2020-12-31-accounts - The Federation Of European Biochemical Societies

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					Page
Reference and Administrative		Details ofthe Company,	its Trustees	and Advisers	1-2
Trustees' Report					3-19
Trustees' Responsibilities Statement					20
Independent Auditors'	Report	on the Financial Statements			21-24
Statement of Financial	Activities				25
Balance Sheet					26
Statement ofCash Flows					27
Notes to the Financial	Statements				28-47

REFERENCE AND	REFERENCE AND	REFERENCE AND	ADMINISTRATIVE DETAILS	OF	OF	THE COMPANY, ITS TRUSTEES AND ADVISERS	THE COMPANY, ITS TRUSTEES AND ADVISERS
			FOR THE YEAR ENDED				31 DECEMBER 2020
Trustees			CArraiano, Chair, Working		Group on Women in Science
			M De La Rosa, Congress	Counsellor
			I Diaz Moreno, Chair, Working				Group on the Careers ofYoung Scientists
			J Dumic, Chair, Working	Group on Integration
			E Fragkoulis, Chair, Science			and Society Committee
			L Fesus, Chair, Publications				Committee
			A Krol, Chair, Fellowships	Committee
			J Buchner (appointed 1 January 2021)
			F Michelangeli, Treasurer
			VPaces Secretary General
			J Kos (appointed 1 January		2021)
			BVbrtessy, Chair, Advanced				Courses Committee
			TZima, Chair (resigned 31		December 2020)
			F G Sagin, Chair, Education			Committee
			P Laidler, Vice Chair
Company	registered
number			08239097
Charity registered
number			1149638
Registered		office	StAndrew's House Suite 59St Andrew's Street	B1		Third Floor
			Cambridge
			CB2 3BZ
Company	secretary		Professor VPaces
Independent		auditors	Hill Wooldridge &Co. Limited
			107Hindes Road
			Harrow
			Middlesex
			HA1 1RU
Bankers			The Royal Bank ofScotland
			171Tottenham Court Road
			London
			W1P ODL
			HSBC UK Bank PLC
			Business Banking UK
			1st Floor, Sunningdale
			The Belfry Business Park
			Colonial Way
			Watford
			WD24 4WH

h biochemistry and molecular biology and relate	d discipline	d discipline	s
Achievements	Comments
FEBSAdvanced Courses
22 FEBS-supported events were planned for2020: due to the COVID-19 pandemic, 3 took place as scheduled (2 Practical Courses and 1 Special Meeting), 2 Advanced Lecture Courses were held	In 2020, FEBS continued to fund numerous Advanced Courses with high scientific content and also funded many YTF grants to allow participation of young researchers at the FEBS courses.
as virtual meetings and 15 were postponed to 2021 (4Advanced Lecture Courses, 2joint FEBS- EMBO Lecture Courses, 3 Practical Courses, 2
Practical and Lecture Courses and 4 Workshops),
1 joint FEBS-EMBO Lecture Course to 2022 and 1
Advanced Lecture Course to 2023.
The assessment procedure for course selection
and funding was refined. The online database
for applications and reporting was enhanced,
FEBS-owned and branded course websites
were introduced and collaborations with EMBO
and IUBMB continued

er countries ofConstituent Societie	s
Achievements		Comments
FEBSCongress, Advanced Courses and		See above
Education Workshops
See above
Lecturers for Constituent Society and other scientific meetings National Lectures in Norway (held in January 2020), The		Effective enhancement international meetings distinguished speakers.		of regional, by funding	national of		and
Netherlands (postponed to 2021), Finland	and
Italy (postponed to 2022) and France and
Poland (cancelled).
Other meeting sponsorship In 2020: RAFV XXXIIIArgentinian meeting		Eminent speakers meetings beyond	for special events Europe, which also			and allowed
(postponed to 2021), Gordon Research Conference USA (postponed to 2022) and		collaboration with international organizations yielded FEBSjournals' promotion.					and
OGMBT (Austria society) new series ofvirtual
meetings.
Achievements		Comments
FESSFellowships Fellows move to work in host lab in different		Promotion of exchange		of
country (see Objective 3 below).		skills/knowledge.
WGI schemes
Support for communities of molecular life scientists in European countries with economic		Contributes to developing/maintaining effective researchers in Europe.				pool	of
challenges and/or no existing or active
biochemical society through visits, Education
Workshops, CES Fellowships and literature
access scheme as well as encouraging the
establishment of new societies and for them to
benefit from FESS.

jective 3: f owships	acilitatin	g and	supp	ortin	g th	e training of young scientis	ts in res	earc
Achievements						Comments
Short-Term Fellowships						Enhances research possibilities	for young
19Short-Term	and 10	Summer	Fellowships			scientists; numbers awarded in	accordance	with
warded						budgetary limits.
Long —Term	Fellowships					Very competitive - only the most	outstanding
6 Long-Term	awarded	(such Fellows		in post).		scientists successful; numbers	awarded in
						accordance with budgetary limits. Accounts		for
						major part ofFEBSexpenditure.
Fellows Meeting						Participants are invited to participate. No
(postponed from 2020		and due	to be	held	in	selection procedure applies as only FEBS Long-
Lisbon 2022)						Term Fellows are eligible. The organization
						costs are shared with the YSF.

Achievements		Comments
In 2020, the FEBSPress journals received more submissions	(13%).	Strong performance		of FEBS' journals
published more artides (8%)compared to 2019.59%per cent	of all	in a challenging	scientific publishing
arlicles published were open access (gold OA). A stable subscriptions		environment
base was maintained for FEBSJournal and FEBS Letters. Journal
Impact factors increased for all journals.

		BALANCE SHEET	BALANCE SHEET
		AS AT 31 DECEMBER 2020
			2020		2019
		Note			e
FIXEDASSETS
Tangible assets			91,253		93,506
Investments			77,266,553		68,050,268
			77,357,806		68,143,774
CURRENT ASSETS
Debtors		13	554,894	238,844
Cash at bank and	in hand		5,254,028	5,943,409
			5,808,922	6,182,253
Creditors. amounts	falling due within one
year		14	(449,096)	(569,686)
NET CURRENT ASSETS			5,359,826		5612,567
TOTAL ASSETS	LESS CURRENT
LIABILITIES			82,717,632		?3.756,341
TOTAL NET ASSETS			82,717,632		73,756,341
CHARITY FUNDS
Unrestricted funds			82,717,632		73.756,341
TOTAL FUNDS			82,717,632		73,756,341

				2020	2019
			Note
CASH FLOWS FROM OPERATING ACTIVITIES
Net cash from operating activities			17	4,434,669	2,835,855
CASH FLOWS FROM INVESTING ACTIVITIES
Purchase oftangible fixed assets				(14,318)	(75,441)
Purchase offixed asset investments				(32,030,400)	(65,481,134)
Sale offixed asset investments				26,092,998	60,556,248
Interest received				317,201	375,023
Dividends received				510,469	578,252
NET CASH USED IN INVESTING ACTIVITIES				(5,124,050)	(4,047,052)
CHANGE IN CASH AND CASH EQUIVALENTS		IN THE YEAR		(689,381)	(1,211,197)
Cash and cash equivalents at the beginning	ofthe year			5,943,409	7,154,606
CASH AND CASH EQUIVALENTS AT THE	END	OF THE YEAR	18	5,254,028	5,943,409
The notes on pages 28 to 47 form part ofthese financial statements

		Unrestricted	Total
		funds	funds
		2020	2020
Subscriptions	receivable	8,591	8,591
TOTAL 2020		8,591	8,591
		Unrestricted	Total
		funds	funds
		2019	2019
Subscriptions	receivable	8,099	8,099
TOTAL 2019		8,099	8,099

	Unrestricted	Total
	funds	funds
	2020	2020
Royalties receivable	7,136,243	7,136,243
TOTAL 2020	7,136,243	7,136,243
	Unrestricted	Total
	funds	funds
	2019	2019
Royalties receivable	7,104,921	7,104,921
TOTAL 2019	7,104,921	7,104,921

					Unrestricted	Total
					funds	funds
					2020	2020
Franked	investment	income	-	dividends	510,469	510,469
Interest	received				317,201	317,201
TOTAL	2020				827,670	827,670
					Unrestricted	Total
					funds	funds
					2019	2019
Franked	investment	income	-	dividends	578,252	578,252
interest	received				375,023	375,023
TOTAL	2019				953,275	953,275

	Unrestricted	Total
	funds	funds
	2020	2020
Other income	15,356	15,356
TOTAL 2020	15,356	15,356

		Unrestricted	Total
		funds	funds
		2019	2019
Other	income	23,330	23,330

		Unrestricted	Total
		funds	funds
		2020	2020
Portfolio	management	490,706	490,706
TOTAL	2020	490,706	490,706

		Unrestricted	Total
		funds	funds
		2019	2019
Portfolio	management	412,176	412, 176
TOTAL	2019	412,176	412,176

			Grant
		Activities	funding of	Support and
		undertaken	activities	governance	Total
		directly	(note 8)	costs	funds
		2020	2020	2020	2020
Journals		299,055		505,814	804,869
Congress		3,162	1,390	65,197	69,749
Fellowships			681,320	40,843	722,163
Advanced	courses		85,559	62,305	147„864
Other		14,766	34,539	20,796	70,101
TOTAL 2020		316,983	802,808	694,955	1,814,746

			Grant
		Activities	funding of	Support and
		undertaken	activities	governance	Total
		directly	(note 8)	costs	funds
		2019	2019	2019	2019
Journals		309,604		1,290,928	1,600,532
Congress		173,644	219,428	423,025	816,097
Fellowships			971,041	423,151	1,394,192
Advanced	courses		463,229	421,443	884,672
Other		69,244	58,351	348,484	476,079
TOTAL 2019		552,492	1,712,049	2,907,031	5,171,572

				Total
	Journals	Congress	Other	funds
	2020	2020	2020	2020
Editorial fees and expenses	299,055			299,055
Education committee events			14,219	14,219
Other education workshops		2,195		2,195
FEBScongress		354		354
FEBSYoung Scientist forum congress		613		613
WGI participation events			547	547
TOTAL 2020	299,055	3,162	14,766	316,983
				Total
	Jouma/s	Congress	Other	funds
	2019	2019	2019	2019
Editorial fees and expenses	309,604			309,604
Women in Science events		11,210		11,210
Education committee events			36,348	36,348
Science and Society events			13,289	13,289
National lecture expenses			1,550	1,550
Expenses and publicity at other conferences			453	453
Other education workshops		13,373		13,373
FEBScongress		49,373		49,373
FEBSYoung Scientist forum congress		89,170		89,170
WGI participation events			17,604	17,604
Spinzl scheme		3,125		3,125
Publications congress expenses		7,393		7,393
TOTAL 2019	309,604	173,644	69,244	552,492

					Advanced
		Journals	Congress	Fellowships	courses
		2020	2020	2020	2020
Journals	support costs	944,095
HR and	communications	43,542	43,542	21,770	21,770
Finance		64,659	32,330	24,248	24,248
IT		55	55	54	54
Governance		22,094	22,094	11,047	11,047
Committee costs				18,100	39,562
Other support costs		6,208	3,104	1,552	1,552
Foreign	exchange gains	(574,839)	(35,928)	(35,928)	(35,928)
TOTAL	2020	505,814	65,197	40,843	62,305

			Total
		Other	funds
		2020	2020
			6
Journals	support costs		944,095
HR and	communications	14,516	145,140
Finance		16,165	161,650
IT		54	272
Governance		7,366	73,648
Committee costs			57,662
Other support costs		18,623	31,039
Foreign	exchange losses	(35,928)	(718,551)
TOTAL	2020	20,796	694,955

					Advanced
		Journals	Congress	Fellowships	courses
		2019	2019	2019	2019
Journals	support costs	834,699
HR and	communications	49,815	49,815	24,907	24,907
Finance		66,411	33,206	24,905	24,905
IT		1,190	1,190	1,190	1,190
Governance		37,093	37,093	18,546	18,546
Committee costs				51,883	50,175
Other support costs		10,299	10,299	10,298	10,298
Foreign	exchange losses	291,421	291,422	291,422	291,422
TOTAL	2019	1,290,928	423,025	423,151	421,443
					Total
				Other	funds
				2019	2019
Journals	support costs				834,699
HR and	communications			16,607	166,051
Finance				16,603	166,030
IT				1,190	5,950
Governance				12,364	123,642
Committee costs					102,058
Other support costs				10,298	51,492
Foreign	exchange losses			291,422	1,457,109
TOTAL	2019			348,484	2,907,031

		Grants to	Grants to	Total
		Institutions	Individuals	funds
		2020	2020	2020
				6
Congress			1,390	1,390
Fellowships			681,320	681,320
Advanced	courses	75,935	9,624	85,559
Other		30,000	4,539	34,539
TOTAL 2020		105,935	696,873	802,808

		Grants to	Grants to	Total
		Institutions	Individuals	funds
		2019	2019	2019
Congress		75,000	144,428	219,428
Fellowships			971,041	971,041
Advanced	courses	386,276	76,953	463,229
Other		32,100	26,251	58,351
TOTAL 2019		493,376	1,218,673	1,712,049

			2020	2019
Advanced courses			75,935	386,276
FEBSCongress	Grant			75,000
Grants/sponsorship	to other organisations/conferences		5,000	7,100
FEBS3+Grant			20,000	20,000
Alliance for Biomedical Research		Grant	5,000	5,000
			105,935	493,376

STAFF COSTS, KEY MANAGEMENT PERSONNE EXPENSES	L AND TRUSTEES' REMUNERATION A	ND
	2020	2019
Wages and salaries	469,865	411,740
Social security costs	47,657	41,195
Other pension costs	69,858	60,612
	587,380	513,547

Publications	(Cambridge,	UK)
Publications	(Heidelberg,	Germany)
Publications	(Barcelona,	Spain)
Treasury
Central admin

	NOTES TO THE FINANCIAL S FOR THE YEAR ENDED 31 DE	TATEMENTS CEMBER 2020
		2020	2019
M De La Rosa (Editorial services)		25,416	4,575
I Diaz Moreno (Editorial services)		650
C Arraiano	(Editorial services)	75	125
B Vertessy	(Editorial services)	25	25
		26,166	4,725

manner ar	e	detailed b	elow:
				2020	2019
Copenhagen		Journals	Administrator	44,380	39,965
Fellowship		Committee	Administrator	15,429	26,500
Advanced	Courses Committee Administrator			23,902	21,252
				83,711	87,717


Copenhagen		Journals	Administrator
Fellowship		Committee	Administrator
Advanced	Courses Committee Administrator

			Computer
	Leasehold	Fixtures and	equipment
	improvements	fittings	and website	Total
COST OR VALUATION
At 1 January 2020	51,356	11332	99,403	162,091
Additions	8,325	1,058	4,935	14,318
At 31 December 2020	59,681	12,390	104,338	176,409
DEPRECIATION
At 1 January 2020	886	1,082	66,617	68,585
Charge for the year	6,130	1,670	8,771	16,571
At 31 December 2020	7,016	2,752	75,388	85,156
NET BOOK VALUE
At 31 December 2020	52,665	9,638	28,950	91,253
At31December 2019	50,470	10,250	32,786	93,506

	Listed	Cash held at
	investments	broker	Total
COST OR VALUATION
At 1 January 2020	67,141,805	908,463	68,050,268
Additions	29,928,858		29,928,858
Disposals (proceeds 626,527,791; realised loss 6308,709)	(26„836,500)		(26,836,500)
Revaluations	3,587,592		3,587,592
Movement in cash deposits		2,536,335	2,536,335
AT 31 DECEMBER 2020	73,821,755	3,444,798	77,266,553
NET BOOK VALUE
AT 31 DECEMBER 2020	73,821,755	3,444,798	77,266,553
AT31DECEMBER 2019	67,'/4 1,805	908,463	68,050,268

		2020	2019
Trade debtors		14,719	36,016
Other debtors		58,904	45,259
Prepayments	and accrued income	481,271	157,569
		554,894	238,844

			2020	2019
Trade creditors			53,360	132,358
Other taxation	and social security		330,935	365,920
Other creditors			187	12,831
Accruals and deferred		income	64,614	58,577
			449,096	569,686

STATEMENT OF FUNDS	- CURRENT YEAR
					Balance at
	Balance at 1				31
	January	Incoming	Resources	Gains/	December
	2020	resources	expended	(Losses)	2020
UNRESTRICTED FUNDS
General funds	73,756,341	7,987,860	(2,305,452)	3,278,883	82,717,632
STATEMENT OF FUNDS - PRIOR YEAR
					Balance at
	Balance at				31
	1 January 2019	Incoming resources	Resources expended	Gains' (Losses)	December 2019
UNRESTRICTED FUNDS
General funds	60,310,053	8,089,625	(5,583,748)	10,940,411	73,756,341

ANALYSIS OF NET ASSETS BETWEEN FUNDS -	CURRENT PERIOD
	Unrestricted	Total
	funds	funds
	2020	2020
Tangible fixed assets	91,253	91,253
Fixed asset investments	77,266,553	77,266,553
Current assets	5,808,922	5,808,922
Creditors due within one year	(449,096)	(449,096)
TOTAL	82,717,632	82,717,632

ANALYSIS OF NET ASSETS BETWEEN FUNDS - P	RIOR PERIOD
	Unrestricted	Total
	funds	funds
	2019	2019
Tangible fixed assets	93,506	93,506
Fixed asset investments	68,050,268	68,050,268
Current assets	6,182,253	6,182,253
Creditors due within one year	(569,686)	(569,686)
	73,756,341	73,756,341

		2020	2019
Net income for the period (as per Statement	of Financial Activities)	8,961,291	13,446,288
ADJUSTMENTS FOR:
Depreciation charges		16,571	10,118
Loss on disposal oftangible fixed assets			3,315
(Gains)/losses on investments		(3,278,883)	(9,943,288)
Interest received		(317,201)	(375,023)
Dividends received		(510,469)	(578,252)
(Increase)/decrease in debtors		(316,050)	2,267,453
Decrease in creditors		(120,590)	(1,994,756)
NET CASH PROVIDED BYOPERATING ACTIVITIES		4,434,669	2,835,855

					2020	2019
Cash	in hand				5,254,028	5,943,409
TOTA	L CASH AND CASH		EQUIVALENTS		5,254,028	5,943,409
ANA	LYSIS OF CHANGES		IN NET DEBT
				At 1		At 31
				January		December
				2020	Cash flows	2020
Cash	at bank and	in hand		5,943,409	(689,381)	5,254,028
				5,943,409	(689,381)	5,254,028

non-cancell	able operating leases as follows:
		2020	2019
Not later than 1 year		55,502	55,215
Later than	1 year and not later than 5years	222,007	220,859
Later than	5years	180,381	234,663
		457,890	510,737