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2022-12-31-accounts

REGISTERED CHARITY NUMBER: 1163115

Report of the Trustees and Unaudited Financial Statements for the Year Ended 31 December 2022 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 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 Jo Lewis Dr David Lyons (resigned 7 August 2022) Dr Matei Bolborea Dr Alejandro Ibáñez-Costa (appointed 7 August 2022)

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 2022

The trustees present their annual report together with the financial statements of British Society for Neuroendocrinology (the CIO) for the year ended 31 December 2022. 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, Grants Secretary, ECR Trustee, and EDI Secretary, 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 2022

ACHIEVEMENT AND PERFORMANCE

2022 was dominated by hosting the quadrennial International Congress of Neuroendocrinology (ICN). Delegate numbers were somewhat affected by post-Covid effects, but nonetheless the congress, held in Glasgow, was reckoned a great success. There were almost 500 attendees. Financially it performed better than expected, with only a small deficit of £20,880, which was less than half the sum provided for.

In other areas, the Society retained its focus on early career researchers (ECRs), who are the future of the discipline, and also increased its work in support of equality, diversity and inclusion (EDI). The ECR and EDI Sub-committees met several times and had input into the ICN to improve inclusion and diversity and to be especially welcoming to new researchers.

Membership numbers were 550, an increase on 2021 (508) and the highest number ever.

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) was 3.2 (2020: 3.87). Although this represented a decrease, it is mainly due to a change in the calculation formula and a post-Covid dip, and this was common across many journals. It ranks well in its impact factor categories (89/145 in Endocrinology & Metabolism; 151/272 in Neurosciences). There were almost 360,000 downloads of full-text articles, a substantial increase. The relationship with the European Neuroendocrine Tumor Society (ENETS) also continued to flourish and the journal also published a number of ENETS guidance and standardised reporting papers in 2022, which are likely to be highly cited. More guidance papers and special issues are scheduled for 2023. Several Special Issues were published, including the first clinical one, on the management of Cushings. Special issues are typically high quality and cited more and therefore beneficially affect the IF as well as demonstrating the quality and breadth of coverage of the journal.

JNE is the official journal of the European Neuroendocrine Tumor Society and 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. 142 articles plus 6 editorials were published in the 2022 issues (113 articles plus 3 editorials in 2021). The number is expected to be similar in 2023. The Society received £459,441 from Wiley for its share of journal income in 2022 (£346,433 in 2021).

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 2022

members to communicate about neuroendocrinology to the public. The Society also publishes short lay summaries of important topics. The series is called Neuroendocrine Briefings .

The Society’s provides substantial grants in support of neuroendocrinology. During the year the Society awarded a total of £204,951 (2021: £111,686) in grants to individuals and a further £34,215 (2021: £29,054) 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 2022 was £34,215 (2021: £18,966).

CONFERENCE TRAVEL SUPPORT

During 2022, 109 travel grants were awarded totalling £21,932 for travel to the ICN.

ICN REGISTRATION GRANTS

Grants totalling £68,250 were given to 183 BSN members and 11 INF grantees.

RESEARCH VISIT GRANTS

No grants were awarded during 2022.

STUDENT LABORATORY EXPERIENCE GRANTS

Ten grants were given in 2022 totalling £22,759 (2021: £10,684).

PROJECT SUPPORT GRANTS

Twelve grants were given, totalling £82,249 (2021: 14 grants, totalling £91,106).

COVID SUPPORT GRANTS

Two grants were given, totalling £9,761 (2021: 3 grants totalling £8,488).

SUPPORT TO OTHER ORGANISATIONS

The Society makes an annual grant of $10,000 (£8,266) 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 $5040 (£4166) membership to the International Neuroendocrine Federation for 2022, and £385 membership subscription to the Royal Society of Biology.

PRIZES AND AWARDS

Prizes and awards totalling £1125 were given in 2022 (2021: £1,525). These were the Julia Buckingham Award, given to Dr Encarnación Torres Jiménez; and the Michael Harbuz Prize, awarded to Dr Alexander Comninos.

Other awards in 2022 were the Alison Douglas Lecture, awarded to Professor Barbara Cannon; and the Mortyn Jones Lecture, given by Professor Liisa Galea.

FUNDRAISING ACTIVITIES

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

REPORT OF THE TRUSTEES (continued) For the year ended 31 December 2022

FINANCIAL REVIEW

The Society had incoming resources for 2022 of £696,715 (2021: £360,938). Resources expended were £583,210 (2021: £335,476). The surplus of £113,505 (2021: £25,462) less realised/unrealised losses of £43,801 (2021: gain of £21,182) led to overall funds at the end of 2022 of £800,755 (2021: £731,051).

The year 2022 was unusual in that the BSN organised, as a one-off event, the International Congress of Neuroendocrinology (ICN 2022) on behalf of the International Neuroendocrine Federation. Thus, there were two main income streams for the year: the ICN and the Journal of Neuroendocrinology. The JNE contract with Wiley runs for five years from 2019-2023 and has now been renewed for a further five years on broadly the same terms, including receiving a significant advance at the start of each year.

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 was defined as £755,000. At the end of 2022, the total net assets were £800,755.

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. The financial risk to the journal is minimised as far as possible by contracting publication to one of the world’s largest journal publishers and by having a strategic plan that is reviewed regularly in the light of changes in the publishing world. Sufficient reserves are maintained to cover losses on the annual meeting and insurance is taken out to cover those costs that are insurable. 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 so far remaining reasonably robust. The Committee is actively working on ways of future-proofing the journal, including implementing a new strategy with assistance from Wiley. The expansion of the remit is a major part of this and the implementation of that has been so far very successful. A collaboration agreement with the European Neuroendocrine Tumor Society has contributed to this. A new Editor-in-Chief for the FMN strand of the journal, Professor Mike Lehman, was recruited during 2023 and will take over in January 2024. A new Editor-in-Chief for the TCN strand of the journal will be recruited in 2023-4.

The Society will hold standalone meetings in Exeter in 2023 and in Aberdeen in 2024.

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 2022

This report was approved by order of the trustees on 1 September 2023 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 2022

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 1 September 2023 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 2022

I report to the CIO Trustees on my examination of the accounts of the CIO for the year ended 31 December 2022.

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

4 September 2023

STATEMENT OF FINANCIAL ACTIVITIES (Incorporating Income and Expenditure Account) For the year ended 31 December 2022

Unrestricted Total Total
Funds Funds Funds
Notes
2022 2022 2021
£ £ £
Income from charitable activities 3 696,264 696,264 360,797
Income from investments 4 451 451 141
Total incoming resources 696,715 696,715 360,938
EXPENDITURE ON:
Charitable activities 5 625,809 625,809 298,258
VAT Penalty (42,599) (42,599) 37,218
Total expenditure 583,210 583,210 335,476
Realised/Unrealisedgains/(losses) 10 (43,801) (43,801) 21,182
Surplus/(Deficit) for the Year 69,704 69,704 46,644
Reconciliation of funds:
Total funds brought forward 731,051 731,051 684,407
TOTAL FUNDS CARRIED
FORWARD		 14,15 800,755 800,755 731,051

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 2022

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		 2022
£
256,833
155,261
457,480
612,741
(68,819)
543,922
800,755
800,755
800,755
800,755		 2021
£
300,634
38,858
475,106
513,964
(83,547)

430,417
731,051
731,051

731,051
731,051

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 1 September 2023.

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

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

Registered Charity Number: 1163115

NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 December 2022

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 2022

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
ICN 2002
COME FROM INVESTMENTS
Bank and deposit account interest		 2022
£
15,099
459,441
221,724
696,264		 2021
£
14,364
346,433
-		 2021
£
14,364
346,433
-
360,797

2022
£
451
2021
£
141

4. INCOME FROM INVESTMENTS

NOTES TO THE FINANCIAL STATEMENTS (continued) For the year ended 31 December 2022

5. EXPENDITURE ON CHARITABLE ACTIVITIES

ICN 2022 Conference
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
2022
(Note 6)
(Note 7)
242,604
-
-
-
242,604
52,869
-
-
-
52,869
12,907
-
-
-
12,907
1,723
-
-
-
1,723
1,125
1,125
-
34,215
34.215
-
204,951
-
-
204,951
-
-
17,180
-
17,180
-
-
747
-
747
-
-
822
-
822
-
-
1,711
-
1,711
-
-
7,000
-
7,000
-
-
-
7,915
7,915
-
-
-
32,711
32,711
-
-
-
4,551
4,551
-
-
-
2,778
2,778
311,228
239,166
27,460
47,955
625,809

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 2022

EXPENDITURE ON CHARITABLE ACTIVITIES

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.

5. GRANTS AWARDED

Grants to individuals
Grants to organisations		 2022
£
204,951
34,215		 2021
£
111,686
29,054
239,166 140,740

NOTES TO THE FINANCIAL STATEMENTS (continued) For the year ended 31 December 2022

6. GRANTS AWARDED (Continued)

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

Type of Grant
Grants to Individuals
Covid Exceptional Grants
Project Support Grants
Student Laboratory Experience Grants
ICN Travel Grants
ICN Meeting Registration Grants
Grants to Organisations
FASEB


Reg Pep
ECR symposium ICN
University of Edinburgh Leng Festschrift
Kisspeptin
HNNA
PANS
Funds returned from unutilised grant
RNA hypothalamus Brazil
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
£
9,761
82,249
22,759
21,932
68,250
5,271
6,500
2,125
5,000
4,410
2,500
8,266
(1,857)
2,000		 Total
Awarded
£
9,761
82,249
22,759
21,932
68,250
5,271
6,500
2,125
5,000
4,410
2,500
8,266
(1,857)
2,000		 Total
Awarded
£
9,761
82,249
22,759
21,932
68,250
5,271
6,500
2,125
5,000
4,410
2,500
8,266
(1,857)
2,000		 Total
Awarded
£
9,761
82,249
22,759
21,932
68,250
5,271
6,500
2,125
5,000
4,410
2,500
8,266
(1,857)
2,000		 Number
2
12
10

109
194
1
1
1
1
7
1
1
(1)
1
340
2021
£


773
17,164

2,087

971
7,000

27,995
2021
£
2,285
250
2,535		 Number
2
12
10

109
194
1
1
1
1
7
1
1
(1)
1
340
2021
£


773
17,164

2,087

971
7,000

27,995
2021
£
2,285
250
2,535
239,166






2022
£
747
17,180
822
1,712
7,000


27,461


2022
£
2,240
-
2021
£
2,285
250
2,535
2,240

NOTES TO THE FINANCIAL STATEMENTS (continued) For the year ended 31 December 2022

9. TRUSTEES' REMUNERATION AND BENEFITS

There were no Trustees' remuneration or other benefits for the year ended 31 December 2022 or for the year ended 31 December 2021.

Trustees' expenses

Trustees’ expenses totalled £0 (2021 £0), of which £0 (2021: £0) was reimbursed to 0 Trustees (2021:0) 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 £16,357 (2021: £1,938) was provided in grants to 8 (2021: 1) 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		 2022
2021
£
£
142,036
159,175
53,617
71,938
48,638
57,124
12,542
12,397
256,833
300,634

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

At 31 December there were 2 individual holdings which represented more than 5% of the total
Value of listed investments as follows: No of shares Market Value Percentage of Portfolio
£
%
I Shares Plc UK Gilts 210 26,442
10.3
I Shares GBP Corp 220 21,384
8.3

11 DEBTORS

Prepayments and accrued income
12CASH AT BANK AND IN HAND
Barclays Bank
Yorkshire Bank		 2022
£
155,261
2022
£
363,495
93,985		 2021
£
38,858
2021
£
381,572
93,534		 2021
£
38,858
457,480 475,106

NOTES TO THE FINANCIAL STATEMENTS (continued) For the year ended 31 December 2022

13 CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Trade creditors
Accruals and deferred income		 2022
£
6,966
61,853
68,819		 2021
£
6,671
76,876
83,547

Deferred income of £9,106 (2021: £7,583) relates to membership subscriptions received during the year ended 31 December 2022 relating to the year ending 31 December 2023.

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
£
£
256,833
612,741
-
(68,819)
-
800,755
-		 Total
2022
£
256,833
612,741
(68,819)
800,755		 Total
2021
£
300,634
513,964
(83,547)

731,051

The CIO had no restricted funds at 31 December 2022 (2021- £Nil)

15 MOVEMENT IN FUNDS

General
Fund		 1 Jan
2022
Incoming
Resources
Realised/unrealised
Gains/(losses)
Outgoing
Resources
31 Dec
2022
£
£
£
£
£
731,051
696,715
(43,801)
(583,210)
800,755

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 2022

16 RELATED PARTIES

Ten grants totalling £16,357 were provided to eight 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 2022

INCOME AND ENDOWMENTS FROM:
Income from investments
Deposit account interest
Realised/Unrealised gains/(losses} on investments
Incoming resources from charitable activities
Subscriptions
Royalties
ICN 2002 Conference
ECR/JNE Day
Total income and endowments
RESOURCES EXPENDED
Direct expenditure on charitable activities
ICN 2002 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)		 2022
£
451
(43,801)
15,099
459,441
221,724
-
652,914
242,604
52,869
12,907
1,723
1,125
17,180
34,215
204,951
567,574
7,915
32,711
4,551
-
45,177
747
822
1,711
7,000
10,280
(42,599)
2,778
583,210
69,704		 2021
£
141
21,182
14,364
346,433
-
-
382,120

-
55,440
13,965
8,065
1,525
17,164
29,054
111,686
263,899
9,685
34,659
3,278
-
47,622

773
2,087
971
7,000
10,831
37,218
2,906

335,476
46,644

This page does not form part of the statutory financial statements