**Registered number: 08239097 Charity number: 1149638**
## **THE FEDERATION OF EUROPEAN BIOCHEMICAL SOCIETIES**
**(A Company Limited by Guarantee)**
**TRUSTEES' REPORT AND FINANCIAL STATEMENTS**
**FOR THE YEAR ENDED 31 DECEMBER 2024**
## **THE FEDERATION OF EUROPEAN BIOCHEMICAL SOCIETIES**
## **(A Company Limited by Guarantee)**
## **CONTENTS**
||Page|
|---|---|
|**Reference and Administrative Details of the Company, its Trustees and Advisers**|1 - 2|
|**Trustees' Report**|3 - 18|
|**Trustees' Responsibilities Statement**|19|
|**Independent Auditors' Report on the Financial Statements**|20 - 23|
|**Statement of Financial Activities**|24|
|**Balance Sheet**|25|
|**Statement of Cash Flows**|26|
|**Notes to the Financial Statements**|27 - 46|
## **THE FEDERATION OF EUROPEAN BIOCHEMICAL SOCIETIES**
## **(A Company Limited by Guarantee)**
## **REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 DECEMBER 2024**
## **Trustees**
P Laidler, Congress Counsellor (appointed 1 January 2020) F Michelangeli, Treasurer (appointed 1 January 2017)
F G Sağın, Chair, Education and Training Committee (appointed 1 January 2019)
I Diaz Moreno, Chair, Careers of Young Scientists Committee (appointed 1 January 2018)
M De La Rosa, Secretary General (appointed 1 January 2015)
J Dumić, Chair, Integration and Networking Committee (appointed 1 January 2017) E Fragkoulis, Chair, Science and Society Committee (appointed 1 January 2017)
A Krol, Vice Chair; Chair, Excellence Awards and Fellowships Committee (appointed 1 January 2017) J Buchner, Chair, Publications Committee (appointed 1 January 2021)
X D C Coumoul, Co-Chair, Integration and Networking Committee (appointed 1 January 2022, resigned 31 December 2024) C Dean, Chair, Working Group on Women in Science (appointed 1 January 2023) G Soveral, Chair (appointed 1 January 2023, resigned 31 December 2024) M Maccarrone, Chair, Advanced Courses Committee (appointed 1 January 2024) M Magnani (appointed 1 January 2025)
## **Company registered number**
08239097
## **Charity registered number**
1149638
## **Registered office**
2d & 2e, St Andrew's House, 59 St Andrew's Street, Cambridge, CB2 3BZ
## **Company secretary**
Professor M De La Rosa
## **Independent auditors**
Hill Wooldridge & Co. Limited, Monument House, 215 Marsh Road, Pinner, HA5 5NE
## **Bankers**
HSBC UK Bank PLC, 1 Corn Market & Church Street, High Wycombe, HP11 2AY
## **Investment managers**
J.P. Morgan Private Bank, 60 Victoria Embankment, London, EC4Y 0JP
Cazenove Capital, 1 London Wall Place, London, EC2Y 5AU
Sarasin & Partners, Juxton House, 100 St Paul’s Churchyard, London, EC4M 8BU
CCLA, 1 Angel Lane, London, EC4R 3AB
Page 1
## **THE FEDERATION OF EUROPEAN BIOCHEMICAL SOCIETIES**
## **(A Company Limited by Guarantee)**
## **REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY, ITS TRUSTEES AND ADVISERS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024**
PITCH, Property Income Trust for Charities, Swiss Life Asset Managers UK Limited, 55, Wells Street, London W1T 3PT
Page 2
## **THE FEDERATION OF EUROPEAN BIOCHEMICAL SOCIETIES**
## **(A Company Limited by Guarantee)**
## **TRUSTEES' REPORT FOR THE YEAR ENDED 31 DECEMBER 2024**
The Trustees present their annual report together with the audited financial statements of the Company for the year 1 January 2024 to 31 December 2024. The Annual Report serves the purposes of both a Trustees' report and a directors' report under company law. The Trustees confirm that the Annual Report and financial statements of the charitable company comply with the current statutory requirements, the requirements of the charitable company's governing document and the provisions of the Statement of Recommended Practice (SORP) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2019).
Since the Company qualifies as small under section 382 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 has been omitted.
## **STRUCTURE, GOVERNANCE AND MANAGEMENT**
## **Constitution**
FEBS is registered as a charity (registered charity number 1149638), and is a company limited by guarantee (registered company number 08239097). The Memorandum and Articles of Association by which FEBS is governed can be found here: https://www.febs.org/wp-content/uploads/2025/03/FEBS-Memorandum-andArticles-of-Association-2025.pdf.
## **Organisation and membership**
FEBS was founded on 1st January 1964 and is a Federation of biochemistry and molecular biology societies. In 2024, its Constituent Societies spanned 39 countries in Europe and neighbouring regions and included 35 Member Societies and 4 Associate Member Societies. The Constituent Societies of the Federation in 2024 are given in Appendix 1, and their membership numbers in Appendix 2 (totalling 23,743 individual members in 2024). (2 societies – Russia and Belarus – had their membership of FEBS suspended following a Council vote in 2022 and they currently remain suspended.)
FEBS is governed by a Council composed of one delegate from each of the Constituent Societies as well as the members of the Executive Committee. FEBS Council meets once a year at the annual FEBS Congress. The Council elects members of the FEBS Executive Committee for three-year terms (except the Chair and ViceChair positions), as well as ordinary members of the FEBS Committees and Working Groups (delegated specific areas of FEBS activities) for four-year terms, in a secret ballot. The Vice-Chair of the Executive Committee, who after one year becomes Chair, is appointed by the Society hosting the annual Congress and Council Meeting in the previous year.
Subject to the Council, the administration of the Federation is vested in the FEBS Executive Committee (the 'FEBS Officers'). The Executive Committee consists of the Chairperson, the Vice-Chairperson, the FEBS Secretary General, the FEBS Treasurer, the FEBS Congress Counsellor, and the FEBS Committee and Working Group Chairpersons. With the exception of co-opted Acting Chairpersons (e.g. following resignations prior to Council elections), FEBS Officers are the FEBS charity Trustees and company Directors responsible for the actions of FEBS. The names of the members of the Executive Committee and the names of members of other Committees and Working Groups in 2024, together with dates of appointments and geographical distribution, are set out in Appendix 3.
The FEBS Trustees/Directors are distinguished scientists and (with the exception of the Executive Committee Vice Chair and Chair, as explained above) elected by FEBS Council from nominations put forward by FEBS Constituent Societies. Before formal appointment, newly elected Trustees/Directors sign the Charity Commission's 'Declaration of eligibility for newly appointed Trustees’ and are referred to the Charity Commission's guidance on the role of Trustees as well as Companies House information on Director/Secretary roles.
Page 3
## **THE FEDERATION OF EUROPEAN BIOCHEMICAL SOCIETIES**
## **(A Company Limited by Guarantee)**
## **TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024**
## **OBJECTIVES AND ACTIVITIES**
## **Objectives**
The objectives of FEBS are to contribute to and promote the advancement of research and education for the public benefit in the sciences of biochemistry, molecular biology and related disciplines (but only in so far as such related disciplines are ancillary to the main object), by all suitable means and in particular by:
- holding and arranging congresses, training and educational courses on matters connected with biochemistry and molecular biology and related disciplines.
- facilitating and supporting the exchange of scientific information between biochemists, molecular biologists and scientists working in related disciplines generally and especially in Europe and other countries of Constituent Societies.
- facilitating and supporting the training of young scientists in research, in the form of fellowships and Excellence Awards; and
- organising the editing and publication of scientific research and educational material in biochemistry and molecular biology and related disciplines.
## **Activities**
The following paragraphs and their associated appendices outline activities in 2024 from the different Committees and Working Groups of FEBS. Extensive information on FEBS work is also available on the FEBS website at www.febs.org and highlights appeared in the issue of FEBS News (pdf magazine) in 2024: https://www.febs.org/news/febs-news-magazine/.
## **Strategic Priorities 2025 – 2028**
FEBS future income faces a less certain future due to open access publishing, uncertainty about the future of academic publishing models and reduced income from our publishing agreement, as well as due to the current difficult socio-economic circumstances worldwide impacting on our investment returns. There are positive prospects including the scientific community’s contribution to the pandemic and opportunities to work more closely with FEBS member societies and other closely related scientific organisations to provide benefit to molecular life sciences in Europe and beyond.
During 2023 and 2024, FEBS has undertaken a review and formulated its strategic priorities for the next five years, led by the Executive Committee and in consultation with FEBS Council.
The main topics identified during this process were:
- Collaboration and synergy;
- Congress and events;
- Income and diversification; and
- Marketing and promotion.
Following this initial work, necessary updates to FEBS Articles and By Laws will be drafted for Council approval, followed by the timeline for the implementation phase of the priorities identified.
## **Scientific publications**
FEBS owns four journals for the publication of research papers, reviews and discussion in the molecular life sciences: _The FEBS Journal, FEBS Letters, Molecular Oncology and FEBS Open Bio_ . They are published on behalf of FEBS by Wiley and aim to provide high-quality peer review, fast publication, and a variety of enhanced features for both authors and readers. The journals provide most of the income to fund FEBS' other activities.
The Publications Committee oversees the operation and development of FEBS' journals and in 2024 was under the chairmanship of Johannes Buchner. All four journals are internationally recognised to be of high quality as detailed below. The four journals are fully digital and can be reached through the FEBS Press platform (www.febspress.org ).
Page 4
## **THE FEDERATION OF EUROPEAN BIOCHEMICAL SOCIETIES (A Company Limited by Guarantee)**
## **TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024**
The FEBS Press journals embrace changing publishing practices and offer simple submission in any format and a smooth publication process, with fair and transparent peer review managed by editorial board members who are experts in the field. Thorough ethics and research integrity checks are run by our experienced editorial staff prior to article publication. All journals now publish peer review reports alongside research articles. Authors of articles rejected by one FEBS Press journal can choose to have their manuscript automatically transferred to another. All journals offer open access options; about 70% of total articles published in 2024 were open access (similar to 2023).
- The FEBS Journal (www.febsjournal.org) publishes high-quality full-length research papers relevant to the molecular, cellular and biochemical life sciences. The journal also publishes a diverse portfolio of commissioned front-half content review and editorial content, including State-of-the-Art Reviews, Commentaries, Discovery-in-Context Reviews, Structural Snapshots, Viewpoints, Words-of-Advice guides and interviews with eminent scientists (In Conversation With ...). Key metrics for 2023 published in 2024: Impact Factor 5.5, CiteScore 11.7. In 2024, the median time from submission to first decision after peer review 47 days. In 2024, the journal published 318 articles in 24 issues. Authors have the option of publishing their article open access.
- FEBS Letters (www.febsletters.org), publishes research reports (both short reports and full-length articles) that significantly impact and advance knowledge in the molecular biosciences; editorial speed is a key feature of the journal. The journal also publishes a diverse range of Reviews (including In a Nutshell and Perspectives) and other front-half content (Commentaries, Scientists’ Forum). Key metrics for 2023 published in 2024: Impact Factor 3, CiteScore 6.6. Median time for submissions to first decision after peer review 28 days. In 2024, the journal published 227 articles in 24 issues. Authors have the option of publishing their article open access.
- Molecular Oncology (www.moloncol.org) publishes high-impact research articles in basic, translational and clinical cancer research. The journal also publishes commissioned reviews and policy papers discussing emerging concepts in cancer research, cancer diagnosis, prevention and care. Key metrics for 2023 published in 2024: Impact factor 5, CiteScore 12.6. Median time from submission to first decision after peer review 47 days. In 2024, 169 articles were published in 12 issues. The journal is fully open access.
- FEBS Open Bio (www.febsopenbio.org), publishes research articles, methods and protocols across the molecular and cellular life sciences, with the emphasis on technical and ethical quality rather than subjective judgements of significance. Research articles on Education in the molecular life sciences are published free of charge. Key metrics for 2023 published in 2024: Impact factor 2.8, CiteScore 5.1. Median time from submission to first decision after peer review 36 days. In 2023, 149 articles were published in 12 issues. The journal is fully open access.
## **Excellence Awards and Fellowships Committee**
The report from the 2024 Chairman of the Fellowships Committee, Prof. Alain Krol, provides information on the range of applications received for the various categories of Fellowships.
## **FEBS Excellence Award**
The first call for this new program was made in June 2021 and a call has taken place each subsequent year. This award is intended for early-career scientists who have been established in a salaried capacity in a host institution of a FEBS Constituent Society as a Principal Investigator (PI) for at least one year. The Award is endowed with a €100,000 grant for 3 years to be used exclusively for purchasing consumable/equipment. In 2024, 40 eligible applications were received and 10 were awarded. The first FEBS Excellence Award Meeting took place in Pavia Italy immediately before the FEBS Congress. Several of the FEBS Excellence awardees volunteered to mentor a group of the Young Scientists’ Forum (YSF) participants. This was a great success and will be repeated in 2025.
Page 5
## **THE FEDERATION OF EUROPEAN BIOCHEMICAL SOCIETIES**
## **(A Company Limited by Guarantee)**
## **TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024**
## **FEBS Short-Term Fellowships**
61 eligible Short-term Fellowships (STFs) applications were received in 2024 and 29 were awarded. These funds enable active young scientists to work for up to two or three months in laboratories in another FEBS country. In 2024, 30 eligible Summer Fellowship applications were received and 10 were awarded to promising Masters/PhD students to provide a laboratory experience.
**Ukrainian Short-Term Fellowships** (USTs): these were introduced in spring 2022 to help scientists in or displaced from Ukraine. They support visits to a host laboratory for up to 4 months. The decision for acceptance is given rapidly - usually within 3 weeks of applying. 10 USTs were awarded in 2024, the value of the financial support ranged from 1 to 4 months.
The Long-Term Fellowship scheme has ended and there were none in 2024. The Collaborative Experimental Scholarship (CDS) scheme has also ended.
## **Advanced Courses**
In 2024 17 courses took place (5 Advanced Lecture Courses, 4 joint FEBS/EMBO Lecture Courses, 2 Practical Courses, 1 combined Practical and Lecture Course, 0 Special Meetings and 5 Workshops) with continued EMBO and IUBMB support. FEBS Advanced Courses provide research updates and teaching from scientific leaders in a particular field and are particularly valuable for early-career researchers. Interaction of participants with experts and peers is facilitated through a variety of session formats.
In 2024, grants to course organisers totaled approximately €359,000. Furthermore, Youth Travel Fund (YTF) grants, which in 2024 totaled €84,000 were given to support participation in Advanced Courses to 82 young members of FEBS Constituent Societies from outside the host country (96 YTFs were given in 2023). In addition, 12 IUBMB-transcontinental YTFs supported the participation of students outside the FEBS area.
A collaboration between the FEBS Advanced Courses Committee and FEBS Letters, which was initiated in 2019, continues and has been expanded to the other FEBS Press journals. Course organisers are encouraged to contribute high-quality material in the form of a Special Issue or a Virtual Issue, to provide the organisers with the opportunity to gain broad visibility of their work in a well-reputed journal.
In 2024 a new collaboration was initiated between Advanced Courses and FEBS Press. A FEBS Press Editor will be present at each Advanced Course and make a short presentation, with a focus on the journal the Editor works for. If invited to do so, the Editor will also give a talk related to publishing. Special content authored by Advanced Course invited speakers is often commissioned before or during the Advanced Course.
## **The 48[th] FEBS Congress**
The annual FEBS Congress is overseen by the FEBS Congress Counsellor (who, in 2024, was Prof. Piotr Laidler), jointly with the Secretary General (who, in 2024, was Prof. Miguel A. De la Rosa). The 48[th] FEBS Congress, with the title _Mining biochemistry for human health and well-being_ , took place from 29[th] June to 3[rd] July 2024 in Milan, Italy and was hosted by the Italian Society for Biochemistry and Molecular Biology (SIB). The Congress bid was accepted in a vote by the FEBS Council at their meeting in 2020.
The Congress attracted 2,075 participants (including all registration categories, speakers and exhibitors) from 63 countries and the event featured an attractive scientific program comprising 15 plenary lectures, 68 regular speakers across 30 symposia sessions, 12 special sessions covering educational, societal and scientific issues, European and Italian initiatives, workshops, the YSF Bridge and Science in the Street event for members of the public, as well as 12 speed talks and poster sessions. 1,579 abstracts were accepted.
FEBS continued to provide specific additional funding support for Ukraine scientists or displaced from Ukraine who were submitting abstracts to the 2024 Congress (as was offered at the 2022 and 2023 Congresses).
In addition to providing a grant for the organisation of the Congress, FEBS continues to support the participation of young scientists at the event through Congress bursaries and through its Young Scientists' Forum awards
Page 6
## **THE FEDERATION OF EUROPEAN BIOCHEMICAL SOCIETIES**
## **(A Company Limited by Guarantee)**
## **TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024**
(usually 100 participants, including the organising committee). FEBS provides support with reduced registration fees for FEBS members of Hinari (Research4Life) countries in the FEBS area called the Sprinzl Scheme.
Congress Management and Development and future Congresses
The future FEBS Congresses and Young Scientist Forums (YSF) will be as follows:
- the 49[th] FEBS Congress, hosted by the Turkish Biochemical Society, will take place in Istanbul, Türkiye, 5[th] – 9[th] July 2025, preceded by the 24[th ] FEBS YSF;
- the 50[th] FEBS Congress, hosted by the Netherlands Society for Biochemistry and Molecular Biology, will take place in Maastricht, The Netherlands 4[th] – 8[th] July 2026, preceded by the 25[th] FEBS YSF;
- the 51[st] FEBS Congress, hosted by the Latvian Biochemical Society, will take place in Riga, Latvia in 2027, preceded by the 26[th] FEBS YSF.
FEBS continues to take out a cancellation insurance policy for each Congress and, although event insurance cover has changed because of the COVID-19 pandemic, FEBS takes out this insurance policy, as an example of FEBS’ responsibilities as a charity to manage risk and effectively deliver its aims, along with the contracts in place with the Professional Congress Organiser (PCO) and Host Society.
## **Young Scientists' Forum**
The Chairperson of the Careers of Young Scientists Committee, Prof. Irene Díaz-Moreno, and an organising committee of young scientists organised the YSF. The 23[rd] YSF took place in Pavia, Italy on the 26-29 June 2024. 273 applications were received from 28 countries. 100 pre-and post-doctoral young scientists from FEBS member societies, representing 28 FEBS member society countries, attended the event, supported by grants from FEBS and 2 places supported by the Biochemical Society (UK) and the IUBMB. The program consisted of an Opening Lecture and 3 Keynote Lectures, 6 ‘YSF Career Speakers’ across 3 sessions on ‘Career Skills’, 10 selected Oral Communication talks across 2 sessions as well as social activities. YSF participants also attend the Congress, during which the YSF Bridge event was held. This event was organised by the Chairperson and an international organising committee of young scientists.
## **ENABLE**
The FEBS-IUBMB-ENABLE conferences are 3-day international and interdisciplinary events for PhD students and postdocs, hosted at different research institutes each year. These events are organised by young scientists for other young scientists, and they offer an opportunity to learn, network, explore career options, and gain skills in outreach and science communication.
The FEBS-IUBMB-ENABLE Symposium was held in Europe in 2022 and 2023, in Singapore in 2024 and will be held in Glasgow, Scotland in 2025.
The FEBS-IUBMB-ENABLE 2024 conference, with the title “Artificial Intelligence: Reshaping biomedical and healthcare research’, was hosted by the The Lee Kong Chian School of Medicine – The Nanyang Technological University, Singapore on 4 – 6 December 2024. More than 260 young researchers participated from 22 countries, representing 36 nationalities within and outside of the EU. The conference included a scientific symposium, workshops on personal and professional development, and 10 keynote lectures. 20 travel grants were funded by the consortium.
The agreement between FEBS, IUBMB and ENABLE partners (IRB Barcelona and SEMM Milan) was renewed for the period 2026 – 2029. The renewed agreement increases the budget for each event, and all conferences will be held in Europe. In addition, all travel grantees must be members of the FEBS Constituent Society. The collaboration with FEBS Press will continue with the publication of the conference report and abstracts in a FEBS Open Bio supplement.
## **FEBS 3+ Meetings and FEBS National Lectures**
FEBS supports scientific events of its Constituent Societies through the FEBS3+ meetings program and the FEBS National Lecture scheme, overseen by the FEBS Congress Counsellor (Prof. Piotr Laidler in 2024). The FEBS3+ meetings program provides funding for meetings organised through collaborations of at least three
Page 7
## **THE FEDERATION OF EUROPEAN BIOCHEMICAL SOCIETIES (A Company Limited by Guarantee)**
## **TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024**
FEBS Constituent Societies. FEBS approved an application for the Croatian Society of Biochemistry and Molecular Biology (HDBMB) to host the joint scientific congress Exploring Molecular Frontiers in Pula, Croatia in September 2024, in conjunction with the member societies of Finland and Sweden. This meeting featured 18 invited speakers including 5 plenary speakers and 8 sessions. FEBS support consists of €10,000 to the host society for general meeting organisation and €10,000 to support the attendance of young scientists from the other participating societies.
In 2024, FEBS supported 7 FEBS National Lectures, by funding the attendance of key speakers from a different FEBS country invited by a FEBS Constituent Society to their national meeting through FEBS National Lecture Awards. The seven FEBS National Lectures were awarded to national society meetings of the member societies of Finland, France, Germany, Greece, Norway, Spain and Tunisia.
## **Other events**
In the framework of promoting FEBS' journals and FEBS' collaborations with related international organisations of molecular life sciences, FEBS continues to support, through sponsorship of events and travel costs for distinguished speakers to deliver lectures at annual meetings of learned societies of biochemistry/molecular biology/cell biology in parts of the world with rapidly developing contributions to molecular life sciences research.
## **Science & Society (S&S)**
The Science and Society Committee activities in the year 2024 included:
1. The Science and Society Special Session during the FEBS Congress in Milan, July 2024, was held as a Science in the Street event, entitled ‘The importance of doing the right thing at the right time. How the circadian rhythms improve the quality of life’. This event was open to members of the local community, alongside participants of the Congress.
2. Undertaking FEBS lecture at HSBMB National Congress 2024.
3. Participating in Biomedical Alliance activities. Through active participation in activities of Biomed Alliance (General Assemblies, Policy officers’ meetings and task forces) the S&S Committee contributed in several suggested documents for the shaping of European policy.
4. Joining in Initiative for Science in Europe (ISE) activities: following active negotiation for the rejoining of FEBS with ISE, FEBS became a full member in 2024.
5. Publishing a book in conjunction with the Hellenic Society of Biochemistry and Molecular Biology (HSBMB) and Prof. Fragkoulis, about the development of biochemistry in Greece.
6. Participating in the FEBS Network.
## **Education**
The Education Committee has the mission of promoting education and training of the highest quality in molecular life sciences in Europe at both undergraduate and postgraduate levels. The committee’s activities include: organising and funding education events, running the Education Ambassadors initiative, supporting the open access journal FEBS Open Bio’s section devoted to education and overseeing and contributing to the Educator Channel on the FEBS Network. FEBS Education Committee also works collaboratively with FEBS Advanced Courses Committee and FEBS Careers of Young Scientists Committee. These are the Education Committee activities held in 2024.
**Education Committee Meetings** : the committee met in-person in March 2024 in Antalya, Türkiye,. Another inperson meeting was in Athens, Greece, in October 2024.
## **FEBS Education and Training Conference**
The inaugural FEBS Education and Training Conference (ETC) was held in Antalya, Türkiye, from March 20-23, 2024. The event was organised by the FEBS Education and Training Committee. This first-ever Molecular Life Sciences Education Conference in Europe, was a groundbreaking event that brought together educators and scientists to explore and advance education and training in molecular life sciences. There were 118 participants from 29 countries. The program was rich with 1 panel discussion, 5 plenary lectures, 10 invited talks, 1 satellite symposium, 8 workshops (3 FEBS Education and Training Academy Workshops and 5 Education Workshops), 16 short presentations and 17 poster presentations.
Page 8
## **THE FEDERATION OF EUROPEAN BIOCHEMICAL SOCIETIES**
## **(A Company Limited by Guarantee)**
**TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024**
## **FEBS supported Society Education Events**
SPB (Portuguese Biochemistry Society) Education Event - The (SPB) organised a dedicated Education Symposium – ‘Biosciences Education Symposium’ - within the XXII National Congress of Biochemistry (October 24-6, 2024).
RSBMB (Romanian Society of Biochemistry and Molecular Biology) Education Event ‘Promoting visual literacy in bio-molecular sciences education’ (September 24, 2024) was organised as a satellite event preceding Annual International Conference of the RSBMB.
## **FEBS Education and Training Academy**
During the FEBS Education and Training Conference, FEBS launched the FEBS Education and Training Academy with the mission to provide high-quality training to all those engaged in molecular life sciences research, education and training, fostering a community dedicated to excellence in science. The vision of the Academy is to be a globally recognised leader in providing training and support to researchers and educators in molecular life sciences, thus contributing excellence in science, education and innovation for a better future. The aims are to:
- Establish a coherent roadmap to upskill educators and trainers
- Create and offer high-quality and comprehensive programmes of development in education and training
• Empower educators and scientists with knowledge, skills, and resources needed for providing innovative and effective teaching and training
• Establish and promote qualified certification process for individuals who complete the FEBS Education and Training Academy’s programs, nurturing their professional growth and career opportunities.
## **FEBS Education White Paper**
FEBS Education and Training Committee has published a groundbreaking white paper outlining the critical challenges, opportunities, and necessary actions for the future of molecular life sciences education and training. With rapid advancements in digital technology, artificial intelligence, and interdisciplinary science, the need for evidence-based, student-centred, and inclusive educational practices has never been greater. This newly published white paper in FEBS Open Bio (open access at https://febs.onlinelibrary.wiley.com/doi/full/10.1002/2211-5463.13916) presents a comprehensive roadmap for institutions, educators, and policymakers.
## **48[th] FEBS Congress Education Activities**
FEBS Education Committee organised various activities at the 48th FEBS Congress:
1) Education Session with IUBMB - From passive students to active learners: reimagining education with student-centered tools and unlocking engagement in the digital age (July 2) Organised by FEBS and IUBMB). There were 2 talks followed by 2 related workshops1) ‘Enhancing Learning through Student-Centered Teaching Methods’, Dr. Sara Petchey (University of Zurich, Institute of Education)
2) ‘Fostering Sustainable Communities of Learning to Promote Learner Engagement’, Dr. Fun Man Fung (Department of Chemistry, National University of Singapore)
## **FEBS Education National Lecture**
The FEBS Education and Training Committee launched a new initiative to support scientific societies in their efforts to promote high-quality education in the life sciences, with a particular focus on the training of young scientists. The FEBS Education National Lecture provides financial support for up to two plenary lectures or keynote talks on education at scientific congresses each year. In October 2024 Prof. Thomas Lancaster gave a lecture on “Academic Integrity in the Generative AI Age“, at the Biosciences Education Symposium, which was included in the XXII National Congress of Biochemistry, 24-26 October 2024, Aveiro-Portugal.
Page 9
## **THE FEDERATION OF EUROPEAN BIOCHEMICAL SOCIETIES (A Company Limited by Guarantee)**
## **TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024**
## **Contribution to FEBS Network**
Several posts were published on the FEBS Network Educator channel in 2024, including:
- “We cannot change teaching practices alone”
- “Addressing Inner Dimensions for Sustainability in Higher Education”
- “Innovative tools in modern science education”
- “Embedding authentic research-based learning into a large final-year undergraduate Unit”
- “Small but impactful – Promoting visual literacy in bio-molecular sciences education”
## **FEBS Education Award**
On its 60th anniversary year, FEBS has launched the prestigious FEBS Education Award to highlight and honour an educator with a distinguished teaching and training career path in the field of molecular life sciences. The selection of the awardees is made from nominations from or supported by the FEBS Constituent Societies. The inaugural recipient of the FEBS Education Award is Prof. Robert A. Harris (Karolinska Institute, Sweden), nominated by the Swedish Society for Biochemistry, Biophysics & Molecular Biology (SSBBMB). Prof. Harris received the Award at the Opening Ceremony of the 48th FEBS Congress at Milan, Italy.
## **Education Committee Workshops**
Education Committee joint workshop held in 2024:
FEBS & HSBMB (Hellenic Biochemical Society) Education Workshop - This joint workshop (Approaches in Transformative and Holistic Education for Novel Science) took place in Athens on Oct. 18-19, 2024. On the second day of the event, 3 parallel workshops took place on the practical implementation of active learning strategies, AI in education and supporting PhD mentors. The event had 47 participants.
## **Integration and Networking Committee**
The FEBS Integration and Networking Committee (INC) aims to support wide and effective participation in molecular life science research and teaching by scientists from across the countries of the FEBS area, particularly via the role of learned Societies that belong to FEBS. The committee oversees the aims and strategy of the FEBS Network platform, and some members also act as ‘channel overseers’.
The Committee, chaired in 2024 by P rof. Jerka Dumić, continued its outreach and support for scientists inEuropean countries with economic challenges and/or no existing or active biochemical society, as well asactivities for integration and collaboration between all FEBS societies.
Activities of the Integration and Networking Committee during 2024 included:
- the launch of the Member Society Representatives (MSRs) initiative in July 2022, this initiative continued in 2023 and 2024 with regular online meetings and all MSRs – one from each FEBS member society (37 in total, not including Belarus and Russia as those societies are suspended from FEBS activities) - joining together in person at the FEBS Congress 2024 to learn more at first hand of FEBS activities and to receive data compiled by FEBS on their society’s participation across FEBS different events and initiatives with the purpose of enhancing their society’s engagement with FEBS, to network with each other and to contribute to a dedicated MSRs session in the Congress program. Other MSRs activities during the year included a dedicated ‘room’ on the FEBS Network platform to share good practice and ideas. FEBS provided support to each MSR to attend the Congress and 29 of the 37 MSRs attended the Congress in Milan and MSRs meeting.
- the Scientific Advisory Committee chaired by the INC Chairperson and comprised of MSRs from each FEBS member society (excluding Belarus and Russia) to propose names for the scientific program of the 2024 FEBS Congress. 26 nominations as speakers were accepted.
- The IUBMB-FEBS-FASBMB PROBio-Africa Fellowships: the INC Chairperson coordinates this fellowship scheme, in conjunction with the Fellowships Committee Chair, whereby FEBS contributes €25,000 and IUBMB contributes €25,000 to the fund for fellowships open to eligible applicants with a PhD and
Page 10
## **THE FEDERATION OF EUROPEAN BIOCHEMICAL SOCIETIES**
## **(A Company Limited by Guarantee)**
## **TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024**
postdoctoral fellows in African countries affiliated with FASBMB to work in a laboratory in a FEBS member society country for up to six months with an award of €7,000 comprising €2,000 for travel costs and €5,000 for living costs during the fellowship. There were 18 applications, 11 of which were eligible resulting in 6 awardees.
- The IUBMB-FEBS-PABMB PROBio-LatAm Fellowships: This is a new collaboration between FEBS, IUBMB and the PABMB. Up to 7 fellowships, ranging from 1 – 6 months to a maximum value of €7,000 will be awarded in 2025. The Integration Committee Chairperson coordinates this fellowship scheme with the Fellowships Committee Chair.
- FEBS 60th Anniversary was celebrated by giving grants to 13 projects for Society outreach projects, offering opportunities for all societies to present posters at the 2024 FEBS Congress, and producing an e-book on Women in Science for which 35 societies contributed.
- Creation of new awards for roles beyond research; the Israel Pecht Award and the FEBS Education Award.
- The INC visited and participated in 4 meetings / conferences
-
- Initiated the Milan Declaration
The INC provided financial support under the ‘Sprinzl Scheme’ with a 50% registration fee discount for scientists resident (studying/working) in Armenia, Bosnia and Herzegovina, Georgia, Moldova, Morocco, Tunisia and Ukraine to attend the 2024 FEBS Congress in Milan.
## **The FEBS Network**
The FEBS Network is an international online forum for scientists working in the molecular and cellular life sciences. It is used to share information, news and insights, as well as to connect and collaborate – with the ultimate goal of helping to advance progress in these research areas.
The FEBS Network currently presents most content from its invited experts and contributors in four themed ‘channels’: Research, Early-Career Scientist, Viewpoints and Educator. In addition, there are ‘rooms’ which host content for specific FEBS community groups, for delegates attending certain FEBS events, or for scientists interested in particular subtopics. FEBS Constituent Societies are also able to post news in a FEBS Societies channel.
The FEBS Network has developed from a collaboration between FEBS and its journal publisher Wiley which provides financial support for the maintenance and licensing costs of the Network, and is hosted using software which specialises in creating expert-led networks.
Most information is presented in the form of posts, authored by scientists, policy-makers, educators and other professionals in the molecular life sciences. Contributors span a wide career spectrum, from directors of key research institutes in Europe, highlighted by the Director Visions series, to the activities from the students and young researchers of the FEBS Junior Section.
## **Women in Science**
The activities of the Working Group on Women in Science (WISE) with Prof. Dame Caroline Dean as Chairperson in 2024, were:
1) Selection of the FEBS/EMBO WiS 2025 winner: The award highlights the major contributions made by female scientists to life sciences research. Winners of the award will serve as inspiring role models for future generations of women in science. Committee members- Caroline Dean (chair), UK, Thomas Nyström, SE, Bassem Hassan, FR, Anne Dejean, FR, Karel Riha, CZ. Online: Inaki Ruiz-Trillo, ES Susan Gasser, CH Sarah Linse, SE. Also present: Gerlind Wallon, EMBO. The unanimous winner was Asifa Akhtar from MPI Freiburg. 2) Women in Science lunch at the FEBS Congress A social event with an emphasis on supporting interactions between early-career female researchers with each other and senior scientists for the discussion of equality and career-related issues.
3) Women’s Careers in Science eBook: An eBook celebrating female scientists across FEBS Constituent Societies compiled with the Careers of Young Scientists Committee.
- 4) Webinar on “Equality and beyond” (17&18 December, 2024): First-hand testimonies from successful female
Page 11
## **THE FEDERATION OF EUROPEAN BIOCHEMICAL SOCIETIES (A Company Limited by Guarantee)**
## **TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024**
scientists contributing to raise young scientists’ awareness about the importance of equality, diversity and inclusion in the academic world.
## **OBJECTIVES AND ACTIVITIES FOR THE PUBLIC BENEFIT**
The overall objective of FEBS is to contribute to and promote the advancement of research and education for the public benefit in the sciences of biochemistry, molecular biology and related disciplines. As indicated by the specific key objectives of FEBS set out above under 'Objectives', FEBS does this particularly through:
- funding forums for presentation and discussion of research results and related areas of interest at its large annual Congress, Young Scientists' Forum (YSF), FEBS Excellence Awards Meeting, Special Meetings and other Advanced Courses; promoting training through lectures courses, workshops and practical courses of its Advanced Courses programme, as well as its education workshops; and supporting participation of promising young scientists in these events through YSF awards, Youth Travel Fund grants and Congress bursaries;
- facilitating and supporting the exchange of scientific information between biochemists and molecular biologists especially in Europe and other countries of FEBS Constituent Societies principally through these forums and mechanisms, but also through Constituent Society meetings (National Lecture scheme), FEBS3+ meetings, FEBS Excellence Awards and Short-Term Fellowships (which promote mobility), and schemes to support integration of bioscientists working in economically disadvantaged countries of the FEBS area;
- providing stipends through its FEBS Excellence Award programme to allow research to be carried out in host laboratories by talented early-career scientists;
- offering high-quality publication of research findings for both authors and readers through its four international molecular life science journals.
Through the many activities of FEBS outlined above, the beneficiaries of FEBS include scientists at all levels directly engaged in research and education in the molecular life sciences, and ultimately humankind across the globe through the contributions of these areas of science to human health, agriculture, biotechnology and related areas, and enrichment of human knowledge.
FEBS wholly owns its international journals, which are of importance to FEBS both by directly contributing to its objectives and as a source of income to support its other purposes. FEBS follows all directives on Open Access publishing from the UK, EU and relevant research funders across the world. Two of the FEBS publications – FEBS Open Bio and Molecular Oncology – are fully open access. Its two hybrid journals – The FEBS Journal and FEBS Letters – offer authors open access options, often with no direct cost to authors at institutions with a transformational agreement. In addition, authors are able to deposit accepted research articles, as required by funders, in institutional repositories, through which they are accessible to the public, and all published articles in our hybrid journals are freely available after 12 months to all readers.
FEBS events are normally open to scientists throughout the world. Recipients of FEBS grants for fellowships and for support of participation in meetings are normally required to be members of FEBS' Constituent Societies (where membership criteria are those expected of learned societies) and resident within the FEBS area of Europe and neighbouring countries. Some FEBS programs particularly benefit disadvantaged scientists.
The trustees confirm that they have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the organisation's aims and objectives and in planning future activities.
## **Grant Making Policy**
The overall objective of FEBS is to contribute to and promote the advancement of research and education for the public benefit in the molecular life sciences and related disciplines. Policies for key grants awarded by FEBS to achieve these goals are outlined below.
Page 12
## **THE FEDERATION OF EUROPEAN BIOCHEMICAL SOCIETIES**
## **(A Company Limited by Guarantee)**
## **TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024**
## **FEBS Excellence Awards and Short-Term Fellowships**
As part of our commitment to young scientists under the FEBS Fellowship program set up in 1978, and to further research in the molecular life sciences, we offer Short-Term Fellowships to members of Constituent Societies, as well as Summer Fellowships to promising Masters/PhD students. The new FEBS Excellence Award program was launched in 2021. It is intended for early-career scientists who have been PIs in their Host Institution for at least one year and are in a salaried capacity. Ukrainian Short-Term Fellowships are specifically for active molecular life scientists who are resident in Ukraine at the point of application, or displaced from Ukraine as a result of war in the country. These Fellowships are for short-term visits to a host laboratory for a period of up to 4 months and are for use for travel to the host laboratory and living subsistence for the duration of the Fellowship. Our Fellowships are intended to allow members of our Constituent Societies working in a FEBS country to work in a laboratory in another FEBS country.
Eligibility criteria for FEBS Excellence Awards and Fellowships are set out in detailed guidelines on the FEBS website. The initial applications are assessed on merit by the FEBS Excellence and Fellowships Committee. Within three months of completion of all Fellowships, awardees are required to prepare a final report on the work carried out during the tenure of the Fellowship. Similarly, Excellence Awardees are asked to provide both a scientific and a financial report to be eligible for the 2[nd] and 3[rd] instalments.
## **Grants for organising FEBS Advanced Course** _**s**_
Grants for organising FEBS Advanced Courses (including lecture courses, workshops, practical courses and special meetings) are awarded to senior scientists by the FEBS Advanced Courses Committee on a competitive basis. Reports (including scientific and financial) from the organisers are required within 3 months after the event.
## **Grants for young scientists attending Advanced Courses**
Students participating in FEBS Advanced Courses (including lecture courses, workshops and practical courses) may apply for financial support through the FEBS Youth Travel Fund (YTF). In 2024, grants were made to persons travelling from their current country of residence to another country, mostly in the European area. Applicants for these grants should normally be registered as a student at an institution of higher learning in a country where there is a FEBS Constituent Society or be within five years of having completed a PhD thesis, be a member of a FEBS Constituent Society, and not have received a grant from the Youth Travel Fund to attend an Advanced Course in the current or preceding year or received a grant to attend the Young Scientists' Forum in the current year. Candidates are shortlisted by the Course organisers on merit.
Grants for organising the FEBS Congress and FEBS3+ meetings, and requests for National Lecture Support FEBS evaluates bids for organising its yearly Congresses and also FEBS3+ meetings, as well as requests from Constituent Societies for National Lecture support, according to their quality; the administrative responsibility for these is in the hands of the FEBS Congress Counsellor (Prof. Piotr Laidler in 2024).
## **Grants for attending the FEBS Young Scientists' Forum and Congress (YSF awards** _**)**_
Recipients of YSF awards are selected by the Chair of the Careers of Young Scientists Committee (Irene DíazMoreno in 2024) and the local organising committee on merit, with eligibility criteria that normally include: i)being a PhD student or postdoctoral fellow within 5 years of finishing his/her PhD at an institution of higher education in a country where there is a FEBS constituent Society; ii) being under 35 years old; iii) being a member of a FEBS Constituent Society; not having attended a recent YSF, and not having received a Youth Travel Fund award in the same year.
## **Congress bursaries**
Recipients of bursaries (which offer financial support with registration, travel and accommodation costs for the Congress) are selected by the host society of that year's Congress on merit, with eligibility criteria similar to those for YTF and YSF awards.
## **Achievement and performance**
This section summarises and assesses our principal achievements in 2024 against the formal objectives of
Page 13
## **THE FEDERATION OF EUROPEAN BIOCHEMICAL SOCIETIES**
## **(A Company Limited by Guarantee)**
## **TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024**
FEBS. More details of the activities included in brief here can be found in the 'Activities' section above.
## **Objective 1: holding and arranging congresses, training and educational courses on matters connected with biochemistry and molecular biology and related disciplines**
|**Achievements**|**Comments**|
|---|---|
|17 FEBS-supported events were planned for 2024: 5
Advanced Lecture Courses, 4 joint FEBS-EMBO
Lecture Courses, 2 Practical Courses, 1 combined
Practical and Lecture Courses, 0 Special Meetings
and 5 Workshops.
The assessment procedure for course selection and
funding refined, online database for applications and
reporting enhanced, FEBS-owned and branded course
websites introduced and collaborations with EMBO
and IUBMB continued.|In 2024, FEBS continued to fund several Advanced
Courses with high scientific content and also funded
YTF grants to allow participation of young researchers
at the FEBS courses.|
|**FEBS3+ Meeting(s):**
Pula, Croatia; September 2024:_Exploring Molecular_
_Frontiers_joint scientific congress
hosted by the
Croatian society, in conjunction with the member
societies of Finland and Sweden.
FEBS 3+ meetings receive support comprising
€10,000 to the host society for general meeting
organisation and €10,000 to support the attendance of
young scientists from the two other participating
societies.|Support for scientists in Croatia, Finland and
Sweden; enhanced links between these FEBS
Constituent Societies. See ‘Support for Constituent
Society events’ section for more details.|
|**23rd Young Scientists Forum (YSF) and 48th FEBS**
**Congress:**
The 23rdFEBS Young Scientists' Forum took place in
July 2024 in Pavia, Italy, prior to the Congress.
The 48thCongress was held in Milan, Italy in July
2024.|The YSF includes over 100 PhD students and
young postdocs, whose attendance at this and the
Congress is funded by FEBS YSF awards. In
addition, FEBS supports participation of a large
number of young scientists in its annual Congress
through the FEBS Bursaries scheme.
The annual FEBS Congress provides a platform for
international scientific exchange and showcases
the
newest
developments
in
biochemistry,
molecular biology and related areas. The Congress
comprises plenary lectures, symposia, poster
sessions, workshops and other activities on related
topics. The Congress is held in countries with a
Constituent Society of FEBS.|
Page 14
## **THE FEDERATION OF EUROPEAN BIOCHEMICAL SOCIETIES**
## **(A Company Limited by Guarantee)**
## **TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024**
**Objective 2: facilitating and supporting the exchange of scientific information between biochemists, molecular biologists and scientists working in related disciplines generally and especially in Europe and other countries of Constituent Societies**
|**Achievements**|**Comments**|
|---|---|
|**FEBS**
**Congress,**
**Advanced**
**Courses**
**and**
**Education Workshops**
See above|See above|
|**Lecturers for Constituent Society and other**
**scientific meetings**
National Lectures awarded to national meetings of the
member societies from Finland, France, Germany,
Greece, Norway, Spain and Tunisia.|Effective enhancement of regional, national and
international meetings by funding of distinguished
speakers.|
|**Other meeting sponsorship**
FEBS
Worldwide
Lecture
at
the
IUBMB/FAOBMB/ComBio BioMolecular Horizons
2024 Congress in Australia in September 2024.
FEBS Worldwide Lecture at the 50thAnniversary
SBBMCh Congress in Chile in September 2024.|Eminent speakers for special events and meetings
beyond Europe, which also allowed collaboration with
international organisations and yielded FEBS journals’
promotion.|
|**Achievements**|**Comments**|
|---|---|
|**FEBS Excellence Awards and Fellowships**
Fellows move to work in host lab in different country
(see Objective 3 below).|Promotion of exchange of skills/knowledge.|
|**Integration schemes**
Support for communities of molecular life scientists in
European countries with economic challenges and/or
no existing or active biochemical society through visits,
the Congress ‘Sprinzl Scheme’, and Education
Workshops as well as encouraging the establishment
of new societies and for them to benefit from FEBS.|Contributes to developing/maintaining pool of effective
researchers in Europe.|
**Objective 3: facilitating and supporting the training of young scientists in research, in the form of fellowships**
|**Achievements**|**Comments**|
|---|---|
|**Short-Term Fellowships**
29 Short-Term and 10 Summer Fellowships and 10
Ukrainian Fellowships.|Enhances research possibilities for young scientists;
numbers awarded in accordance with budgetary limits.|
|**Excellence Awardees**
28 in post, successful applicants from calls in three
years; 2021, 2022 and 2023.|Very competitive - only the most outstanding scientists
successful; they must be recognised scientists in their
field and should possess an outstanding track record.
Accounts for major part of FEBS expenditure.|
|**FEBS Excellence Awards and Fellows Meeting**
Held in Pavia , Italy, immediately before the FEBS
Congress. 16 current FEBS Excellence Awardees
and former LTFs accepted the invitation.|Participants are invited to participate. No selection
procedure applies as only current and past FEBS
Excellence Awardees and Long-Term Fellows are
eligible.|
Page 15
**THE FEDERATION OF EUROPEAN BIOCHEMICAL SOCIETIES (A Company Limited by Guarantee)**
**TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024**
**Objective 4: organising the editing and publication of scientific research and educational material in biochemistry and molecular biology and related disciplines**
|**Achievements**|**Comments**|
|---|---|
|Our journals continue to maintain high standards of
peer review. Seventy-one per cent of all articles
published were open access|Strong performance of FEBS’ Press journals in a
challenging scientific publishing environment.|
The current Publishing Agreement between FEBS and Wiley runs from 2024-2028. The four-year contract is based on revenue share, guaranteed income and special support for the FEBS Network.
## **Financial review**
## **Journal income and costs**
Total income from royalties in 2024 (€5.51M) was 26% lower than the royalty income in 2023 (€7.45M) due to the new contract with the publisher. The total costs for the four FEBS journals, FEBS Journal, FEBS Letters, FEBS Open Bio and Molecular Oncology in 2024 was (€1.85M) 17% higher than in 2023 (1.59M). This is due to an increase in employees working on the journals and other expenses such as editors’ meetings. These costs include the direct costs of employees working on the journals and editors’ payments.
## **Distribution of expenditure on FEBS activities**
In 2024, Fellowships remained by far the highest area of charitable FEBS spending €1.1 M (€1.04 M in 2023) then Advanced Courses, course grants and YTFs totaling ~€409,000; (~€353,000 in 2023). FEBS bursaries awarded for participation in the FEBS Congress totaled €144,000 (€92,000 in 2023), and the YSF (Young Scientist’s Forum) provided spaces for 100 participants to a scientific meeting and the Congress €152,000 (€129,000 in 2023).
The support given to the Congress directly was €205,000 (€234,000 in 2023), excluding bursaries and the YSF. FEBS also jointly supports the ENABLE event with funding of €69,000 (€66,000 in 2023) alongside the IUBMB. Other Special Initiatives include fellowships for Ukrainian Scientists €33,000 (€54,000 in 2023).
Prizes and awards in life sciences including the Women in Science Award (€10,000) which is shared with EMBO, and publication prizes totaled ~€52,000 (~€35,000 in 2023). Funding of lecturers for meetings within and outside of Europe including one FEBS 3+ meeting and other areas of FEBS work - including education workshops, science and society sessions, and 'integration' initiatives - were undertaken for ~€168,000 (€129,000 in 2023) in total.
## **Governance and support costs**
The senior scientists who serve as FEBS Officers and members of FEBS committees all work pro bono, and the holders of key positions in the FEBS Executive Committee generously devote considerable time and energy to FEBS activities. There are a small number of support personnel working in the FEBS Central Administration Office dealing with central administration and communications, plus the FEBS Treasury Office dealing with all financial matters. Outside the Central Administration Office there are personnel working with the Fellowships Committee, Advanced Courses Committee and the Career of Young Scientists Committee to support the activities of the committees and committee chairs.
The total governance costs - including the expenses associated with higher-level committees (Council, Executive and Finance) within FEBS, Central Administration Office, The Treasury office and Secretary General expenses, Strategic Marketing as well as auditor and other professional service fees - amounted to about €1.0M (24%) of the charitable spending - €4.250M in 2024. In 2023 governance costs were €0.84M (23%) of €3.6M 2023. These governance costs are not included in the total for charitable spending.
An indication of the support costs involved in running the two activities of FEBS with the highest expenditure can be given by the committee expenses as a percentage of the charitable spending in that area; in 2024, this was
Page 16
## **THE FEDERATION OF EUROPEAN BIOCHEMICAL SOCIETIES**
## **(A Company Limited by Guarantee)**
## **TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024**
approximately 6% of the total Fellowships grants, and 17% for Advanced Courses grants (in 2023, this was 5% of the total Fellowships grants, and 18% for Advanced Courses grants). Support costs for the journals are covered in 'Journal income and costs’ above.
## **Investment performance**
For the twelve months to the 31 December 2024 the combined investment portfolios held by FEBS’ investment managers achieved a return of +13.1% ( +9.4% in 2023).
Most of FEBS’ holding are held in portfolios with JPM (€59.2M as at Dec 2024). The holdings include a managed portfolio, private equity, and short-term deposits.
In addition, at 31 Dec 2024, multi-asset portfolios were held with Cazenove (€34.6M), Sarasin (€1.1M) and CCLA (€5.83M). FEBS, also, holds two property portfolios, one with CCLA (€2.9M) and the other with PITCH / Swiss Life (€2.76M) and an additional cash deposit with CCLA (€2.6M)
## **Principal risks and uncertainties**
The trustees have a duty to identify and review the risks to which the charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error.
## **Reduction of income due to changes in journal publishing**
In addition to directly fulfilling one of the charitable objectives of FEBS, our journals have provided a source of income to fund FEBS' other charitable work. There is a risk of reduction in income due to the loss of traditional journal subscriptions as publishing moves to new open-access models, driven by funder mandates for open access publication. The transformational deals negotiated by our publishing partner, Wiley, are aimed at protecting journal income as library contracts move from subscriptions to open access publishing models. Nevertheless, some attrition of traditional subscription income is expected due to library budget cuts and the increased proportion of open access content journals.
FEBS is addressing these concerns by (1) its policy on reserves (see below) so that future income can be derived from investments and (2) its negotiated long-term contract with a commercial publisher which, in turn, is negotiating deals with library and funding consortia that combine open access publication rights with traditional ‘reading’ access to the FEBS Press journals. The FEBS Publications Committee has made strategic planning on how journals adapt best to new publishing requirements.
## **Investment Management**
All decisions about investments are made by the Finance Committee, as delegated by the Executive Committee. On occasion the Finance Committee may seek further approval from the Executive Committee on significant investment commitments.
## **Internal Controls**
FEBS’ systems and processes are monitored regularly. The Finance Committee is responsible for maintaining proper accounting records which disclose with reasonable accuracy at any time the financial position and to enable them to ensure that the financial statements comply with all statutes and regulations. FEBS’ controls include regular internal and external oversight and checks. Controls and procedures are appropriate for the organisation’s size and operation. FEBS uses automated accounting software from a large, reputable supplier and The Treasury department has several processes to ensure the appropriate use of funds, the management of the accounts and recording of all transactions. Duties within the Treasury are separated, and robust systems of oversight and authorisation are in place. The cash-flow is regularly monitored to ensure all liabilities are met in a timely manner.
## **Impact on overall objectives**
The success of FEBS in promoting the advancement of research and education for the public benefit in the sciences of biochemistry, molecular biology and related disciplines is carefully monitored by stringent peer
Page 17
## **THE FEDERATION OF EUROPEAN BIOCHEMICAL SOCIETIES (A Company Limited by Guarantee)**
## **TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024**
review and other methods.
## **Plans for future periods**
## **Reserves policy**
The total value of funds held by FEBS at 31 December 2024 was €112.7M (€99.2M in 2023). None of the funds were restricted funds or unavailable for the general purposes of the charity at the end of the reporting period and no material amounts have been designated or are otherwise committed as at the end of the reporting period.
As at year end 2024, approximately 84% could be realised in fewer than 3 days, 11% were in investments that may be realised in up to 10 years and the rest had varying timescales of up to 6 months, in which the assets may be realised.
The investments in private equity and infrastructure are illiquid over a short timescale. These investments will be held by JPM for up to 10 years and up to 8% of the total investment portfolios will be held in private equity and 5% in infrastructure.
The Treasurer of FEBS’ regularly reviews the performance of FEBS investments during the year. Significant changes in investments and the treatment of funds are discussed and approved by the FEBS Finance Committee and where appropriate, are submitted for further approval from the FEBS Executive Committee. The FEBS’ reserves policy allocates €4M for one year’s essential funding and this is held in cash in an interest bearing account at the bank.
The FEBS Trustees have approved the enhancement of the investment portfolio to reach a value that may generate funds to offset potential changes in income due to the new publishing model. The income from the portfolio in addition to royalty income will ensure that FEBS exists in perpetuity providing funding for the running of the journals and its other charitable activities.
## **Future commitments and plans for other areas of FEBS work**
We now have firm arrangements for a programme of Annual Congresses until 2028, as these involve substantial forward planning. Expenditure on Advanced Courses up to 2026 and the costs of annual extensions of FEBS Excellence Awards to up to 3 years for awardees already in post, are included in our budgets. FEBS has piloted a Booster Fund to provide funding for early career principal investigators (PIs).
With regard to future activities, we are also continuing to forge closer links with related European and worldwide organisations that cover contiguous/overlapping areas of molecular life sciences (e.g. biophysics, microbiology, immunology, cancer) with the aim of maximising the use of our impacts and resources.
## **Concluding Comments**
FEBS has continued to operate successfully in promoting the advancement of research and education for the public benefit in the sciences of biochemistry, molecular biology and related disciplines, and its current strategy for its long-term survival is progressing smoothly and according to plan. By making provisions with its reserves FEBS will be in a position to provide support to many researchers in years to come.
Approved by order of the members of the board of Trustees and signed on their behalf by:
## **Professor M De La Rosa Trustee**
Date: 19 Sept 2025
Page 18
## **THE FEDERATION OF EUROPEAN BIOCHEMICAL SOCIETIES (A Company Limited by Guarantee)**
## **STATEMENT OF TRUSTEES' RESPONSIBILITIES FOR THE YEAR ENDED 31 DECEMBER 2024**
The Trustees (who are also the directors of the Company 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 . 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 Company and of its incoming resources and application of resources, including its income and expenditure, 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 of the Charities SORP (FRS 102);
- make judgments and accounting estimates that are reasonable and prudent;
- state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.
The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company 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 Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Approved by order of the members of the board of Trustees and signed on its behalf by:
## **Professor M De La Rosa Trustee**
Date: 19 Sept 2025
Page 19
## **THE FEDERATION OF EUROPEAN BIOCHEMICAL SOCIETIES (A Company Limited by Guarantee)**
## **INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE FEDERATION OF EUROPEAN BIOCHEMICAL SOCIETIES**
## **OPINION**
We have audited the financial statements of The Federation of European Biochemical Societies (the 'charitable company') for the year ended 31 December 2024 which comprise the Statement of Financial Activities, the Balance Sheet, the Statement of Cash Flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
- give a true and fair view of the state of the charitable company's affairs as at 31 December 2024 and of its incoming resources and application of resources, including its income and expenditure 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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the 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 charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report.
Page 20
## **THE FEDERATION OF EUROPEAN BIOCHEMICAL SOCIETIES (A Company Limited by Guarantee)**
## **INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE FEDERATION OF EUROPEAN BIOCHEMICAL SOCIETIES (CONTINUED)**
## **OTHER INFORMATION**
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The Trustees are responsible for the other information contained within the Annual Report. 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 course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
## **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 for the financial year for which the financial statements are prepared is consistent with the financial statements.
- 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 our 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 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 companies regime and take advantage of the small companies' exemptions in preparing the Trustees' Report and from the requirement to prepare a Strategic Report.
Page 21
## **THE FEDERATION OF EUROPEAN BIOCHEMICAL SOCIETIES (A Company Limited by Guarantee)**
## **INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE FEDERATION OF EUROPEAN BIOCHEMICAL SOCIETIES (CONTINUED)**
## **RESPONSIBILITIES OF TRUSTEES**
As explained more fully in the Trustees' Responsibilities Statement, the Trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the Trustees are responsible for assessing the charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.
## **AUDITORS' 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 Auditors' 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:
- We obtained an understanding of the legal and regulatory frameworks through our accumulated knowledge and consideration of sector information that is applicable to the charitable company. We determined that the most significant which are directly relevant to specific assertions in the financial statements are those related to the financial reporting framework including but not limited to United Kingdom Generally Accepted Accounting Practice, the Charities Act 2011, Charities SORP, the Companies Act 2006, Data Protection Act 2018 and tax legislation
- We obtained an understanding of the procedures and controls over the charitable company’s operations and discussed these with those charged with governance. No matters of fraud were brought to our attention during that discussion.
- During our discussions with management, they assessed these as being the normal risks required to be considered by us as auditors by the Auditing Standards (such as management override and revenue recognition) but confirmed that no irregularities here occurred. This was confirmed by our review of management meetings, auditing management override through journal testing, and other adjustments to consider appropriateness, review of the financial statements to ensure no unusual and / or inexplicable variances and general discussions with management during the course of the audit. We did not identify any significant business transactions outside the normal course of the business operations.
- Our senior statutory auditor has assessed that the audit team possessed the ability and competence to identify and recognise non-compliance with the relevant laws and regulations central to the operation of this charitable company. We have not identified any additional laws and regulations which are central to the entity's operations and which we were not notified about, during the course of our audit fieldwork.
Page 22
## **THE FEDERATION OF EUROPEAN BIOCHEMICAL SOCIETIES (A Company Limited by Guarantee)**
## **INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE FEDERATION OF EUROPEAN BIOCHEMICAL SOCIETIES (CONTINUED)**
We believe that our audit was capable of detecting material irregularities, including fraud, and our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion. There are inherent limitations in the audit procedures performed and the further removed noncompliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we are to become aware of it.
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 Auditors' 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 Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and its members, as a body, for our audit work, for this report, or for the opinions we have formed.
**Mark Murray BCom FCA FCCA (Senior Statutory Auditor)** for and on behalf of **Hill Wooldridge & Co. Limited** Monument House 215 Marsh Road Pinner HA5 5NE
Date: 19 Sept 2025
Page 23
## **THE FEDERATION OF EUROPEAN BIOCHEMICAL SOCIETIES**
## **(A Company Limited by Guarantee)**
## **STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 DECEMBER 2024**
|**Note**
**INCOME FROM:**
Donations
3
Charitable activities
4
Investments
5
Other income
6
**TOTAL INCOME**
**EXPENDITURE ON:**
Raising funds
7
Charitable activities
8
**TOTAL EXPENDITURE**
**NET INCOME BEFORE NET GAINS ON**
**INVESTMENTS**
Net gains on investments
13
**NET MOVEMENT IN FUNDS**
**RECONCILIATION OF FUNDS:**
Total funds brought forward
Net movement in funds
**TOTAL FUNDS CARRIED FORWARD**|**Unrestricted**
**funds**
**2024**
**€**
**5,745**
**5,507,000**
**1,917,920**
**32,868**
**7,463,533**
**424,572**
**4,763,852**
**5,188,424**
**2,275,109**
**11,295,968**
**13,571,077**
**99,157,411**
**13,571,077**
**112,728,488**|**Total**
**funds**
**2024**
**€**
**5,745**
**5,507,000**
**1,917,920**
**32,868**
**7,463,533**
**424,572**
**4,763,852**
**5,188,424**
**2,275,109**
**11,295,968**
**13,571,077**
**99,157,411**
**13,571,077**
**112,728,488**|Total
funds
2023
€
5,987
7,450,000
1,442,229
37,160|
|---|---|---|---|
||||8,935,376|
||||482,511
3,893,496|
||||4,376,007|
||||4,559,369
5,309,364|
||||9,868,733|
||||89,288,678
9,868,733|
||||99,157,411|
The Statement of Financial Activities includes all gains and losses recognised in the year.
The notes on pages 27 to 46 form part of these financial statements.
Page 24
## **THE FEDERATION OF EUROPEAN BIOCHEMICAL SOCIETIES (A Company Limited by Guarantee) REGISTERED NUMBER: 08239097**
## **BALANCE SHEET AS AT 31 DECEMBER 2024**
|**Note**
**FIXED ASSETS**
Tangible assets
12
Investments
13
**CURRENT ASSETS**
Debtors
14
Cash at bank and in hand
Creditors: amounts falling due within one
year
15
**NET CURRENT ASSETS**
**TOTAL NET ASSETS**
**CHARITY FUNDS**
Unrestricted funds
16
**TOTAL FUNDS**|**1,647,968**
**5,434,523**
**7,082,491**
**(644,702)**|**2024**
**€**
**36,978**
**106,253,721**
**106,290,699**
**6,437,789**
**112,728,488**
**112,728,488**
**112,728,488**|477,980
9,866,685
10,344,665
(803,118)|2023
€
49,391
89,566,473|
|---|---|---|---|---|
|||||89,615,864
9,541,547|
||||||
|||||99,157,411|
|||||99,157,411|
||||||
|||||99,157,411|
The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements.
The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime.
The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:
## **Professor F Michelangeli Trustee**
## Date: 19 September 2025
The notes on pages 27 to 46 form part of these financial statements.
Page 25
## **THE FEDERATION OF EUROPEAN BIOCHEMICAL SOCIETIES**
## **(A Company Limited by Guarantee)**
## **STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2024**
|**Note**
**CASH FLOWS FROM OPERATING ACTIVITIES**
Net cash (used in)/provided by operating activities
18
**CASH FLOWS FROM INVESTING ACTIVITIES**
Dividends, interests and rents from investments
Purchase of tangible fixed assets
Proceeds from sale of investments
Purchase of investments
**NET CASH (USED IN)/PROVIDED BY INVESTING ACTIVITIES**
**CHANGE IN CASH AND CASH EQUIVALENTS IN THE YEAR**
Cash and cash equivalents at the beginning of the year
**CASH AND CASH EQUIVALENTS AT THE END OF THE YEAR**
19|**2024**
**€**
**(930,713)**
**1,917,920**
**(28,089)**
**35,368,999**
**(40,760,279)**
**(3,501,449)**
**(4,432,162)**
**9,866,685**
**5,434,523**|2023
€
3,171,318
1,442,229
-
90,779,408
(91,858,591)
**363,046**
**3,534,364**
6,332,321
9,866,685|
|---|---|---|
The notes on pages 27 to 46 form part of these financial statements
Page 26
**THE FEDERATION OF EUROPEAN BIOCHEMICAL SOCIETIES (A Company Limited by Guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024**
## **1. ACCOUNTING POLICIES**
## **1.1 BASIS OF PREPARATION OF FINANCIAL STATEMENTS**
The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011 and the Companies Act 2006. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.
The Federation of European Biochemical Societies meets the definition of a public benefit entity as defined by FRS 102.
There were no significant estimates or judgements made by management in preparing these financial statements.
The functional and presentational currency is the Euro.
## **1.2 GOING CONCERN**
The Trustees have considered the Company's forecasts and projections. After making enquires, the Trustees have concluded that there is a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. Therefore, these accounts have been prepared on the going concern basis.
There are no material uncertainties in relation to going concern.
## **1.3 INCOME**
All income is recognised once the Company has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.
Income from royalties is recognised in line with the period to which it relates.
Income from grants and donations are recognised when the Company has been notified in writing of both the amount and settlement date. In the event that a grant or donation is subject to conditions that require a level of performance before the Company is entitled to the funds, the income is deferred and not recognised until those conditions are fully met, or the fulfillment of those conditions is wholly within the control of the Company and it is probable that those conditions will be fulfilled in the reporting period.
Investment income is recognised in the period in which the Company becomes entitled to the income.
Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Company; this is normally upon notification of the interest paid or payable by the Bank.
Other income is recognised in the period in which it is receivable and to the extent the goods have been provided or on completion of the service.
Page 27
**THE FEDERATION OF EUROPEAN BIOCHEMICAL SOCIETIES (A Company Limited by Guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024**
## **1. ACCOUNTING POLICIES (CONTINUED)**
## **1.4 EXPENDITURE**
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably.
Expenditure on raising funds includes all expenditure incurred by the Company to raise funds for its charitable purposes and includes costs of all fundraising activities events and non-charitable trading. This comprises investment management fees.
Expenditure on charitable activities is incurred on directly undertaking the activities which further the Company's objectives, as well as any associated support costs.
Allocation of costs is based on activity which has driven the relevant cost.
Grants payable are charged in the year when the offer is made except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled. Grants offered subject to conditions which have not been met at the year end are noted as a commitment, but not accrued as expenditure.
Governance costs are those incurred in connection with administration of the Company and compliance with constitutional and statuatory requirements.
## **1.5 FOREIGN CURRENCIES**
Monetary assets and liabilities denominated in foreign currencies are translated into euros at rates of exchange ruling at the reporting 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.
## **1.6 TAXATION**
The Company is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the Company is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.
## **1.7 TANGIBLE FIXED ASSETS AND DEPRECIATION**
Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost.
Page 28
**THE FEDERATION OF EUROPEAN BIOCHEMICAL SOCIETIES (A Company Limited by Guarantee)**
**NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024**
## **1. ACCOUNTING POLICIES (CONTINUED)**
## **1.7 TANGIBLE FIXED ASSETS AND DEPRECIATION (CONTINUED)**
Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives.
Depreciation is provided on the following bases:
Leasehold improvements - over the life of the lease - Fixtures and fittings 15% on reducing balance - Computer equipment and 25% on reducing balance website
## **1.8 INVESTMENTS**
Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance Sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as ‘Gains/(Losses) on investments’ in the Statement of Financial Activities.
## **1.9 DEBTORS**
Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
## **1.10 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.
## **1.11 LIABILITIES AND PROVISIONS**
Liabilities are recognised when there is an obligation at the Balance Sheet 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 Company 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.
Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Statement of Financial Activities as a finance cost.
## **1.12 FINANCIAL INSTRUMENTS**
The Company 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 with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.
Page 29
## **THE FEDERATION OF EUROPEAN BIOCHEMICAL SOCIETIES (A Company Limited by Guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024**
## **1. ACCOUNTING POLICIES (CONTINUED)**
## **1.13 OPERATING LEASES**
Rentals paid under operating leases are charged to the Statement of Financial Activities on a straight-line basis over the lease term.
## **1.14 PENSIONS**
The Company operates a defined contribution pension scheme and the pension charge represents the amounts payable by the Company to the fund in respect of the year.
## **1.15 FUND ACCOUNTING**
General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Company and which have not been designated for other purposes.
## **2. CRITICAL ACCOUNTING ESTIMATES AND ARES OF JUDGEMENT**
Estimates and judgments are continually evaluated and are based on historical experience and other factors. The resulting accounting estimates and assumptions will, by definition, seldom equal the related actual results. There are no estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.
## **3. INCOME FROM DONATIONS**
|**Unrestricted**
**funds**
**2024**
**€**
Subscriptions receivable
5,745
Unrestricted
funds
2023
€
Subscriptions receivable
5,987|**Total**
**funds**
**2024**
**€**
**5,745**|
|---|---|
||Total
funds
2023
€
5,987|
Page 30
## **THE FEDERATION OF EUROPEAN BIOCHEMICAL SOCIETIES**
## **(A Company Limited by Guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024**
## **4. INCOME FROM CHARITABLE ACTIVITIES**
|**Unrestricted**
**funds**
**2024**
**€**
Royalties receivable
5,507,000
Unrestricted
funds
2023
€
Royalties receivable
7,450,000
**INVESTMENT INCOME**
**Unrestricted**
**funds**
**2024**
**€**
Franked investment income - dividends
1,220,961
Interest received
696,959
**TOTAL 2024**
1,917,920
Unrestricted
funds
2023
€
Franked investment income - dividends
836,584
Interest received
605,645
TOTAL 2023
1,442,229|**Total**
**funds**
**2024**
**€**
**5,507,000**|
|---|---|
||Total
funds
2023
€
7,450,000|
||**Total**
**funds**
**2024**
**€**
**1,220,961**
**696,959**|
||**1,917,920**|
||Total
funds
2023
€
836,584
605,645|
||1,442,229|
## **5. INVESTMENT INCOME**
Investment income from UK investment assets was €421,942 (2023: €317,290). Investment income from investment assets outside the UK was €1,495,978 (2023: €1,124,939 ).
Page 31
## **THE FEDERATION OF EUROPEAN BIOCHEMICAL SOCIETIES**
## **(A Company Limited by Guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024**
## **6. OTHER INCOMING RESOURCES**
|Other income
Other incoming resources comprise recharges on editorial activities.
Other income|**Unrestricted**
**funds**
**2024**
**€**
32,868
Unrestricted
funds
2023
€
37,160|**Total**
**funds**
**2024**
**€**
**32,868**|
|---|---|---|
|||Total
funds
2023
€
37,160|
Page 32
## **THE FEDERATION OF EUROPEAN BIOCHEMICAL SOCIETIES**
## **(A Company Limited by Guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024**
## **7. INVESTMENT MANAGEMENT COSTS**
||**Unrestricted**|**Total**|
|---|---|---|
||**funds**|**funds**|
||**2024**|**2024**|
||**€**|**€**|
|Portfolio management|424,572|**424,572**|
J.P. Morgan Private Bank, the Company's investment manager, holds a charge over the Company's cash and investments it manages on behalf of the Company.
||Unrestricted|Total|
|---|---|---|
||funds|funds|
||2023|2023|
||€|€|
|Portfolio management|482,511|482,511|
## **8. ANALYSIS OF EXPENDITURE BY ACTIVITIES**
|Journals
Congress
Fellowships
Advanced courses
Other|**Activities**
**undertaken**
**directly**
**2024**
**€**
310,956
211,671
-
-
160,968
683,595|**Grant**
**funding of**
**activities**
**(note 9)**
**2024**
**Support and**
**governance**
**costs**
**2024**
**€**
**€**
-
1,289,984
372,297
118,934
1,100,210
127,426
409,362
201,593
171,153
289,298
2,053,022
2,027,235|**Total**
**funds**
**2024**
**€**
**1,600,940**
**702,902**
**1,227,636**
**610,955**
**621,419**|
|---|---|---|---|
||||**4,763,852**|
Page 33
## **THE FEDERATION OF EUROPEAN BIOCHEMICAL SOCIETIES**
## **(A Company Limited by Guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024**
## **8. ANALYSIS OF EXPENDITURE BY ACTIVITIES (CONTINUED)**
|Journals
Congress
Fellowships
Advanced courses
Other|Activities
undertaken
directly
2023
€
275,760
261,124
-
-
122,657
659,541|Grant
funding of
activities
(note 9)
2023
€
-
270,093
1,038,476
353,425
63,538
1,725,532|Support and
governance
costs
2023
€
1,023,284
124,496
93,420
143,924
123,299
1,508,423|Total
funds
2023
€
1,299,044
655,713
1,131,896
497,349
309,494|
|---|---|---|---|---|
|||||3,893,496|
## **ANALYSIS OF DIRECT COSTS**
|Editorial fees and expenses
Women in science events
Education, fellowship and advanced courses
committee events
Science and Society events
National lecture expenses
Expenses and publicity at other conferences
World Wide lecture expenses
FEBS Congress
FEBS Young Scientists forum congress
WGI Participation events
Spinzl scheme|**Journals**
**2024**
**€**
310,956
-
-
-
-
-
-
-
-
-
-
310,956|**Congress**
**2024**
**€**
-
17,603
6,198
-
-
-
-
155,444
24,985
-
7,441
211,671|**Other**
**2024**
**€**
-
-
76,978
3,738
3,044
1,000
6,858
-
-
69,350
-
160,968|**Total**
**funds**
**2024**
**€**
**310,956**
**17,603**
**83,176**
**3,738**
**3,044**
**1,000**
**6,858**
**155,444**
**24,985**
**69,350**
**7,441**|
|---|---|---|---|---|
|||||**683,595**|
Page 34
**(A Company Limited by Guarantee)**
## **THE FEDERATION OF EUROPEAN BIOCHEMICAL SOCIETIES**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024**
## **8. ANALYSIS OF EXPENDITURE BY ACTIVITIES (CONTINUED)**
## **ANALYSIS OF DIRECT COSTS (continued)**
|Editorial fees and expenses
Women in science events
Education, fellowship and advanced courses
committee events
Science and Society events
National lecture expenses
Blank
Blank
FEBS Congress
FEBS Young Scientists forum congress
WGI Participation events
Spinzl scheme
**ANALYSIS OF SUPPORT COSTS**
Editorial fees and expenses
HR and communications
Finance and governance
IT & website
Education, fellowship and advanced courses
committee events
Foreign exchange gains|Journals
2023
€
275,760
-
-
-
-
-
-
-
-
-
-
275,760
**Journals**
**2024**
**€**
1,375,100
44,088
122,450
1,756
-
(253,410)
1,289,984|Congress
2023
€
-
5,328
9,447
-
-
-
-
137,211
107,138
-
2,000
261,124
**Congress**
**2024**
**€**
-
73,306
96,017
293
-
(50,682)
118,934|Other
2023
€
-
-
43,505
3,500
2,997
108
234
-
-
72,313
-
122,657
**Fellowships**
**2024**
**€**
-
7,245
74,591
293
70,638
(25,341)
127,426|Total
funds
2023
€
275,760
5,328
52,952
3,500
2,997
108
234
137,211
107,138
72,313
2,000
659,541
**Advanced**
**courses**
**2024**
**€**
-
72,833
85,898
293
67,910
(25,341)
201,593|
|---|---|---|---|---|
Page 35
**(A Company Limited by Guarantee)**
## **THE FEDERATION OF EUROPEAN BIOCHEMICAL SOCIETIES**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024**
## **8. ANALYSIS OF EXPENDITURE BY ACTIVITIES (CONTINUED)**
## **ANALYSIS OF SUPPORT COSTS (continued)**
|Editorial fees and expenses
HR and communications
Finance and governance
IT & website
Education, fellowship and advanced courses committee events
Foreign exchange gains
Journals
2023
Congress
2023
€
€
Editorial fees and expenses
1,142,643
-
HR and communications
42,314
65,588
Finance and governance
127,423
116,790
IT & website
1,894
316
Education, fellowship and advanced courses
committee events
-
-
Foreign exchange gains
(290,990)
(58,198)
1,023,284
124,496|**Other**
**2024**
**€**
-
162,432
275,690
3,221
-
(152,045)
289,298
Fellowships
2023
€
-
16,926
60,784
316
44,493
(29,099)
93,420|**Total**
**funds**
**2024**
**€**
**1,375,100**
**359,904**
**654,646**
**5,856**
**138,548**
**(506,819)**
**2,027,235**
Advanced
courses
2023
€
-
16,926
91,945
316
63,836
(29,099)
143,924|
|---|---|---|
Page 36
**(A Company Limited by Guarantee)**
## **THE FEDERATION OF EUROPEAN BIOCHEMICAL SOCIETIES**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024**
## **8. ANALYSIS OF EXPENDITURE BY ACTIVITIES (CONTINUED)**
## **ANALYSIS OF SUPPORT COSTS (continued)**
|Editorial fees and expenses
HR and communications
Finance and governance
IT & website
Education, fellowship and advanced courses committee events
Foreign exchange gains|Other
2023
€
-
69,820
224,599
3,474
-
(174,594)
123,299|Total
funds
2023
€
1,142,643
211,574
621,541
6,316
108,329
(581,980)|
|---|---|---|
|||1,508,423|
## **9. ANALYSIS OF GRANTS**
|Congress
Fellowships
Advanced courses
Other
**TOTAL 2024**|**Grants to**
**Institutions**
**2024**
**€**
90,004
-
359,416
56,301
505,721|**Grants to**
**Individuals**
**2024**
**€**
282,293
1,100,210
49,946
114,852
1,547,301|**Total**
**funds**
**2024**
**€**
**372,297**
**1,100,210**
**409,362**
**171,153**|
|---|---|---|---|
||||**2,053,022**|
Page 37
**(A Company Limited by Guarantee)**
## **THE FEDERATION OF EUROPEAN BIOCHEMICAL SOCIETIES**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024**
## **9. ANALYSIS OF GRANTS (CONTINUED)**
|Congress
Fellowships
Advanced courses
Other
TOTAL 2023|Grants to
Institutions
2023
€
143,160
-
297,328
28,739
469,227|Grants to
Individuals
2023
€
126,933
1,038,476
56,097
34,799
1,256,305|Total
funds
2023
€
270,093
1,038,476
353,425
63,538|
|---|---|---|---|
||||1,725,532|
The Company has made the following material grants to institutions during the year:
|**NAME OF INSTITUTION**
Advanced courses
FEBS Congress Grant
FEBS3+ Grant
Alliance for Biomedical Research Grant
Grants 60 Anniversary|**2024**
**€**
**359,416**
**90,004**
**19,698**
**12,000**
**24,603**
**505,721**|2023
€
297,328
143,160
12,129
16,610
-|
|---|---|---|
||||
|||469,227|
## **10. AUDITORS' REMUNERATION**
The auditors' remuneration amounts to an auditor fee of €22,364 (2023 - €21,338).
Page 38
## **THE FEDERATION OF EUROPEAN BIOCHEMICAL SOCIETIES**
## **(A Company Limited by Guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024**
## **11. STAFF COSTS, KEY MANAGEMENT PERSONNEL AND TRUSTEES' REMUNERATION AND EXPENSES**
|Wages and salaries
Social security costs
Other pension costs|**2024**
**€**
**1,347,591**
**227,473**
**123,575**
**1,698,639**|2023
€
1,060,987
168,656
109,269|
|---|---|---|
|||1,338,912|
The average number of persons employed by the Company during the year was as follows:
|Publications (Cambridge, UK)
Publications (Heidelberg, Germany)
Publications (Barcelona, Spain)
Treasury (Cambridge, UK)
Central admin (Cambridge, UK)
Central admin (Spain)
Strategic Priorities and Marketing (Greece)|**2024**
**€**
**9**
**6**
**2**
**3**
**2**
**2**
**1**
**25**|2023
€
8
5
1
4
2
1
-|
|---|---|---|
|||21|
Page 39
## **THE FEDERATION OF EUROPEAN BIOCHEMICAL SOCIETIES**
## **(A Company Limited by Guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024**
Two employees received remuneration falling within the band €70,000 to €79,999.
The key management personnel of the Company comprises the Trustees. The Trustees all give their time and expertise without any kind of remuneration or other benefit in kind with the exception of the following Trustees who provided services to the Company during the year:
|M De La Rosa (Editorial services)
I Diaz Moreno (Editorial services)
B Vértessy (Editorial services)
F Michelangeli (Editorial Services)|**2024**
**€**
**32,216**
**-**
**-**
**-**
**32,216**|2023
€
32,216
400
360
120|
|---|---|---|
|||33,096|
These services are in accordance with the Company's governing document and in accordance with sections 185 to 188 of the Charities Act 2011.
During the year, 12 (2023: 14) Trustees received reimbursement of expenses or had expenses paid directly to a third party on their behalf totalling €97,806 (2023: €66,685).
## **Other personnel costs**
Due to the wide geographical spread of the Company's activities, some staffing requirements are fulfilled by independent parties and freelancers. Details of the cost and number of personnel contracted in this manner are detailed below
|Excellence Awards and Fellowships Committee Administrator
Advanced Courses Administrator|**2024**
**€**
**32,496**
**30,000**
**62,496**|2023
€
30,800
29,973|
|---|---|---|
|||60,773|
The average number of other such personnel (including part-time personnel) engaged by the Company during the period was as follows:
|Fellowship Committee Administrator
Advanced Courses Committee Administrator|**2024**
**€**
**1**
**1**
**2**|2023
€
1
1|
|---|---|---|
|||2|
Page 40
## **THE FEDERATION OF EUROPEAN BIOCHEMICAL SOCIETIES**
## **(A Company Limited by Guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024**
## **12. TANGIBLE FIXED ASSETS**
|**COST**
At 1 January 2024
Additions
Disposals
At 31 December 2024
**DEPRECIATION**
At 1 January 2024
Charge for the year
On disposals
At 31 December 2024
**NET BOOK VALUE**
At 31 December 2024
At 31 December 2023
**13.**
**FIXED ASSET INVESTMENTS**|**Leasehold**
**improvements**
**€**
**59,681**
**23,671**
**(59,681)**
**23,671**
**25,625**
**2,856**
**(25,625)**
**2,856**
**20,815**
34,056|**Fixtures and**
**fittings**
**€**
**11,856**
**4,418**
**-**
**16,274**
**6,109**
**1,193**
**-**
**7,302**
**8,972**
5,747|**Computer**
**equipment**
**and website**
**€**
**92,429**
**-**
**-**
**92,429**
**82,841**
**2,397**
**-**
**85,238**
**7,191**
9,588|**Total**
**€**
**163,966**
**28,089**
**(59,681)**
**132,374**
**114,575**
**6,446**
**(25,625)**
**95,396**
**36,978**
49,391|
|---|---|---|---|---|
|**COST OR VALUATION**
At 1 January 2024
Additions
Disposals (proceeds €35,368,999; realised gain €348,263)
Revaluations
Cash movements
AT 31 DECEMBER 2024|**Listed**
**investments**
**€**
**87,672,779**
**41,687,920**
**(35,020,736)**
**10,947,705**
**-**
**105,287,668**|**Cash held at**
**broker**
**€**
**1,893,694**
**-**
**-**
**-**
**(927,641)**
**966,053**|**Total**
**€**
**89,566,473**
**41,687,920**
**(35,020,736)**
**10,947,705**
**(927,641)**
**106,253,721**|
|---|---|---|---|
Page 41
## **THE FEDERATION OF EUROPEAN BIOCHEMICAL SOCIETIES (A Company Limited by Guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024**
## **13. FIXED ASSET INVESTMENTS (CONTINUED)**
The market value of investment assets in the UK is €15,455,828 (2023: €14,009,745). The market value of investment assets outside the UK is €89,831,840 (2023: €73,663,034).
FEBS seeks to produce the best financial return within an acceptable level of risk. The investments are to enable FEBS to fund its activities in the long-term. The returns on investment are to provide funding of charitable activities and to increase the size of the investment fund in the next 7 – 8 years. The aim is to increase the size of the investment fund to provide higher income in the future to offset any potential reduction in income from royalties. The investment objective is to generate a return of HICP plus 3.5%, over the long term, after expenses. HICP the Harmonised Index of Consumer Prices is to be used as a measure. This should allow FEBS to at least maintain the real value of the assets, whilst funding annual expenditure over time. FEBS has a target level of investment that will cover any shortfall from publications income. FEBS uses a total return investment strategy.
The total net gains on investments as per the Statement of Financial Activities comprises realised gains of €348,263 and unrealised gains of €10,947,705.
## **14. DEBTORS**
|Trade debtors
Other debtors
Prepayments and accrued income|**2024**
**€**
**131,945**
**51,057**
**1,464,966**
**1,647,968**|2023
€
64,674
77,561
335,745|
|---|---|---|
||||
|||477,980|
Page 42
## **THE FEDERATION OF EUROPEAN BIOCHEMICAL SOCIETIES**
## **(A Company Limited by Guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024**
## **15. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
|Trade creditors
Other taxation and social security
Other creditors
Accruals and deferred income
**STATEMENT OF FUNDS**
**STATEMENT OF FUNDS - CURRENT YEAR**
**Balance at 1**
**January**
**2024**
**€**
**UNRESTRICTED FUNDS**
General Funds
**99,157,411**
**STATEMENT OF FUNDS - PRIOR YEAR**
Balance at
1 January
2023
€
**UNRESTRICTED FUNDS**
General Funds
89,288,678|**Income**
**€**
**7,463,533**
Income
€
8,935,376|**Expenditure**
**€**
**(5,188,424)**
Expenditure
€
(4,376,007)|**2024**
**€**
**217,415**
**229,240**
**1,239**
**196,808**
**644,702**
**Gains/**
**(Losses)**
**€**
**11,295,968**
Gains/
(Losses)
€
5,309,364|2023
€
674,543
16,192
8,045
104,338|
|---|---|---|---|---|
||||||
|||||803,118|
|||||**Balance at**
**31**
**December**
**2024**
**€**
**112,728,488**|
|||||Balance at
31
December
2023
€
99,157,411|
## **16. STATEMENT OF FUNDS STATEMENT OF FUNDS - CURRENT YEAR**
Page 43
**(A Company Limited by Guarantee)**
## **THE FEDERATION OF EUROPEAN BIOCHEMICAL SOCIETIES**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024**
## **17. ANALYSIS OF NET ASSETS BETWEEN FUNDS**
## **ANALYSIS OF NET ASSETS BETWEEN FUNDS - CURRENT PERIOD**
|**Unrestricted**
**funds**
**2024**
**€**
Tangible fixed assets
36,978
Fixed asset investments
106,253,721
Current assets
7,082,491
Creditors due within one year
(644,702)
**TOTAL**
112,728,488|**Total**
**funds**
**2024**
**€**
**36,978**
**106,253,721**
**7,082,491**
**(644,702)**
**112,728,488**|
|---|---|
## **ANALYSIS OF NET ASSETS BETWEEN FUNDS - PRIOR PERIOD**
|Tangible fixed assets
Fixed asset investments
Current assets
Creditors due within one year
**TOTAL**|Unrestricted
funds
2023
€
49,391
89,566,473
10,344,665
(803,118)
99,157,411|Total
funds
2023
€
49,391
89,566,473
10,344,665
(803,118)
99,157,411|
|---|---|---|
Page 44
**(A Company Limited by Guarantee)**
## **THE FEDERATION OF EUROPEAN BIOCHEMICAL SOCIETIES**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024**
## **18. RECONCILIATION OF NET MOVEMENT IN FUNDS TO NET CASH FLOW FROM OPERATING ACTIVITIES**
|Net income for the period (as per Statement of Financial Activities)
**ADJUSTMENTS FOR:**
Depreciation charges
Gains on investments
Dividends, interests and rents from investments
Loss on the sale of fixed assets
Increase in debtors
(Decrease)/increase in creditors
**NET CASH (USED IN)/PROVIDED BY OPERATING ACTIVITIES**
**19.**
**ANALYSIS OF CASH AND CASH EQUIVALENTS**
Cash in hand
**20.**
**ANALYSIS OF CHANGES IN NET DEBT**
**At 1**
**January**
**2024**
**€**
Cash at bank and in hand
**9,866,685**
**9,866,685**|**2024**
**€**
**13,571,077**
**6,446**
**(11,295,968)**
**(1,917,920)**
**34,056**
**(1,171,525)**
**(156,879)**
**(930,713)**
**2024**
**€**
**5,434,523**
**Cash flows**
**€**
**(4,432,162)**
**(4,432,162)**|2023
€
9,868,733
11,320
(5,309,364)
(1,442,229)
2,796
(119,085)
159,147
3,171,318
2023
€
9,866,685
**At 31**
**December**
**2024**
**€**
**5,434,523**
**5,434,523**|
|---|---|---|
Page 45
**(A Company Limited by Guarantee)**
## **THE FEDERATION OF EUROPEAN BIOCHEMICAL SOCIETIES**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024**
## **21. OPERATING LEASE COMMITMENTS**
At 31 December 2024 the Company had commitments to make future minimum lease payments under non-cancellable operating leases as follows:
|**Office accommodation**
Not later than 1 year
Later than 1 year and not later than 5 years|**2024**
**€**
**54,389**
**72,519**
**126,908**|2023
€
14,280
-|
|---|---|---|
||||
|||14,280|
## **22. RELATED PARTY TRANSACTIONS**
The Company has not entered into any related party transaction during the year, nor are there any outstanding balances owing between related parties and the Company at 31 December 2024 (2023: no transactions or balances).
Page 46