## **THE GENETICS SOCIETY**
# **ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024**
**Charity Registration No. 261062 Scottish Charity Registration No. SC038492**
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**THE GENETICS SOCIETY**
## **CONTENTS**
## **FOR THE YEAR ENDED 31 DECEMBER 2024**
||**Page**|
|---|---|
|**Reference and administrative information**|**1**|
|**Trustees’ annual report**|**2**|
|**Independent auditor’s report**|**10**|
|**Statement of financial activities**|**13**|
|**Balance sheet**|**14**|
|**Statement of cash flows**|**15**|
|**Notes to the financial statements**|**16**|
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**THE GENETICS SOCIETY**
**LEGAL AND ADMINISTRATIVE INFORMATION**
## **FOR THE YEAR ENDED 31 DECEMBER 2024**
|**Registered office**|10 Queen Street Place, London||
|---|---|---|
||EC4R 1AG||
|**Trustees**|**Trustees who served during the year were as follows:**||
||Dr Natalia Bulgakova||
||Prof Anne Ferguson-Smith|(resigned 23rdof November 2024)|
||Prof Ian Henderson||
||Stefan Hoppler|(stepped down 4thJuly 2024)|
||Dr Maxim Kapralov|(appointed 3rdof September 2024)|
||Dr Gil McVean|(appointed 24thof November 2024)|
||Prof Jonathan Pettitt||
||Dr Gunes Taylor||
||Prof Jason Barry Wolf||
||Prof Alison Woollard||
|**Bankers**|Bank of Scotland|Scottish Widows|
||43 Comely Bank|67 Morrison Street|
||Edinburgh|Edinburgh|
||EH4 8YJ|EH3 8YJ|
||HSBC UK Bank PLC||
||31 Euston Road||
||London||
||NW1 2ST||
|**Auditors**|Haysmac LLP||
||10 Queen Street Place||
||London||
||EC4R 1AG||
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**THE GENETICS SOCIETY**
**TRUSTEES’ REPORT**
## **FOR THE YEAR ENDED 31 DECEMBER 2024**
The trustees present their report and accounts for the year ended 31[st] of December 2024.
The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's constitution, the Charities Act 2011, the Charities (Accounts and Reports) Regulations 2008, the Charities and Trustee Investment (Scotland) Act 2005, the Charities Accounts (Scotland) Regulations 2006, FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).
## **Objective and activities**
## **Objectives**
The long-term objectives of the Society are to promote the advancement of the science of genetics for the benefit of the public and in furtherance of those objectives but not otherwise: to promote the interchange of scientific information among persons interested in that science by means of meetings, lectures, demonstrations, discussions, and the publication of journals. There have been no changes in the objectives or policy of the Society in the last year. In the short-term, these objectives are advanced by the award of grants (under various categories as explained below), by organising and sponsoring scientific conferences covering relevant areas, and by arranging and sponsoring events aimed at furthering education in and public understanding of genetics.
## **Membership**
Ordinary Membership of the Society is open to anyone with an interest in genetics. We do not discriminate and there is no need for nominations. Membership is deemed to be approved as soon as the subscription is received. Upon joining the Society, ordinary members may vote, be proposed as committee members, and apply for grants.
Honorary Members must be appointed by a majority vote of the Committee; number of Honorary Members is capped at 12. Currently, there are 10 Honorary Members: Professor Brian Charlesworth, FRS; Professor Deborah Charlesworth, FRS; Professor Dame Kay Elizabeth Davies, FRS; Professor A. W. F. Edwards, FRS; Sir Tim Hunt, FRS; Professor Sir Alec Jeffreys, FRS; Professor Sir Paul Nurse, FRS; Professor Christiane Nüsslein-Volhard, FRS; Professor David Sherratt, FRS; Professor Veronica van Heyningen, FRS.
## **Grant making & awards policy**
The Society invites applications for funding of activities and projects in the following areas:
## (a) Junior Scientist Conference Grants
The Society makes available small grants to enable its Student Members and members awarded their first PhD within 6 years to attend (online) courses and conferences. These grants are assessed and administered by the Honorary Treasurer according to regulations enacted, from time to time, by the Committee. The Society also provides bursaries to its Student Members, to enable them to attend scientific meetings organised by the Society. The conditions under which such bursaries are awarded are at the discretion of the Honorary Treasurer, who ensures that the relevant information is brought to the attention of those able to benefit.
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## (b) Genetics Society Training Grants
The Society provides financial support to enable members to go on short training courses or to visit another laboratory for the purpose of learning novel techniques in genetics research. Eligible expenses include travel, accommodation, subsistence, and tuition/bench fees. These grant applications are assessed quarterly by a panel of Committee members and administered by the Honorary Treasurer according to regulations enacted, from time to time, by the Committee.
## (c) ‘Heredity’ Fieldwork Grants
The Society makes available small grants to enable its members to undertake fieldwork required for their research in genetics. These grants are assessed by a panel of Committee members and administered by the Honorary Treasurer according to regulations enacted, from time to time, by the Committee.
## (d) Summer Studentships
The Society makes available grants to enable undergraduate students to carry out a research project in any area of genetics for eight weeks in the summer vacation followed by a Summer School to be held prior to the start of the following academic term. The grant provides financial support to the students and limited support for the research costs involved in the project. These grant applications are assessed by a panel of Committee members and administered by the Honorary Treasurer according to regulations enacted, from time to time, by the Committee. The grants are awarded to the undergraduate student applicants to work in universities, research institutes, or in industry.
## (e) Sponsorship of Meetings
The Society provides financial support, as agreed by the Committee and its Honorary Officers, for scientific meetings organised either as an ongoing series by _ad hoc_ groups within the Society (‘Special Interest Groups’), or as one-off events organised by individuals, or other organisations. The regulations concerning such meetings, and the financial support offered to them, shall be enacted, from time to time, by the Committee.
## (f) Public Engagement Grants
Grants are available to members of the Genetics Society to cover costs associated with travel and materials for public engagement activities relevant to genetics. The awards will be assessed by a team of Committee members led by the Officer for Public Understanding of Genetics. The sum awarded will be reviewed by the committee annually.
## (g) Carer’s Responsibility Award
The Society provides financial support to enable those members with carer’s responsibilities to attend Genetics Society meetings or events where grants are not provided by other organising bodies. Awardees can spend this as they think will best support their attendance. These grant applications are assessed and administered by the Honorary Treasurer according to regulations enacted, from time to time, by the Committee. The sum awarded will be reviewed by the committee annually.
The Society invites nominations for special lectures and medals. All award winners receive a commemorative medal, a certificate, and/or a cash prize. All winners are invited to give a research talk at a Genetics Society conference or a special awards’ event, and to contribute an article to our journal ‘Heredity’.
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## (a) The Mendel Medal
An honour given to a distinguished geneticist, in recognition of their lifetime achievements in genetics. Mendel Medal nominations are made by the President, who shall normally make two such nominations during their tenure.
## (b) The Genetics Society Medal
Recognizing outstanding research contributions to genetics, the Genetics Society Medal recipient, who should still be active in research at the time the award is made, is elected annually by the Committee based on nominations made by any individual member of the Society.
## (c) The Mary Lyon Medal
Named after the distinguished geneticist Mary F. Lyon, FRS, this award recognises outstanding research contributions to genetics but is usually awarded to mid-career scientists (i.e., between those eligible for the Balfour Lecture and the Genetics Society Medal). The recipient is elected annually by the Committee based on nominations made by any individual member of the Society.
## (d) The Balfour Lecture
The Balfour Lecture recognises the contribution to genetics of an outstanding young investigator, who must normally have less than ten years’ postdoctoral research experience at the time of nomination. The recipient is elected annually by the Committee based on nominations made by any individual member of the Society.
## (e) The JBS Haldane Lecture
Recognising an individual for outstanding ability to communicate topical subjects in genetics research, widely interpreted, to an interested lay audience, the JBS Haldane Lecture winner will have a flair for conveying the relevance and excitement of recent advances in genetics in an informative and engaging way. The recipient is elected annually by the Committee based on nominations made by any individual member of the Society.
## (f) The Sir Kenneth Mather Memorial Prizes
Up to two Sir Kenneth Mather Memorial Prizes are awarded annually, one for a BSc or MSc student report or dissertation, the other for a PhD thesis. These joint awards with the University of Birmingham reward students from any university or research institution in the UK who have shown outstanding performance in quantitative or population genetics. Selection of the successful nominees is made by a Quantitative and Population Genetics Committee representative and a representative from the University of Birmingham.
## (g) The Bruce Cattanach Prize
The Bruce Cattanach Prize will be awarded annually together with The Mouse Magazine Ltd to reward PhD students who have shown outstanding performance in genetics using a non-human _in viva_ animal research model. Selection of the successful nominee based on their PhD thesis is made by two representatives from The Society and two representatives from The Mouse Magazine Ltd.
In all cases, there are specific regulations contained within the byelaws of the Society to govern the basis for applications, review, selection, and award. The Society also generally requests a report on the use of funds, for publication either on the Society's website or in the Society’s newsletter (“Genetics Society Magazine”).
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The Trustees have paid due regard to guidance on public benefit issued by OSCR and the Charities Commission in deciding what activities the Society should undertake.
## **Fundraising**
The Society receives its income solely from its publication of scientific journals, membership fees, and activities related to its objectives. The Genetics Society does not rely on fundraising from the general public for any parts of its income.
## **Achievements and performance**
The Trustees consider that the performance of the Society has been reasonable in view of the financial turmoil of the past years.
Our membership numbers have remained fairly stable: 2,484 at the end of 2023 to 2,490 at the end of 2024.
From 2018 until 2024, ‘First Create The Media’, a communications strategy and content agency based in London, produced the pod-cast series “Genetics Unzipped” for the Genetics Society. “Genetics Unzipped” had a large globally distributed listenership (~30,000 RSS & Spotify subscribers) and excellent ratings (4.9/5.0 on both Apple Podcasts and on Spotify). Although, we are very pleased with the quality of this outreach and education activity, the costs associated with producing the podcasts became too high, especially in the light cost increases for other aspects of the Society’s activities. Therefore, the Committee decided not to renew the contract with ‘First Create The Media’ in 2024. The Society retained ownership of all the content produced so far, and all “Genetics Unzipped” episodes remain available through the Society’s website, the original podcast website (https://geneticsunzipped.com/), and YouTube.
The Society sponsored 13 'Special Interest Group' meetings covering a diversity of genetics-related themes (compared to 8 in 2023). This is an effective and efficient way for the Society to promote diverse scientific meetings for the UK genetics research community. The Society also sponsored 20 one-off research conferences after case-by-case consideration of applications by a panel of Trustees (compared to 17 in 2023).
In 2024 the Society funded 9 (21 in 2023) ‘Heredity’ Fieldwork Grants, and 12 (15 in 2023) Training Grants. We were able to fund a good number of Summer Studentships: 28 (34 in 2023). These rates are agreed by the Committee. The awards were made following competitive evaluation of applications by sub-groups of Committee members. In addition, the Society awarded 137 (118 in 2023) Junior Scientist Travel grants enabling PhD students, or members awarded a PhD not more than 6 years ago, to participate in genetics research conferences both in the UK and abroad.
The Society’s Spring workshop 'Communicating Your Science' is aimed at training junior scientists in making clear and interesting presentations, either when engaging with the public or with other scientists. In 2024 ‘Communicating Your Science’ run with 20 participants at Chicheley Hall near Milton Keynes.
In 2024, 4 Public Engagement Grant awards were made from 30 applications (compared with 6/30 in 2023).
The Society continued existing publication arrangements for its two journals, namely with Springer-Nature for ‘Heredity’ and with Cold Spring Harbor Laboratory Press for ‘Genes & Development’. Our accounts for 2024 show a substantially decreased income from publications to that obtained in the previous year (£403,325 in 2024 compared to £495,354 in 2023).
Membership subscription income has increased by ~20% despite membership numbers remaining at the same level; presumably because of differences in allocation into the various membership categories. We have run our usual roster of scientific meetings in 2024 with an income of £39,528 (compared to £5,065 in 2023).
In 2024, the Society organised two scientific conferences ‘Developmental Genetics’ in Warwick, UK together with the British Society of Developmental Biology (BSDB) (15[th] -18[th] April 2024) and ‘The Real Point Is Control: Transposons as Controlling Elements in Evolution, Development and Disease’ in Leicester, UK (20[th] -22[nd] November 2024). The JBS Haldane Lecture 2023 was given at the Biffen Lecture Theatre in Cambridge, UK (3[rd] September 2024).
Additionally, the Society runs several public engagement events often contributing to large festivals. In 2024, we contributed to the ‘Norwich Science Festival’ (23[rd] February 2024; 2 volunteers), ‘Voices of the Future’ organised by the Royal Society of Biology in the House of Commons, Westminster (12[th] March 2024; 1 - volunteer), the ‘Cheltenham Science Festival’ (4[th] June 2024; 2 volunteers), the Lambeth Country Show (8[th] 9[th] June 2024; 4 volunteers), the ‘British Science Festival’ in Liverpool (12[th] -13[th] September 2024; 4
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volunteers), ‘New Scientist Live’ in London (13[th] October 2024; 2 volunteers). The Society also contributed to two career’s events: a career’s talk at Imperial College (10[th] April 2024; 1 volunteer) and a career’s carousel at the University of Warwick (16[th] April 2024; 1 volunteer). Furthermore, we supported online public engagement with school children via ‘I’m a scientist…get me out of here’ by arranging 11 volunteers from our membership; they participated in a total of 174 chats with 86 individual schools connecting with ~2,800 students
## **Financial review**
Results for the year ended 31[st] of December 2024 are given in the Statement of Financial Activities. The assets and liabilities are given in the Balance Sheet. The financial statements should be read in conjunction with the related notes. The trustees regard the financial position of the charity as of 31[st] of December 2024 to be satisfactory.
In summary, total income amounts to £533,756 (2023 – £577,445), total expenditure amounted to £642,700 (2023 – £785,323) resulting in a net loss before investment gains and losses of £108,944 (2023 – net loss of £207,878). The substantial loss in 2023 relates to increased spending to restart the Society’s activities after the COVID-19 pandemic. Full details of income and expenditure are set out in the notes to the financial statements. The closing balance on unrestricted funds at the year-end amounted to £1,880,754 (2023 – £2,048,463).
## **Reserves policy**
It is the policy of the Society to maintain unrestricted funds, which are the free reserves of the Society, at a level which would enable it to continue to function for at least 2 years, or ideally longer, in the event that income from publications (identified below as the principal external risk to the Society) were to cease or drastically decline. The Trustees believe that this policy would enable them to resource new forms of income and to adjust the expenditure in such circumstances.
At present and using the 2024 figures, where annual expenditure amounted to £642,700, the level of retained reserves of £1,869,748, meets the policy of enabling the Society to function for >2 years without income. We unexpectedly had considerable investment gains and increased income during our Centenary year 2019, thus our retained reserves have modestly grown. These excess reserves have provided a useful financial buffer for 2022 and 2023 when we restarted activities after the COVID-19 pandemic. However, the turmoil at financial markets due to the Russia-Ukraine war starting in 2022 has created additional issues for our investment valuation.
## **Investment policy**
There are no restrictions on the Society’s powers to invest. The investment policy is set by the Trustees in consultation with appropriate investment advisers. The Trustees are mindful that any investment strategy must consider the organisation's demand for funds, its income needs, the risk profile, and the investment advisers' view of market prospects in the medium term.
The funds of the Society are split between cash deposits and a portfolio of market-related assets.
Cash is managed by the financial officers of the Royal Society of Biology, who is contracted to provide office support, and is held in three short-notice and instant-access charity/trustee-deposit accounts with HSBC, Bank of Scotland, and Scottish Widows.
The balances of the assets are managed, under the advice of our financial adviser, Ethical Futures LLP, by Rathbone Greenbank Investments in a portfolio of mixed assets. The investment portfolio combines a range of assets, managed on a discretionary basis. The main assets included in the portfolio are treasury stock, corporate bonds, direct equities, and collective investments and investment trusts. The portfolio is managed on a 'best of sector' with a screen to avoid investment in any company whose activities involve tobacco production, fossil fuels, or unethical corporate behaviour.
The value of the portfolio at 31[st] of December 2024 was £1,555,123, which is substantially lower than at the end of the year 2023 (£1,736,397), representing a further decrease from the peak evaluation at the end of 2021 (£2,078,749); this is likely caused by difficult market conditions (COVID-19 pandemic, Russia-Ukraine war). In the light of these events, the Trustees consider the investment performance in the year acceptable.
At 31[st] of December 2024 there remained £155,004 cash at bank and in hand (2023 - £69,423), including that invested in high-interest bank accounts.
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## **Plans for the future**
Promoting Equality, Diversity & Inclusion (EDI) in the UK genetics research community is important to the Society’s trustees. To ensure that the Society’s activities (especially our support of researchers through grants) follow the best principles of Diversity & Inclusion, we received training from Pearn Kandola LLP for our committee members in 2021. Changes to provide for EDI recommendations to our grant- and decision-making have been implemented for all our grant schemes in 2022; we are currently evaluating the success of these measures.
In 2024, Professor Alison Woollard, the Society’s Vice-President (Policy), secured additional monies (£50,000) from the Biotechnology and Biological Sciences Research Council (BBSRC), a part of United Kingdom Research & Innovation (UKRI), to fund additional internships in research laboratories for students from underrepresented and minoritised backgrounds. This new ‘Research Access Placement’ (RAP) initiative will be run concurrently with our existing Summer Studentship scheme, but will provide more support to enable students from underrepresented and minoritised backgrounds to fully realise their potential. The RAP scheme will be implemented in two phases over the next two years (2025-2026), and then an extension of this initiative will be considered.
The most important source of income for the Society continues to be its journals ‘Genes & Development’ and ‘Heredity’. These continue to occupy a niche that serves the Society's objects by making them attractive and relevant to a broad constituency of readers and their libraries; they have generated £403,325 of financial contribution in 2024 (£172,159 from ‘Genes & Development’ and £231,166 from ‘Heredity’). The society liaises regularly with its publishers to monitor the financial performance of its journals and to adapt to the changes in the market such as the move to electronic open-access publishing. The Society and its publishers are increasingly selling its journal subscriptions in the form of institutional site licences that allow access via the web, rather than print copies. The contents of both its journals can be made freely available by the respective authors after an embargo period, in keeping both with the Society's object of promoting the exchange of scientific information, and also the pressures from research funding bodies that researchers publish their findings in journals with open-access policy. Both journals also accept the pre-publication of articles on openaccess pre-print servers, a practice that is now well-established and has benefits for the unrestricted flow of scientific insight. It should be noted that because of the systematic change from print to electronic publishing and the growth of open-access policies, the future of journal publication income continues to remain extremely uncertain.
Looking forward, the Board of Trustees will continue to review and update its structures, activities, and policies in keeping with changing regulatory needs and developments in the science of genetics. In 2024, the Society underwent a governance review led by Wellspring Consulting Ltd (Lucy Devine) to explore whether our structures and policies are serving our charitable purpose well. One major recommendation was to form a Charitable Incorporated Organisation (CIO). The resolution put to the membership by the Board of Trustees to pursue incorporation in principle was approved at the AGM on 22[nd] November 2024. Wellspring Consulting Ltd together with lawyers from Birketts LLP have been drawing up new governance documents for the Society which will be put to a vote by the whole membership in 2025.
## **Structure, governance, and management**
Currently, the Genetics Society is an unincorporated association. It is a Registered Charity in England and Wales and changed its name from The Genetical Society on 22[nd] of March 2002. On 26[th] of July 2007, the Society became a registered Scottish Charity under the auspices of the Office of the Scottish Charity Regulator (OSCR). From 1[st] June 2019 to 31[st] May 2025, the principal address was 1 Naoroji Street, London WC1X 0GB. Since then, the registered address has been 10 Queen Street Place, London EC4R 1AG.
## **Trustees**
The names of the Trustees are as set out on the Charity Information page at the beginning of these accounts. The appointment of Trustees is governed by the rules of the Society and the board of Trustees is authorised to appoint new Trustees to fill vacancies arising from the resignation, retirement, or death of existing Trustees.
The following retired as trustees on the 4[th] of July 2024 and we are very grateful for his contributions to the work of the society: Professor Stefan Hoppler.
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The following retired as trustees on the 23[rd] of November 2024 and we are very grateful for her contributions to the work of the society: Professor Anne Ferguson-Smith.
The following was appointed as trustee with effect from 3[rd] of September 2024 is Dr Maxim Kapralov.
The following was appointed as trustee with effect from 24[th] of November 2024 is Professor Gilean Alistair Tristram McVean.
All other Trustees listed on the Charity Information page served as Trustees throughout the year to 31[st] of December 2024.
The roles, responsibilities, and expectations of new trustees are explained prior to trustees taking on the role. The induction of new trustees and training on procedural matters takes place at the inductees first board meeting. For the roles of President and Honorary Treasurer the incoming post-holders shadow the incumbent for one year prior to taking on the full position.
In addition to full Trustees the Society has three Holding Trustees. These are former Presidents of the Society who continue to have an interest in its work and who, as a result, remain associated with it. Holding Trustees do not have the powers and responsibilities of full Trustees and at present the individuals who serve as Holding Trustees are Professor Enrico Coen, Professor Wendy Bickmore, and Professor Laurence Hurst.
Decisions about the Society's affairs are taken by the Trustees at meetings of the Board of Trustees, held quarterly. Since 2015 the Royal Society of Biology (RSB) has been appointed to run routine operations for the Society. In 2024, these have been overseen on a day-to-day basis by Charlie Brown. Directorial responsibility is assumed by Mark Leach, the RSB’s Associate Director of Membership & Marketing.
## **Constitution**
The Society is an unincorporated association that is constituted by and operates under a set of rules which have been approved by the Charity Commission. There were changes to the constitution made in the year ending 31[st] of December 2023 to clearly define a Board of Trustees from the members of the Society’s full committee.
## **Risk management**
As stated in past years, the Trustees regularly examine the major strategic, business, and operational risks which face the Society, and they remain content that systems have been established to ensure critical risks are kept under review and reduced.
Internal risks are minimised by the implementation of procedures for authorisation of transactions and projects. This is achieved on a day-to-day basis through regular meetings and dialogue between the Account Officer/other administrative staff (employed by the Royal Society of Biology and contracted to provide administrative support to the Society) and Honorary Treasurer/other selected Trustees and more formally through meetings of the Board of Trustees.
After several years affected by major social and economic ramifications from the COVID-19 pandemic, 2022 & 2023 saw a return to business as usual. Decreased expenditure all through 2020 and 2021 meant that our reserves were more than our budgeted target. This provided a useful buffer for the economic turmoil in 2022 & 2023. Indeed, the beginning of the Russia-Ukraine war created further upheaval on the financial markets. Our income from scientific journals or membership subscriptions does not appear to be strongly affected by these world events. However, the announcement of ‘Plan S’ in 2018 from the major European research funding
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agencies and similar initiatives by US funders was recognised as presenting a substantial threat to our major - source of income – the Society’s journals. ‘Plan S’ (https://www.coalition s.org) proposes forcing a revision of the scientific peer-review publishing model that will likely reduce our annual income substantially. With the end of 2024 cOAlition S members stopped financial support for transformative arrangements. The financial impact of this policy on the Society’s revenue from scientific journals is becoming clear, with a precipitous decrease of our profit shares in 2025 which possibly will drop down further in 2026. We will continue to monitor the situation closely and are in conversation with other learned societies via the Royal Society of Biology Council to present a unified opinion to the cOAlition S governing body. Fortunately, the Society has few long-term commitments, our main expenditure being grant awards and conferences, expenditure for which will be reduced further if it becomes necessary.
In recognition of the financial risk which would emerge from the loss of a significant proportion of income from these publications, the Trustees' Reserve Policy (above) continues to be set in such a way as to ensure that the Society would have sufficient time to continue meeting its principal objects whilst adapting to adjusted publishing models and exploring alternate sources of funding.
## **Statement of Trustees responsibilities**
The Trustees are responsible for preparing the Trustees' Report and the accounts in accordance with applicable law and United Kingdom Accounting Standards - United Kingdom Generally Accepted Accounting Practice. The law applicable to charities in the UK requires the Trustees to prepare accounts for each financial year which give a true and fair view of the state of affairs of the Society and of the incoming resources and application of resources of the Society for that year. In preparing these accounts, the Trustees are required to:
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles of the Charities SORP 2019 (FRS 102);
- make judgements and estimates that are reasonable and prudent;
- state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the accounts; and
- prepare the accounts on the going concern basis unless it is inappropriate to presume that the Society will continue in operation.
The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the Society and enable them to ensure that the accounts comply with the Charities and Trustee Investment (Scotland) Act 2005, the Charities Accounts (Scotland) Regulations 2006, the Charities Act 2011, the Charities (Accounts Reports) Regulations 2008, and the provisions of the charity's constitution. They are also responsible for safeguarding the assets of the charity, and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. The trustees are responsible for the maintenance and integrity of the charity and financial information included on the charity’s website. Legislation in the United Kingdom governing the preparation and dissemination of accounts may differ from legislation in other jurisdictions.
On behalf of the board of Trustees
Professor Gilean McVean Trustee
Dated: 17[th] October 2025
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**THE GENETICS SOCIETY**
**INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEES OF THE GENETICS SOCIETY**
## **FOR THE YEAR ENDED 31 DECEMBER 2024**
## **Independent auditor’s report to the trustees of The Genetics Society**
## **Opinion**
We have audited the financial statements of The Genetics Society for the year ended 31st December 2024 which comprise the Statement of Financial Activities, the Balance Sheet, the Statement of Cashflows and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 _The Financial Reporting Standard applicable in the UK and Republic of Ireland_ (United Kingdom Generally Accepted Accounting Practice).
In our opinion, the financial statements:
- give a true and fair view of the state of the charity’s affairs as at 31st December 2024 and of the charity’s net movement in funds for the year then ended;
- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
- have been prepared in accordance with the requirements of the Charities Act 2011, the Charities and Trustee Investment Act 2005 and Regulation 8 of the Charities Accounts (Scotland) Regulations 2006. .
## **Basis for opinion**
We have been appointed as auditor under section 144 of the Charities Act 2011 and section 44(1)(c) of the Charities and Trustee Investment Act 2005 and report in accordance with the Acts and relevant regulations made or having effect thereunder. We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
## **Conclusions relating to going concern**
In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.
## **Other information**
The trustees are responsible for the other information. The other information comprises the information included in the Trustees’ Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.
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## **Matters on which we are required to report by exception**
We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 and the Charities Accounts (Scotland) Regulations 2006 require us to report to you if, in our opinion:
- adequate accounting records have not been kept by the charity; or
- sufficient accounting records have not been kept; or
- the financial statements are not in agreement with the accounting records and returns; or
- we have not received all the information and explanations we require for our audit.
## **Responsibilities of trustees for the financial statements**
As explained more fully in the trustees’ responsibilities statement **set out on page 10,** the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the trustees are responsible for assessing the charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.
## **Auditor’s responsibilities for the audit of the financial statements**
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
Based on our understanding of the charity and the environment in which it operates, we identified that the principal risks of non-compliance with laws and regulations related to charity law applicable in England and Wales, and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Charities Act 2011, the Charities and Trustee Investment Act 2005 and Regulation 8 of the Charities Accounts (Scotland) Regulations 2006.
We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to significant, unusual and unexpected journal postings. Audit procedures performed by the engagement team included:
- Inspecting correspondence with regulators and tax authorities;
- Discussions with trustees including consideration of known or suspected instances of noncompliance with laws and regulation and fraud;
- Evaluating management’s controls designed to prevent and detect irregularities;
- Identifying and testing journals, in particular journal entries posted with unusual account combinations, postings by unusual users or with unusual descriptions; and
- Challenging assumptions and judgements made by management in their critical accounting estimates
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
11
Internal
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
## **Use of our report**
This report is made solely to the charity’s trustees, as a body, in accordance with section 144 of the Charities Act 2011 and regulations made under section 154 of that Act and section 44(1)(c) of the Charities and Trustee Investment Act 2005 and Regulation 10 of the Charities Accounts (Scotland) Regulations 2006. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an Auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity’s trustees as a body for our audit work, for this report, or for the opinions we have formed.
HaysMac LLP 10 Queen Street Place Statutory Auditors London Date: EC4R 1AG 22nd October 2025
HaysMac LLP is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006
12
Internal
**THE GENETICS SOCIETY**
## **STATEMENT OF FINANCIAL ACTIVITIES**
## **FOR THE YEAR ENDED 31 DECEMBER 2024**
|||Total|Total|
|---|---|---|---|
|||2024|2023|
||**Notes**|£|£|
|**INCOME:**||||
|Charitable activities|2|442,853|500,419|
|Other trading activities|3|40,341|33,048|
|Investments|4|37,759|40,168|
|Other||8,747|3,810|
|||--------------------|--------------------|
|**Total income**||529,700|577,445|
|||--------------------|--------------------|
|**EXPENDITURE:**||||
|_Raising funds_|5|29,430|22,607|
|_Charitable activities_|5|||
|Publication (including editorial office expenses)||56,449|41,840|
|Grants and sponsorship||273,897|352,649|
|Meetings and events||208,979|226,014|
|Newsletter, website and education||46,817|142,213|
|||--------------------|--------------------|
|**Total expenditure**||615,572|785,323|
|Net gains/(losses) on investments|12|(92,843)|71,019|
|||--------------------|--------------------|
|**Net income for the year**||(178,715)|(136,859)|
|**Reconciliation of funds**||||
|Total funds brought forward||2,048,463|2,185,322|
|||--------------------|--------------------|
|**Total funds carried forward**||1,869,748|2,048,463|
|||==========|==========|
All funds for the current and prior financial period are unrestricted.
The notes on pages 17 to 24 form part of these financial statements.
13
Internal
**THE GENETICS SOCIETY**
## **BALANCE SHEET**
## **AS AT 31 DECEMBER 2024**
||||2024||2023|
|---|---|---|---|---|---|
||**Note**|£|£|£|£|
|**FIXED ASSETS**||||||
|Investments|12|1,555,122|||1,736,395|
|**CURRENT ASSETS**||||||
|Debtors|13|234,065||312,789||
|Cash at bank and in hand||155,004||69,423||
|||---------------------||---------------------||
|||389,069||382,212||
|**CURRENT LIABILITIES**||||||
|Creditors: amounts falling due||||||
|within one year|14|(74,443)||(70,144)||
|||--------------------||--------------------||
|**Net current assets**|||314,626||312,068|
||||-----------------------||-----------------------|
|**Total net assets**|||1,869,748||2,048,463|
||||==========||==========|
|**The funds of the charity:**||||||
|Unrestricted Income funds:||||||
|General funds|||1,869,748||2,048,463|
||||-----------------------||-----------------------|
|**TOTAL CHARITY FUNDS**|||1,869,748||2,048,463|
||||===========||===========|
The financial statements were approved and authorised for issue by the Board on and were signed below on its behalf by:
……………………………….. ……………………………….. **Professor Gilean McVean Dr Alexander Lorenz Trustee Trustee**
**Date: 17 October 2025**
**Date: 17 October 2025**
The notes on pages 17 to 24 form part of these financial statements.
14
Internal
**THE GENETICS SOCIETY**
## **STATEMENT OF CASH FLOWS**
## **FOR THE YEAR ENDED 31 DECEMBER 2024**
||**Note**||2024||2023|
|---|---|---|---|---|---|
||||£||£|
|**CASH FLOWS FROM OPERATING**||||||
|**ACTIVITIES**||||||
|**Net cash used in operating activities**|16||(40,608)||(220,145)|
|**Cash flows from investing activities:**||||||
|Dividends, interest and rents from
investments||37,759||40,168||
|Proceeds from sale of investments||645,659||558,369||
|Purchase of investments||(556,984)||(580,012)||
|||--------------------||--------------------||
|**Net cash (used in)/provided by**
**investing activities**|||126,433||52,331|
||||--------------------||--------------------|
||||85,825|||
|**Change in cash equivalents in the year**|||||(167,814)|
|Cash and cash equivalents at the
beginning of the year|||85,145||252,959|
||||||--------------------|
|**Cash and cash equivalents at the end**
**of the year**|||170,970||85,145|
||||||==========|
|**Relating to:**||||||
|Cash held at bank|||155,004||69,423|
|Cash element of the investment portfolio|||15,965||15,722|
|**TOTAL CASH AND CASH**|||---------------------||---------------------|
|**EQUIVALENTS AT THE END OF THE YEAR**|||170,969||252,959|
||||==========||=========|
|**Analysis of changes in net debt**||||||
|||**At 1**|**January**||**At 31**|
|||**2024**||**Cash flows**|**December 2024**|
||||**£**|**£**|**£**|
|Cast at bank and in hand|||69,423|85,581|155,004|
|Cash element of investment portfolio|||15,722|243|15,965|
|||---------------------||---------------------|---------------------|
||||85,145|85,824|170,969|
|||=========||==========|=========|
15
Internal
**THE GENETICS SOCIETY**
**NOTES TO THE FINANCIAL STATEMENTS**
## **FOR THE YEAR ENDED 31 DECEMBER 2024**
## **1. ACCOUNTING POLICIES**
## **a) Charity Information**
The Genetics Society is a charity registered in Scotland and England and Wales. The registered office is 10 Queen Street Place, London, EC4G 1AG.
## **b) Basis of preparation**
The financial statements have been prepared in accordance with Accounting and Reporting by charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) – (Charities SORP FRS 102 – Second Edition, effective 1 January 2019), the Charities Act 2011 and Charities (Accounts and Reports) Regulations 2008, the Charities and Trustee Investment (Scotland) Regulations 2006.
The financial statements have been prepared to give a true and fair view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a true and fair view. This departure has involved following the Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland issued in October 2019 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.
Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy or note. The presentation currency is Pounds Sterling and all the figures are rounded to zero decimal.
## **c) Public benefit entity**
The charity meets the definition of a public benefit entity under FRS 102.
## **d) Going concern**
At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for at least the next twelve months. Thus, the trustees continue to adopt the going concern basis of accounting in preparing the accounts.
## **e) Income**
Income is recognised when the charity has entitlement to the funds after any performance conditions attached to the income have been met, it is probable that the income will be received and that the amount can be measured reliably.
Income from the share of publications profits is recognised when it is probable, can be measured and when the charity is entitled to it.
Investment income is recognised when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest or dividends paid or payable by the investment fund manager.
Income from other trading activities represents membership subscriptions and is recognised when services are provided to members.
## **f) Fund accounting**
The Charity has unrestricted funds available for use at the discretion of the trustees in furtherance of the charitable objectives. There were no restricted funds in the current or previous years.
16
Internal
**THE GENETICS SOCIETY**
**NOTES TO THE FINANCIAL STATEMENTS**
## **FOR THE YEAR ENDED 31 DECEMBER 2024**
## **1. ACCOUNTING POLICIES (continued)**
## **g) Expenditure**
Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required, and the amount of the obligation can be measured reliably. Expenditure is classified under the following activity headings:
Raising funds relates to the costs incurred by the charity in any activities with a fundraising purpose, including any investment management expenses.
Expenditure on charitable activities includes grants, sponsorship meetings, lectures, demonstrations, discussions and the publication of a journal to further the purposes of the charity and their associated support costs.
## **h) Allocation of support costs**
Expenditure is allocated to the particular activity where the cost relates directly to that activity. However, the cost of overall direction and administration of each activity, comprises overhead costs of the central function, is apportioned on the basis of total direct cost of the activity.
## **i) Investments**
Investments are a form of basic financial instrument and are initially recognised at their transaction value and subsequently measured at their fair value as at the balance sheet date using the closing quoted market price. Any change in fair value is recognised in net income/expenditure. The charity does not acquire put options, derivatives or other complex financial instruments.
## **j) Debtors**
Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
## **k) Cash at bank and in hand**
Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
## **l) Creditors**
Creditors are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors are normally recognised at their settlement amount after allowing for any trade discounts due.
## **m) Financial Instruments**
The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the charity’s balance sheet when the charity becomes party to the contractual provision of the instrument.
## **Basic financial assets**
Basic financial assets, which include debtors and cash and bank balances, are measured at transaction price. Financial assets classified as receivable within one year are not amortised.
## **Basic financial liabilities**
Basic financial liabilities, including creditors are recognised at transaction price. Financial liabilities classified as payment within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
17
Internal
**THE GENETICS SOCIETY**
**NOTES TO THE FINANCIAL STATEMENTS**
## **FOR THE YEAR ENDED 31 DECEMBER 2024**
## **1. ACCOUNTING POLICIES (continued)**
## **n) Critical accounting estimates and judgements**
In the application of the charity’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
The trustees do not consider that there are any sources of estimation uncertainty at the reporting date that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next reporting period.
## **2. Income on charitable activities**
|**Income on charitable activities**|Total|Total|
|---|---|---|
||2024|2023|
||£|£|
|Share of publications profit|363,325|495,354|
|Editorial support team income|40,000|-|
|Meetings|39,528|5,065|
||----------------|-----------------|
||442,853|500,419|
||========|========|
|All income from charitable activities was unrestricted in 2024 and 2023.|||
|**Income from other trading activities**|Total|Total|
||2024|2023|
||£|£|
|Membership Subscriptions|40,341|33,048|
||========|========|
|All income from membership subscriptions was unrestricted in 2024 and|||
|2023.|||
||Total|Total|
|**Income from investments**|2024|2023|
||£|£|
|Dividends|32,288|40,096|
|Interest Income from Investments|5,471|72|
||-----------------|-----------------|
||37,759|40,168|
||========|========|
|**Other income**|Total|Total|
||2024|2023|
||£|£|
|Other income|8,747|3,810|
||---------------|---------------|
|All investment and other income were unrestricted in 2024 and 2023.|8,747|3,810|
||========|========|
## **3.**
## **4.**
## **5.**
18
Internal
## **THE GENETICS SOCIETY**
## **NOTES TO THE FINANCIAL STATEMENTS**
## **FOR THE YEAR ENDED 31 DECEMBER 2024**
|**5a.**
**Charitable activities (2024)**
Cost of
Raising
Funds
£
Investment management costs 22,181
Direct cost of charitable
activities
-
Insurance
-
Postage and stationery
-
Travelling expense
-
Secretarial expense
-
Subscriptions
-
Bank and credit card charges
-
Sundry expenses
-
Irrecoverable VAT
-
Governance costs (note 7)
-
22,181
Support costs
7,250
Total expenditure 2024
29,430
=============
Total expenditure 2023
22,607
=============|**5a.**
**Charitable activities (2024)**
Cost of
Raising
Funds
£
Investment management costs 22,181
Direct cost of charitable
activities
-
Insurance
-
Postage and stationery
-
Travelling expense
-
Secretarial expense
-
Subscriptions
-
Bank and credit card charges
-
Sundry expenses
-
Irrecoverable VAT
-
Governance costs (note 7)
-
22,181
Support costs
7,250
Total expenditure 2024
29,430
=============
Total expenditure 2023
22,607
=============|**Charitable Activities**
Publication
(Including
Newsletter,
Editorial
Grants and
Meetings
Website
Office
Sponsorship
And
And
Support
Expenses)
(note 6)
Events
Education
Costs
2024
2023
£
£
£
£
£
£
£
- -
-
-
-
22,181
18,658
42,544 206,429
157,502 35,285
-
441,760
629,458
- -
-
-
2,966
2,966
2,352
- -
-
-
400
400
-
- -
-
-
4,904
4,904
1,409
- -
-
-
15,597
15,597
4,441
- -
-
-
11,250
11,250
15,000
- -
-
-
3,271
3,271
1,969
- -
-
-
300
300
561
- -
-
-
28,787
28,787
26,345
- -
-
-
84,156
84,156
85,130|
|---|---|---|
||22,181
7,250|42,544 206,429
157,502 35,285
151,631
615,572
785,323
13,905 67,468 51,477 11,532
(151,631)
-
-|
||29,430
=============
22,607
=============|56,449
273,897
208,979
46,817
-
615,572
785,323
================== ============= ============= ============= ============= ============= =============
41,840
352,649
226,014
142,213
**-**
785,323
================== ============= ============= ============= ============= ============= =============|
Support costs are allocated to raising funds and charitable activities based on their total direct costs. All expenditure was unrestricted for 2024 and 2023.
19
Internal
## **THE GENETICS SOCIETY**
## **NOTES TO THE FINANCIAL STATEMENTS**
## **FOR THE YEAR ENDED 31 DECEMBER 2024**
## **5a. Charitable activities (2023)**
|Cost of
Raising
Funds
£
Investment management costs
18,658
Direct cost of charitable activities -
Insurance
-
Postage and stationery
-
Travelling expense
-
Secretarial expense
-
Subscriptions
-
Bank and credit card charges
-
Sundry expenses
-
Irrecoverable VAT
-
Governance costs (note 7)
-
--------------------------
18,658
Support costs
3,949
--------------------------
Total expenditure 2023
22,607
=============
Total expenditure 2022
23,060
=============|**Charitable Activities**
Publication
(Including
Newsletter,
Editorial
Grants and
Meetings
Website
Office
Sponsorship
And
And
Support
Expenses)
(note 6)
Events
Education
Costs
2023
2022
£
£
£
£
£
£
£
-
-
-
-
-
18,658
17,202
34,530
291,036
186,526
117,366 -
629,458
536,432
-
-
-
-
2,352
2,352
2,691
-
-
-
-
-
-
-
-
-
-
-
1,409
1,409
50
-
-
-
-
4,441
4,441
28,620
-
-
-
-
15,000
15,000
15,000
-
-
-
-
1,969
1,969
1,914
-
-
-
-
561
561
1,700
-
-
-
-
26,345
26,345
48,706
-
-
-
-
85,130
85,130
47,539
--------------------------
--------------------------
--------------------------
--------------------------
--------------------------
--------------------------
--------------------------
34,530
291,036
186,526
117,366
137,207
785,323
699,854
7,310
61,613
39,488
24,847
(137,207)
-
--------------------------
--------------------------
--------------------------
--------------------------
--------------------------
--------------------------
--------------------------
41,840
352,649
226,014
142,213
**-**
785,323
699,854
=============
=============
=============
=============
=============
=============
=============
44,502
256,513
290,662
85,117
**-**
699,854
=============
=============
=============
=============
=============
=============
=============|
|---|---|
20
Internal
**THE GENETICS SOCIETY**
## **NOTES TO THE FINANCIAL STATEMENTS (continued)**
## **FOR THE YEAR ENDED 31 DECEMBER 2024**
|**6a.**|**Grant making (2024)**|||||
|---|---|---|---|---|---|
|||Grant to|Support|||
|||Individuals|Costs|2024||
|||£|£|£||
||**Cost**|||||
||Junior Scientist Travel Grants|76,562|25,023|101,585||
||Heredity Fieldwork Grants|8,298|2,712|11,010||
||Genes and Development –|60,986|19,933|80,919||
||Summer Studentships|||||
||Sponsorship of Meetings|23,319|7,621|30,940||
||Genetics Society Training grants|8,720|2,850|11,570||
||Grants|28,544|9,329|37,873||
|||------------------|----------------------|----------------------||
|||206,429|67,468|273,897||
|||=========|==========|==========||
|**6b.**|**Grant making (2023)**|||||
|||Grant to|Support|||
|||Individuals|Costs|2023||
|||£|£|£||
||**Cost**|||||
||Junior Scientist Travel Grants|62,131|13,153|75,284||
||Heredity Fieldwork Grants|33,297|7,049|40,346||
||Genes and Development –|85,641|18,130|103,771||
||Summer Studentships|||||
||Sponsorship of Meetings|51,019|10,801|61,820||
||Genetics Society Training grants|13,933|2,950|16,883||
||Grants|45,015|9,530|54,545||
|||------------------|----------------------|----------------------||
|||291,036|61,613|352,649||
|**7.**|**Governance costs**|||||
|||||Total|Total|
|||||2024|2023|
|||||£|£|
||Committee expenses|||20,121|24,183|
||Audit fees|||11,051|15,317|
||Accountancy fees|||16,210|18,130|
||Legal fees|||36,774|27,500|
|||||-----------------|-----------------|
|||||84,156|85,130|
|||||========|========|
## **8. Trustee remuneration and expenses**
The charity trustees did not receive remuneration or any other benefits for their services as trustees this year (2023: £nil). No charity trustee received payment for professional or other services supplied to the charity (2023: £nil).
Trustees’ expenses represent the payment or reimbursement of travel and subsistence costs totalling £20,121 (2023:£ 24,183) incurred by trustees.
21
Internal
**THE GENETICS SOCIETY**
**NOTES TO THE FINANCIAL STATEMENTS (continued)**
## **FOR THE YEAR ENDED 31 DECEMBER 2024**
## **9. Staff numbers**
There were no employees during the year and the previous year.
## **10. Related party transactions**
There were no related party transactions during the year (2023: nil)
## **11. Taxation**
The Charity is exempt from corporation tax as all its income is charitable and is applied for charitable purposes.
|**12.**|**Investments**|Total|Total|
|---|---|---|---|
|||2024|2023|
|||£|£|
||**Listed investments**|||
||Fair value at the start of the year
|1,720,675|1,661,817|
||Additions
|556,984|546,206|
||Disposals
|(645,659)|(558,369)|
||Realised gains/(losses)
|(37,775)|66,209|
||Unrealised gains/(losses)
|(55,068)|4,810|
|||-------------------|-------------------|
||Fair value at the end of the year
|1,539,157|1,720,673|
||Cash element of the investment portfolio
|15,965|15,722|
|||-------------------|---------------------|
|||1,555,122|1,736,395|
|||=========|==========|
||Historical cost of investments
|1,625,684|1,732,711|
|||=========|=========|
||The investment portfolio is held with Rathbone Greenbank Investments.|||
|**13.**|**Debtors**|||
|||Total|Total|
|||2024|2023|
|||£|£|
||Other debtors|306|895|
||Prepayments and accrued income|233,760|311,894|
|||-----------------|-----------------|
|||233,065|312,789|
|||========|========|
22
Internal
**THE GENETICS SOCIETY**
**NOTES TO THE FINANCIAL STATEMENTS (continued)**
## **FOR THE YEAR ENDED 31 DECEMBER 2024**
## **14. Creditors: amounts falling due within one year**
|**Creditors: amounts falling due within one**|**year**||
|---|---|---|
||Total|Total|
||2024|2023|
||£|£|
|Trade creditors|15,750|16,458|
|Other creditors|-|9|
|Accruals|38,499|35,813|
|Deferred income|20,194|17,864|
||-----------------|-----------------|
||74,443|70,144|
||========|========|
## **15. Deferred Income**
Deferred income comprises membership contribution which is not yet earned.
||Total|Total|
|---|---|---|
||2024|2023|
||£|£|
|Balance at the beginning of the year|17,864|14,532|
|Amount released to income in the year|(17,864)|(14,532)|
|Amount deferred in the year|20,194|17,864|
||-----------------|-----------------|
|Balance at the end of the year|20,194|17,864|
||========|========|
Deferred income represents subscriptions received in the current financial year for future periods. This is to be released to income in the period for which it has been received.
## **16. Reconciliation of net income to net cash flow from operating activities**
||Total|Total|
|---|---|---|
||2024|2023|
||£|£|
|Net income for the reporting period|||
|(as per the statement of financial activities)|(178,715)|(136,859)|
|(Gains) / Losses on investments|92,843|(71,019)|
|Dividends and interest from investments|(37,759)|(40,168)|
|Decrease / (Increase) in debtors|78,724|38,568|
|(Decrease) in creditors|4,299|(10,667)|
||-----------------|-----------------|
|Net cash used in operating activities|(40,608)|(220,145)|
||========|========|
23
Internal