**REGISTERED CHARITY NUMBER: 1163115** 

**Report of the Trustees and Unaudited Financial Statements for the Year Ended 31 December 2023 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 2023|10|
|Balance Sheet|11|
|Notes to the Financial Statements|12 to 19|
|Detailed Statement of Financial Activities|20|



- 1 - 



**LEGAL AND ADMINISTRATIVE INFORMATION** 

## **Registered Charity number** 

1163115 

## **Principal address** 

Wheelwright Cottage Little Bristol Lane Charfield Glos GL12 8LL 

## **Trustees** 

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 Matei Bolborea Professor David Grattan appointed 5 September 2023 Dr Isadora Clivatti Furigo appointed 5 September 2023 Dr Nicole Morrissey appointed 5 September 2023 Prof Helen Christian resigned 5 September 2023 Dr Maria Canal resigned 5 September 2023 Dr Alejandro Ibáñez-Costa resigned 5 September 2023 

## **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 

- 2 - 



## **REPORT OF THE TRUSTEES For the year ended 31 December 2023** 

The trustees present their annual report together with the financial statements of British Society for Neuroendocrinology (the Society) for the year ended 31 December 2023. The Trustees confirm that the Annual Report and financial statements of the Society comply with the current statutory requirements, the requirements of the Society’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: 

- an annual conference for members to share knowledge and ideas, techniques and experimental methodologies, and to promote research collaborations between members; 

- the production of the monthly _Journal of Neuroendocrinology_ which communicates original research and reviews of all aspects of neuroendocrine research to the scientific and medical communities; 

- support for members with travel grants to attend national and international conferences, workshops and training courses; 

- support for members with subsistence grants to visit and work in other laboratories in the UK and overseas; 

- support for members with grants to enable undergraduate university students to carry out research in their laboratories during the summer vacation; 

- support for members with grants to enable foreign researchers to visit their research groups; 

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## **REPORT OF THE TRUSTEES (continued) For the year ended 31 December 2023** 

- support for members to organise symposia or conferences which contain a significant neuroendocrine content; 

- other grants as appropriate; 

- publication of _Neuroendocrine Briefings_ , lay articles which aim to explain neuroendocrine mechanisms underlying key clinical conditions; 

- membership of the Royal Society of Biology and participation in its programmes to enhance public understanding of science and to inform the national curriculum on the teaching of biology in schools; 

- support for other societies and conferences that further research and education in neuroendocrinology; and 

- membership of the International Neuroendocrine Federation which promotes world-wide communication between researchers in neuroendocrinology. 

## **ACHIEVEMENT AND PERFORMANCE** 

Membership increased to 625 (2022: 550), which is the highest number ever. Approximately one third of members are resident outside the UK. 

The Society held its first standalone annual conference since 2017, at Exeter University in September. It was very successful, with 150 delegates attending and 84 posters presented. This is the highest ever attendance at a standalone BSN meeting. The Society subsidised the meeting by £11,133. 

The Society’s monthly journal, the _Journal of Neuroendocrinology_ (JNE), continued to flourish. Its 2022 impact factor (IF; a measure of esteem in the academic community; published June 2023) was 3.2 (2021: 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 over 410,000 downloads of full-text articles, a further increase. The relationship with the European Neuroendocrine Tumor Society (ENETS) also continued to flourish and the journal published several ENETS guidance papers in 2023, which are likely to be highly cited. More guidance papers are scheduled for 2024. Several Special Issues were published. Special Issues are typically high quality and well cited, and therefore beneficially affect the IF as well as demonstrating the quality and breadth of coverage of the journal. 

Professor Julian Mercer, Editor-in-Chief of the full journal till 2020 and of the Fundamental and Mechanistic (FMN) strand since then, stood down at the end of 2023. The Committee are very grateful to him for his successful stewardship of the journal through some difficult times in the publishing industry. Professor Mike Lehman took over the FMN strand in January 2024, assisted by Deputy Editorin-Chief, Professor Bob Goodman. 

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. JNE published 121 articles in the 2023 issues (142 articles in 2022). The Society received £528,285 from Wiley for its share of journal income in 2023 (£459,441 in 2022). The increase is largely due to income from copyright fees and is not guaranteed to continue. 

In other areas, the Society retained its focus on early career researchers (ECRs), who are the future of the discipline. The ECR Sub-committee met several times and held an ECR session at the Exeter conference. The Society also continued its work in support of equality, diversity and inclusion (EDI), including carrying out its second biennial EDI survey. 

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 

- 4 - 



## **REPORT OF THE TRUSTEES (continued) For the year ended 31 December 2023** 

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 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 £102,714 (2022: £204,951) in grants to individuals and a further £43,457 (2022: £34,215) 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 2023 was £28,498 (2022: £34,215). 

## **INTERNATIONAL CONFERENCE TRAVEL SUPPORT** 

During 2023, 9 travel grants were awarded totalling £5,800 for travel to international conferences. (2022: 109 grants totalling £21,932 to ICN Annual Conference). 

## **ECR TRAVEL GRANTS** 

22 grants totalling £4178 (2022: 0) were warded for travel to the Exeter conference. 

## **RESEARCH VISIT GRANTS** 

During 2023,6 grants were given totalling £20,767. (2022: 0) 

## **STUDENT LABORATORY EXPERIENCE GRANTS** 

11 grants were given in 2023 totalling £21,259 (2022:10 grants totalling  £22,759). 

## **PROJECT SUPPORT GRANTS** 

9 grants were given, totalling £49,110 (2022: 12 grants, totalling £82,249). 

## **COVID SUPPORT GRANTS** 

No grants were given (2022: 2 grants totalling £9,761). 

## **OUTREACH GRANTS** 

1 grant of £500 (2022: 0) was paid out. 

## **SUPPORT TO OTHER ORGANISATIONS** 

The Society makes an annual grant of $10,000 (£10,459) 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  £3,969 membership to the International Neuroendocrine Federation for 2023, and £420 membership subscription to the Royal Society of Biology. 

## **PRIZES AND AWARDS** 

Prizes and awards totalling £1,150 were given in 2023 (2022 £1,125). These were the Julia Buckingham Award, given to Dr Simon Guillot; and the Michael Harbuz Prize, awarded to Dr Teodora Georgescu. 

Other awards in 2023 were the Alison Douglas Lecture, awarded to Prof Manuel Tena-Sempere; and the Mortyn Jones Lecture, given by Dr Valerie Simonneaux. 

- 5 - 



## **REPORT OF THE TRUSTEES (continued) For the year ended 31 December 2023** 

## **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. 

## **FINANCIAL REVIEW** 

The Society had incoming resources for 2023 of £569,913 (2022: £696,715). Resources expended were £369.746 (2022: £583,210). The surplus of £216,856 (2022: £113,505) after realised/unrealised gains of £16,689 (2022: losses of £43,801) led to overall funds at the end of 2023 of £1,017,611 (2022: £800,755). 

As usual, the main income for the year was derived from the _Journal of Neuroendocrinology._ The JNE contract with Wiley has been renewed for a further five years from 2024 and includes receiving a significant advance at the start of each year. 

## **RESERVES POLICY** 

A review of the Society’s reserves policy was undertaken during 2023 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 in the case of a significant and sudden loss of income. The required reserve was defined as £900,000. At the end of 2023, the total net assets were £1,017,611. 

## **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 in the coming years, but is so far remaining remarkably 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 TCN strand of the journal, Professor Wouter de Herder, will take over in 2025, assisted by a Deputy, Dr Kristallenia Alexandraki. 

The Society will hold a standalone meeting in Aberdeen in 2024 and Bradford in 2025. It will participate in the ICN in Japan in 2026. 

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. 

- 6 - 



**REPORT OF THE TRUSTEES (continued) For the year ended 31 December 2023** 

This report was approved by order of the trustees on 5 June 2024 and signed on its behalf by: 


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


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

- 7 - 



## **STATEMENT OF TRUSTEES’ RESPONSIBILITIES IN RELATION TO THE FINANCIAL STATEMENTS** 

## **For the year ended 31 December 2023** 

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: 

- select suitable accounting policies and then apply them consistently; 

- observe the methods and principles in the applicable Charities SORP; 

- make judgements and estimates that are reasonable and prudent; 

- state whether applicable accounting standards have been followed, subject to any material departures that must be disclosed and explained in the financial statements; 

- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the CIO will continue in business. 

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 5 June 2024 and signed on its behalf by 


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


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

- 8 - 



## **INDEPENDENT EXAMINERS’ REPORT TO THE BRITISH SOCIETY FOR NEUROENDOCRINOLOGY For the year ended 31 December 2023** 

I report to the CIO Trustees on my examination of the accounts of the CIO for the year ended 31 December 2023. 

## **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: 

- (1) accounting records were not kept in respect of the Company as required by section 386 of the Act 2006; or 

- (2) the accounts do not accord with those records; or 

- (3) the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a “true and fair view” which is not a matter considered as part of an independent examination; or 

- (4) the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). 

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 June 2024 

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## **STATEMENT OF FINANCIAL ACTIVITIES (Incorporating Income and Expenditure Account) For the year ended 31 December 2023** 

|||**Unrestricted**|**Total**|Total|
|---|---|---|---|---|
|||**Funds**|**Funds**|Funds|
||**Notes**||||
|||**2023**|**2023**|2022|
|||**£**|**£**|£|
|Income from charitable activities|**3**|**568,389**|**568,389**|696,264|
|Income from investments|**4**|**1,524**|**1,524**|451|
|**Total incoming resources**||**569,913**|**569,913**|696,715|
|**EXPENDITURE ON:**|||||
|**Charitable activities**|**5**|**369,746**|**369,746**|625,809|
|VAT Penalty||**-**|**-**|(42,599)|
|**Total expenditure**||**369,746**|**369,746**|583,210|
|**Realised/Unrealised gains/(losses)**|**10**|**16,689**|**16,689**|(43,801)|
|**Surplus/(Deficit) for the Year**||**216,856**|**216,856**|69,704|
|**Reconciliation of funds:**|||||
|**Total funds brought forward**||**800,755**|**800,755**|731,051|
|**TOTAL FUNDS CARRIED**<br>**FORWARD**|**14,15**|**1,017,611**|**1,017,611**|800,755|



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. 

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## **BALANCE SHEET For the year ended 31 December 2023** 

|**Note**<br>**Listed Investments**<br>**10**<br>**Current Assets**<br>**Debtors**<br>**11**<br>**Cash at Bank and in Hand**<br>**12**<br>**Creditors: amounts falling due**<br>**within one year**<br>**13**<br>**Net Current Assets**<br>**Total Assets less Current Liabilities**<br>**Net Assets**<br>**14,15**<br>**Funds**<br>**Unrestricted funds**<br>**General**<br>**14,15**|**2023**<br>**£**<br>**273,522**<br>**214,178**<br>**697,887**<br>**912,065**<br>**(167,976)**<br>**744,089**<br>**1,017,611**<br>**1,017,611**<br>**1,017,611**<br>**1,017,611**|2022<br>£<br>256,833<br>. 155,261<br>457,480|
|---|---|---|
|||612,741<br>(68,819)|
|||<br>543,922|
|||800,755|
|||800,755|
|||<br>800,755|
|||800,755|



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 5 June 2024. 


............................................. 

Professor Neil Evans – Trustee 


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

**Registered Charity Number:** 1163115 

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**NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 December 2023** 

## **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. 

- 12 - 



**NOTES TO THE FINANCIAL STATEMENTS (continued) For the year ended 31 December 2023** 

## **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<br>Royalties<br>ICN 2022<br>BSN Meeting<br>Donations<br>**COME FROM INVESTMENTS**<br>Bank and deposit account interest|**2023**<br>**£**<br>**15,707**<br>**528,285**<br>**-**<br>**24,299**<br>**98**<br>**568,389**|<br> <br>|2022<br>£<br>15,099<br>459,441<br>221,724<br>-<br>-|2022<br>£<br>15,099<br>459,441<br>221,724<br>-<br>-|
|---|---|---|---|---|
||||696,264||
||<br>**2023**<br>**£**<br>**1,524**|||<br>2022<br>£<br>451|



## **4. INCOME FROM INVESTMENTS** 

- 13 - 



## **NOTES TO THE FINANCIAL STATEMENTS (continued) For the year ended 31 December 2023** 

## **5. EXPENDITURE ON CHARITABLE ACTIVITIES** 

|ICN 2022 Conference<br>Journal office costs<br>Other journal costs<br>Annual meeting costs<br>Prizes and awards<br>Grants to organisations<br>Grants to individuals<br>Communications<br>Office expenses<br>Website administration<br>Bank Charges<br>BSN membership<br>management<br>Committee<br>expenses<br>Accounting<br>Professional fees<br>Subscriptions<br>Irrecoverable VAT|**Conferences**<br>**& Journal**<br>**Grants**<br>**Support**<br>**Costs**<br>**Governance**<br>**Total**<br>**2023**<br>**(Note 6)**<br>**(Note 7)**<br>**3,394**<br>**-**<br>**-**<br>**-**<br>**3,394**<br>**75,822**<br>**-**<br>**-**<br>**-**<br>**75,822**<br>**27,819**<br>**-**<br>**-**<br>**-**<br>**27,819**<br>**35,432**<br>**-**<br>**-**<br>**-**<br>**35,432**<br>**1,150**<br>**1,150**<br>**-**<br>**43,457**<br>**43,457**<br>**-**<br>**102,714**<br>**-**<br>**-**<br>**102,714**<br>**-**<br>**-**<br>**18,409**<br>**-**<br>**18,409**<br>**-**<br>**-**<br>**1,788**<br>**-**<br>**1,788**<br>**-**<br>**-**<br>**922**<br>**-**<br>**922**<br>**-**<br>**-**<br>**2,131**<br>**-**<br>**2,131**<br> <br>**-**<br>**-**<br>**7,000**<br>**-**<br>**836**<br>**7,000**<br>**836**<br>**-**<br>**-**<br>**-**<br>**9,190**<br>**9,190**<br>**-**<br>**-**<br>**-**<br>**35,242**<br>**35,242**<br>**-**<br>**-**<br>**-**<br>**4,389**<br>**4,389**<br>**-**<br>**-**<br>**-**<br>**51**<br>**51**|
|---|---|
||**143,617**<br>**146,171**<br>**30,250**<br>**49,708**<br>**369,746**|



Professional fees during the year included assisting the Treasurer with the accounts, VAT, and charity return, supporting the Committee and sub-committees, and work on the journal and conference. 

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

- 14 - 



## **NOTES TO THE FINANCIAL STATEMENTS (continued) For the year ended 31 December 2023** 

|ICN 2022 Conference<br>Journal office costs<br>Other journal costs<br>Annual meeting costs<br>Prizes and awards<br>Grants to organisations<br>Grants to individuals<br>Communications<br>Office expenses<br>Website administration<br>Bank Charges<br>BSN membership<br>management<br>Accounting<br>Professional fees<br>Subscriptions<br>Irrecoverable VAT|**Conferences**<br>**& Journal**<br>**Grants**<br>**Support**<br>**Costs**<br>**Governance**<br>**Total**<br>**2022**<br>**(Note 6)**<br>**(Note 7)**<br>**242,604**<br>**-**<br>**-**<br>**-**<br>**242,604**<br>**52,869**<br>**-**<br>**-**<br>**-**<br>**52,869**<br>**12,907**<br>**-**<br>**-**<br>**-**<br>**12,907**<br>**1,723**<br>**-**<br>**-**<br>**-**<br>**1,723**<br>**1,125**<br>**1,125**<br>**-**<br>**34,215**<br>**34.215**<br>**-**<br>**204,951**<br>**-**<br>**-**<br>**204,951**<br>**-**<br>**-**<br>**17,180**<br>**-**<br>**17,180**<br>**-**<br>**-**<br>**747**<br>**-**<br>**747**<br>**-**<br>**-**<br>**822**<br>**-**<br>**822**<br>**-**<br>**-**<br>**1,711**<br>**-**<br>**1,711**<br>**-**<br>**-**<br>**7,000**<br>**-**<br>**7,000**<br>**-**<br>**-**<br>**-**<br>**7,915**<br>**7,915**<br>**-**<br>**-**<br>**-**<br>**32,711**<br>**32,711**<br>**-**<br>**-**<br>**-**<br>**4,551**<br>**4,551**<br>**-**<br>**-**<br>**-**<br>**2,778**<br>**2,778**|
|---|---|
||**311,228**<br>**239,166**<br>**27,460**<br>**47,955**<br>**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. 

## **5. GRANTS AWARDED** 

|Grants to individuals<br>Grants to organisations|**2023**<br>**£**<br>**102,174**<br>**43,457**|2022<br>£<br>204,951<br>34,215|
|---|---|---|
||**146,171**|239,166|



- 15 - 



## **NOTES TO THE FINANCIAL STATEMENTS (continued) For the year ended 31 December 2023** 

## **6. GRANTS AWARDED (Continued)** 

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

|**Type of Grant**<br>**Grants to Individuals**<br>Outreach Public Engagement Grant<br>BSN International Travel Grants<br>Research Visit Grants<br>Project Support Grants<br>Student Laboratory Experience Grants<br>ICN Travel Grants<br>ECR Travel Grants<br>**Grants to Organisations**<br>BSN Symposium Grant<br> <br> <br>JNE Symposium Grants<br>HNNA<br>PANS<br>**7.ALLOCATED SUPPORT COSTS**<br>**_Management_**<br>Office expenses<br>Communications<br>**_Information technology_**<br>Website administration<br>**_General administration_**<br>Bank charges<br>BSN membership management<br>**8.INDEPENDENT EXAMINER’S FEES**<br>Independent Examiner's fees in respect of preparation<br>of Financial Statements and Independent Examination|**Total**<br>**Awarded**<br>**£**<br>**500**<br>**5,800**<br>**20,767**<br>**49,110**<br>**21,259**<br>**1,100**<br> **4,178**<br>**2,000**<br>**28,498**<br>**2,500**<br>**10,459**<br>**146,171**<br>**2023**<br>**£**<br>**1,788**<br>**18,409**<br>**922**<br>**2,131**<br>**7,000**<br>**30,250**<br>**2023**<br>**£**<br>**2,900**|**Total**<br>**Awarded**<br>**£**<br>**500**<br>**5,800**<br>**20,767**<br>**49,110**<br>**21,259**<br>**1,100**<br> **4,178**<br>**2,000**<br>**28,498**<br>**2,500**<br>**10,459**<br>**146,171**<br>**2023**<br>**£**<br>**1,788**<br>**18,409**<br>**922**<br>**2,131**<br>**7,000**<br>**30,250**<br>**2023**<br>**£**<br>**2,900**|**Total**<br>**Awarded**<br>**£**<br>**500**<br>**5,800**<br>**20,767**<br>**49,110**<br>**21,259**<br>**1,100**<br> **4,178**<br>**2,000**<br>**28,498**<br>**2,500**<br>**10,459**<br>**146,171**<br>**2023**<br>**£**<br>**1,788**<br>**18,409**<br>**922**<br>**2,131**<br>**7,000**<br>**30,250**<br>**2023**<br>**£**<br>**2,900**|**Number**<br>**1**<br>**9**<br>**6**<br>**9**<br>**11**<br> <br>**3**<br>**22**<br>**1**<br>**14**<br> **1**<br>**1**<br>**78**<br>2022<br>£<br> <br> <br>747<br>17,180<br> <br>822<br> <br>1,712<br>7,000<br> <br>27,461<br>2022<br>£<br>2,240|**Number**<br>**1**<br>**9**<br>**6**<br>**9**<br>**11**<br> <br>**3**<br>**22**<br>**1**<br>**14**<br> **1**<br>**1**<br>**78**<br>2022<br>£<br> <br> <br>747<br>17,180<br> <br>822<br> <br>1,712<br>7,000<br> <br>27,461<br>2022<br>£<br>2,240|**Number**<br>**1**<br>**9**<br>**6**<br>**9**<br>**11**<br> <br>**3**<br>**22**<br>**1**<br>**14**<br> **1**<br>**1**<br>**78**<br>2022<br>£<br> <br> <br>747<br>17,180<br> <br>822<br> <br>1,712<br>7,000<br> <br>27,461<br>2022<br>£<br>2,240|**Number**<br>**1**<br>**9**<br>**6**<br>**9**<br>**11**<br> <br>**3**<br>**22**<br>**1**<br>**14**<br> **1**<br>**1**<br>**78**<br>2022<br>£<br> <br> <br>747<br>17,180<br> <br>822<br> <br>1,712<br>7,000<br> <br>27,461<br>2022<br>£<br>2,240|
|---|---|---|---|---|---|---|---|
|||||||||
|||||||||
|||||<br> <br> <br>||||
|||<br>**30,250**||||||
||||<br>**2023**<br>**£**<br>**2,900**||||<br>2022<br>£<br>2,240|



- 16 - 



**NOTES TO THE FINANCIAL STATEMENTS (continued) For the year ended 31 December 2023** 

## **9. TRUSTEES' REMUNERATION AND BENEFITS** 

There were no Trustees' remuneration or other benefits for the year ended 31 December 2023 or for the year ended 31 December 2022. 

## **Trustees' expenses** 

Trustees’ expenses totalled £836 (2022 £0), of which £836 (2022: £0) was reimbursed to 3 Trustees (2022:0) during the year ended 31 December 2023. All of these out of pocket expenses were incurred in attending to the business of the charity. 

A further £1200 (2022: £16,357) was provided in grants to 2 (2022: 8) of the Trustees of the CIO. 

## **10 LISTED INVESTMENTS** 

|The market value at 31 December 2021 comprised<br>UK Quoted shares<br>Non-UK Quoted shares<br>Alternative Investments<br>Cash awaiting investment|**2023**<br>**2022**<br>**£**<br>**£**<br>**154,445**<br>142,036<br>**52,856**<br>53,617<br>**46,192**<br>48,638<br>**20,029**<br>12,542<br>**273,522**<br>256,833|
|---|---|



The historical cost of investments was £ **235,530** (2022: £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|220|28,382|10.3|
|I Shares GBP Corp|240|24,217|8.8|



## **11 DEBTORS** 

|Prepayments and accrued income<br>**12CASH AT BANK AND IN HAND**<br>Barclays Bank<br>Yorkshire Bank|**2023**<br>**£**<br>**214,178**<br>|2022<br>£<br>155,261|
|---|---|---|
||<br> <br>**2023**<br>**£**<br>**602,378**<br>**95,509**|<br>2022<br>£<br>363,495<br>93,985|
||**697,887**|457,480|



- 17 - 



## **NOTES TO THE FINANCIAL STATEMENTS (continued) For the year ended 31 December 2023** 

## **13 CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR** 

|Trade creditors<br>Accruals and deferred income|**2023**<br>**£**<br>**7,569**<br>**160,407**<br>**167,976**|2022<br>£<br>6,966<br>61,853|
|---|---|---|
|||68,819|



Deferred income of £12,242 (2022: £9,106) relates to membership subscriptions received during the year ended 31 December 2023 relating to the year ending 31 December 2024 

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<br>Current assets<br>Current liabilities|**Unrestricted**<br>**Funds**<br>**Restricted**<br>**Funds**<br>**Total**<br>**2023**<br>**£**<br>**£**<br>**£**<br>**273,522**<br>**273,522**<br>**912,065**<br>**-**<br>**912,065**<br>**(167,976)**<br>**-**<br>**(167,976)**<br>**1,017,611**<br>**-**<br>**1,017,611**|Total<br>2022<br>£<br>256,833<br>612,741<br>(68,819)|
|---|---|---|
|||<br>800,755|



The CIO had no restricted funds at 31 December 2023 (2022: £Nil) 

## **15 MOVEMENT IN FUNDS** 

|**General**<br>**Fund**|**1 Jan**<br>**2023**<br>**Incoming**<br>**Resources**<br>**Realised/unrealised**<br>**Gains/(losses)**<br>**Outgoing**<br>**Resources**<br>**31 Dec**<br>**2022**<br>**£**<br>**£**<br>**£**<br>**£**<br>**£**|
|---|---|
||**800,755**<br>**569,913**<br>**16,689**<br>**(369,746)**<br>**1,017,611**|



The CIO has no restricted funds. 

No income bearing restrictions was received during the year. 

- 18 - 



# **NOTES TO THE FINANCIAL STATEMENTS (continued) For the year ended 31 December 2023** 

## **16 RELATED PARTIES** 

Two grants totalling £1,200 were provided to two 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. 

- 19 - 



## **DETAILED STATEMENT OF FINANCIAL STATEMENTS For the year ended 31 December 2023** 

|**INCOME AND ENDOWMENTS FROM:**<br>**_Income from investments_**<br>Interest received<br>Realised/Unrealised gains/(losses} on investments<br>**_Incoming resources from charitable activities_**<br>Donations<br>Subscriptions<br>Royalties<br>ICN 2022 Conference<br>BSN Annual Meeting<br>Total income and endowments<br>**RESOURCES EXPENDED**<br>**_Direct expenditure on charitable activities_**<br>ICN 2022 conference costs<br>Journal office costs<br>Other journal costs<br>Annual meeting costs<br>Prizes, awards and honoraria<br>Communications<br>Grants to organisations<br>Grants to individuals<br>**_Governance costs_**<br>Accounting<br>Professional fees<br>Subscriptions<br>Committee meeting expenses<br>**_Allocated support costs_**<br>_Management_<br>Office expenses<br>Website administration<br>_General administration_<br>Bank charges<br>BSN membership management<br>VAT Penalty<br>Irrecoverable VAT<br>Total resources expended<br>**Net income / (expenditure)**|<br>|**2023**<br>**£**<br>**1,524**<br>**16,689**<br>**98**<br>**15,707**<br>**528,285**<br>**-**<br>**24,299**<br>**586,602**<br>**3,394**<br>**75,822**<br>**27,819**<br>**35,432**<br>**1,150**<br>**18,409**<br>**43,457**<br>**102,714**<br>**308,197**<br>**9,190**<br>**35,242** <br>**4,389**<br>**836**<br>**49,657**<br>**1,788**<br>**922**<br>**2,131**<br>**7,000**<br>**11,841**<br> **-**<br>**51**<br>**369,746**<br>**216,856**|2022<br>£<br>451<br>(43,801)<br>15,099<br>459,441<br>221,724<br>-|
|---|---|---|---|
||||652,914|
||||<br>242,604<br>52,869<br>12,907<br>1,723<br>1,125<br>17,180<br>34,215<br>204,951|
||||567,574|
||||7,915<br> 32,711<br>4,551<br>-<br>45,177|
|||||
||<br>||747<br>822<br>1,711<br>7,000|
||||10,280|
||||(42,599)|
||||<br> 2,778|
||||583,210|
|||||
||||69,704|



This page does not form part of the statutory financial statements 

- 20 -