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2020-12-31-accounts

REGISTERED CHARITY NUMBER: 1163115

Report of the Trustees and Unaudited Financial Statements for the Year Ended 31 December 2020 For

British Society for Neuroendocrinology

Elliot Harris FCA DChA 40 North Street Barrow upon Soar Loughborough Leicestershire LE12 8QA

Contents

Page
Legal and Administrative Information 2
Report of the Trustees 3 to 6
Statement of Trustees’ Responsibilities in Relation to The Financial Statements 7
Independent Examiner’s Report 8
Statement of Financial Activities for the Year Ended 31 December 2020 9
Balance Sheet 10
Notes to the Financial Statements 11 to 18
Detailed Statement of Financial Activities 19

LEGAL AND ADMINISTRATIVE INFORMATION

Registered Charity number

1163115

Principal address

Wheelwright Cottage Little Bristol Lane Charfield Glos GL12 8LL

Trustees

Prof Helen Christian Dr Maria Canal Prof Neil Evans Dr Gisela Helfer Prof Waljit Dhillo Dr Michelle Bellingham Dr Preethi Jethwa Prof Kate Ellacott Dr Rebecca Dumbell Dr Chinedu Udeh-Momoh (appointed September 2020) Prof Karen Spencer (appointed September 2020) Prof Allan Herbison (appointed September 2020) Dr Paula Brunton (appointed September 2020) Dr Ashleigh Wilcox (appointed September 2020) Dr Jo Lewis (appointed September 2020) Dr Giles Yeo (retired September 2020) Prof Kevin O’Byrne (retired September 2020) Dr Amy Warner (retired September 2020) Dr Anne-Marie O’Carroll (retired September 2020) Dr Jonathan Johnston (retired September 2020 Prof Mike Ludwig (retired September 2020)

Independent examiner

Elliot Stephen Harris FCA DChA 40 North Street Barrow upon Soar Loughborough Leicestershire LE12 8QA

Solicitor

Royds Withy King Solicitors 65 Carter Lane London, EC4V 5HF

REPORT OF THE TRUSTEES For the year ended 31 December 2020

The trustees present their annual report together with the financial statements of British Society for Neuroendocrinology (the CIO) for the year ended 31 December 2020. The Trustees confirm that the Annual Report and financial statements of the CIO comply with the current statutory requirements, the requirements of the CIO’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 (FRS 102) (published in October 2019).

INTRODUCTION

The British Society for Neuroendocrinology (“the Society”) is a Charitable Incorporated Organisation (CIO), whose members are researchers, educators and students involved in the science of neuroendocrinology. The Society’s charitable object is to advance education and research in neuroendocrinology for the public benefit. Neuroendocrinology covers the interplay between the endocrine and nervous systems that control so many important body processes, including behaviour, sex, fetal development, stress, obesity and the body clock.

The Society’s activities aim to advance and promote the highest quality international research in this area with the ultimate aim of providing therapies for the many neuroendocrine diseases and disorders that may develop throughout the life course, and to develop methods to beneficially regulate normal neuroendocrine function in man and animals. As with most learned societies, the primary beneficiaries are the researchers, academics, educators and students worldwide who are involved in neuroendocrinology. Wider beneficiaries include the universities that employ the researchers, educators and students, and also the general public, who benefit from the improvements in scientific knowledge and medical therapeutics that result from this research.

STRUCTURE, GOVERNANCE AND MANAGEMENT

The Society is a Charitable Incorporated Organisation (CIO), which was registered as a CIO in 2015.

It is governed by a board of trustees. All new Trustees are given, in the view of the Trustees, sufficient training and have enough knowledge to control the Society’s governance, strategy and operations effectively. Trustees are recruited from the research community, on the basis of achieving a broad range of knowledge and experience across the board of trustees.

The Trustees comprise a President, General Secretary, Treasurer, Meetings Secretary, Membership Secretary, Journal Secretary, Communications Secretary and Grants Panel Co-ordinator, plus additional members up to a maximum of fifteen. The Trustees are responsible for the business of the Society, but may form sub-committees where appropriate to oversee separate functions of the organisation. All sub-committees report back to the Trustees.

The Trustees confirm that they have referred to the guidance contained in the Charity Commission's guidance on public benefit when reviewing the Society’s aims and objectives and in planning activities.

OBJECTIVES AND ACTIVITIES

The object of the Society is to promote research in neuroendocrinology. This is achieved by the following activities:

REPORT OF THE TRUSTEES (continued) For the year ended 31 December 2020

ACHIEVEMENT AND PERFORMANCE

2020 was an exceptional year due to Covid-19 and the Society focused its efforts on supporting the science of neuroendocrinology during this difficult time, with a primary focus on young scientists, who are the future of the discipline. Meetings and most regular grants were suspended and the main grants given out during the year were Covid Support Grants and Project Support Grants – see below.

Membership numbers were 526, similar to 2019 (524), and setting another new record.

The Society’s monthly journal, the Journal of Neuroendocrinology (JNE), continued to flourish. Its 2020 impact factor (a measure of esteem in the academic community; published June 2021) increased to 3.627 (2019: 2.886), representing a substantial increase. It ranks well in its impact factor categories (84/177 in Endocrinology & Metabolism; 160/289 in Neurosciences). The Society conducted a review of the journal and future developments in publishing during 2020 and, as a result, agreed to expand its remit to include translational and clinical neuroendocrinology, including neuroendocrine tumours. Professor Julian Mercer continues to be Editor-in-Chief of the Functional and Mechanistic Neuroendocrinology strand, and the Society was pleased to welcome Professor Bob Millar as Editorin-Chief of the new Translational and Clinical Neuroendocrinology strand, assisted by Professor Suzanne Dickson, Professor Ashley Grossman and an eminent cohort of editorial board members. As part of this development, the Society concluded an agreement with the European Neuroendocrine Tumor Society (ENETS), such that JNE is now their official journal and will publish their guidelines and other material. This is part of the long-term aim to make JNE the home for all neuroendocrine research worldwide. JNE is also an official journal of the International Neuroendocrine Federation, the Pan American Neuroendocrine Society, the European Neuroendocrine Association, Hypothalamic Neuroscience and Neuroendocrinology Australasia, and the International Regulatory Peptide Society.

The journal is managed and published on the Society’s behalf by Wiley and continues to be the major source of income for the Society. 100 articles plus 4 editorials were published in 2020 (120 articles plus 4 editorials in 2019). The Society received £360,002 from Wiley for its share of journal income in 2020 (£378,757 in 2019).

The Society did not run any face-to-face meetings in 2020, due to Covid-19. The proposed joint meeting in Bordeaux with the French Société de Neuroendocrinologie has been postponed to 2021 and will be held online only. The Society ran three webinars in summer 2020 for Early Career Researchers to present their research in the absence of any opportunities to do so face to face. These were successful, with one focusing on each of the three main areas where the Society has members: Europe and Africa, Asia and Australasia, and the Americas.

The Society continues to communicate the importance of neuroendocrinology in the public domain and aims to further inform the public on topical neuroendocrine issues. In furtherance of this aim, the Society has a website, (http://www.neuroendo.org.uk/Home.aspx), the function of which is both a portal for members and also aa user-friendly interface for scientists and the general public. The Society has a freelance science communication specialist whose role is to communicate with the broad neuroendocrinology community about the subject and the Society. Outreach grants are available to members to communicate about neuroendocrinology to the public.

REPORT OF THE TRUSTEES (continued) For the year ended 31 December 2020

The Society’s major expenditure is on grants in support of neuroendocrinology. During the year the Society awarded a total of £167,323 (2019: £127,588) in grants to individuals and a further £11,598 (2019: £29,270) to institutions.

SYMPOSIUM SUPPORT

The Society supported additional conferences and local meetings which had a focus on neuroendocrinology or contained specific symposia which the Society supported. Most of these grants are linked with the Journal of Neuroendocrinology , whose editor assesses the applications and commissions articles for the Journal from the supported meetings. The Trustees also give out such grants from time to time. The total value of these grants awarded in 2020 was £33,264 (2019: £29,270).

CONFERENCE TRAVEL SUPPORT

These grants were suspended during 2020.

RESEARCH VISIT GRANTS

These grants were suspended during 2020.

STUDENT LABORATORY EXPERIENCE GRANTS

These grants were suspended during 2020.

PROJECT SUPPORT GRANTS

Twenty-one grants were given, totalling £121,300 (2019: 10 grants, totalling £53,424). This was a major part of the Society’s Covid support activity.

COVID SUPPORT GRANTS

Three grants were given, totalling £14,418.

SUPPORT TO OTHER ORGANISATIONS

The Society makes an annual grant of $10,000 (£7,348) to assist in the running of the new Pan American Neuroendocrine Society (PANS), in return for which PANS has adopted the Journal of Neuroendocrinology as its official journal and will promote the journal throughout the Americas. The Society also makes a grant of £2500 to support Hypothalamic Neuroscience and Neuroendocrinology Australasia. In addition, the Society paid £10653 for its subscription to the International Neuroendocrine federation, covering 2018-2020, and £385 membership subscription to the Royal Society of Biology.

PRIZES AND AWARDS

No prizes or awards were given during 2020.

FUNDRAISING ACTIVITIES

No direct fundraising activities have taken place in the year as the Society is reliant on member subscriptions and journal royalties to generate income to meet its objectives.

COVID-19

The Society undertook a review of activities in the light of Covid-19. No significant immediate risks to the Society were identified as most income is covered by multi-year contracts, but the Committee recognised that the situation could lead to a more rapid adoption of Open Access, which in turn could pose threats to journal income some years in the future. This was one of the drivers for the expansion of the journal’s remit.

The Committee decided to focus its efforts on support of Early Career Researchers, as this is the cohort whose career (and thus the future of the science) is most at risk.

Most grants were suspended while members were surveyed to establish the need for support. A round of special Covid Support Grants was then launched to support completion of science projects being

REPORT OF THE TRUSTEES (continued) For the year ended 31 December 2020

carried out by final year postgraduates and postdoctoral researchers where these were under threat from lack of extended funding. The Society also provided two rounds of Project Support Grants.

A series of monthly webinars was also established to enable Early Career Researchers to continue to present their work.

This work is continuing into 2021.

FINANCIAL REVIEW

The Society had incoming resources for 2020 of £375,584 (2019: £393,541). Resources expended were £314,799 (2019: £326,021). The surplus of £60,785 (2019: £67,520) plus realised/unrealised gains of £10,763 (2019: £18,698) led to overall funds at the end of 2020 of £684,407 (2019: £612,859).

The main income relates to the Journal of Neuroendocrinology. The new contract with Wiley runs for five years from 2019 and gives improved financial terms as well as a guarantee of a large proportion of the income, which is paid in advance.

The Society’s Trustees established during 2019 that the Society should have been registered for VAT since the start of the CIO in 2016. This has been corrected during 2020 and VAT returns are now being submitted. HMRC have advised that a penalty of £47,349 is due and the Society’s VAT advisors are looking into whether the Society can appeal against this. The majority of this sum is already offset by VAT that is now recoverable.

RESERVES POLICY

A review of the Society’s reserves policy was undertaken during 2020 and calculations were made based on risks to specific areas of activity and the need to remain viable for a period of at least two years, albeit with somewhat reduced levels of activity. The required reserve for 2020 was defined as £575,000, with an additional £50,000 reserved as provision for any VAT penalty. At the end of 2020, the total net assets were £684,407 .

INVESTMENT POLICY AND OBJECTIVES

Excess cash not required for immediate Society use to meet its objectives is invested in an investment portfolio with Quilter Cheviot and in cash deposit accounts to balance risk and earnings. An Investment Sub-committee oversees the Quilter Cheviot portfolio.

RISK MANAGEMENT

The Trustees are aware of their duty to identify and review the risks to which the Society is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error. The main financial risks derive from the journal and annual meeting, as well as the proposed hosting of the International Congress of Neuroendocrinology in Glasgow in 2022 (ICN 2022). The financial risk to the journal is minimised as far as possible by contracting publication to one of the world’s largest journal publishers. The new contract also guarantees a major proportion of the income. Sufficient reserves are maintained to cover losses on the annual meeting. The financial liability for ICN 2022 rests with the International Neuroendocrine Federation, and the meeting will be insured for those risks for which insurance is available. Professional indemnity liability insurance is maintained to protect against potential litigation, although the risk of this is deemed to be very small.

PLANS FOR FUTURE PERIODS

Income from the journal may decrease somewhat in the coming years, but is expected to remain reasonably stable over the years to the end of the current contract in 2023. The Committee is actively working on ways of future-proofing the journal in case paid Open Access becomes the dominant business model, as outlined above.

The Society has agreed to host the International Congress of Neuroendocrinology in Glasgow in 2022. In the light of Covid-19, the Committee has been in discussion with the congress owners, the International Neuroendocrine Federation, and budgets have been reworked to cater for the possibility of a hybrid meeting with some delegates attending in person and some online. At the time of writing,

REPORT OF THE TRUSTEES (continued) For the year ended 31 December 2020

the ICN 2022 is planned to be a face-to-face meeting, but the management company is able to convert this to hybrid or online if required.

The Society’s constitution provides for an Advisory Board to maintain an arm’s-length oversight of the Trustees on behalf of the members. The Board’s composition is subject to ratification by members at the AGM, and currently comprises Professor Joe Herbert, Professor Stafford Lightman, Professor John Russell, Professor Jane Robinson and Professor John Morris. The Advisory Board has reviewed the Trustees Annual Report and accounts and is pleased to recommend them to the members.

This report was approved by order of the trustees on 10 August 2021 and signed on its behalf by:

............................................. Professor Neil Evans – Trustee

............................................. Dr Michelle Bellingham – Trustee

STATEMENT OF TRUSTEES’ RESPONSIBILITIES IN RELATION TO THE FINANCIAL STATEMENTS

For the year ended 31 December 2020

The charity trustees are responsible for preparing a trustees’ annual report and financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The law applicable to charities in England and Wales requires the charity trustees to prepare financial statements for each year which give a true and fair view of the state of affairs of the CIO and of the incoming resources and application of resources, of the CIO for that period. In preparing the financial statements, the trustees are required to:

The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the CIO and to enable them to ensure that the financial statements comply with the Charities Act 2011, the applicable Charities (Accounts and Reports) Regulations, and the provisions of the trust deed. They are also responsible for safeguarding the assets of the CIO and taking reasonable steps for the prevention and detection of fraud and other irregularities.

The trustees are responsible for the maintenance and integrity of the CIO and financial information included on the CIO’s website in accordance with legislation in the United Kingdom governing the preparation and dissemination of financial statements.

Approved by the Trustees on 10 August 2021 and signed on its behalf by

............................................. Professor Neil Evans – Trustee

............................................. Dr Michelle Bellingham – Trustee

INDEPENDENT EXAMINERS’ REPORT TO THE BRITISH SOCIETY FOR NEUROENDOCRINOLOGY For the year ended 31 December 2020

I report to the CIO Trustees on my examination of the accounts of the CIO for the year ended 31 December 2019.

Use of my report

This report is made solely to the CIO’s Trustees, as a body, in accordance with Chapter 3 of Part 8 of the Charities Act 2011. My examination has been undertaken so that I might state to the CIO’s Trustees those matters I am required to state to them in an independent examiner’s report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the CIO and the CIO’s Trustees as a body, for my examination, for this report, or for the opinions I have formed.

Responsibilities and basis of report

As the CIO’s Trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 (“the 2006 Act”).

Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your CIO’s accounts as carried out under section 145 of the Charities Act 2011 (“the 2011 Act”). In carrying out my examination I have followed the directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.

Independent Examiner’s statement

I have completed my examination. I confirm that no matters have come to my attention in connection with my examination giving me cause to believe:

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.

Elliot Stephen Harris FCA DChA 40 North Street Barrow upon Soar Loughborough Leicestershire East Midlands LE12 8QA

10 August 2021

STATEMENT OF FINANCIAL ACTIVITIES (Incorporating Income and Expenditure Account) For the year ended 31 December 2020

Unrestricted Total Total
Funds Funds Funds
Notes 20202020 2020 2019
2020 2020 2019
£ £ £
Income from charitable activities 3 375,028 375,028 393,076
Income from investments 4 556 556 465
Total incoming resources 375,584 375,584 393,541
EXPENDITURE ON:
Charitable activities 5 314,799 314,799 326,021
Total expenditure 314,799 314,799 326,021
Realised/Unrealised gains/(losses) 10 10,763 10,763 18,689
Reconciliation of funds:
Total funds brought forward 612,859 612,859 526,649
TOTAL FUNDS CARRIED
FORWARD		 14,15 684,407 684,407 612,859

All amounts relate to continuing activities.

All funds in the current and previous year were unrestricted.

The Society has included gains or losses above and no statement of total recognised gains and losses has been presented.

The notes on pages 11 to 18 form part of these financial statements.

BALANCE SHEET For the year ended 31 December 2020

Note
Listed Investments
10
Current Assets
Debtors
11
Cash at Bank and in Hand
12
Creditors: amounts falling due
within one year
13
Net Current Assets
Total Assets less Current Liabilities
Net Assets
14,15
Funds
Unrestricted funds
General
14,15		 2020
£
279,452
61,098
393,168
454,266
(49,311)

404,955
684,407
684,407
684,407
684,407		 2019
£
268,689
77,446
325,414
402,860
(58,690)
344,170
612,859
612,859
612,859
612,859

The notes on pages 11 to 18 form part of these financial statements.

The constitution does not require the CIO to obtain an audit of its accounts for the year in question; the exemption from audit has therefore been claimed. The Trustees acknowledge their responsibilities for maintaining accounting records and the preparation of accounts.

The financial statements were approved by the Trustees on 10 August 2021.

............................................. Professor Neil Evans – Trustee

............................................. Dr Michelle Bellingham – Trustee

Registered Charity Number: 1163115

NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 December 2020

1. CHARITY INFORMATION

The British Society for Neuroendocrinology is a charity registered in England and Wales No. 1163115. It is CIO governed by a constitution. The CIO’s principal address is Wheelwright Cottage, Little Bristol Lane, Charfield, Glos GL12 8LL.

The object of the charity is to promote research in neuroendocrinology.

The financial statements are prepared in Sterling, which is the functional currency of the company, and are rounded to the nearest £1.

2. ACCOUNTING POLICIES

Accounting convention

The financial statements have been prepared under the historical cost convention and in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued on 16 July 2014 and Financial Reporting standard applicable to United Kingdom and Republic of Ireland (FRS 102) and Charities Act 2011.

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

The accounts have been prepared on a going concern basis.

Exemption from preparing a cash flow statement

Exemption has been taken from preparing a cash flow statement on the grounds that the charity qualifies as a small charity.

Incoming resources

All income is recognised once the CIO has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.

Member subscriptions are recognised as income on the Statement of Financial Activities in the period in which they are due. Subscriptions are not refundable.

Royalties receivable for the publication of the journal are recognised as income on the Statement of Financial Activities. Royalty income is therefore accrued where royalties have yet to be received.

Resources expended

Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources. Grants awarded in the year, but not paid, are accrued as appropriate. Grants offered subject to conditions which have not been met at the year-end date are noted as a commitment but not accrued as expenditure.

Listed investments

Listed investments are stated at market value at the year end. Gains and losses on disposals and revaluation of investments are charged or credited to the SOFA.

NOTES TO THE FINANCIAL STATEMENTS (continued) For the year ended 31 December 2020

2. ACCOUNTING POLICIES (continued)

Taxation

The CIO is exempt from tax on its charitable activities.

Fund accounting

Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.

Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.

Prepayments and accrued income

Prepayments represent costs incurred in the current financial period where there will be future benefit to the charity in the next financial period and an appropriate apportionment of the cost can be reasonably calculated.

Accrued income is an appropriate provision of royalty income for the publication of journals and leaflets being received after the financial year end but relating to publications released before the financial year end.

Financial instruments

The CIO only has financial assets and 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.

3. INCOME FROM CHARITABLE ACTIVITIES

Membership subscriptions
Royalties
ECR/JNE Day
Annual conference
4. INCOME FROM INVESTMENTS
Bank and deposit account interest		 2020
2019
£
£
14,951
11,446
360,002
75
378,757
2,873
-
-
375,028
393,076
2020
2019
£
£
556
465

NOTES TO THE FINANCIAL STATEMENTS (continued) For the year ended 31 December 2020

5. EXPENDITURE ON CHARITABLE ACTIVITIES

ECR/JNE day costs
Journal office costs
Other journal costs
BNA support costs
Prizes and awards
Grants to organisations
Grants to individuals
Communications
Office expenses
Website administration
Bank Charges
BSN membership
management
Accountancy
Professional fees
Subscriptions
Committee meeting
expenses		 Conferences
& Journal
Grants
Support
Costs
Governance
Total
2020
(Note 6)
(Note 7)
£
£
£
£
£
1,244
-
-
-
1,244
44,033
-
-
-
44,033
10,100
-
-
-
10,100
-
-
-
-
-
668
668
-
43,112
43,112
-
135,809
-
-
135,809
-
-
17,134
-
17,134
-
-
1,096
-
1,096
-
-
1,843
-
1,843
-
-
887
-
887
-
-
7,000
-
7,000
-
-
-
12,155
12,155
-
-
-
28,599
28,599
-
-
-
11,038
11,038
-
-
-
81
81
56,045
178,921
27,960
51,873
314,799

Professional fees during the year included assisting the Treasurer with the accounts and VAT, supporting the Committee, work on the journal, and work on Covid-related activities.

The charity had no employees in the current or previous year.

NOTES TO THE FINANCIAL STATEMENTS (continued) For the year ended 31 December 2020

5. EXPENDITURE ON CHARITABLE ACTIVITIES (continued)

ECR/JNE day costs
Journal office costs
Other journal costs
BNA support costs
Prizes and awards
Grants to organisations
Grants to individuals
Communications
Office expenses
Website administration
Bank charges
BSN membership
management
Accountancy
Professional fees
Subscriptions
Committee meeting
expenses		 Conferences
& Journal
Grants
Support
Costs
Governance
Total
2019
(Note 6)
(Note 7)
£
£
£
£
£
9,199
-
-
-
9,199
47,032
-
-
-
47,032
7,122
800
-
-
-
7,122
800
-
29,270
-
-
29,270
-
127,588
-
-
127,588
-
-
19,613
-
19,613
-
-
160
-
160
-
-
991
-
991
-
-
1,044
-
1,044
-
-
8,400
-
8,400
-
-
-
7,350
7,350
-
-
-
23,645
23,645
-
-
-
385
385
-
-
-
6,521
6,521
101,054
156,858
30,208
37,901
326,021

Professional fees during the year included assisting the Treasurer with the accounts and VAT, supporting the Committee, work on the journal, and the ECR/JNE Day

.

6. GRANTS AWARDED

Grants to individuals
Grants to organisations		 2020
2019
£
£
135,809
127,588
43,112
29,270
178,921
156,858

NOTES TO THE FINANCIAL STATEMENTS (continued) For the year ended 31 December 2020

6. GRANTS AWARDED (Continued)

The grants awarded during the year can be categorised as follows:

Type of Grant
Grants to Individuals
Covid Exceptional Grant
Project Support Grants
Research Visit Grants
Student Laboratory Experience Grant (SLEG)
Travel Grants
Grants to Organisations
JNE Symposium Support
PANS
HNNA
BNA Symposium Support Grant
7. ALLOCATED SUPPORT COSTS
Management
Office expenses
Communications
Information technology
Website administration
General administration
Bank charges
BSN membership management
8. INDEPENDENT EXAMINER’S FEES
Independent Examiner's fees in respect of preparation
of Financial Statements and Independent Examination
Underprovision in previous year
 Total
Awarded
Number
£
14,418
3
121,300
21
(7)
0
(58)
0
156
31,514
0
8
7,348
1
2,500
1
1,750
1
178,921
35
2020
2019
£
£
1,096
14,876
160
19,613
1,843
991
807
1,044
7,000
8,400
25,622
30,208
2020
2019
£
£
1,900
1,750
100
350
2,0002,100		 Total
Awarded
Number
£
14,418
3
121,300
21
(7)
0
(58)
0
156
31,514
0
8
7,348
1
2,500
1
1,750
1
178,921
35
2020
2019
£
£
1,096
14,876
160
19,613
1,843
991
807
1,044
7,000
8,400
25,622
30,208
2020
2019
£
£
1,900
1,750
100
350
2,0002,100		 Total
Awarded
Number
£
14,418
3
121,300
21
(7)
0
(58)
0
156
31,514
0
8
7,348
1
2,500
1
1,750
1
178,921
35
2020
2019
£
£
1,096
14,876
160
19,613
1,843
991
807
1,044
7,000
8,400
25,622
30,208
2020
2019
£
£
1,900
1,750
100
350
2,0002,100		 Total
Awarded
Number
£
14,418
3
121,300
21
(7)
0
(58)
0
156
31,514
0
8
7,348
1
2,500
1
1,750
1
178,921
35
2020
2019
£
£
1,096
14,876
160
19,613
1,843
991
807
1,044
7,000
8,400
25,622
30,208
2020
2019
£
£
1,900
1,750
100
350
2,0002,100
25,622
30,208
2020
2019
£
£
1,900
1,750
100
350
2,0002,100

NOTES TO THE FINANCIAL STATEMENTS (continued) For the year ended 31 December 2020

9. TRUSTEES' REMUNERATION AND BENEFITS

There were no Trustees' remuneration or other benefits for the year ended 31 December 2020 or for the year ended 31 December 2019.

Trustees' expenses

Trustees’ expenses totalled £81 (2019: £3,814), of which £81 (2019: £1,860) was reimbursed to 1 Trustee (2019:11) during the year ended 31 December 2020. All of these out of pocket expenses were incurred in attending the committee meetings of the charity.

A further £0 (2019 £8,614) were provided in grants to 0(2019: 3) of the Trustees of the CIO.

10 LISTED INVESTMENTS


The market value at 31 December 2020 comprised
UK Quoted shares
Non-UK Quoted shares

Alternative Investments
Cash awaiting investment

The historical cost of investments was £235,530 (2019: £245,230).		 2020 2019
£ £

143,821 144,072
71,907 67,205
39,757 33,948
23,967 23,464
279,452 268,689

At 31 December there were 3 individual holdings which represented more than 5% of the total Value of listed investments as follows: No of shares Market Value Percentage of Portfolio £ % Allianz Global Investors GmbH Gilt Yield 12,200 25,984 9.30 Royal London Unit Trust Sterling Credit 19,500 28,841 10.32 Allianz Global Investors GmbH Index Linked 12,600 15,404 5.51

11 DEBTORS

Prepayments and accrued income
12 CASH AT BANK AND IN HAND
Barclays Bank
Nationwide Building Society
Yorkshire Bank
Cash in Transit		 2020
2019
£
£
61,098
77,446
2020
2019
£
£
208,694
141,586
91,069
90,888
93,405
92,940
-
-
393,168
325,414

NOTES TO THE FINANCIAL STATEMENTS (continued) For the year ended 31 December 2020

13 CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Trade creditors
Accruals and deferred income		 2020
2019
£
£
15,757
17,073
33,554
41,617
49,311
58,690

Deferred income of £7,277 (2019: £7,613) relates to membership subscriptions received during the year ended 31 December 2020 relating to the year ending 31 December 2021.

The Trustees confirm, in accordance with the Charitable Incorporated Organisations (General) Regulations 2012, that at year end the CIO did not have any outstanding guarantees to third parties nor any debts secured on assets of the CIO.

14 ANALYSIS OF NET ASSETS


Listed investments
Current assets
Current liabilities		 Unrestricted
Funds
Restricted
Funds
Total
2020
Total
2019
£
£
£
£
279,452
279,452
268,689
454,266
-
454,266
402,860
(49,311)
-
(49,311)
(58,690)
684,407
-
684,407
612,859

The CIO had no restricted funds at 31 December 2020 (2019- £Nil)

15 MOVEMENT IN FUNDS

General
Fund		 1 Jan
2020
Incoming
Resources
Realised/unrealised
Gains/(losses)
Outgoing
Resources
31 Dec
2019
£
£
£
£
£
612,859
375,584
10,763
(314,799)
684,407

The CIO has no restricted funds. No income bearing restrictions was received during the year.

16 RELATED PARTIES

No grants were provided to the Trustees during the year:

17 CONTROLLING PARTY

The CIO is under the joint control of the Trustees listed on page 1 of the financial statements.

DETAILED STATEMENT OF FINANCIAL STATEMENTS

For the year ended 31 December 2020

INCOME AND ENDOWMENTS FROM:
Income from investments
Deposit account interest
Realised/Unrealised gains/(losses} on investments
Incoming resources from charitable activities
Subscriptions
Royalties
Conference
ECR/JNE Day
Total income and endowments
RESOURCES EXPENDED
Direct expenditure on charitable activities
ECR/JNE conference costs
Journal office costs
Other journal costs
BNA support costs
Prizes, awards and honoraria
Communications
Grants to organisations
Grants to individuals
Governance costs
Accountancy
Professional fees
Subscriptions
Committee meeting expenses
Allocated support costs
Management
Office expenses
Website administration
General administration
Bank charges
BSN membership management
Total resources expended
Net income / (expenditure)		 2020
£
556
10,763
14,951
360,002
-
75
386,347
1,244
44,033
10,100
-
668
17,134
43,112
135,809
252,100
12,155
28,599
11,038
81
51,873
1,096
1,843
887
7,000
10,826
314,799
71,548		 2019
£
465
18,689
11,446
378,757
-
2,873
412,230
9,199
47,032
7,122
36,901
800
19,613
29,270
127,588
277,525
7,350
23,645
385
6,521
37,901
160
991
1,044
8,400
10,595
326,021
86,209

This page does not form part of the statutory financial statements.