2020-12-31-accounts - Society For Endocrinology

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

SOCIETY FOR ENDOCRINOLOGY (A COMPANY LIMITED BY GUARANTEE)

FINANCIAL STATEMENTS For the year ended 31 December 2020

SOCIETY FOR ENDOCRINOLOGY REPORT OF THE COUNCIL OF MANAGEMENT

Reference and administrative details of the charity, its Trustees and advisors

The Society for Endocrinology is a company limited by guarantee, governed in accordance with its Memorandum and Articles of Association.

The administrative information required to be given is as follows:

Charity Registration No:

Charity Registration No: 266813 Company Registration No: 349408 Principal and Registered Starling House Office: 1600 Bristol Parkway North Bristol BS34 8YU

Registered with the Charity Commission for England and Wales

Council of Management: Professor R V Thakker (President) Professor E Davies (General Secretary) Professor B McGowan (Treasurer) Resigned 17 December 2020 Professor M Gurnell (Treasurer) Appointed 17 December 2020 Professor J H D Bassett (Programme Secretary) Professor K Boelaert Dr A Brooke Appointed 17 December 2020 Professor S Forbes Dr M Freel Dr T M Kearney Professor G G Lavery Dr D A Rees Professor R Reynolds Professor J W Tomlinson Resigned 17 December 2020

Senior Staff: Mr I Russell (Chief Executive & Company Secretary) Mr D Mills (Finance Director) Ms L Udakis (Director of Membership Engagement) Ms T Horner (HR & Performance Director) Mr R Cropley (Operations Director) Mrs K Sargent (Deputy Managing Director, Bioscientifica) No staff are registered as directors of the Society for Endocrinology at Companies House. The term ‘director’ is used for internal purposes only.

Independent Auditor:

Haysmacintyre LLP 10 Queen Street Place London EC4R 1AG

SOCIETY FOR ENDOCRINOLOGY REPORT OF THE COUNCIL OF MANAGEMENT

Reference and administrative details of the charity, its Trustees and advisors (continued)

Solicitors: Royds Withy King 69 Carter Lane London EC4V 5EQ Bankers: NatWest Bank plc HSBC Bank plc Thornbury Branch 27 Gloucester Road North PO Box 1369 Filton Bristol BS99 5HD Bristol BS27 0SQ Investment Managers: Brewin Dolphin Limited 2[nd] Floor 5 Callaghan Square Cardiff CF10 5BT

SOCIETY FOR ENDOCRINOLOGY

REPORT OF THE COUNCIL OF MANAGEMENT

About us

The Society for Endocrinology (the Society) is the UK home of endocrinology. Endocrinology is the study of the endocrine system – a network of glands producing chemical messengers called hormones that play a vital role in controlling and regulating many functions of living organisms including metabolism, growth and development, sexual function and reproduction, heart rate, and blood pressure. We have around 3,000 members and bring together the global endocrine community to share ideas and advance our discipline. As a membership organisation, we support scientists, clinicians and nurses who work with hormones throughout their careers. We also engage policymakers, journalists, patients and the public with hormone science to encourage informed health decisions, and to demonstrate the value of endocrinology to the wider world.

It is estimated that 1 in 3 people in the UK are affected by an endocrine-related condition; 25% of the UK population are obese[1] , 7% are living with diabetes[2] , and 4% suffer from osteoporosis[3] - all are endocrine conditions. In addition, around 1 in 7 couples may have difficulty conceiving and there are also a large number of rarer endocrine conditions, including Cushing’s disease and acromegaly. Thanks to endocrinologists, diabetes patients are able to lead longer, healthier lives, infertile couples are able to conceive, and those with breast and prostate cancer are increasingly beating the odds.

Together, our members advance the pace of learning and research across the sector from basic science to clinical practice. By sharing our expertise with policy-makers and the public, the Society and our members are helping to shape the future of public health .

Our strategy: shaping the future of hormone research and clinical practice

The Society for Endocrinology exists to advance the understanding of endocrinology. Endocrinology is fundamental to human, animal, and plant life. Hundreds of millions of people worldwide suffer from endocrine conditions... indeed every minute of every day hormones have a direct impact on all of our lives. Our work centres on providing support for cutting edge research which furthers the understanding of the endocrine system, ensuring the latest knowledge is used to improve patient outcomes, and raising public awareness of the impact of hormones so that people can make better healthcare choices. Our members work to gain a better understanding of hormones and the endocrine system which allows us to live happier, healthier, and longer lives; we work to support the needs and priorities of our diverse membership of basic scientists, specialist nurses, and clinicians working in endocrinology and closely related disciplines.

Our strategy: the impact of the COVID-19 pandemic

It goes without saying that the COVID-19 pandemic has had a huge impact on the health service, wider society, the economy, and on the activities and financial status of a great many charities. All of our members have, of course, been impacted by the pandemic. Scientists have had their labs closed for long periods and in addition to the severe disruption to their research the training of early career researchers has also been detrimentally effected. Many of our members are health care professionals and the doctors and nurses supporting endocrine patients have been enormously impacted by the pandemic. Many of them were redeployed to front-line care for long periods during the most challenging times of the crisis with consequences for patients with endocrine disorders. Those same members have then had the challenges of restarting specialist care.

The Society for Endocrinology was also hugely challenged by the pandemic but has responded strongly and decisively to both the challenges and opportunities presented by the crisis. We worked hard to protect our finances by managing our costs especially carefully, we worked hard to protect our

1 https://www.nhs.uk/conditions/obesity/

2 https://www.diabetes.org.uk/about_us/news/new-stats-people-living-with-diabetes

3 https://www.nhs.uk/conditions/osteoporosis/

SOCIETY FOR ENDOCRINOLOGY

REPORT OF THE COUNCIL OF MANAGEMENT

staff and their physical and mental health as the organisation transitioned to home working, and we worked hard to protect the service and support we provide to our members.

Supporting research to extend our understanding

Endocrinology is a relatively new discipline: the ancient Egyptians studied the cardiovascular system while in contrast the study of hormones only dates back to the mid-19[th] century. New hormones are still being discovered and we are developing our understanding of the complex chemical messaging and feedback schemes that make up endocrine systems.

Due to the pandemic we had to cancel our planned in-person training and professional development events but instead we introduced a new series of online support including the Lab in your living room series of research skills webinars.

In 2020 the Society for Endocrinology continued to support cutting-edge research and training by awarding £290k in grants, including £179k Early Career grants used, for example, for researchers to gain preliminary data before applying for other external funding. Total grant expenditure was less than budgeted for 2020 largely due to a reduced need for travel support.

The Society owns five peer-reviewed journals and co-owns another. All six journals publish highquality research and these journals serve as hubs for knowledge exchange. Thanks to the hard work and dedication of our Editors, publication of the journals continued unhindered during the pandemic and indeed we saw an increase in submissions during the year.

Developing best practice in clinical care

A key component of the Society’s work is in developing and sharing best practice in clinical care. The Society instigated a working group, reporting to our Clinical Committee, to look at the future of clinical care in endocrinology which, inter alia , is working to identify what lessons can be learned from the pandemic and how clinical care can be improved post-COVID.

We work with the Association of British Clinical Diabetologists and the Federation of Royal Colleges of Physicians of the United Kingdom to deliver the Specialty Certificate Examination (SCE) in Endocrinology and Diabetes. The SCE is a compulsory component of assessment for the Certificate of Completion of Training for all UK trainees specialising in Endocrinology and Diabetes. Due to the pandemic the 2020 SCE was postponed from the summer and instead took place in December 2020. We also provide a number of training and networking events, including our flagship SfE BES conference. It was not possible to run SfE BES in person in 2020 and so instead we ran a condensed programme online which was free to members to help ensure that endocrinologists could stay abreast of developments in our fast-moving discipline.

We produce clinical guidance for the management of endocrine conditions for specialists, primary health care workers and first responders and again here we were able to respond to the crisis by producing timely guidance and curated links to information on aspects of the pandemic relevant to endocrine patients. We also organise and deliver audit visits to clinical centres which, sadly, had to be paused during 2020. We have used the time to consider how the audits can be further improved and these will be resumed as soon as we are able. Along with our guidelines, such audits help to ensure the adoption of best practice and consistency of care across the country. In addition, the Society manages a programme of UK-wide research projects to better understand rare endocrine conditions and improve patient outcomes.

Ensuring the public make informed health choices

Our aim is for everybody to have a better understanding of hormones and to make informed decisions about their health as a result. Endocrinology is a hugely important subject that impacts every living organism and so we also want to inspire young people to take an interest in studying endocrinology and related subjects. We work proactively to ensure accurate reporting of endocrinology in the media

SOCIETY FOR ENDOCRINOLOGY

REPORT OF THE COUNCIL OF MANAGEMENT

and promote the understanding and discussion of endocrinology through public events and online resources such as You and Your Hormones (www.yourhormones.info). In 2020, in the absence of inperson festivals and events, we started to pilot a series of virtual classroom sessions which have proved popular and will be further developed into 2021.

We seek to inform policy and decision makers by promoting the Society’s expertise to external bodies, including the NHS, government departments, higher education bodies, and scientific and medical organisations, thus promoting best practice in science and medicine.

We work closely with patient support groups in endocrinology to improve information and care for patients and carers. The Society makes grants available to fund specific patient group activities (in 2020 these grants totalled £16,743). We also facilitate patient communication with the medical community by inviting patient support groups to our events.

A vibrant community

Underpinning all of these activities is the important role that the Society plays in ensuring that the endocrine community remains vibrant.

We promote recruitment, retention and training of the best scientists, doctors and nurses in endocrinology to ensure a healthy talent-pool in the discipline. The Society generally spends in excess of £500,000 per annum on support to early career endocrinologists and this will continue to be a priority through activities including free access to Career Development Workshops, early career grants, free registration at events, travel grants, summer studentships, and a variety of prizes and awards.

We also recognise and reward success in endocrinology at all levels through an annual programme of medals, prizes and awards.

Wider networks and collaborations

The Society recognises that some of its aims can best be achieved by collaboration with other organisations. The Society is a member of the Professional Associations Research Network, Parliamentary and Scientific Committee, Understanding Animal Research, the Association of Medical Research Charities, the Association of Learned and Professional Society Publishers, and works closely with the Science Media Centre.

The Society is also a member of the International Society of Endocrinology and the European Society of Endocrinology (ESE). An alliance has been established with ESE whereby they have adopted the three Society-owned journals as their official journals, whilst a fourth journal is co-owned with them. In 2020 the Society committed to support and contribute to ESE’s policy and advocacy work across Europe.

The Society also has an agreement with John Wiley & Sons, whereby their journal Clinical Endocrinology is an official journal of the Society.

The Society is supported by a cross-section of industry, overseen by the Corporate Liaison Committee. The Society’s multi-tiered corporate supporter scheme provides a forum for two-way dialogue between the Society and industry across issues including therapeutic development and regulation.

Much of our work takes place in conjunction with Patient Support Groups who represent patients with endocrine conditions. The Society actively works with 20 patient support groups who attend our events and contribute to guidance. Funding is made available to these groups via a grant scheme to support attendance at our events and specific patient projects.

SOCIETY FOR ENDOCRINOLOGY

REPORT OF THE COUNCIL OF MANAGEMENT

Volunteers

The Society is largely run by members – scientists, clinicians and nurses who volunteer their time and expertise to carry out and continually develop Society activities. Approximately 100 members sit on committees, over 100 members and non-members currently serve on journal editorial boards, and many more assist with programme development for our meetings, as speakers and chairs, and with other activities. The Society is immensely grateful to all these volunteers for their tireless work.

The Charity does not partake in any fundraising activities, no third party fundraisers are used and there were no complaints in the year relating to fundraising.

Successes in 2020

The Society’s portfolio of activities is developed in line with five broad objectives:

Recruiting the next generation
Supporting career development at all stages
Setting the highest standards
Facilitating and creating knowledge exchange
Collaborating within and beyond the endocrinology community

Recruiting the next generation

In 2020 the Society continued to develop its Leadership and Development Awards programme to provide additional benefits to awardees. Seven new awards were made through the competitive application process to emerging leaders within endocrinology. A two-day residential Leadership Training programme was developed for awardees, together with several successful appointments to journal editorial boards and Society committees.

In 2020 a new Undergraduate Video Prize was launched to engage students with the topics within endocrinology and to support the teaching of our members. The new Prize attracted 26 high quality submissions from three countries on the theme of ‘hormones in the news’. The videos were able to be used on our public-facing website, You and Your Hormones, and the Prize will be expanded in 2021 to include a category for Postgraduate entries.

Other achievements in 2020 included work with the early career group of Diabetes UK (YDEF) to organise the third National Endocrinology and Diabetes Taster Day. This event aims to showcase endocrinology and diabetes to inspire undifferentiated medical trainees and encourage them to choose E&D as their specialty, which this year, took place via two webinar sessions. The reach more than doubled compared to last year’s in-person event, to 228 participants, with the added advantage of the recorded content being made available to view on demand.

Supporting career development at all stages

The Society runs a programme of events and grants that aims to support the training and professional development of all our members at all career stages. Our portfolio of Prizes and Awards aims not only recognise and celebrate excellence, but also to inspire and share best practice. None of our in-person events were able to take place in 2020, yet much of the content was delivered successfully via virtual platforms which attracted a bigger audience and much positive feedback during a year where professional development opportunities, particularly for trainees, would otherwise have been lacking.

During 2020 we launched three separate webinar series aimed at clinicians, nurses and researchers, which were all delivered free of charge. Our Clinical Skills series alone attracted over 700 registrants,

SOCIETY FOR ENDOCRINOLOGY

REPORT OF THE COUNCIL OF MANAGEMENT

including over 45% non-trainees who do not traditionally attend our long-standing Clinical Update event. Our Research Skills ‘ Lab in your Living Room’ webinar series allowed us to deliver introductory training on an array of research techniques to benefit researchers unable to carry out lab work during the pandemic. Our nurse-targeted webinars also covered a range of new clinical and professional topics. Each of the series received hugely positive feedback and participants expressed a strong desire for more virtual training in the future.

The Society’s annual conference, SfE BES, attracts around 1,000 endocrinologists each year, and in 2020 a streamlined, virtual programme was delivered focused around Medal and other plenary lectures, Endocrine Network and industry satellite sessions. The format and content attracted over 1,700 delegates, compared to 942 at the in-person conference in 2019, as well as a higher level of sponsorship than in previous years. The vast majority of the content was made available on demand post-event and by the end of 2020 had attracted over 12,000 views.

Two new Awards were introduced in 2020 to recognise excellence in teaching and clinical practice. Exceptionally strong nominations were made for both Awards which led to two recipients for each new Award being made. These individuals will present their work at the Society’s annual conference in 2021.

In 2020 £450k was made available in grants to fund research, travel to conferences, public engagement and patient support for our members’ education and professional development. A new Meeting Support Grant was introduced for 2020, bringing together several existing grant programmes, allowing the funds to be spent more flexibly on events that would provide most benefit to endocrinology and Society members.

	Applications	*Awarded*	*Value(£)*
BES Free Places Summer Studentships Early Career Grants Practical Skills Grants Patient Support Grants Public Engagement Grants Undergraduate Achievement Awards Meeting Support Grants Endocrine Networks Research Grants Equipment Grants Nurses Master Module Grant Other Grants	0 25 30 0 12 2 18 7 0 10 3 0	0 11 19 0 8 1 18 5 0 2 2 0	917 27,867 179,460 - 16,743 1,000 5,400 36,750 - 19,400 2,600 -
	107	66	290,137
Adjustment for 2020 Conference grants awarded in 2019, but not paid		-31	-24,360
	107	35	265,777

Setting the highest standards

The Society is uniquely placed to set clinical guidance on best practice within endocrinology. We achieve this by developing and publishing guidance on diagnosis and treatment of endocrine conditions. Alongside guidance documents, our programme of Interdepartmental Peer Review provides an external assessment of clinical governance and service delivery and aims to improve services for endocrine patients.

In 2020, one of the Society’s first responses to the pandemic was to create and curate a growing number of resources for managing endocrine patient care, as services were reduced or stopped, as well as to manage the impact of the COVID virus itself on patients. The member response to this

SOCIETY FOR ENDOCRINOLOGY

REPORT OF THE COUNCIL OF MANAGEMENT

initiative was immense, from the tireless work of those creating and sharing documentation, to those expressing their gratitude and appreciation for the support that these resources provided.

The pandemic also provided an opportunity for our speciality to re-imagine clinical service delivery taking lessons from the forced change in practice over the year, as well as recent initiatives including the Department of Health’s Get It Right First Time initiative. The Society’s Clinical Committee set up a ‘Future of Endocrinology’ working group to examine how endocrine services could and should be delivered in a patient-oriented way that maximises efficiencies, provides training opportunities, facilitates sharing of best practice and, above all, optimises patient care. The work is ongoing into 2021 but the first output was delivered in October 2020, detailing recommendations for the continuation of endocrine services during future waves of COVID-19. The work will also inform and shape both future training in endocrinology as well as the development of the Society’s Peer Review programme.

Alongside this work, 2020 enabled the Society together with the Royal College of Physicians and multiple other stakeholders to launch a new adult emergency steroid card for patients to carry that has been adopted by and universally recognised within the NHS. This work will vastly improve the safety and care of patients suffering from adrenal insufficiency and is the culmination of around 8 years work by Society members and others, representing a fantastic achievement.

Facilitating and creating knowledge exchange

The Society’s portfolio of journals and research projects, together with our events programme, provide effective platforms for gathering and disseminating new knowledge, from the fundamental molecular science of endocrinology through translation work to best clinical practice.

The Society’s four owned journals and fifth endorsed journal continue to perform well and their quality is reflected in their impact factors, shown below.

Journal	2016	2017	2018	2019	2020
Journal of Endocrinology	4.498	4.706	4.012	4.381	4.041
Journal of Molecular Endocrinology	2.947	3.577	3.297	3.744	3.562
Endocrine-Related Cancer	4.472	5.267	5.331	4.774	4.800
Endocrine Connections		2.541	3.041	2.474	2.592

The Society’s five long-standing research projects continued throughout 2020 and all of these are still in their final stages or have completed: two long standing projects, the UK Acromegaly Register, Congenital Adrenal Hyperplasia Adult Study Executive (CaHASE) and three additional projects: Apoplexy audit, post-radiation Graves Managements (PRAGMA) and Transitional Care. The projects were funded by grants from the Clinical Endocrinology Trust (CET) or educational grants from pharmaceutical companies. The research projects continue to provide valuable data utilised in presentations at international meetings and published in peer-reviewed journals.

In addition, our new research study set up in 2019: the Anti-thyroid drug study, which aims to identify those likely to have severe side effects caused by anti-thyroid drugs, was ongoing throughout 2020 though paused for a significant portion of the year, to be resumed in 2021. This project is funded by the CET.

SOCIETY FOR ENDOCRINOLOGY

REPORT OF THE COUNCIL OF MANAGEMENT

Collaborating within and beyond the endocrinology community

The membership base of the Society remained stable over the year with the total number of paid members at the end of the 2020 subscription year reaching 2,621 compared to 2,740 the previous year.

Endocrinology is a broad discipline. Our subspecialty groups called Endocrine Networks enable the Society to understand the diverse challenges our discipline faces as well as the cutting edge research and practice within each area. The Networks act as a platform for collaboration between basic and clinical researchers, clinical endocrinologists and endocrine nurses. The Networks also enable members to engage and find solutions to challenges within their specialist field of endocrinology. In 2020 we changed the name of our ‘Endocrine Neoplasia Syndromes’ Network to ‘Endocrine Cancer’ to become more inclusive. Our eight Networks are listed below:

Adrenal and Cardiovascular
Bone and Calcium
Endocrine Consequences of Living with and Beyond Cancer
Endocrine Cancer
Metabolic and Obesity
Neuroendocrinology
Reproductive Endocrinology and Biology
Thyroid

The Society is committed to helping people make better decisions about their health by engaging widely with non-specialists. We disseminate accurate up-to-date information about hormones to the public and empower our members with the tools, training and opportunities they need to be able to deliver effective public engagement. Our activities include press work, delivering hands-on activities at science and community festivals, running training sessions for members and managing online resources including a public-facing website You and Your Hormones.

You and Your Hormones receives up to 13,000 page views a day and is overseen by an editorial board and tier of content editors who report into the Public Engagement Committee. In 2020, the Society produced its first animated video ‘what is endocrinology?’ together with a new podcast series ‘Hormones: the inside story’ which have both added additional value to our digital resources and allowed us to have a presence on platforms that are saturated with misinformation about hormones. Our podcast series saw around 6,000 downloads within the first two months of launch, placing it in the top 10% of podcasts for usage. Reviews have been extremely encouraging, and the series will be continued in 2021.

In the absence of opportunities to deliver our outreach activities at school events and festivals in 2020, a new virtual classroom event was piloted to engage secondary school groups with topics in endocrinology related to the curriculum, with an additional focus on careers in science and medicine. This format proved popular with schools and attractive to members to engage with and will be expanded throughout 2021.

Structure, governance and management

The Society was established in 1939. It is a company limited by guarantee and was registered as a charity in the UK in 1961. Our beneficiaries are Society members, clinicians and researchers working on the endocrine system and related disciplines, patients, their support groups, students and the general public. Our governing documents are our Memorandum and Articles of Association, supplemented by our Byelaws.

In 2020 Council agreed that a review of its governance should be carried out to ensure that its structures and processes continue to be robust, transparent and inclusive to members. This review is

SOCIETY FOR ENDOCRINOLOGY

REPORT OF THE COUNCIL OF MANAGEMENT

being carried out by a member-led working group who are expected to deliver their recommendations to Council in mid-2021.

Council

The Society is governed by a Council consisting of twelve trustees elected by the membership and a number of ex-officio members. Council is supported by various standing committees and, as required, working groups. Elected members of Council fulfil the dual roles of being charity trustees and company directors of the Society. Committee chairs attend Council in an ex-officio capacity. The exofficio members and observers are not trustees or directors and are not entitled to vote.

Members of Council must be full members of the Society. Vacant positions are advertised to the membership for nomination by a full member. If there are more nominations than vacancies, the full members are balloted. The new Council members are announced at the Society’s Annual General Meeting.

All new Council members are invited to attend an induction session covering governance, finance and the Society’s major areas of activity. Trustee update briefings on changes in legislation and regulations are provided at least annually.

The committee structure reporting into Council is as follows:

The Officers’ sub-committee provides liaison with the executive on strategic and management issues between Council meetings and is comprised of the President, General Secretary, Treasurer, and Programme Secretary. They are elected specifically to these posts one year in advance of taking office, whereupon they shadow their role for a year. The Treasurer serves a term of office of five years, with the remaining roles completing a three-year term of office. All other Council members serve a four-year term.

Committee chairs are appointed as follows:

Committee	Chair
Programme Committee	Programme Secretary
Finance Committee	Treasurer
Nominations Committee	President
Publications Committee	Normally the General Secretary, otherwise a
	trustee of the Society nominated by Council
All other committees	Appointed by Council

Committees have a degree of autonomy as regards their composition and methods of election/appointment, but always subject to Council’s approval. The structure and remits of committees are reviewed by Council periodically.

Council also appoints the Editors-in-Chief of the three Society-owned journals and that of the Society’s magazine, The Endocrinologist . The Editor-in-Chief of the journal Endocrine Connections

SOCIETY FOR ENDOCRINOLOGY

REPORT OF THE COUNCIL OF MANAGEMENT

appointed by Council in conjunction with the Executive Committee of the co-owners, the European Society of Endocrinology.

All members of Council and its committees give their time voluntarily to the Society.

Trustees

In shaping our objectives and planning our activities the Trustees have considered the Charity Commission’s guidance on public benefit including Public Benefit: Running a charity (PB2) . The Trustees are satisfied that the activities of the Society provide public benefit through supporting the advancement of the understanding of hormones, improving clinical practice, publishing high quality research in our journals, organising meetings, conferences and networking events, and informing and engaging the public in the importance of endocrinology.

Remuneration of key management personnel

Working in close collaboration with Council our Executive Team, led by the Chief Executive, manages the implementation and operational delivery of the Society’s strategic objectives and ensures that the Society is governed and managed effectively.

The Society’s staff report to the General Secretary through the Chief Executive. The Society’s Remuneration Group oversees staff salaries and benefits and sets the remuneration of key management personnel which are benchmarked against similar organisations and appropriate ONS inflation and wage increase measures. The Remuneration Group comprises representatives of the Officers, the Chair of Bioscientifica Limited and the Chief Executive.

Bioscientifica Limited

The Society’s activities are made possible by funding from our wholly owned trading subsidiary, Bioscientifica, which publishes our journals, manages our events and provides membership services. Bioscientifica exists to support biomedicine. Through its expertise in publishing, professional conference organisation and association management Bioscientifica strengthens biomedical communities to advance science and health.

Established in 1996, Bioscientifica Limited returns its surplus profits back to the Society for Endocrinology via Gift Aid and also provides funding for the Bioscientifica Trust.

SOCIETY FOR ENDOCRINOLOGY

REPORT OF THE COUNCIL OF MANAGEMENT

The investment portfolio is managed by Brewin Dolphin Limited under a discretionary investment management arrangement. There are no restrictions on the charity’s power to invest. The investment strategy is set by the trustees and takes into account income requirements, the risk profile and the investment manager’s view of the market prospects.

The policy is to maximise total return through a diversified portfolio whilst providing a level of income advised by the trustees from time to time. During 2020 the Ethical Policy, which excluded investment in companies that derive more than 10% of their turnover from the tobacco industry or anything clearly injurious to health, was extended to specifically cover the alcohol, weapon system and armaments, and gambling industries, as well as companies engaged in the supply of food and drink products shown to contribute to obesity of consumers.

The investment brokers prepare portfolio valuation reports on a monthly basis in addition to more detailed quarterly reports for Trustees which include comparison with the appropriate benchmarks. Additional reports may also be prepared for each Finance Committee meeting. The Finance Committee meets three times a year and the investment manager normally attends at least one meeting.

The value of listed investments increased to £3,980k from £3,742k during the year, largely as a result of increases in the value of equities held in the investment fund. The portfolio experienced unrealised gains on investments held at the year-end of £58k. The total investment income from the portfolio for the year was £84k. Cash reserves for the Society and Bioscientifica Limited together stood at £2,147k at the year-end. This includes cash held on behalf of third parties.

The investments of the Main Fund are shown in note 14 to the accounts.

Financial review

Financial overview

In line with the Society’s plans to manage reserves within approved levels, a deficit budget of £221k was set for 2020. This was, of course, prior to the emergence of the COVID pandemic, which necessitated a highly-concerted effort to balance income and expenditure throughout the whole of 2020, which the Society achieved. The main source of funds for the Society derives from its journals, received through Gift Aid from Bioscientifica Limited. The Society publications continue to perform strongly financially, despite the additional pressures imposed on the industry by COVID, off the back of excellent editorial performance, and accounted for 83% of the Society’s charitable activities (2019 67%). The Gift Aid generated by Bioscientifica Limited accounted for 43% (2019 33%) of income from trading activities.

Event income from delegates and sponsors fell to 31% of total income (2019 65%) as COVID severely restricted physical event opportunities in 2020, and generated a gross surplus, before overheads, of £10k (2019 £73k).

Other membership services account for £1,320k of charitable expenditure (2019 £1,381k) and cover the management of the membership, networks, public and media activities, professional and career, prizes and awards and nurse activities. Grants continue to be a major part of the support to the membership with £266k awarded during the year (2018 £396k), this figure being affected by a significant reduction in conference-related grants paid during 2020.

Reserves policy

To date, funding has been derived mainly from surpluses from publishing and event management activities through the trading company, income from membership, and the Society’s own investments.

The reserves policy assumes that, in the event of a severe financial crisis, the Society would require sufficient funds to run on a going concern basis for a two-year period, during which time the Society’s position would be evaluated. Existing projects would be financed for up to two years at a level based

SOCIETY FOR ENDOCRINOLOGY

REPORT OF THE COUNCIL OF MANAGEMENT

on priorities agreed by Council. In the event that no viable alternatives for financing could be identified, the Society would be wound up. It has been assumed that the sale of the office premises would provide sufficient funds to cover any associated costs.

The Trustees reviewed the policy in December 2017 and confirmed that the reserves figure should remain unchanged at £3.44M. The figure for readily available reserves at 31 December 2020 was £4.44M (31 December 2019 - £4.14M), exceeding the reserve requirement by £1.0M. The Trustees anticipate another financially challenging year in 2021 as the impacts of COVID continue to be felt, which is expected to be reflected in a reduction of reserves at 31 December 2021.

COVID-19

Despite some disruption to the Society’s planned activities for 2020, notably moving the planned annual meeting to an online format, through a combination of close management of Society discretionary expenditure and the success of Bioscientifica in delivering the budgeted Gift Aid, the Society was able to increase its reserves in 2020, without impacting on long-term goals.

The Trustees are cognisant that the impacts of COVID are likely to affect the financial performance of the Society in 2021, and beyond, and will remain vigilant in order to protect reserve levels in the medium-long term.

Bioscientifica Limited

Bioscientifica Limited’s profit before Gift Aid and taxation of £1,141k (£59k higher than budget) represents a very satisfactory performance in the light of the challenges faced by Bioscientifica in each of its trading divisions during 2020. The company generates funds for the Society by providing products and services to third parties in areas where the Society’s staff have expertise. This also allows cost-effective sharing of overheads. The main areas of activity are publishing, event management and association management with the majority of clients being scientific and medical societies, the pharmaceutical industry, and international universities and research institutions. A summary of financial results is shown in note 3 to the accounts, and Bioscientifica will remit £1,324k to the Society through Gift Aid (which includes £174k in respect of 2019). The Bioscientifica Limited business plan forms the basis of current and future activity across the company’s main divisions and identifies targets for product development and growth. Business strategy is predicated on growth and development in all three business units and on the continuance of major client relationships.

Risk review

The Society maintains a risk register that covers main business risks across the organisation and is reviewed regularly by the Council of Management. A separate register is held for Bioscientifica Limited to manage specific risks for the company which is overseen by the company’s Board of Directors. Key operational risks are held across the Group and thus appear on both registers.

During the year, the Society identified 2 risks deemed to be in a ‘red’ status, i.e. having a combination of high impact and high likelihood. These risks were:

Unexpected reduction of Gift Aid by >£200k from Bioscientifica; and,
Communicable disease or other global events cause the SFE BES conference to be cancelled

By the end of October 2020 the risk level attached to an unexpected reduction in Gift Aid had been reduced to ‘amber’ (having a lower level of probability), and the impact of COVID on the SFE BES conference had been removed from the register.

At the end of December 2020, the Society’s register identified 14 risks, 11 of which were deemed to be in ‘amber’ status where the risk gives cause for concern but is under control or acceptable. Of these amber risks the most significant were:

SOCIETY FOR ENDOCRINOLOGY

REPORT OF THE COUNCIL OF MANAGEMENT

Loss of key staff

As a small organisation we rely very heavily on key staff. The senior management team was reorganised in the summer of 2017 in part to reduce this risk, to build in a greater level of succession planning and to ensure that expertise and knowledge is more widely shared. The risks are further mitigated through robust business continuity plans with reviews of organisational structure and organisation of workloads to reduce the impact of the loss of key staff. Retention is improved through continuous work on staff engagement and the Society once again received recognition in the Sunday Times list of the best 100 not-for-profit companies to work for.

Significant loss of pharmaceutical sponsorship

The requirements of pharmaceutical companies are changing rapidly in light of developing regulation and challenges in new product development. This is putting pressure on the support they offer to learned societies like us and consequently on the financial support we receive from them. We have developed new offerings in partnership with our corporate supporters and also formed a Corporate Relations Committee to oversee our relationship with industry.

Unexpected reduction of Gift Aid by >£200k from Bioscientifica

This risk was primarily driven by the continued uncertainty over Brexit throughout most of 2019, and the potential impact that this could have on partnerships with European organisations and the exchange rate impact on overseas revenues from our journal publishing business. In fact, Bioscientifica has performed very well and exceeded its budgeted profit for 2020.

Over the course of 2020, and continuing throughout 2021, the Society risk register has been modified to reflect the additional risks associated with COVID. Several already identified risk factors are now assessed to have either a higher level of impact and/or higher likelihood of occurrence than previously. The main changes have been as follows:

Loss of essential IT infrastructure

The requirement that all non-essential workers should work from home wherever possible has increased the reliance of the organisation on the availability of remote IT services. In response, additional key software licences have been procured, and uniform, cloud-based meeting software has been installed on all staff computers. The resilience of the Society VPN and cyber-security measures have also been tested and assured.

Loss of staff availability due to COVID

There is some threat to the ability of the Society to provide the support that the Society’s members require if a high number of staff are affected by COVID concurrently. The executive team have sought to minimise use of the Society’s offices since March 2020, and imposed strict guidance for the individuals concerned if attendance at the offices was unavoidable. In addition, the executive team have consistently reminded all staff of the importance of following governmental advice regarding staying safe outside of the office.

Statement of Trustees’ responsibilities

The Trustees (who are also Directors of the Society for the purposes of Company Law) are responsible for preparing the Report of the directors (including the Strategic Report) and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) which give a true and fair view of the state of affairs of the charitable company and the group and of the incoming resources and application of resources, including the income and expenditure, of the charitable company and group for that period.

In preparing these financial statements, the Trustees are required to:

Select suitable accounting policies and them apply them consistently

SOCIETY FOR ENDOCRINOLOGY REPORT OF THE COUNCIL OF MANAGEMENT

Observe the methods and principles of the Charities Statement of Recommended Practice
Make judgements and estimates that are reasonable and prudent
State whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements, and
Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in operation

The Trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company’s website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

In so far as the Trustees are aware:

There is no relevant audit information of which the Society’s auditor is unaware, and
The Trustees have taken all the steps that they ought to have taken as Trustees to make themselves aware of any relevant audit information and to establish that the auditor is aware of that information

The Trustees are responsible for keeping proper accounting records that disclose, with reasonable accuracy at any time, the financial position of the charitable company and group and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Funds held as custodian trustee on behalf of others

Within Bioscientifica Limited are held funds of £339k belonging to clients of the company. These funds relate to current contracts which involve Bioscientifica collecting and holding income on behalf of clients, which will either be utilised to pay client expenditure or remitted to the client.

Registered Office

Starling House 1600 Bristol Parkway North Bristol BS34 8YU

In approving the Trustees’ Report, the Trustees are also approving the Strategic Report included here in their capacity as Company Directors.

On behalf of the Council

Eleanor Davies

E Davies General Secretary Dated : 20 July 2021

SOCIETY FOR ENDOCRINOLOGY

Audit Report

Opinion

We have audited the financial statements of Society for Endocrinology for the year ended 31 December 2020 which comprise the Consolidated Statement of Financial Activities, the Consolidated and Parent Charitable Company Balance Sheets, the Consolidated Cash Flow Statement and the related notes. 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 charitable company and group’s affairs as at 31 December 2020 and of the charitable company and group’s net movement in funds, including the income and expenditure, 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 Companies Act 2006.

Basis for opinion

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 group 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 group/charitable company]'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’ 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.

SOCIETY FOR ENDOCRINOLOGY

REPORT OF THE COUNCIL OF MANAGEMENT

Audit Report (continued)

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

the information given in the Trustees’ Report (which incorporates the strategic report and the directors’ report) for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Trustees’ Report (which incorporates the strategic report and the directors’ report) has been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group’s and the parent charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees’ Report (which incorporates the strategic report and the directors’ report).

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

adequate accounting records have not been kept by the parent charitable company; or
the charitable company financial statements are not in agreement with the accounting records and returns; or
certain disclosures of trustees’ remuneration specified by law are not made; 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 on pages 14-15, the trustees (who are also the directors of the charitable company for the purposes of company law) 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 group’s and parent charitable company’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 charitable company 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 group and the environment in which it operates, we identified that the principal risks of non-compliance with laws and regulations related to Companies Act and Charity law, 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 Companies Act 2006 and the Charities Act 2011.

SOCIETY FOR ENDOCRINOLOGY REPORT OF THE COUNCIL OF MANAGEMENT

Audit Report (continued)

We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements, including the risk of override of controls. Audit procedures performed by the engagement team included:

Discussions with management including consideration of known or suspected instances of noncompliance with laws and regulations and fraud;
Reviewing correspondence with regulators
Reviewing the controls and procedures of the Charity to ensure these were in place throughout the year, including during the Covid-19 remote working period;
Evaluating management’s controls designed to prevent and detect irregularities;
Reviewing and testing journal entries made in the year, particularly those made as part of the year-end financial reporting process;
Challenging assumptions and judgements made by management in their critical accounting estimates.

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 audit report

This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members 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 charitable company and the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Kathryn Burton Senior Statutory Auditor for and on behalf of Haysmacintyre LLP, Statutory Auditors

10 Queen Street Place London EC4R 1AG

Date: 20 July 2021

SOCIETY FOR ENDOCRINOLOGY

Consolidated statement of financial activities (incorporating the income and expenditure account) for the year ended 31 December 2020

Note
Income and endowments from:
Charitable activities
4
Other trading activities
5
Investments
Other
6
Total
Expenditure on:
Raising funds
7
Charitable activities
8
Other
Total
Net (losses)/gains on investments
Net (expenditure)/income
Transfers between funds
Net Movement in funds
Reconciliation of funds:
Total funds brought forward
Total funds carried forward

Year ended 31 December 2020
Year ended
31 December
2019
Unrestricted
Funds
Restricted
Funds
Total
Funds
Total
Funds
£000
£000
£000
£000
2,146
-
2,146
2,775
3,105
-
3,105
3,308
77
7
84
113
145
-
145
336
5,473
7
5,480
6,532
3,424
-
3,424
3,532
1,931
6
1,937
2,751
19
2
21
19
5,374
8
5,382
6,302
76
(18)
58
385
175
(19)
156
615
20
(20)
-
-
195
(39)
156
615
5,404
370
5,774
5,159
5,599
331
5,930
5,774

All of the above amounts relate to continuing activities.

The notes on pages 22 to 40 form part of these financial statements

SOCIETY FOR ENDOCRINOLOGY

Group and company balance sheets at 31 December 2020

Note
Fixed Assets:
Intangible assets
12
Tangible assets
13
Investments
14
Investment in Bioscientifica Limited
3
Total Fixed Assets
Current Assets
Debtors
15
Cash at bank and in hand
16
Total Current Assets
Liabilities:
Creditors: Amounts falling due
within one year
17
Net current assets
Total assets less current liabilities
Creditors: Amounts falling due after
more than one year
Long term loans
18
Net Assets
The funds of the charity:
Restricted income funds
19
Unrestricted funds
20
Total charity funds

2020
2019
Group Company
Group Company
£000
£000
£000
£000
21
21
54
54
1,881
1,881
1,962
1,962
4,114
4,114
3,814
3,814
-
1
-
1
6,016
6,017
5,830
5,831
2,055
498
1,924
216
2,147
996
2,209
1,003
4,202
1,494
4,133
1,219
3,507
849
3,377
695
695
645
756
524
6,711
6,662
6,586
6,355
781
781
812
812
5,930
5,881
5,774
5,543
331
331
370
370
5,599
5,550
5,404
5,173
5,930
5,881
5,774
5,543

The surplus for the Charitable Company for the year totalled £339,085 (2019 surplus: £614,566).

These financial statements were approved by the directors and authorised for issue on 20 July 2021 and are signed on their behalf by:

Eleanor Davies E DAVIES

GENERAL SECRETARY

M GURNELL

TREASURER

Company registration number: 349408

The notes on pages 24 to 40 form part of these financial statements

SOCIETY FOR ENDOCRINOLOGY

Consolidated cash flow statement for the year ended 31 December 2020

Note Cash flows from operating activities: Net cash provided by / (used in) operating activities a Cash flows from investing activities: Dividends and interest Purchase of property, plant and equipment Proceeds from sale of investments Purchase of investments Movement in cash awaiting investment Net cash provided by investing activities Sale of property asset held for resale Movement in Long Term Loans Change in cash and cash equivalents in the reporting period Cash and cash equivalents at the beginning of the reporting period b Cash and cash equivalents at the end of the reporting period b a)Reconciliation of net income to net cash flow from operating activities Net (expenditure)/income for the year (as per the statement of financial activities) Adjustments for: Depreciation and amortisation charges Gains on investments Dividends and interest from investments Profit on sale of property held for resale Decrease/(Increase) in debtors Increase in creditors Net cash provided by operating activities b)Analysis of cash and cash equivalents Cash in hand Notice deposits (less than 3 months) Total cash and cash equivalents	2020 2019 £000 £000 131 172
	84 113 (5) (92) 1,126 831 (1,305) (879) (62) 2
	(162) (25)
	- 612
	(31) (219)
	(62) 540 2,209 1,669
	2,147 2,209
	156 616 118 108 (58) (384) (84) (112) - (202) (131) 924 130 (778)
	131 172
	756 1,027 1,391 1,182
	2,147 2,209

SOCIETY FOR ENDOCRINOLOGY

Consolidated cash flow statement for the year ended 31 December 2020

Reconciliation of movement in net debt

Cash Borrowings Debt due within one year Debt due after one year	1 January 2020 Cash Flows Other non- cash changes 31 December 2020 £000 £000 £000 £000 2,147 62 - 2,209 (37) 31 (31) (37) (812) - 31 (781) (849) 31 - (818) 1,298 93 - 1,391

SOCIETY FOR ENDOCRINOLOGY

Notes to the accounts for the year ended 31 December 2020 (continued)

1) Accounting policies

a) General information

The Society for Endocrinology (“the Society”) is a charitable company limited by guarantee incorporated in England and Wales (co. number 349408) and registered with the Charity Commission (Charity Registration no. 266813). The Society’s registered office address is Starling House, 1600 Parkway North, Bristol BS34 8YU.

b) Basis of preparation

The financial statements have been prepared under the historical cost convention, as modified by the revaluation of listed investments, and in accordance the Statement of Recommended Practice for Charities (Charities SORP - FRS 102 second edition, effective 1st January 2019), with applicable accounting standards (FRS 102) and the Companies Act 2006.

c) Basis of consolidation

The statement of financial activities (SOFA) and balance sheet consolidate the financial statements of the charity and its wholly owned subsidiary undertaking, Bioscientifica Limited. The results of the subsidiary are consolidated on a line-by-line basis.

The charity has taken exemption from presenting a separate statement of financial activities under section 408 of the Companies Act 2006.

d) Going concern

In assessing the ability of the Society and Group to continue as a going concern, the Trustees have considered the Society and Group liquidity position, and reviewed cash flow forecasts for the foreseeable future.

The COVID-19 pandemic is considered unlikely to have a material financial impact on the Society’s own operations in the year to 31 December 2021, although the longer-term effect on the activities of its trading subsidiary, Bioscientifica, are less clear, which may have an impact on Group financial performance beyond 2021.

There is not expected to be a material impact on the market value of the Society’s head office building.

The Trustees have prepared cash flow forecasts up until July 2022 to plan for the above, including any reasonably foreseeable mitigating factors and the Trustees are comfortable that the Society can continue as a going concern for the foreseeable future.

For this reason, the Trustees continue to adopt the going concern basis in preparing the accounts.

e) Income and endowments

Income includes:

i) Donations received in the year
ii) Grants and royalties which are accounted for on a received basis
iii) Investment income received during the period includes dividends and bank interest, on an accruals basis
iv) Subscriptions which are accounted for on the accruals basis and deferred if paid in advance
v) Sponsorship, event income and other publication income are recognised when delivered

f) Expenditure

Expenditure is included when incurred and is matched with the relevant income stream.

SOCIETY FOR ENDOCRINOLOGY

Notes to the accounts for the year ended 31 December 2020 (continued)

Costs of raising funds include all costs of the activities of the trading subsidiary (excluding the Society-owned publications), investment managers’ fees and any costs associated with generating voluntary income.

Charitable activities include all costs that relate to the generation of income to further the charity’s objects.

Support costs shown in note 9 represent the indirect costs incurred in providing support for all activities of the charity and governance costs. These have been allocated on the basis of the direct costs of the relevant activity.

Governance costs include Council and committee expenses and statutory and constitutional costs.

g) Intangible fixed assets and amortisation

Intangible assets represent computer software and are stated at cost less amortisation. Such assets are capitalised where the total cost exceeds £200. Software costs are amortised over 5 years, representing the expected useful life.

h) Tangible fixed assets and depreciation

Tangible fixed assets are stated at cost (or deemed cost) less accumulated depreciation and accumulated impairment losses. Fixed assets are capitalised where the total cost exceeds £200.

Depreciation is provided on all tangible assets, other than freehold land, to write off the cost, less estimated residual value of each asset over its expected useful life on a straight-line basis. The estimated useful lives are as follows:

Buildings : 50 years Fixtures and fittings : 5 to 10 years Office equipment : 3 to 5 years

i) Listed investments Listed investments are stated at fair value at the period-end.

Gains and losses on disposal and revaluation of investments are charged or credited to the SOFA.

j) Financial instruments – assets and liabilities

Cash and cash equivalents

Cash and cash equivalents includes cash in hand, deposits held at banks, other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. Bank overdrafts, when applicable, are shown within current liabilities.

Debtors and creditors

Debtors and creditors with no stated interest rates are recorded at transaction price. Any losses arising from impairment are recognised in the Statement of Financial Activities.

k) Pensions

The Society contributes to the personal pensions arrangements of certain staff. The assets are held separately from those of the Society in independently administered funds. The contributions are charged to the Statement of Financial Activities on a payments basis. The contributions paid are shown in note 11.

SOCIETY FOR ENDOCRINOLOGY

Notes to the accounts for the year ended 31 December 2020 (continued)

l) Foreign currencies

Transactions in foreign currencies are translated at rates prevailing at the date of the transaction. Bank balances denominated in foreign currencies are translated at the rate of exchange prevailing at the year-end.

m) Client accounts

The accounts held separately within debtors and creditors represent separate funds in respect of clients for whom the Society’s subsidiary acts as an agent.

n) Fund accounting

The funds held by the Society are categorised as:

Unrestricted Main Fund – funds which can be used in accordance with the charitable objects of the Society at the discretion of the trustees

Designated funds - funds which have been put aside at the discretion of the trustees as explained in Note 19 to the accounts.

Restricted funds – funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Society for particular purposes as explained in Note 18 to the accounts.

o) Taxation

The Society is exempt from income tax and corporation tax on income and gains derived from its charitable activities as these activities fall within various exemptions available to registered charities.

p) Judgements in applying accounting policies and key sources of estimation uncertainty In the application of the society’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.

Included in the Society’s creditors at 31 December 2020 is a provision of £233,000 to settle any claims in respect of Bioscientifica client contracts prior to 2017. This provision is calculated as the net value of all client transactions posted to the Society’s ledgers prior to 2017, and cannot be assigned to specific client contracts. Adopting a risk-based approach, this provision will be fully released by December 2024.

The Trustees do not consider there to be any other key areas of judgements or estimation in the application of the Society’s accounting policies.

2) Income and endowments

An analysis of Group income and endowments by geographical location is given below:

SOCIETY FOR ENDOCRINOLOGY

Notes to the accounts for the year ended 31 December 2020 (continued)

United Kingdom Europe North America Rest of the World	Year to 31/12/20 Year to 31/12/19 % % 21 27 42 39 9 11 28 23
	100 100

3) Net income from trading activities of subsidiary

The Society owns 1000 ordinary shares of £1 each at a total value of £1,000, representing the whole of the issued share capital of Bioscientifica Limited (Company No.3190519; Registered Address: Starling House, 1600 Parkway North, Bristol, BS34 8YU). Bioscientifica Limited carries out journal and book publishing projects as well as providing conference and other series to the scientific community. A summary of the trading results is set out below.

Summary profit and loss account Turnover Cost of sales Gross profit Administration Operating profit Interest receivable and similar income Profit on ordinary activities Gift Aid Profit before taxation Taxation Retained in subsidiary Total assets and liabilities of the subsidiary were: Fixed assets Current assets Creditors: amounts falling due within one year Total net assets Aggregate share capital and reserves		Year to 31/12/20 Year to 31/12/19 £000 £000 5,066 5,379 2,772 2,944 2,294 2,435 1,185 1,195 1,109 1,240 32 41 1,141 1,281 (1,324) (1,098) (183) 183 - - (183) 183 Year to 31/12/20 Year to 31/12/19 £000 £000 - - 2,709 2,914 2,659 2,681 50 233 50 233

The gift aid for the year of £1,324k was distributed in total to the Society for Endocrinology during 2020. This includes £183k of gift aid relating to 2019, not paid that year.

SOCIETY FOR ENDOCRINOLOGY

Notes to the accounts for the year ended 31 December 2020 (continued)

4) Income from charitable activities

Publications Society events and conferences (see below) Other membership services (including subscriptions) Grants received	Unrestricted funds Restricted funds Year to 31/12/20 Year to 31/12/19 £000 £000 £000 £000 1,776 - 1,776 1,859 199 - 199 703 171 - 171 193 - - - 20
	2,146 - 2,146 2,775

No restricted fund income was received in 2019.

Income from Society events and conferences includes:

The Society annual meeting Training and other registration fees	Year to 31/12/20 Year to 31/12/19 £000 £000 173 520 26 183
	199 703

5) Income from other trading activities

	Unrestricted	Restricted	Year to	Year to
	funds	funds	31/12/20	31/12/19
	£000	£000	£000	£000
Trading income from subsidiary company	3,105	-	3,105	3,308

No restricted fund income was received in 2019.

6) Other income

6) Other income
Royalties received Profit on sale of fixed assets	Unrestricted funds Restricted funds Year to 31/12/20 Year to 31/12/19 £000 £000 £000 £000 145 - 145 149 - - - 187
	145 - 145 336

No other income was earned in respect of restricted funds in 2019

SOCIETY FOR ENDOCRINOLOGY

Notes to the accounts for the year ended 31 December 2020 (continued)

7) Expenditure on raising funds

	Unrestricted	Restricted	Year to	Year to
	funds	funds	31/12/20	31/12/19
	£000	£000	£000	£000
Trading costs of subsidiary company	3,424	-	3,424	3,532
No costs were incurred in respect of restricted funds in 2019.

8) Expenditure on charitable activities

Publications Society events and conferences Other membership services (including subscriptions paid) Designated Strategy Fund Society research projects 2019 Publications Society events and conferences Other membership services (including subscriptions paid) Designated Strategy Fund Society research projects	Publications Society events and conferences Other membership services (including subscriptions paid) Designated Strategy Fund Society research projects 2019 Publications Society events and conferences Other membership services (including subscriptions paid) Designated Strategy Fund Society research projects	Direct costs Grants paid Support costs Year to 31/12/20 Year to 31/12/19 (note 9) £000 £000 £000 £000 £000 533 - - 533 607 34 - 44 78 758 453 279 588 1,320 1,381 - - - - - 6 - - 6 5
		1,026 279 632 1,937 2,751
		Direct costs Grants paid Support costs Year to 31/12/19 (note 9) £000 £000 £000 £000 607 - - 607 400 - 358 758 509 418 454 1,381 - - - - 5 - - 5 1,521 418 812 2,751

SOCIETY FOR ENDOCRINOLOGY

Notes to the accounts for the year ended 31 December 2020 (continued)

8) Expenditure on charitable activities (continued)

Subscriptions paid by the Group include the following:	Year to 31/12/20 Year to 31/12/19
	£ £
International Society of Endocrinology	6,323 5,756
Understanding Animal Research	595 584
Association of Medical Research Charities	1,364 1,430
Science Media Centre	2,100 2,000
Meltwater Subscription	3,795 3,795
Web of Science	8,853 10,188
AAAS (American Association for the Advancement of Science)	1,004 -
SSP (Society of Scholarly Publishing )	1,663 -
ABPCO	- 2,094
IAPCO (International Association of Professional Conference Organisers)	2,531 2,405
	28,228 28,252

Grants paid are made up as follows: Grants payable to individuals Travel grants and grants for attendance at meetings and conferences Summer studentships Early career grants Total grants payable to individuals Grants paid to institutions: Patient support grants Public engagement grants Undergraduate achievement award Regional clinical cases grants Other grants Total grants paid to institutions: Total grants paid Adjustment for Endocrine Academy 2020 Conference grants awarded in 2019 but not paid due to Covid Grants Paid - per Note 8	Grants paid Staff and other costs Year to 31/12/20 Year to 31/12/19 No £000 £000 £000 £000 - - - - 131 11 28 1 29 29 19 179 5 184 180
	30 207 6 213 340
	8 17 - 17 3 1 1 - 1 5 18 5 - 5 6 - - - - 2 9 59 4 63 62
	36 82 4 86 78
	66 289 10 299 418
	(31) (23) 3 (20) -
	35 266 13 279 418

SOCIETY FOR ENDOCRINOLOGY

Notes to the accounts for the year ended 31 December 2020 (continued)

Grants payable to individuals may be made payable to the workplace for the benefit of the individual.

2019 Grants payable to individuals Travel grants and grants for attendance at meetings and conferences Summer studentships Early career grants Total grants payable to individuals Grants paid to institutions: Patient support grants Public engagement grants Undergraduate achievement award Regional clinical cases grants Other grants Total grants paid to institutions: Total grants paid	Grants paid Staff and other costs Year to 31/12/19 No £000 £000 £000 239 128 3 131 12 26 3 29 18 176 4 180
	269 330 10 340
	7 3 - 3 5 5 - 5 20 6 - 6 - 2 2 22 52 10 62
	54 66 12 78
	323 396 22 418

9) Support costs

Support costs are all directly attributable to charitable activities as shown in note 8 and are made up as follows:

as follows:
Governance Finance and administration Information technology Marketing and communications Human resources Executive Total	Year to 31/12/20 Year to 31/12/19 £000 £000 54 98 290 354 110 125 32 32 83 146 63 57
	632 812

SOCIETY FOR ENDOCRINOLOGY

Notes to the accounts for the year ended 31 December 2020 (continued)

10) Net (Expenditure) / Income

This is stated after charging:

This is stated after charging:
	Year to	Year to
	31/12/20	31/12/19
	£000	£000
Depreciation and amortisation	117	109
Auditor’s remuneration:
Audit services	18	17
Accountancy and other services	9	3

11) Staff costs

Staff costs during the year amounted to:

Salaries Social security costs Other pension costs	Year to 31/12/20 Year to 31/12/19 £ £ 2,478,828 2,544,022 251,651 248,982 274,481 265,947
	3,004,960 3,058,951

The number of employees whose remuneration was within the bands stated was as follows:

	Year to	Year to
	31/12/20	31/12/19
	Number	Number
£60,001 - £70,000	4	2
£70,001 - £80,000	-	-
£80,001 - £90,000	-	1
£90,001 - £100,000	-	-
£100,001 - £110,000	-	1
£130,001 - £140,000	1	-

The average number of employees analysed by function was:

Charitable activities Administration	Year to 31/12/20 Year to 31/12/19 Number Number 59 63 23 25
	82 88

The total remuneration, benefits and pension contributions paid in respect of key management personnel in the year was £811,315 (2019: £800,898).

SOCIETY FOR ENDOCRINOLOGY

Notes to the accounts for the year ended 31 December 2020 (continued)

The members of the Council of Management received no remuneration for their services (2019: £nil).

Travel and subsistence expenses were reimbursed to 7 current and past member of the Council of Management totalling £2,070 (2019: 14 members, £8,593).

The Society holds indemnity insurance to indemnify the Society, its employees and agents in respect of neglect and default on their part. The cost of insurance was £18,259 (2019: £25,970).

12) Intangible assets

Cost: 1 January 2020 Additions Adjustments 31 December 2020 Amortisation 1 January 2020 Adjustments Charge for the year 31 December 2020 Net Book Value 31 December 2020	Group and Company Office software 2019 £000 £000 253 218 2 35 - -
	255 253
	199 166 - - 35 33
	234 199
	21 54

SOCIETY FOR ENDOCRINOLOGY

Notes to the accounts for the year ended 31 December 2020 (continued)

13) Tangible assets

Cost: 1 January 2020 Additions Disposals Adjustments 31 December 2020 Depreciation 1 January 2020 Charge for the year Eliminated on disposals Adjustments 31 December 2020 Net Book Value 31 December 2020 31 December 2019	Freehold land and buildings Fixtures and fittings Office equipment Company total Development costs Group total £000 £000 £000 £000 £000 £000 1,767 282 443 2,492 37 2,529 - 2 1 3 - 3 - - - - - - - - - - - -
	1,767 284 444 2,495 37 2,532
	65 97 368 530 37 567 36 26 22 84 - 83 - - - - - - - - - - - -
	101 123 390 614 37 651
	1,666 161 54 1,881 - 1,881
	1,702 185 75 1,962 - 1,962

The purchase of the Society’s Freehold land and buildings in 2018 was part-financed by a loan, for which the assets purchased provide security. Details of this loan are shown in note 18 to these financial statements.

14) Listed Investments

Market value at 1 January 2020: Additions Disposals Movement in cash awaiting investment Net unrealised investment gains Market value at 31 December 2020	Group and company 2020 2019 £000 £000 3,742 3,310 1,305 879 (1,125) (831) - - 58 384
	3,980 3,742

SOCIETY FOR ENDOCRINOLOGY

Notes to the accounts for the year ended 31 December 2020 (continued)

14) Listed Investments (continued)

The market value at 31 December 2020 comprises Listed investments Cash awaiting investment	Group and company 2020 2019 £000 £000 3,980 3,742 134 72 4,114 3,814

The historical cost of investments was £4,118,244 (31 December 2019: £3,328,193).

15) Debtors

Trade and other debtors Amounts due from subsidiary Prepayments and accrued income Derivative Asset Other taxes and social security	2020 2019 Group Charity Group Charity £000 £000 £000 £000 1,514 280 1,284 32 - - - - 453 218 561 184 88 - 77 - - -2 - 2,055 498 1,924 216

16) Cash at bank and in hand

Bank current accounts Monies held on deposit Petty cash	2020 2019 Group Charity Group Charity £000 £000 £000 £000 753 22 1,024 36 1,391 974 1,182 967 3 - 3 - 2,147 996 2,209 1,003

The Group balances include funds held in respect of the activities of clients of the trading subsidiary.

SOCIETY FOR ENDOCRINOLOGY

Notes to the accounts for the year ended 31 December 2020 (continued)

17) Creditors: amounts falling due within one year

Bank Loans Trade creditors Amounts due to subsidiary Clients’ accounts Deferred income Other taxes and social security Other creditors and accruals	2020 2019 Group Charity Group Charity £000 £000 £000 £000 37 37 37 37 255 29 225 217 - 39 - 27 73 - 339 - 1,225 108 1,256 122 90 90 67 67 1,827 546 1,453 225 3,507 849 3,377 695

Deferred income at 1 January 2020 Resources deferred in the year Amounts taken to income in the year Deferred income at 31 December 2020	2020 2019 Group Charity Group Charity £000 £000 £000 £000 1,256 122 1,496 126 1,225 108 1,256 122 (1,256) (122) (1,496) (126) 1,225 108 1,256 122

Deferred income largely represents 2021 journal subscription income received during 2020.

18) Long Term Loans

During 2018 the Society purchased a new corporate head office for £1.7m plus VAT. This was in part financed by a 25-year variable rate loan from Nat West bank of £1.1m. Interest is charged on the loan at 1.65% over base rate. The loan is secured by a first charge on the head office and a guarantee from Bioscientifica limited of £1.1m secured by a debenture.

SOCIETY FOR ENDOCRINOLOGY

Notes to the accounts for the year ended 31 December 2020 (continued)

18) Long Term Loans (continued)

The repayment schedule for the remaining balance on the long term loan is as follows:

Loan repayment year 1 Loan repayment years 2-5 Loan repayment years 5+	Group and company 2020 2019 £000 £000 37 37 147 148 634 664
	818 849

19) Restricted funds

19) Restricted funds
Group and company CaHASE Fund Anti-Thyroid Drug Study Marjorie Robinson Fund 2019 Group and company CaHASE Fund Anti-Thyroid Drug Study Marjorie Robinson Fund	Balance at 1 January 2020 Movement in resources Income Expenditure Transfer between funds Investment gains/ (losses) Balance at 31 December 2020 £000 £000 £000 £000 £000 £000 3 - (2) - - 1 8 - (4) - - 3 359 7 (2) (20) (18) 327 370 7 (8) (20) (18) 331 Balance at 1 January 2019 Movement in resources Income Expenditure Transfer between funds Investment gains/ (losses) Balance at 31 December 2019 £000 £000 £000 £000 £000 £000 1 - - 2 - 3 13 - (5) - - 8 343 10 (2) (20) 28 359	Balance at 1 January 2020 Movement in resources Income Expenditure Transfer between funds Investment gains/ (losses) Balance at 31 December 2020 £000 £000 £000 £000 £000 £000 3 - (2) - - 1 8 - (4) - - 3 359 7 (2) (20) (18) 327
		370 7 (8) (20) (18) 331
	357 10 (7) (18) 28 370

SOCIETY FOR ENDOCRINOLOGY

Notes to the accounts for the year ended 31 December 2020 (continued)

19) Restricted funds (continued)

The CaHASE fund is used to run a project which aims to provide further understanding of the rare disease called congenital adrenal hyperplasia.

The Anti Thyroid Drug Study fund is used to finance a national survey of patients with anti-thyroid drug (ATD) associated agranulocytosis and fulminant hepatotoxicity.

Miss Robinson left a legacy to the Charity to provide for research into pituitary and/or adrenal disease. The Trustees have established a policy to utilise the Marjorie Robinson fund to finance up to two early career grants in this field each year.

20) Unrestricted funds – Group and Company

Company Bioscientifica Limited Group total	Balance at 1 January 2020 Movement in resources Income Expenditure Transfer between funds Investment gains/ (losses) Balance at 31 December 2020 £000 £000 £000 £000 £000 £000 5,172 589 (1,416) 1,129 76 5,550 232 4,883 (3,957) (1,109) - 49
	5,404 5,472 (5,373) 20 76 5,599

Bioscientifica Limited profits of £1,141k were transferred to the Company as gift aid.

2019 Company Bioscientifica Limited Group total	Balance at 1 January 2019 Movement in resources Income Expenditure Transfer between funds Investment gains/(losses) Balance at 31 December 2019 £000 £000 £000 £000 £000 £000 4,753 1,350 (2,156) 868 357 5,172 49 5,172 (4,139) (850) - 232
	4,802 6,522 (6,295) 18 357 5,404

SOCIETY FOR ENDOCRINOLOGY

Notes to the accounts for the year ended 31 December 2020 (continued)

21) Analysis of Group and Company net assets between funds

Group Fixed assets Listed Investments Debtors and Cash Creditors Long term loans Company Fixed assets Listed Investments Investment in Subsidiary Debtors and Cash Creditors Long term loans Group 2019 Fixed assets Listed Investments Debtors and Cash Creditors Long term loans Company 2019 Fixed assets Listed Investments Investment in Subsidiary Debtors and Cash Creditors Long term loans	Unrestricted funds Restricted Funds 2020 2019 £000 £000 £000 £000 1,902 - 1,902 2,016 3,758 356 4,114 3,814 4,227 (25) 4,202 4,133 (3,507) - (3,507) (3,394) (781) - (781) (795)
	5,599 331 5,930 5,774
	Unrestricted funds Restricted Funds 2020 2019 £000 £000 £000 £000 1,902 - 1,902 2,016 3,758 356 4,114 3,814 1 1 1 1,519 (25) 1,494 1,219 (849) - (849) (695) (781) - (781) (812)
	5,550 331 5,881 5,543
	Unrestricted funds Restricted Funds 2019 £000 £000 £000 2,016 - 2,016 3,438 376 3,814 4,139 (6) 4,133 (3,394) - (3,394) (795) - (795) 5,404 370 5,774 Unrestricted funds Restricted Funds 2019 £000 £000 £000 2,016 - 2,016 3,438 376 3,814 1 1 1,225 (6) 1,219 (695) - (695) (812) - (812) 5,173 370 5,543

SOCIETY FOR ENDOCRINOLOGY

Notes to the accounts for the year ended 31 December 2020 (continued)

22) Transfer between funds

During the year the following transfers were made between funds: From the Main Fund to: CaHASE Fund to contribute to the support costs of the fund From the Marjorie Robinson Fund to: Main Fund to provide early career research grants	2020 2019 £ £ - 2,500
	20,000 20,000

23) Capital commitments

There were no capital commitments authorised but not contracted at the year-end (31 December 2019: £nil).

24) Related party transactions

The charity has taken advantage of the exemption available under FRS 102 paragraph 33.1A not to disclose transactions entered into between wholly owned members of the same group.

Where members of the Council of Management are in a position to exercise significant influence they declare their interest and exclude themselves from any relevant discussions. In extreme cases, where this approach is not sufficient, discussions are held with the individual regarding standing down from one of the organisations.

No other related party transactions have occurred in 2020 or 2019.

SOCIETY FOR ENDOCRINOLOGY

Main Fund

Income and expenditure account for year ended 31 December 2020

Note
Income from activities:
Membership subscriptions
Event income
Royalties receivable
Advertising income
Sundry income
Expenditure on activities:
Divisional Salaries
Publishing costs
Venue and catering costs
Bioscientifica management fees
Programmes, abstracts and handbooks
Expenses
Marketing
Other direct expenses
Grants
Deficit from activities
Overheads
Salaries
Other staff costs
Staff expenses
Premises costs
Insurance
Professional fees
Investment manager’s fees
Printing, postage, stationery and
telephone
Depreciation
Loss on disposal of fixed assets
Marketing
Bank and credit card charges
Sundry office expenses
Recharged
Deficit from Main Fund before
investment income and gains on
investments (carried forward)

Year ended
31/12/20
Year ended
31/12/2019
£000
£000
£000
£000
146
165
161
695
165
170
-
2
43
33
515
1,065
327
323
20
19
11
419
215
215
6
27
26
103
16
17
60
82
265
394
946
1,599
(431)
(534)
486
465
99
160
10
33
142
176
27
28
19
17
19
17
5
5
117
109
-
(187)
-
1
19
33
29
33
(288)
(272)
684
618
(1,115)
(1,152)

SOCIETY FOR ENDOCRINOLOGY

Main Fund

Income and expenditure account for year ended 31 December 2020

Note Deficit from Main Fund before investment income and gains on investments (brought forward) Income from listed investments Bank deposit interest Gift aid from Bioscientifica Limited (Deficit) / Surplus prior to transfers Transfers from / (to) designated funds Surplus from unrestricted fund before gains on investments Net gains/(losses) on investments Total surplus / (deficit) for the year	Year ended 31/12/20 Year ended 31/12/2019 £000 £000 £000 £000 (1,115) (1,152) 75 98 - - 1,324 1,098 1,399 1,196 284 44 20 18 304 62 76 357 380 419	Year ended 31/12/20 Year ended 31/12/2019 £000 £000 £000 £000 (1,115) (1,152) 75 98 - - 1,324 1,098 1,399 1,196 284 44 20 18 304 62 76 357 380 419	Year ended 31/12/20 Year ended 31/12/2019 £000 £000 £000 £000 (1,115) (1,152) 75 98 - - 1,324 1,098 1,399 1,196 284 44 20 18 304 62 76 357 380 419

		284 20
		304 76
		380

SOCIETY FOR ENDOCRINOLOGY

Main Fund

Balance sheet at 31 December 2020

Note Fixed Assets Intangible assets Tangible assets Listed investments Investment in Bioscientifica Limited Current assets Debtors and prepayments Bioscientifica Limited Cash at bank and in hand Current liabilities Income in advance Creditors and accruals Long term loans Obesity database Marjorie Robinson Fund CaHASE Fund Anti Thyroid Drug Study Net Current Assets Total assets less current liabilities Financed by: Unrestricted Fund 19	2020 2019 £000 £000 £000 £000 21 54 1,881 1,962 3,758 3,439 1 1 5,661 5,456 498 216 (39) (27) 996 1,003 1,455 1,192 108 122 538 564 781 795 165 0 (31) (17) 1 3 4 8 1,566 1,475 (111) (283) 5,550 5,173 5,550 5,173	2020 2019 £000 £000 £000 £000 21 54 1,881 1,962 3,758 3,439 1 1 5,661 5,456 498 216 (39) (27) 996 1,003 1,455 1,192 108 122 538 564 781 795 165 0 (31) (17) 1 3 4 8 1,566 1,475 (111) (283) 5,550 5,173 5,550 5,173
	1,566
		5,173
		5,173

SOCIETY FOR ENDOCRINOLOGY

Marjorie Robinson Fund

Income and expenditure account for the year ended 31 December 2020

Note Listed investment income Interest received Expenditure on activities: Grants paid Investment managers’ fees Deficit before gains /(losses) on investment Gains / (losses) on investments Surplus for the year Balance sheet at 31 December 2020 Fixed Assets Listed investments Current assets Main Fund – current account Net assets Financed by: Marjorie Robinson Fund 18	Year ended 31/12/20 £000 7 - 7 20 2 22 (15) (18) (33) 2020 £000 356 (31) 325 325		Year ended 31/12/19 £000 10 - 10 21 2 23 (13) 28 15 2019 £000 375 (17) 358 358

SOCIETY FOR ENDOCRINOLOGY

CaHASE Fund

Income and expenditure account for the year ended 31 December 2020

Note Income from activities: Grants received Expenditure on activities: General expenses Management charge Surplus / (Deficit) for the year Balance sheet at 31 December 2020 Current assets Main Fund – current account Net current assets Financed by: CaHASE Fund 18		Year ended 31/12/20 £000 - - 2 - 2 (2) 2020 £000 1 1 1	Year ended 31/12/19 £000 3
			3 - -
			-
			3
			2019 £000 3 3 3

SOCIETY FOR ENDOCRINOLOGY

Anti-Thyroid Drug Study

Income and expenditure account for the year ended 31 December 2020

Note Income from activities: Grants received Expenditure on activities: General expenses Management charge Surplus / (Deficit) for the year Balance sheet at 31 December 2020 Current assets Main Fund – current account Net current assets Financed by: Anti Thyroid Study Fund 19	Year ended 31/12/20 £000 - - - (4) (4) 4 2020 £000 4 4 4		Year ended 31/12/19 £000 -
			-
			- 5
			5
			(5)
			2019 £000 8
			8
			8