events. 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 Officers and Council have also reviewed the current position with regard to political unrest and ongoing conflicts.

The Society is truly international with membership drawn from more than 80 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.

Results for the year

Overall the financial result for the year was a net increase in the reserves of �122,668 to a year end figure of �3,026,875.

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 (2022: �1,000,000). The Council proposes that a proportion of the surplus funds are invested, currently �1,027,000 (2022: �979,000); 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 2023 an unrestricted fund balance of �3,026,875 (2022 (restated): �2,904,207) was held. The Council is aware of the balance and is constantly looking into charitable ways to use the funds.

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.

5

The Society for the Study of Inborn Errors of Metabolism

Trustees�report (continued)

For the year ended 31 December 2023

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

Financial risk

Covid 19

Political unrest and ongoing conflicts

PLANS FOR FUTURE PERIODS

Future developments

The Council will continue to:

6

The Society for the Study of Inborn Errors of Metabolism

For the year ended 31 December 2023

ETAC will continue to:

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.

Disclosure of information to auditor

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

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:

7

Inborn Errors of Metabolism

For the year ended 31 December 2023

Opinion

the Statement of financial position, the Statement of cash flows and the related notes, including a summary of the principal accounting policies and the notes to the financial statements. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial

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 charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, 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

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.

8

Inborn Errors of Metabolism (continued)

For the year ended 31 December 2023

Other information

The Trustees are responsible for the other information contained within the annual report and financial statements. 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.

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. If, based on the work we have performed, we conclude themselves 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:

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 charitable company 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:

report and from the requirement to prepare a Strategic report.

Responsibilities of Trustees

As explained more fully in the Trustees' responsibilities statement on page 3, 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.

9

Inborn Errors of Metabolism (continued)

For the year ended 31 December 2023

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 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 charitable company'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:

10

Inborn Errors of Metabolism (continued)

For the year ended 31 December 2023

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 charitable company’s members, 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 charitable company’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 charitable company and the charitable company’s members, as a body, for our audit work, for this report, or for the opinions we have formed.

Alison Pyle (Senior statutory auditor) for and on behalf of Buzzacott LLP Statutory Auditor 130 Wood Street London EC2V 6DL

Date: 1 August 2024

11

The Society for the Study of Inborn Errors of Metabolism

Statement of financial activities (incorporating an income and expenditure account)

For the year ended 31 December 2023

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
Total expenditure
Net income before investment
gains and losses
Unrealised gain/(loss) on revaluation of fixed asset
investments
10
Net realised (loss)/gain on investments
10
Gain/(loss) on retranslation of fixed asset investments
10
Net movement in funds
Reconciliation of funds:
Total funds at the beginning of the year
13
Total funds at the end of the year		 Unrestricted
funds
2023
�
240,951
403,377
27,481
671,809
609,247
609,247
62,562
44,133
(5,676)
21,649
122,668
2,904,207
3,026,875		 Unrestricted
funds
2022 (restated)
�
2,341,281
395,543
24,153
2,760,977
2,354,249
2,354,249
406,728
(265,111)
18,834
(70,191)
90,260
2,813,947
2,904,207

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 15 to 22 form part of these financial statements.

12

Statement of financial position

As at 31 December 2023

----- Start of picture text -----
2023 2022 (restated)
Note € € € €
Fixed assets
Investments 10 1,147,267 1,042,152
Current assets
Debtors 11 351,973 629,474
Cash at bank and in hand 1,727,004 1,646,165
2,078,977 2,275,639
Creditors: amounts falling due within
one year 12 (199,369) (413,584)
Net current assets 1,879,608 1,862,055
Net assets 3,026,875 2,904,207
Charity funds
Unrestricted funds:
General fund 13 3,026,875 2,904,207
3,026,875 2,904,207
Total unrestricted funds 3,026,875 2,904,207
----- 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

The financial statements were approved by the Trustees on 31/07/2024 and signed on their behalf by:

Prof P B Mills

Treasurer

The notes on pages 15 to 22 form part of these financial statements.

13

The Society for the Study of Inborn Errors of Metabolism

Statement of cash flows

For the year ended 31 December 2023

2023
�
Cash flow from operating activities:
Net cash generated from operating activities
A
98,367
Cash flow from investing activities
Purchase of investments
(227,367)
Disposal of investments
182,358
Investment income
27,481
Net cash generated from investing activities
(17,528)
Change in cash and cash equivalents in the year
80,839
Cash and cash equivalents at beginning of year
1,646,165
Cash and cash equivalents at end of year
B
1,727,004
A
Reconciliation of net income to net cash flow from operating activities
2023
�
Net income for the year (as per the Statement of financial activities)
122,668
Adjustments for:
(Gain)/loss on revaluation of investments
(44,133)
Loss/(gain)on disposal of investments
5,676
(Gain)/loss on retranslation of fixed asset investments
(21,649)
Investment income
(27,481)
Decrease/(increase) in debtors
277,501
(Decrease)/increase in creditors
(214,215)
Net cash generated from operating activities
98,367
B
Analysis of cash and cash equivalents
2023
�
Cash at bank and in hand
1,690,288
Cash held by investment managers
36,716
Total cash and cash equivalents
1,727,004		 2022 (restated)
�
192,833
(272,862)
268,120
24,153
19,411
212,243
1,433,921
1,646,165
2022(restated)
�
90,260
265,111
(18,834)
70,191
(24,153)
(341,380)
151,833
192,833
2022
�
1,583,280
62,885
1,646,165

14

The Society for the Study of Inborn Errors of Metabolism

Notes to the financial statements

For the year ended 31 December 2023

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 (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 Society constitutes a public benefit entity as defined by FRS 102.

The financial statements are presented in Euro (�) and rounded to the nearest Euro (�).

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 or the net proceeds from revenue generated by the symposium organiser on behalf of SSIEM depending on whether the symposium organiser is acting as the agent or the principal. This revenue includes the registration fees and sponsorship fees at the event.

Subscriptions income

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

Journal royalties

Journal royalties are recognised on an accruals basis.

15

The Society for the Study of Inborn Errors of Metabolism

Notes to the financial statements

For the year ended 31 December 2023

2. Accounting policies (continued)

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, when the symposium organiser is acting as agent for 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.

16

The Society for the Study of Inborn Errors of Metabolism

Notes to the financial statements

For the year ended 31 December 2023

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 has only 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		 Total
funds
2023
�
105,009
127,852
8,090
240,951		 Total
funds
2022
�
2,190,406
141,795
9,080
2,341,281

4. Income from charitable activities �journal royalties and courses

Journal royalties
Courses		 Total
funds
2023
�
398,587
4,790
403,377		 Total
funds
2022
(restated)
�
384,153
11,390
395,543

17

The Society for the Study of Inborn Errors of Metabolism

Notes to the financial statements

For the year ended 31 December 2023

5. Income from investments

Interest income
Dividend income
6.
Analysis of charitable activities
Direct costs
Council symposium expenses
Publication of the JIMD
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
Irrecoverable VAT
Total support costs
Governance costs
Audit & accountancy fees
Professional charges
Total governance costs
Total expenditure on charitable activities		 Total
funds
2023
�
13,442
14,039
27,481
Total
funds
2023
�
20,776
154,514
21,000
300
47,122
48,741
39,864
56,517
388,834
115,300
11,698
1,184
(8,108)
9,320
26,456
375
1,010
9,628
19,353
186,216
30,259
3,938
34,197
609,247		 Total
funds
2022
�
11,463
12,690
24,153
Total
funds
2022
(restated)
�
11,882
170,446
21,000
698
128,352
1,555,540
31,171
71,386
1,990,475
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
2,354,249

7 delegates were supported with financial grants of �6,280 (2022: �6,392 (5 delegates)) during the year.

18

The Society for the Study of Inborn Errors of Metabolism

Notes to the financial statements

For the year ended 31 December 2023

7. Trustees�remuneration

No Trustees received any remuneration or benefits in kind in respect of their services during the year (2022: �Nil). During the year, 14 Trustees received reimbursement of expenses of �11,654 (2022: �9,724, 12 Trustees).

8. Auditor�s remuneration

Auditor's remuneration amounts to a current year audit fee of �20,923 (2022: �16,940) and fees charged for other non audit services amounts to �6,801 (2022: �6,928).

9. Staff costs

Wages and salaries
Social security costs
Pension costs		 2023
�
96,394
11,832
7,074
115,300		 2022
�
103,150
9,648
6,937
119,735

The average monthly number of employees during the year was 2 (2022: 2).

The number of higher paid employees was:

�70,001��80,000
�80,001��90,000		 2023
�
1
1		 2022
�
1
1

Within Symposium costs are amounts totalling Nil (2022: �10,256) payable to an employee.

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 �115,300 (2022: �119,735).

19

The Society for the Study of Inborn Errors of Metabolism

Notes to the financial statements

For the year ended 31 December 2023

10. Fixed asset investments

Analysis of investments
Investments at market value comprise of the following:
Fixed income
Equities
Alternatives
Investments are held to provide an investment return.
All fixed asset investments are held in the UK.
At 1 January 2023
Additions at cost
Disposals at book value (proceeds: �182,358, loss: �5,676)
Unrealised gain/(loss) on revaluation of fixed asset
investments
Gain/(loss) on retranslation of fixed asset investments
At 31 December 2023
Historic cost at 31 December 2023		 2023
�
483,639
613,005
50,623
1,147,267
2023
�
1,042,152
227,367
(188,034)
44,133
21,649
1,147,267
963,104		 2022
�
365,460
613,672
63,020
1,042,152
2022
�
1,353,878
272,862
(249,286)
(70,191)
(265,111)
1,042,152
928,651

11. Debtors

Trade debtors
Symposium related debtors
Deposits
Prepayments and accrued income		 2023
�
849
104,904
30,005
216,215
351,973		 2022
(restated)
�
21,249
269,129
339,096
629,474

20

The Society for the Study of Inborn Errors of Metabolism

Notes to the financial statements

For the year ended 31 December 2023

12. Creditors: amounts falling due within one year

Trade creditors
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		 2023
�
51,002
4,842
143,525
199,369
2023
�
36,306
32,433
(36,306)
32,433		 2022
(restated)
�
112,863
104,758
195,963
413,584
2022
�
48,582
36,306
(48,582)
36,306

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

13. Unrestricted funds

General fund
General fund
Designated fund		 Balance at
1 January
2023
(restated)
�
2,904,207
2,904,207
Balance at
1 January
2022
�
2,750,468
63,479
2,813,947		 Income
�		 Expenditure
�
(609,247)
(609,247)
Expenditure
(restated)
�
(2,354,249)
(2,354,249)		 Gains from
investments
�		 Transfers
between
funds
�		 Balance at 31
December
2023
�
671,809 60,106 3,026,875
671,809 60,106 3,026,875
Income
(restated)
�		 Losses from
investments
�		 Transfers
between
funds
�		 Balance at 31
December
2022
(restated)
�
2,760,977
2,760,977		 (316,468)
(316,468)		 63,479
(63,479)		 2,904,207
2,904,207

The general fund represents the �free reserves�.

21

The Society for the Study of Inborn Errors of Metabolism

Notes to the financial statements

For the year ended 31 December 2023

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 are no other related party transactions during the year (2022: None).

15. Prior year adjustment

Changes to the balance sheet:

Changes to the balance sheet:
As at 31 December 2022
As
previously
reported
�		 Adjustment
�		 As restated
�
Investments
Debtors
Cash at bank and in hand
Creditors: amounts falling due within one year
Charity funds
Unrestricted funds		 1,042,152
686,305
1,646,165
(372,179)
3,002,443
3,002,443
3,002,443		 (56,831)
(41,405)
(98,236)
(98,236)
(98,236)		 1,042,152
629,474
1,646,165
(413,584)
2,904,207
2,904,207
2,904,207

Changes to the statement of financial activities:

As at 31 December As at 31 December 2022
As
previously
reported
�		 Adjustment
�		 As restated
�
Total income
Total expenditure
Other gains/losses
Net movement in funds		 2,817,808
2,312,844
(316,468)
188,496		 (56,831)
41,405
(98,236)		 2,760,977
2,345,249
(316,468)
90,260

The prior year adjustment relates to a correction of an understatement of creditors and expenditure, and an overstatement of debtors and income.

22