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2021-12-31-accounts

REGISTERED CHARITY NUMBER: 1163115

Report of the Trustees and Unaudited Financial Statements for the Year Ended 31 December 2021 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 7
Statement of Trustees’ Responsibilities in Relation to The Financial Statements 8
Independent Examiner’s Report 9
Statement of Financial Activities for the Year Ended 31 December 2021 10
Balance Sheet 11
Notes to the Financial Statements 12 to 19
Detailed Statement of Financial Activities 20

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 (resigned 23 September 2021) Dr Michelle Bellingham Dr Preethi Jethwa Prof Kate Ellacott Dr Rebecca Dumbell Dr Chinedu Udeh-Momoh Prof Karen Spencer Prof Allan Herbison Dr Paula Brunton Dr Ashleigh Wilcox (resigned 8 June 2021) Dr Jo Lewis Dr David Lyons (appointed 23 July 2021) Dr Matei Bolborea (appointed 23 September 2021)

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

Investment Advisors

Quilter Cheviot London Road Office Park London Road Salisbury Wiltshire SP1 3HP

REPORT OF THE TRUSTEES For the year ended 31 December 2021

The trustees present their annual report together with the financial statements of British Society for Neuroendocrinology (the CIO) for the year ended 31 December 2021. 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 2021

ACHIEVEMENT AND PERFORMANCE

2021 was a year of only partial return to normality. The Society retained its focus on early career scientists, who are the future of the discipline, and also increased its work in support of diversity. The Society set up a Sub-committee for Equality, Diversity and Inclusion (EDI), chaired by Dr Chi UdehMomoh, which has reviewed the Society’s performance in this respect and is planning future activities to improve this. The Society also set up an Early Career Researcher (ECR) Sub-committee, chaired by Dr Dave Lyons, which is looking at a range of topics, but especially how to improve the ECR experience at the Society’s meetings. As there is crossover between the two areas of concern, Dr Lyons also sits on the EDI Sub-committee.

Membership numbers were 508, similar to 2020 (526).

The Society’s monthly journal, the Journal of Neuroendocrinology (JNE), continued to flourish. Its 2021 impact factor (IF; a measure of esteem in the academic community; published June 2022) increased to 3.870 (2020: 3.627), representing another increase. It ranks well in its impact factor categories (80/146 in Endocrinology & Metabolism; 132/274 in Neurosciences). There were over 250,000 downloads of material, a 60% increase on 2020. The expanded remit is attracting quality material, with both strands already attracting similar numbers of submissions. The journal also published a special issue in association with ENETS in the new translational and clinical (TCN) strand, and several other special issues; and has more lined up for 2022, including an ENETS one for the TCN strand. Special issues are typically cited more and therefore beneficially affect the IF.

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. 113 articles plus 3 editorials were published in 2021 (100 articles plus 4 editorials in 2020). The number is expected to increase in 2022. The Society received £346,433 from Wiley for its share of journal income in 2021 (£360,002 in 2020).

The Society did not run any face-to-face meetings in 2021, due to Covid-19. The proposed joint meeting in Bordeaux with the French Société de Neuroendocrinologie was held online only. The Society paid £8065 as its share of the costs for this and provided grants to cover registration fees for 23 members to attend. The Society ran three webinars in summer 2021 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 a 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

REPORT OF THE TRUSTEES (continued) For the year ended 31 December 2021

members to communicate about neuroendocrinology to the public. The Society also publishes short lay summaries of important topics. The series is called Neuroendocrine Briefings , and two new topics were published in 2021. These were Could food fix a broken body clock? by Megan Jackson, and Seeing the light: beneficial effects on neuroendocrine physiology? by Dr Manuel Spitschan.

The Society’s provides substantial grants in support of neuroendocrinology. During the year the Society awarded a total of £111,686 (2020: £135,809) in grants to individuals and a further £29,054 (2020: £43,112) 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 2021 was £18,966 (2020: £33,264).

CONFERENCE TRAVEL SUPPORT

These grants were suspended during 2020 and 2021.

RESEARCH VISIT GRANTS

These grants were suspended during 2020 and 2021.

STUDENT LABORATORY EXPERIENCE GRANTS

Seven grants were given in 2021 totalling £10,684 (2020: £0).

PROJECT SUPPORT GRANTS

Fourteen grants were given, totalling £91,106 (2020: 21 grants, totalling £121,300). This was a major part of the Society’s Covid support activity.

COVID SUPPORT GRANTS

Three grants were given, totalling £8,488 (2020: 3 grants totalling £14,418).

SUPPORT TO OTHER ORGANISATIONS

The Society makes an annual grant of $10,000 (£7,588) to assist in the running of the 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 £2,500 to support Hypothalamic Neuroscience and Neuroendocrinology Australasia. In addition, the Society paid £2,893 membership to the International Neuroendocrine Federation for 2021, and £385 membership subscription to the Royal Society of Biology.

PRIZES AND AWARDS

Prizes and awards totalling £1,525 were given in 2021 (2020: £0). These were the Julia Buckingham Award, given to Dr Bradley Jamieson; the Michael Harbuz Prize, awarded to Dr Isadora Furigo; and honoraria to the two writers of Neuroendocrine Briefings .

Other awards in 2021 were the Alison Douglas Lecture, awarded to Professor Steven A Brown; and the Mortyn Jones Lecture, given by Professor Waljit Dhillo.

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.

REPORT OF THE TRUSTEES (continued) For the year ended 31 December 2021

FINANCIAL REVIEW

The Society had incoming resources for 2021 of £360,938 (2020: £375,584). Resources expended were £335,476 (2020: £314,799). The surplus of £25,462 (2020: £60,785) plus realised/unrealised gains of £21,182 (2020: £10,763) led to overall funds at the end of 2021 of £731,051 (2020: £684,407).

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 was corrected during 2020 and VAT returns are now being submitted. HMRC had advised that a penalty of £47,349 was due and the Society’s VAT advisors appealed against this and the final penalty was reduced to £37,218 in 2021 and paid.

RESERVES POLICY

A review of the Society’s reserves policy was undertaken during 2021 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 2021 was defined as £575,000, plus £180,000 to cover planned losses during 2022 and 2023, giving a total requirement of £755,000. At the end of 2021, the total net assets were £731,051 .

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 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. The expansion of the remit is a major part of this. New Editors-in-Chief will be recruited in 2022-23 and will take over in 2024.

The Society has agreed to host the International Congress of Neuroendocrinology in Glasgow in August 2022 and will hold a standalone meeting in Exeter in 2023.

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.

REPORT OF THE TRUSTEES (continued) For the year ended 31 December 2021

This report was approved by order of the trustees on 19 July 2022 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 2021

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 19 July 2022 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 2021

I report to the CIO Trustees on my examination of the accounts of the CIO for the year ended 31 December 2021.

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

21 July 2022

STATEMENT OF FINANCIAL ACTIVITIES (Incorporating Income and Expenditure Account) For the year ended 31 December 2021

Unrestricted Total Total
Funds Funds Funds
Notes 20202020 2020 2019
2021 2021 2020
£ £ £
Income from charitable activities 3 360,797 360,797 375,028
Income from investments 4 141 141 556
Total incoming resources 360,938 360,938 375,584
EXPENDITURE ON:
Charitable activities 5 298,258 298,258 314,799
VAT Penalty 37,218 37,218 -
Total expenditure 335,476 335,476 314,799
Realised/Unrealisedgains/(losses) 10 21,182 21,182 10,763
Surplus/(Deficit) for the Year 46,644 46,644 71,548
Reconciliation of funds:
Total funds brought forward 684,407 684,407 612,859
TOTAL FUNDS CARRIED
FORWARD		 14,15 731,051 731,051 684,407

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 12 to 19 form part of these financial statements.

BALANCE SHEET For the year ended 31 December 2021

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		 2021
£
300,634
38,858
475,106
513,964
(83,547)

430,417
731,051
731,051
731,051
731,051		 2020
£
279,452
61,098
393,168
454,266
(49,311)
404,955
684,407
684,407
684,407
684,407

The notes on pages 12 to 19 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 19 July 2022.

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

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

Registered Charity Number: 1163115

NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 December 2021

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 2021

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		 2021
2020
£
£
14,364
14,951
346,433
-
360,002
75
-
-
360,797
375,028
2021
2020
£
£
141
556

NOTES TO THE FINANCIAL STATEMENTS (continued) For the year ended 31 December 2021

5. EXPENDITURE ON CHARITABLE ACTIVITIES

ECR/JNE day costs
Journal office costs
Other journal costs
Annual meeting costs
Prizes and awards
Grants to organisations
Grants to individuals
Communications
Office expenses
Website administration
Bank Charges
BSN membership
management
Accountancy
Professional fees
Subscriptions
Irrecoverable VAT		 Conferences
& Journal
Grants
Support
Costs
Governance
Total
2021
(Note 6)
(Note 7)
£
£
£
£
£
-
-
-
-
-
55,440
-
-
-
55,440
13,965
-
-
-
13,965
8,065
-
-
-
8,065
1,525
1,525
-
29,054
29,054
-
111,686
-
-
111,686
-
-
17,164
-
17,164
-
-
773
-
773
-
-
2,087
-
2,087
-
-
971
-
971
-
-
7,000
-
7,000
-
-
-
9,685
9,685
-
-
-
34,659
34,659
-
-
-
3,278
3,278
-
-
-
2,906
2,906
78,995
140,740
27,995
50,528
298,258

Professional fees during the year included assisting the Treasurer with the accounts and VAT, supporting the Committee, work on the journal, and work on the International Congress of Neuroendocrinology 2022.

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

NOTES TO THE FINANCIAL STATEMENTS (continued) For the year ended 31 December 2021

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
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.

6. GRANTS AWARDED

Grants to individuals
Grants to organisations		 2021
2020
£
£
111,686
135,809
29,054
43,112
140,740
178,921

NOTES TO THE FINANCIAL STATEMENTS (continued) For the year ended 31 December 2021

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
Annual meeting registration grants
Grants to Organisations
FASEB
Reg Pep
HNNA
Steroids and the Nervous System
Avian Endocrinology
PANS
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
£
8,488
3
91,106
14
-
0
10,684
7
-
1,408
4,966
0
23
1
4,000
1
2,500
1
5,000
1
5,000
1
7,588
1
140,740
53
2021
2020
£
£
773
17,164
1,096
14,876
2,087
1,843
971
807
7,000
7,000
27,995
25,622
2021
2020
£
£
2,285
1,900
250
100
2,5352,000		 Total
Awarded
Number
£
8,488
3
91,106
14
-
0
10,684
7
-
1,408
4,966
0
23
1
4,000
1
2,500
1
5,000
1
5,000
1
7,588
1
140,740
53
2021
2020
£
£
773
17,164
1,096
14,876
2,087
1,843
971
807
7,000
7,000
27,995
25,622
2021
2020
£
£
2,285
1,900
250
100
2,5352,000		 Total
Awarded
Number
£
8,488
3
91,106
14
-
0
10,684
7
-
1,408
4,966
0
23
1
4,000
1
2,500
1
5,000
1
5,000
1
7,588
1
140,740
53
2021
2020
£
£
773
17,164
1,096
14,876
2,087
1,843
971
807
7,000
7,000
27,995
25,622
2021
2020
£
£
2,285
1,900
250
100
2,5352,000		 Total
Awarded
Number
£
8,488
3
91,106
14
-
0
10,684
7
-
1,408
4,966
0
23
1
4,000
1
2,500
1
5,000
1
5,000
1
7,588
1
140,740
53
2021
2020
£
£
773
17,164
1,096
14,876
2,087
1,843
971
807
7,000
7,000
27,995
25,622
2021
2020
£
£
2,285
1,900
250
100
2,5352,000
27,995
25,622
2021
2020
£
£
2,285
1,900
250
100
2,5352,000

NOTES TO THE FINANCIAL STATEMENTS (continued) For the year ended 31 December 2021

9. TRUSTEES' REMUNERATION AND BENEFITS

There were no Trustees' remuneration or other benefits for the year ended 31 December 2021 or for the year ended 31 December 2020.

Trustees' expenses

Trustees’ expenses totalled £0 (2020: £81), of which £0 (2020: £81) was reimbursed to 0 Trustees (2020:1) during the year ended 31 December 2021. All of these out of pocket expenses were incurred in attending the committee meetings of the charity.

A further £1,938 (2020 £0) were provided in grants to 1(2020: 0) of the Trustees of the CIO.

10 LISTED INVESTMENTS


The market value at 31 December 2021 comprised
UK Quoted shares
Non-UK Quoted shares

Alternative Investments
Cash awaiting investment

The historical cost of investments was £235,530(2020: £235,530).		 2021 2020
£ £

159,175143,821
71,93871,907
57,12439,757
12,397 23,967
300,634279,452

At 31 December there were 4 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 18,200 36,440 12.1 Royal London Unit Trust Sterling Credit 18,000 28,841 8.6 Allianz Global Investors GmbH Index Linked 12,600 25,884 5.3 Pimco Global Advisors Irl Ltd 1,125 15,334 5.1

11 DEBTORS
Prepayments and accrued income
12 CASH AT BANK AND IN HAND
Barclays Bank
Nationwide Building Society
Yorkshire Bank		 2021
2020
£
£
38,858
61,098
2021
2020
£
£
381,572
208,964
-
91,069
93,534
93,405
475,106
393,168

NOTES TO THE FINANCIAL STATEMENTS (continued) For the year ended 31 December 2021

13 CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Trade creditors
Accruals and deferred income		 2021
2020
£
£
6,671
15,757
76,876
33,554
83,547
49,311

Deferred income of £7,583 (2020: £7,277) relates to membership subscriptions received during the year ended 31 December 2021 relating to the year ending 31 December 2022.

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
2021
Total
2020
£
£
£
£
300,634
300,634
279,452
513,964
-
513,964
454,266
(83,547)
-
(83,547)
(49,311)
731,051
-
731,051
684,407

The CIO had no restricted funds at 31 December 2021 (2020- £Nil)

15 MOVEMENT IN FUNDS

General
Fund		 1 Jan
2021
Incoming
Resources
£
£
Realised/unrealised
Gains/(losses)
£		 Outgoing
Resources
31 Dec
2021
£
£
684,407
360,938		 21,182 (335,476)
731,051

The CIO has no restricted funds.

No income bearing restrictions was received during the year.

NOTES TO THE FINANCIAL STATEMENTS (continued) For the year ended 31 December 2021

16 RELATED PARTIES

One grant totalling £1,938 was provided to a trustee 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 2021

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
Annual meeting 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
VAT Penalty
Irrecoverable VAT
Total resources expended
Net income / (expenditure)		 2021
£
141
21,182
14,364
346,433
-
-
382,120
-
55,440
13,965
8,065
1,525
17,164
29,054
111,686
236,899
9,685
34,659
3,278
-
47,622
773
2,087
971
7,000
10,831
37,218
2,906
335,476
46,644		 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

This page does not form part of the statutory financial statements