SOCIETY FOR ENDOCRINOLOGY
(A COMPANY LIMITED BY GUARANTEE)
FINANCIAL STATEMENTS
For the year ended 31 December 2023
AMENDED
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: 266813 Registered with the Charity Commission for England and Wales Company Registration No: 349408 Principal and Registered Starling House Office: 1600 Bristol Parkway North Bristol BS34 8YU
Council of Management: Professor M J Korbonits Professor R Andrew (General Secretary) Professor D A Rees (General Secretary-Elect) Appointed 13/11/23 Professor M Gurnell (Treasurer) Professor R K Semple (Programme Secretary) Professor K G Murphy (Programme Secretary-Elect) Appointed 13/11/23 Dr A M Brooke Professor T J Cole Appointed 13/11/23 S Criseno Appointed 13/11/23 Professor S Forbes Resigned 13/11/23 Dr M Freel Resigned 13/11/23 Dr T M Kearney Resigned 13/11/23 Dr M J Levy Professor O Onyebuchi Dr H L Simpson Dr M C Turner Appointed 13/11/23 Senior Staff: I Russell (Chief Executive & Company Secretary) D Mills (Finance Director) L Udakis (Director of Membership Engagement) M Hook (HR & Performance Director) K Sargent (Enterprise Director, Bioscientifica) No staff are registered as directors of the Society for Endocrinology at Independent Auditor: Haysmacintyre LLP 10 Queen Street Place London EC4R 1AG
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SOCIETY FOR ENDOCRINOLOGY REPORT OF THE COUNCIL OF MANAGEMENT Reference and administrative details of the charity, its Trustees and advisors
Solicitors: Royds Withy King 69 Carter Lane London EC4V 5EQ Bankers: NatWest Bank plc Thornbury Branch PO Box 1369 Bristol BS99 5HD Investment Managers: Cazenove Capital 1 London Wall Place London EC2Y 5AU
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Why endocrinology matters
Endocrinology is the study of hormones.
Hormones are fundamental to human, animal and plant life. They play a vital role in controlling and regulating many functions of living organisms including growth and development, metabolism, appetite, bone health, sexual function and reproduction, blood glucose levels, heart rate, and blood pressure. In humans, hormones govern vitally important bodily functions every moment of our lives from conception to the point at which we die.
Endocrine conditions include very common diseases like diabetes and osteoporosis but also a large number of rare, and sometimes difficult to diagnose diseases, where international collaboration is essential. Left untreated, some of these conditions can be life threatening. In the UK, 25% of population are obese[1] , 7% are living with diabetes[2] , and more than 5% suffer from osteoporosis[3] - all are endocrine conditions. Whilst many endocrine disorders are treated on an outpatient basis, at least 15% of all hospital inpatients have an endocrine disorder[4] .
Our community
The Society for Endocrinology was established in 1946, though traces its heritage back to the formation of the Journal of Endocrinology in 1939, and since then has been a hub for those working in the field of hormones both from the UK and farther afield. We strive to be welcoming and inclusive and our community includes clinicians, researchers and other associated professionals as well as relevant commercial entities including the pharmaceutical industry and other relevant companies.
Our mission is to promote and advance the understanding of endocrinology, bringing together the UK endocrine community to share ideas and advance our discipline.
We have a vision of a world where the importance of endocrinology is recognised, and the understanding of hormones and their actions is improved and applied, so that people live longer, healthier and happier lives.
Our members
Members are the core of our community and at the heart of the Society for Endocrinology. We have approximately 3,000 members, 61% of whom are doctors and nurses working primarily in a clinical role, a further 15% are clinicians who also do a sizable amount of research, 22% are research scientists and the remaining members work in other roles associated with the specialty.
Our work centres on providing support for scientists, doctors, nurses and associated professionals working in the field of hormones who are improving patient outcomes, championing best practice, developing new treatments, and undertaking cutting-edge research which furthers the understanding of the endocrine system. Endocrinologists apply this knowledge so that people can make better healthcare choices and live longer, healthier, better quality lives.
Our strategic goals
Goal 1: Grow and Foster a Collaborative, Inclusive and Friendly Endocrinology Com
best practice, as individuals advance through their careers.
1 - Obesity NHS (www.nhs.uk)
2 How many people in the UK have diabetes?
3 UK report.pdf (osteoporosis.foundation)
4 Endocrinology and diabetes | Health Careers
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We will do this by:
opment to all members throughout
their careers
activities
dissemination and discussion, to generate new knowledge that translates to better patient care.
We will do this by:
collaboration and training between disciplines for clinical benefit
ce and medicine
s and healthcare professionals to carry out research
cal practice
We will do this by:
community
ing patient involvement in their own care and understanding of treatments, through working with patient support groups
and associated professionals.
to tackle misinformation and promote good science.
We will do this by:
delivering expert, evidence-based information on endocrine-related public policy issues to policymakers
-experts to tackle
misinformation
pport teachers of endocrinology at schools, colleges and higher education institutions.
Progress against our goals
Goal 1: Grow and Foster a Collaborative, Inclusive and Friendly Endocrinology Community
Governance review
Although this review concluded in 2021, the changes being made will continue to roll out over a number of years. 2023 was the second year in which we implemented a more transparent and inclusive process for our elections to key roles in our governance, where all members are encouraged to apply for
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appropriate roles. This lead to some significant trustee appointments in 2023 with our first Nurse and
2023 also saw the conclusion of the Equality, Diversity and Inclusion Working Group, set up as a result of the Governance Review. Its recommendations on how to increase diversity across our membership and our governance positions, and reduce barriers to becoming a member, were approved by our Trustees in May 2023 and will result in a more inclusive and stronger community of those working in endocrinology.
Annual Conference
,104
attendees on site from across all sections of the endocrine community including patient support groups and industry. As well as valuable networking opportunities there were 63.5 hours of lectures and presentations in total on a wide range of high quality research and best clinical practice topics.
Leadership and Development Award Programme
Launched in 2019 this three-year programme was designed to recognise and nurture emerging talent in endocrinology to become the future leaders of our discipline. Since its inception, 35 members have benefitted from its wide range of benefits including attendance at the annual conference, a leadership training course, and opportunities to observe Society committees and undertake roles on our peer the You and Your Hormones Editorial Board, Chair of the Science Committee and serving on our governing Council.
as a leadership trainee, I found the experience [of being involved in a Peer Review] really useful in terms of getting to know governance and service delivery structure of centres which are different to the one I have worked in. It has provided me with a lot to reflect on management side of things which we do not have much involvement in during training, and has highlighted some common themes in best practice as well as challenges. This will be really useful for me as a consultant and has provided me with more practical points than the courses I have done
Patient Support Groups
ith a wide number of Patient Support Groups; in 2023 this numbered official affiliation with 17 organisations. As well as cooperating with them on patient guidelines and data registries, the Society also actively enables them to cooperate with our clinicians and nurses through attendance at both the annual conference and Endocrine Academy.
Goal 2: Facilitate the Advancement of Endocrine Science
Journals
One of the key ways in which the Society advances knowledge in endocrinology is by publishing highquality scholarly journals. The Society owns five journals: Journal of Endocrinology , Journal of Molecular Endocrinology , Endocrine Related Cancer , Endocrine Oncology , and Endocrinology, Diabetes & Metabolism Case Reports . Another journal, Endocrine Connections , is jointly owned with the European Society of Endocrinology and in 2023 we were delighted to extend our cooperation with John Wiley & Sons by signing a new agreement to ensure that their publication, Clinical Endocrinology ,
have set no specific timeline for the completion of the transition, in 2023 46% of the articles published
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We had a significant turnover of colleagues in our editorial team in 2023 and we used this as an opportunity to refocus the activities of that team to more effectively grow the amount of high quality papers we publish across our portfolio; this work in on-going.
Towards the end of the year, we were delighted to welcome Professor Ruth Andrew (University of Edinburgh) as joint Editor-in-Chief of Journal of Endocrinology and Journal of Molecular Endocrinology replacing Professor Colin Farquharson (these journals share an Editorial Board) working alongside Professor Martin Haluzík (Charles University, Prague).
Events
As well as running events that provide important professional development opportunities for clinicians,
As part of our strategic objective to increase the number of events that bring together members of the research community, we developed a pipeline of potential new events and undertook market research in to 52 subjects. We identified that intimate, collaborative meetings where the latest knowledge and ideas can be shared and discussed, would be the most attractive format of meeting to encourage audiences back together postoperationalise. We currently have two multiearly 2024, namely Neuroendocrine Tumour Models and Endocrine Metabolic G-Protein Coupled Receptors (GCPRs).
Furthermore, we launched our brand new Emerging Research Leaders day for members who are currently in their first academic/researcher leader position or are following a career pathway towards one. This new event attracted 14 emerging leaders.
The majority of our events across the portfolio also invite abstract submissions which are published in our specialist abstract publication, Endocrine Abstracts, which is a permanent, citable record for biomedical and life science conferences. SfE BES 2023 attracted 18% basic science abstracts.
Grants
to enable them to undertake research across a number of different endocrine areas. Projects included Investigating the paracrine control of glucose-dependent glucagon secretion in a novel human alpha - Phosphoproteomics to reveal the underlying mechanisms of altered luteinizing hormone receptor (LHR)
During the year, the Society also undertook a significant review of the grants portfolio to make them more inclusive and transparent. Members from across the Society were included in the review and the outcome will be a more streamlined portfolio, open to all the members with a new Grants Panel being set up to scrutinise all applications and ensure the Society maximises the member benefit of its grants pot.
Goal 3: Improve and Support the Equitable Delivery of Excellent Endocrine Patient Care
Clinical guidance
In 2023 the Society published three Society led guidelines : T3 Statement ; Guidelines for the diagnosis and management of post bariatric hypoglycaemia ; and Guidelines for the treatment of female hypogonadism . Additionally, the Society worked with a number of other bodies to publish joint guidelines or position statements: ; Joint Position on Medical Therapies for Obesity ; and with the Association of Clinical Biochemistry and Laboratory Medicine Standardising the biochemical confirmation of adult male hypogonadism.
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2023 Peer review
re-launched in
2023 in a new format. This new networked review model saw three centres across the country participate. Each centre was individually reviewed for half a day before they collectively met for another half day for the network session where best practices and challenges were shared.
The model benefitted both the reviewers and reviewees and have since received fantastic feedback such as the below:
Taking part in peer review was an eye opening of our own clinical practice. I was glad to be able, together with other reviewers, to make suggestions that will enable the reviewees to improve safety and quality of the care they provide and to develop further their service.
I gained valuable knowledge in the process. I truly recommend everyone, especially Endocrine
Clinical Resource Hub
The Clinical Resource Hub is a member only resource that was launched in 2022 following the conclusion of the Defining the Future of Endocrinology working group which made a series of recommendations about how endocrine patient care should be re-established after the closures of the pandemic.
Actions arising from the working group continued throughout 2023 with a series of bitesize webinars on the Clinic Transformation recommendations. To enhance these a series of hot topic webinars were introduced to provide information on the latest in clinical practice.
The Clinical Resource Hub currently contains 97 different resources which have been provided as examples of best practice by the membership. Split into eight main sections, including How do I? and Resources Split by Sub Specialty, Models of Care and Patient Safety and Information, we have seen information including webinars, presentations, patient templates and links out to external examples of best practice.
Masters module in Endocrine Nursing
Launched in 2020 this first of its kind course in the UK provides Endocrine Nurses with the opportunity to develop their skills. The Society awarded four scholarships to nurses to undertake the module in 2022/2023 with a further four in 2023/2024 who have gone on to complete the course. Two of the nurses who have completed the module have been inspired to take extra courses to complete their full
Events
their career and promotes the discipline to encourage students to pursue careers in endocrinology. The -person events, as well as the Online Skills Academy, launched in response to the Covid-19 pandemic.
During the year, from our work developing a pipeline of potential new research science events, we identified there was also a need within our communities to offer collaborative, participative, networking meetings where either leaders in the field could come together to discuss latest advances or provide masterclass training to the next generation. In 2023 we launched 6 such events. We delivered the first in this series on Endocrine Genetic Testing in September, attracting 68 attendees. The remaining five events launched in 2023 are scheduled for delivery throughout 2024, and the market research into further topics for the 2025 pipeline continues.
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Feedback from our first launch was overwhelmingly positive, with delegates quoting that the event had originally expected, and included more clinical and training event topics than anticipated, but as we overcome the challenges in building a broader portfolio of events for our communities we are learning more acutely what their needs are, and adapting our events business model accordingly.
Endocrine Academy
SfE Endocrine Academy co-locates the SfE Clinical Update and SfE Endocrine Nurse Update, and was expanded in 2023 to also accommodate the Emerging Research Leaders Day and Thyroid Ultrasound training day. Bringing these four audiences together over three days, where attendees interact during common break times, provided 420 healthcare professionals opportunities to come together to expand their professional networks and strengthen existing collaborations.
Research projects
A number of papers and articles were published as a result of previous research projects, including A study of acromegaly-associated headache with somatostatin analgesia (UK Acromegaly Register) and Service evaluation suggests variation in clinical care provision in adults with congenital adrenal hyperplasia in the UK and Ireland (CaHASE 2).
Real World Data Registries
In 2023 the Society launched a new series of research projects Real World Data Registries. These will become a set of data registries, built on a common technology platform, curated, governed and hosted by the Society. They will be used to support research projects, improve patient care and outcomes, and provide another important component in building industry partnerships.
During the year the Society launched two new registries: National Adrenal Tumour , and National Obesity Database Phase 2 Clinical and Patient collected data .
Goal 4: Be an Accurate, Trustworthy Voice on Hormones and Endocrine Disorders
You and Your Hormones website
This public facing website is a wealth of trusted information about hormones and endocrine conditions, lected editorial board the site consists of 159 articles and 23 videos and animations. In 2023 there were over 394,000 visits from across the globe and the site consistently features highly in online searches. The most popular page viewed during the year was on Cortisol.
Our Society Podcast Series Hormones the Inside Story - is aimed at the general public and is an Audio Series, Series Three was launched in the summer 2023 and included episodes on subjects as hormones and dispel health misinformation.
Our plans for the future
Goal 1: Grow and Foster a Collaborative, Inclusive and Friendly Endocrinology Community
New collaborations across the endocrine community
In 2024 the Society will be running its first ever joint meeting with the Irish Endocrine Society which will provide new opportunities for collaboration between endocrinologists based in the UK and Ireland. Taking place in October 2024 the Society aims to see 500 members of both societies take advantage of the event to establish new networks and partnerships across the Irish Sea.
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Moving our Annual Conference to allow more members to attend
In response to requests for the Society to avoid the winter months for the annual conference, as the pressures in the NHS during that period prevent some working in clinical practice attending, as well as changes to the international endocrinology calendar, SfE BES will be moving to the Spring of every year. Scheduled to take place in Harrogate in March 2025 the Society is looking to grow and evolve the conference and attract even more of those working in endocrinology to attend.
Leadership and Development Awards Programme making the award more inclusive
The 2023 EDI working group recommended that the Society should look to ensure all members were able to benefit from the opportunities it offers. As a result, the Leadership and Development Award Programme will be opened up to all members in 2024. It is hoped that we can see our first nurse and associated professional awardees in this first cohort.
Prizes and Awards
The Society offers a range of prizes and awards that recognises the contributions of members and of other distinguished endocrinologists from across the globe to our discipline. Following suggestions made by the 2022/23 Equality, Diversity and Inclusion Working Group, the Society is striving to make our portfolio of awards and prizes more inclusive. In 2024 a new Working Group, led by Past-President Professor Julia Buckingham, will review the portfolio and make recommendations for improvements to Council.
The Group will (a) seek to ensure that the Society offers a range of prizes, awards and other forms of recognition that all members, including those from under-represented groups, can aspire to and (b) that the processes for application/nomination, review and selection of the awardees are inclusive, transparent and fair.
New Events and Training Committee
The objective of this new committee, which will launch in 2024, is to oversee development of the to date, and meeting the evolving needs of members.
New membership database
The Society is investing in a replacement membership system which is due to go live in 2024. As well increase awareness of all benefits and activities across the membership.
Goal 2: Facilitate the Advancement of Endocrine Science
Journals
We will continue to prepare our journals portfolio for a full transition to open access business models. This will involve making our journals as attractive to authors as possible and improving our marketing and commissioning activities to increase the amount of high quality clinical and basic research articles we publish.
Events
portfolio of events, repeating those already successfully delivered and developing a sustainable pipeline for new launches over the next five years.
Grants
Streamlined to four or five grants from the original 15, with just three deadlines, they will be marked by a newly established Grants Panel.
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Goal 3: Improve and Support the Equitable Delivery of Excellent Endocrine Patient Care
Endocrine Academy
We will continue to deliver our gold-standard endocrine training across the co-located events making up Endocrine Academy, potentially running this event twice in a year as demand is suggesting we could. We will also continue to diversify our portfolio of events, our clinician members.
Guidelines
The Society expects to release one Society led guideline, and a further four joint or endorsed guidelines are planned in 2024. These are Society Guidelines on Androgen Excess; Short guidelines on thyroid emergencies jointly with the British Thyroid Association; and endorsement of the following three different guidelines Canadian guidance on X-linked hypophosphataemia; international guidance Clinical Practice Guidelines for the Care of Girls and Women with Turner Syndrome, Consensus guideline for the diagnosis and management of pituitary adenomas in childhood and adolescence.
Peer Review
Building on the success of the relaunch of Peer Review in 2023, the Society aims to have two sets of networked peer reviews in June and September, as well as a face to face review for Oxford NHS Trust during the year.
Real World Data Registries
Following on from its launch in 2023, the Society is looking to launch five new registries over 2024/2025.
-
Hyperthyroidism Real World Data Register
-
Endocrine Conditions over the Life Course Data Register
-
Hyperparathyroidism Real World Data Register
-
UK Acromegaly Register Relaunch
Diabetes Insipidus renaming
Diabetes Insipidus is a rare condition that is often confused with Diabetes Mellitus, despite them being very different disorders. This has caused confusion in front line health care situations and has led to significant distress for patients as well as fatalities. In 2024 a Society-led working group is expected to - succeed in the global renaming of this endoc
Goal 4: Be an Accurate, Trustworthy Voice on Hormones and Endocrine Disorders
You and Your Hormones website
The Society will be relaunching its public facing website in mid-2024, in order to improve how this trusted information is presented, thus making it even more accessible for a wider audience. The Society will continue to review and enhance the information it presents to the public to tackle misinformation and ensure that patients are armed with accurate information that allows them to make informed decisions about their own health.
Our governance structure
The Society for Endocrinology traces its origins back to the formation of the Journal of Endocrinology . The company formed to manage the affairs of the journal was incorporated in February 1939 and the Society for Endocrinology was constituted in 1946. The two companies eventually merged with Journal of Endocrinology Ltd changing its name to the Society for Endocrinology and adopting a broader remit
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The Society is a company limited by guarantee registered in England and was registered as a charity in 1961. It is governed by a Council of Management (Council) and the elected members of Council, known as Trustee-Directors, serve as both Trustees of the charity and the Directors of the limited company. The President, General Secretary, Treasurer, and Programme Secretary are elected to serve as Trustee-
our Articles of Association and Byelaws.
management team and those in key Society positions, for example Committee Chairs), approving highlevel, policy (usually public-facing policy; again with input from senior staff and those in key Society positions), and also has the legal and fiduciary responsibility to ensure that we meet our obligations under both company and charity law and our own governing documents.
Our committees
In 2023 Council was supported by ten standing committees. These were:
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Clinical Committee
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Corporate Liaison Committee
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Early Career Committee
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Finance Committee (Chaired by the Treasurer)
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Nurse Committee
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Nominations Committee (Chaired by the President)
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Programme Committee (Chaired by the Programme Secretary)
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Public Engagement Committee
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Remuneration Group (Chaired by the General Secretary)
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Science Committee
During the year, Council agreed to merge the Programme and Early Career Committees to form a new Events and Training Committee.
Where committees are not chaired by an Officer, Chairs are elected following an open call to the membership for applications. Members are then invited to vote for their preferred candidate if there is more than one eligible applicant.
All committee members are also sought via an open applications process. If there are more applications than vacancies, the committee is asked to vote on the candidates they feel bring the most in terms of desired skills and experience. The structure and remits of committees are reviewed by Council periodically.
- Council appoints the Editors-inmagazine, The Endocrinologist . The Editor-in-Chief of the journal Endocrine Connections is 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.
Our Trustees
In shaping our objectives and planning our activities, the Trustees have considered the Charity ance 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.
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Working in close collaboration with Council our senior management team, led by the Chief Executive, that the Society is governed and managed effectively.
Remuneration Group oversees staff salaries and benefits and sets the remuneration of senior personnel. Salaries and benefits are benchmarked against similar organisations and appropriate ONS inflation and wage increase measures.
Bioscientifica Limited
The Society has a wholly-owned trading subsidiary, Bioscientifica Limited, which provides publishing, event management and association management services to biomedical communities. Bioscientifica was incorporated in 1996 and has its own governing board made up of Executive and Non-Executive Directors. The General Secretary and Treasurer of the Society act as directors of the trading subsidiary in an ex officio capacity.
Investment management
The investment portfolio is managed by independent experts under a discretionary investment of key advisors, the Society appointed Cazenove Capital as investment managers, replacing Brewin view of the market prospects.
cash balances, are held in the Cazenove Capital Sustainable Multi-Asset Fund. The Society does not have a bespoke portfolio arrangement.
The policy is to maximise total return through a diversified portfolio whilst providing a level of income approved by the Trustees from time to time. The Society operates an Ethical Investment Policy, mirrored by the Cazenove Capital Sustainable Multi-Asset Fund. Investments in companies deriving financially material revenue from the tobacco, alcohol, weapon system and armaments, or gambling industries are prohibited. Investments in companies engaged in the supply of food and drink products shown to contribute to obesity of consumers are monitored closely for evidence that the companies concerned are actively engaged in programmes to improve the societal impact of their products.
The investment brokers provide portfolio valuation reports on a monthly basis in addition to more detailed quarterly reports for Trustees which include comparison with appropriate benchmarks. The Finance Committee meet three times a year and the investment managers normally attend at least one meeting.
The value of listed investments reduced to £3,690k from £4,265k during the year as a result of the drawdown of £750k to fund working capital, offset by gains on disposals, and non-crystallised increases in the market value of the portfolio, of £171k. The total investment income from the portfolio for the year was £148k. Cash reserves for the Society and Bioscientifica Limited together stood at £1,288k at the year-end. This includes cash held on behalf of third parties.
Movements in the investments of the Main Fund are shown in note 14 to the accounts.
Financial review
Financial overview
Total group income for the year was £5.5M (2022 £6.3M), and total group expenditure amounted to £6.2M (2022 £7.0M), leading to a net deficit, before investment gains, of £0.7M (2022 deficit £0.7M).
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The Society set a deficit budget for 2023 of £766k, which took into account reserve levels at the start of the year, a predicted reduction in the Gift Aid expected from Bioscientifica, and the desire to deliver a full program of events and support to members. The Society s its journals, received through Gift Aid from Bioscientifica Limited. In 2023, journal income accounted for 62% of the activities (2021 61%). The Gift Aid generated by Bioscientifica Limited accounted for 26% (2022 17%) of income from trading activities, the net increase being, primarily, the result of a non-recurring, material bad debt provision in Bioscientifica during 2022, offset by the termination of a profitable publishing contract at the end of 2022.
Society event income from delegates and sponsors reduced slightly to 66% of total Society income (2022 68%). The annual meeting took place in Glasgow, and generated a gross surplus, before overheads and grant costs, of £106k (2022 £114k).
Other membership services account for £1,336k of charitable expenditure (2022 £1,417k) 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 £313k awarded during the year (2022 £420k).
Reserves policy
To date, Society funding has been derived mainly from surpluses from publishing and event investments.
The reserves policy assumes that, in the event of a severe financial crisis, the Society will require sufficient funds to run on a going concern basis for a twoposition would be evaluated. Existing projects would be financed for up to two years at a level based on priorities agreed by Council. In the event that no viable alternatives for financing can 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 winding-up costs.
The Trustees reviewed the reserves policy in July 2022, and confirmed that, based upon a two-year, risk-based reserve requirement, the target reserves figure should be set at £2.85M (previously £3.44M). The figure for readily available reserves at 31 December 2023 was £3.59M (31 December 2022 - £4.02M), exceeding the target reserve requirement by £0.74M. The Trustees anticipate setting deficit budgets for the next 3 years, representing an affordable level of support and development opportunities for members, against a lower level of expected Gift Aid from the trading subsidiary. The total funds as at 31 December 2023 are £5.07M (2022: £5.64M) of which £0.39M are restricted (2022: £0.52M).
Bioscientifica Limited
Bioscientifica generates funds for the Society by providing products and services to third parties in areas -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.
of £595k (£28k lower than budget) represents a reasonable financial performance, in the light of the challenges faced by Bioscientifica in each of its trading divisions during 2023. Two financially significant client contracts, one in publishing and the other in company secretariat services, ended in December 2022, necessitating a thorough review of the ongoing cost base for the business.
A summary of financial results is shown in note 3 to the accounts, and Bioscientifica will remit the full £595k to the Society through Gift Aid. The Bioscientifica Limited business plan forms the basis of development and growth. Business strategy is predicated on growth and development in two of the three business units (publishing and event management) and on the continuance of major client
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relationships for, at least, the remaining term of existing contracts (2024 end date for remaining European conference organiser contracts). The Bioscientifica board is cognisant of the need to replace existing contract business with activities that are less dependent upon periodic renewal, in order to assure the long-term financial viability of the business.
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 oversee operational risks are held across the Group and thus appear on both registers.
At the end of December, the Society identified no combination of high impact and high likelihood.
Of the amber risks, which are regarded as requiring close monitoring, the most significant of the 9 identified, and the management response to the identified risk, were as follows:
- Failure to manage reserve levels effectively leads to insolvency of Society
Projected reserve levels and Finance Committee recommendations regarding net expenditure are reviewed by Council at each meeting (at the December meeting in conjunction with updated 5-year budgets). Council approval is sought for any planned capital expenditure in the following financial year as part of the budget approval process.
Any proposals for financially material forward commitments are reviewed by the Finance Committee, and a recommendation is made to Council. The Society Engagement and Finance teams act as cogatekeepers for future expenditure commitments, and any proposals that involve financial commitments of more than £10,000, either on a single or multi-year
structure or Bioscientifica Board in accordance with established policies.
- Failure of the existing membership system leads to an inability to process memberships
Complete the transition to a new membership management system as soon as possible (with 'go-live' in early-2024). In the meantime, mitigate the risk of existing membership system collapse by understanding system vulnerabilities and putting in place disaster recovery plan. Identity underlying risks that could lead to the existing system becoming irrecoverable, and create a back-up plan which includes regular (daily) data back-up and continuation of basic membership transaction processing whilst more permanent solution implemented. Bioscientifica client system requirements now assured through the implementation of a replacement membership system.
The new membership management system, Oomi, went live successfully in March 2024, eliminating the risk of failure associated with the previous system.
- Bioscientifica misses its five year plan Gift Aid target by more than £200k, affecting available reserves
Business plans being implemented to build additional revenue streams within Bioscientifica to fill the gap left by publishing and association management contract cessations, and imminent end of European PCO contracts. Close monitoring of performance against Bioscientifica financial / business plans. Heightened emphasis on increasing Society income streams and closer matching of discretionary expenditure to available income.
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SOCIETY FOR ENDOCRINOLOGY
REPORT OF THE COUNCIL OF MANAGEMENT
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
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Observe the methods and principles of the Charities Statement of Recommended Practice Make judgements and estimates that are reasonable and prudent
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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 lation 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:
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is unaware, and
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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 £306k 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 their capacity as Company Directors.
On behalf of the Council
R Andrew General Secretary Dated : 09 July 2024
15
SOCIETY FOR ENDOCRINOLOGY
Audit Report
Opinion
We have audited the financial statements of Society for Endocrinology for the year ended 31 December 2023 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:
-
December 2023 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
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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 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 her 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 T 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 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.
16
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
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consistent with the financial statements; and
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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 charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in
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:
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adequate accounting records have not been kept by the parent charitable company; or
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the charitable company financial statements are not in agreement with the accounting records and returns; or
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certain disclosures of T
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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 T 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 parent 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.
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material mis 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
17
SOCIETY FOR ENDOCRINOLOGY
REPORT OF THE COUNCIL OF MANAGEMENT
Audit Report (continued)
preparation of the financial statements such as Companies Act 2006, Charities Act 2011 in England and Wales and Payroll taxes.
l
statements, including the risk of override of controls. Audit procedures performed by the engagement team included:
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Discussions with management including consideration of known or suspected instances of noncompliance with laws and regulations and fraud;
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Identifying and testing journals, in particular journal entries posted on non-working days, 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.
A further description of our responsibilities for the audit of the financial statements is located on the www.frc.org.uk/auditorsresponsibilities. This description 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.
Vikram Sandhu Senior Statutory Auditor for and on behalf of Haysmacintyre LLP, Statutory Auditors
10 Queen Street Place London EC4R 1AG
Date:
18
SOCIETY FOR ENDOCRINOLOGY
Consolidated statement of financial activities (incorporating the income and expenditure account) for the year ended 31 December 2023
| Year ended | |
|---|---|
| Year ended 31 December 2023 31 December 2022 |
|
| Unrestricted Funds Restricted Funds Total Funds Total Funds |
|
| Note | £000 £000 £000 £000 |
| Income and endowments from: | |
| Charitable activities 4 |
2,791 64 2,855 2,673 |
| Other trading activities 5 |
2,262 - 2,262 3,398 |
| Investments | 172 15 187 129 |
| Other 6 |
139 11 150 121 |
| Total | 5,364 90 5,454 6,321 |
| Expenditure on: | |
| Raising funds 7 |
2,996 - 2,996 4,093 |
| Charitable activities 8 |
2,969 221 3,190 2,865 |
| Other | 10 - 10 23 |
| Total | 5,975 221 6,196 6,981 |
| Net gains/(losses) on investments | 154 18 172 (430) |
| Net expenditure | (457) (113) (570) (1,090) |
| Transfers between funds | 20 (20) - - |
| Net Movement in funds | (437) (133) (570) (1,090) |
| Reconciliation of funds: | |
| Total funds brought forward | 5,114 523 5,637 6,727 |
| Total funds carried forward | 4,677 390 5,067 5,637 |
All of the above amounts relate to continuing activities.
The notes on pages 23 to 37 form part of these financial statements.
19
SOCIETY FOR ENDOCRINOLOGY
Consolidated balance sheet for the year ended 31 December 2023
----- Start of picture text -----
2023 2022
Group Company Group Company
Note £000 £000 £000 £000
Fixed Assets:
Intangible assets 12 68 68 21 21
Tangible assets 13 1,685 1,682 1,740 1,740
Investments 14 3,690 3,690 4,265 4,265
Investment in Bioscientifica
3 - 1 - 1
Limited
Total fixed assets 5,443 5,441 6,026 6,027
Current Assets
Debtors 15 1,612 551 1,514 255
Cash at bank and in hand 16 1,288 413 1,954 679
Total current assets 2,900 964 3,468 934
Liabilities:
Creditors: Amounts falling due
17 2,561 672 3,142 658
within one year
Net current assets 339 292 326 276
Total assets less current liabilities 5,782 5,733 6,352 6,303
Long term loans 715 715 715 715
Net assets 5,067 5,018 5,637 5,588
The funds of the charity:
Restricted income funds 18 390 390 523 523
Unrestricted funds 19 4,677 4,628 5,114 5,065
Total charity funds 5,067 5,018 5,637 5,588
----- End of picture text -----
The deficit for the Charitable Company for the year totalled £571k (2022 deficit: £1,090k).
These financial statements were approved by the directors and authorised for issue on 09 July 2024 and are signed on their behalf by:
GENERAL SECRETARY
R ANDREW
M GURNELL
TREASURER
Company registration number: 349408
The notes on pages 23 to 37 form part of these financial statements
20
SOCIETY FOR ENDOCRINOLOGY
Consolidated cash flow statement for the year ended 31 December 2023
| 2023 2022 |
|
|---|---|
| Note | £000 £000 |
| Cash flows from operating activities: | |
| Net cash used in operating activities a |
(1,526) (492) |
| Cash flows from investing activities: | |
| Dividends and interest | 184 129 |
| Purchase of property, plant and equipment | (70) (43) |
| Proceeds from sale of investments | 4,794 1,354 |
| Purchase of investments | (4,132) (1,440) |
| Movement in cash awaiting investment | 84 52 |
| Net cash provided by investing activities | 860 52 |
| Movement in Long Term Loans | - (36) |
| Change in cash and cash equivalents in the reporting period | (666) (476) |
| Cash and cash equivalents at the beginning of the reporting period b |
1,954 2,430 |
| Cash and cash equivalents at the end of the reporting period b |
1,288 1,954 |
| a) Reconciliation of net income to net cash flow from operating activities | |
| Net expenditure for the year (as per the statement of financial activities) |
(569) (1,091) |
| Adjustments for: | |
| Depreciation and amortisation charges | 79 88 |
| Gains/(losses) on investments | (172) 429 |
| Dividends and interest from investments | (185) (129) |
| (Increase)/Decrease in debtors | (98) 237 |
| Increase in creditors | (581) (26) |
| Net cash provided by operating activities a |
(1,526) (492) |
| b) Analysis of cash and cash equivalents | |
| Cash in hand | 492 478 |
| Notice deposits (less than 3 months) | 796 1,476 |
| Total cash and cash equivalents b |
1,288 1,954 |
21
SOCIETY FOR ENDOCRINOLOGY
Consolidated cash flow statement for the year ended 31 December 2023
Reconciliation of movement in net debt
| 1 January 2023 Cash Flows Other non- cash changes 31 December 2023 |
|
|---|---|
| £000 £000 £000 £000 |
|
| Cash | 1,954 (666) - 1,288 |
| Borrowings | |
| Debt due within one year | (34) 15 1 (18) |
| Debt due after one year | (715) - - (715) |
| (749) 15 - (733) |
|
| Total | 1,205 (651) - 555 |
22
SOCIETY FOR ENDOCRINOLOGY
Notes to the accounts for the year ended 31 December 2023
1) Accounting policies
a) General information
incorporated in England and Wales (co. number 349408) and registered with the Charity 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 Trustees have determined that there is no material uncertainty
For this reason, the Trustees continue to adopt the going concern basis in preparing the accounts.
e) Income
Income includes:
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i) Donations which are recognised when the charity is legally entitled to the income, receipt is probable, and the amount can be quantified with reasonable accuracy
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ii) Grants and royalties which are accounted for when the charity is legally entitled to the income, receipt is probable, and the amount can be quantified with reasonable accuracy
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iii) Investment income received during the period includes dividends and bank interest, on an accruals basis
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iv) Subscriptions which are accounted for on the accruals basis and deferred if paid in advance
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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. Costs of raising funds include all costs of the activities of the trading subsidiary (excluding the Societyssociated with generating voluntary income.
Charitable activities include all costs that relate to the generation of income to further the
23
SOCIETY FOR ENDOCRINOLOGY
Notes to the accounts for the year ended 31 December 2023
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.
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.
24
SOCIETY FOR ENDOCRINOLOGY
Notes to the accounts for the year ended 31 December 2023
m) Client accounts
The accounts held separately within debtors and creditors represent separate funds in
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 to be used for a specific purpose at the discretion of the Trustees. There are no such funds at 31 December 2023.
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 19 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
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.
Incl 3 is a provision of £58,000 to settle any claims in respect of Bioscientifica client contracts prior to 2017. This provision is calculated as the net 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
2) Income
An analysis of Group income by geographical location is given below:
| United Kingdom Europe North America Rest of the World |
Year to 31/12/23 Year to 31/12/22 % % 32 27 35 43 11 10 22 20 100 100 |
|---|---|
25
SOCIETY FOR ENDOCRINOLOGY
Notes to the accounts for the year ended 31 December 2023
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 | Year to 31/12/23 Year to 31/12/22 |
|---|---|
| £000 £000 |
|
| Turnover | 4,170 5,192 |
| Cost of sales | (2,526) (3,104) |
| Gross profit | 1,644 2,088 |
| Administration | (1,084) (1,533) |
| Operating profit | 560 555 |
| Interest receivable and similar income | 35 32 |
| Profit on ordinary activities | 595 587 |
| Gift Aid | (595) (587) |
| Profit before taxation | - - |
| Taxation | - - |
| Retained in subsidiary | - - |
| Total assets and liabilities of the subsidiary were: | Year to 31/12/23 Year to 31/12/22 |
|---|---|
| £000 £000 |
|
| Fixed assets | 3 - |
| Current assets | 1,957 2,545 |
| Creditors: amounts falling due within one year | 1,910 2,495 |
| Total net assets | 50 50 |
| Aggregate share capital and reserves | 50 50 |
The gift aid for the year of £595k was distributed in total to the Society for Endocrinology during 2023.
26
SOCIETY FOR ENDOCRINOLOGY
Notes to the accounts for the year ended 31 December 2023
4) Income from charitable activities
| Unrestricted funds Restricted funds |
Unrestricted funds Restricted funds |
Year to 31/12/23 Year to 31/12/22 |
|
|---|---|---|---|
| £000 £000 |
£000 £000 |
||
| Publications | 1,722 - |
1,722 1,643 |
|
| Society events and conferences (see below) | 810 - |
810 727 |
|
| Other membership services (including subscriptions) |
247 - |
247 202 |
|
| Grants received | 12 64 |
76 101 |
|
| 2,791 64 |
2,855 2,673 |
||
| Income from Society events and conferences includes: |
Year to 31/12/23 Year to 31/12/22 |
||
| £000 £000 |
|||
| The Society annual meeting | 567 527 |
||
| Training and other registration fees | 236 200 |
||
| 803 727 |
5) Income from other trading activities
| Unrestricted funds Restricted funds Year to 31/12/23 Year to 31/12/22 |
|
|---|---|
| £000 £000 £000 £000 |
|
| Trading income from subsidiary company | 2,262 - 2,262 3,370 |
| Sponsorship and exhibitions | - - - 28 |
| 2,262 - 2,262 3,398 |
|
| 6) Other income | |
| Unrestricted funds Restricted funds Year to 31/12/23 Year to 31/12/22 |
|
| £000 £000 £000 £000 |
|
| Donations | - 11 11 - |
| Royalties received | 139 - 139 121 |
| 139 11 150 121 |
7) Expenditure on raising funds
| 7) Expenditure on raising funds | |
|---|---|
| Unrestricted funds Restricted funds Year to 31/12/23 Year to 31/12/22 |
|
| £000 £000 £000 £000 |
|
| Trading costs of subsidiary company | 2,996 - 2,996 4,093 |
No costs were incurred in respect of restricted funds in 2022.
27
SOCIETY FOR ENDOCRINOLOGY
Notes to the accounts for the year ended 31 December 2023
8) Expenditure on charitable activities
| 8) Expenditure on charitable activities | |||
|---|---|---|---|
| Direct costs Grants paid Support costs Year to 31/12/23 Year to 31/12/22 |
|||
| (note 9) | |||
| £000 £000 £000 £000 £000 |
|||
| Publications | 612 - - 612 543 |
||
| Society events and conferences | 579 - 441 1,020 834 |
||
| Other membership services | 561 353 425 1,339 1,417 |
||
| Society research projects | 219 - - 219 71 |
||
| 1,971 353 866 3,190 2,865 |
|||
| 2022 Publications Society events and conferences Other membership services Society research projects 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 Other grants Total grants paid to institutions: Total grants paid |
Direct costs Grants paid Support costs Year to 31/12/22 (note 9) £000 £000 £000 £000 543 - - 543 482 - 352 834 548 469 400 1,417 71 - - 71 1,644 469 752 2,865 Grants paid Staff and other costs Year to 31/12/23 Year to 31/12/22 No £000 £000 £000 £000 137 77 3 80 109 11 26 1 27 31 19 180 2 182 180 |
||
| 167 283 6 289 320 |
|||
| 6 2 - 2 22 5 5 - 5 4 1 1 - 1 4 10 22 34 56 119 |
|||
| 22 30 34 64 149 189 313 40 353 469 |
|||
28
SOCIETY FOR ENDOCRINOLOGY
Notes to the accounts for the year ended 31 December 2023
8) Expenditure on charitable activities (continued)
| 2022 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 Other grants Total grants paid to institutions: Total grants paid |
Grants paid Staff and other costs Year to 31/12/22 No £000 £000 £000 201 106 3 109 12 30 1 31 19 175 5 180 232 311 9 320 19 22 - 22 4 4 - 4 13 4 - 4 28 79 40 119 64 109 40 149 296 420 49 469 |
|---|---|
Grants payable to individuals may be made payable to the workplace for the benefit of the individual.
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: | ||
|---|---|---|
| Year to | Year to |
|
| 31/12/23 | 31/12/22 | |
| £000 | £000 | |
| Governance | 107 | 69 |
| Finance and administration | 396 | 276 |
| Information technology | 118 | 103 |
| Marketing and communications | 37 | 47 |
| Human resources | 127 | 138 |
| Executive | 81 | 119 |
| Total | 866 | 752 |
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SOCIETY FOR ENDOCRINOLOGY
Notes to the accounts for the year ended 31 December 2023
10) Net expenditure
| 10) Net expenditure | |
|---|---|
| This is stated after charging: | |
| Year to 31/12/23 Year to 31/12/22 |
|
| £000 £000 |
|
| Depreciation and amortisation | 79 88 |
| Audit services | 26 21 |
| Accountancy and other services | 7 4 |
11) Staff costs
Staff costs during the year amounted to:
| Salaries Social security costs Other pension costs |
Year to 31/12/23 Year to 31/12/22 £ £ 2,620,231 2,673,228 268,043 285,264 285,698 290,204 3,173,972 3,248,696 |
|---|---|
The number of employees whose remuneration was within the bands stated was as follows:
| he number of employees whose remuneration was | within the bands stated was as follows: | |
|---|---|---|
| Year to | Year to | |
| 31/12/23 | 31/12/22 | |
| Number | Number | |
| £60,001 - £70,000 | 2 | 2 |
| £80,001 - £90,000 | - | 1 |
| £90,001 - £100,000 | 1 | - |
| £110,001 - £120,000 | - | 1 |
| £120,001 - £130,000 | 1 | - |
The average number of full-time equivalent employees analysed by function was:
| Charitable activities Administration |
Year to 31/12/23 Year to 31/12/22 Number Number 53 56 19 22 72 78 |
|---|---|
The average number of total employees was 76 (2022:83).
The total remuneration, benefits and pension contributions paid in respect of key management personnel in the year was £703,301 (2022: £762,297).
The members of the Council of Management received no remuneration for their services (2022: £nil).
30
SOCIETY FOR ENDOCRINOLOGY
Notes to the accounts for the year ended 31 December 2023
Travel and subsistence expenses were reimbursed to 17 current and past members of the Council of Management totalling £6,196 (2022: 14 members, £3,908).
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 £22,475 (2022: £20,481).
12) Intangible assets
| 12) Intangible assets | |
|---|---|
| Group and Company | Office software £000 293 57 (24) |
| Cost: | |
| 01-Jan-23 | |
| Additions | |
| Disposals | |
| 31-Dec-23 | 326 |
| 272 (24) 10 |
|
| Amortisation | |
| 01-Jan-23 | |
| Depreciation on disposals | |
| Charge for theyear | |
| 31-Dec-23 | 258 |
| Net Book Value | 68 21 |
| 31-Dec-23 | |
| 31-Dec-22 |
13) Tangible assets
Group and Company
| Freehold | Fixtures |
Office |
Company | Development |
Group | |
|---|---|---|---|---|---|---|
| land and | and |
equipment |
total | costs | total | |
| buildings | fittings | |||||
£000 |
£000 | £000 | £000 | £000 | £000 | |
| Cost: | ||||||
| 01-Jan-23 | 1,767 | 285 | 328 | 2,380 | 37 | 2,417 |
| Additions | - | - | 10 | 10 | 3 | 13 |
| Disposals | - | (11) | (132) | (143) | - | (143) |
| 31-Dec-23 | 1,767 | 274 | 206 | 2,247 | 40 | 2,287 |
| Depreciation | ||||||
| 01-Jan-23 | 171 | 176 | 293 | 640 | 37 | 677 |
| Charge for the year | 35 |
21 | 13 | 69 | - | 69 |
| Eliminated on disposals |
- | (11) | (132) | (143) | - | (143) |
| 31-Dec-23 | 206 | 186 | 174 | 566 | 37 | 603 |
31
SOCIETY FOR ENDOCRINOLOGY
Notes to the accounts for the year ended 31 December 2023
| Net Book Value | |
|---|---|
| 31-Dec-23 | 1,561 88 33 1,682 3 1,685 |
| 31 December 2022 | 1,596 109 35 1,740 - 1,740 |
-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
| Group and company | |
|---|---|
| 2023 2022 |
|
| £000 £000 |
|
| Market value at 1 January 2023: | 4,173 4,516 |
| Additions | 4,132 1,440 |
| Disposals | (4,794) (1,354) |
| Net unrealised investment gains | 171 (429) |
| Market value at 31 December 2023 | 3,682 4,173 |
| Group and company | |
| 2023 2022 |
|
| £000 £000 |
|
| The market value at the year-end comprises: | |
| Listed investments | 3,682 4,173 |
| Cash awaiting investment | 8 92 |
| 3,690 4,265 |
The historical cost of investments was £3,578,286 (2022: £3,998,593).
15) Debtors
| 2023 2022 |
|
|---|---|
| Group Charity Group Charity |
|
| £000 £000 £000 £000 |
|
| Trade and other debtors | 1,090 324 1,016 51 |
| Amounts due from subsidiary | - 21 - 9 |
| Prepayments and accrued income | 522 206 496 195 |
| Other taxes and social security | - - 2 - |
| 1,612 551 1,514 255 |
16) Cash at bank and in hand
32
SOCIETY FOR ENDOCRINOLOGY
Notes to the accounts for the year ended 31 December 2023
| 2023 2022 |
|
|---|---|
| Group Charity Group Charity £000 £000 £000 £000 490 19 475 29 796 394 1,476 650 2 - 3 - 1,288 413 1,954 679 |
|
| Bank current accounts | |
| Monies held on deposit | |
| Petty cash | |
The Group balances include funds held in respect of the activities of clients of the trading subsidiary.
17) Creditors: amounts falling due within one year
| 2023 2022 |
||
|---|---|---|
| Group Charity Group Charity |
||
| £000 £000 £000 £000 |
||
| Bank Loans | 18 18 34 34 |
|
| Trade creditors | 211 139 240 174 |
|
| 306 - 280 - |
||
| Deferred income | 1,210 294 1,324 131 |
|
| Other taxes and social security | 106 106 23 23 |
|
| Other creditors and accruals | 710 115 1,241 296 |
|
| 2,561 672 3,142 658 |
||
| 2023 2022 |
||
| Group Charity Group Charity |
||
| £000 £000 £000 £000 |
||
| Deferred income at 1 January 2023 | 1,324 131 1,247 108 |
|
| Resources deferred in the year | 1,210 294 1,324 131 |
|
| Amounts taken to income in the year | (1,324) (131) (1,247) (108) |
|
| Deferred income at 31 December 2023 | 1,210 294 1,324 131 |
Deferred income largely represents 2024 journal subscription income received during 2023.
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.
The repayment schedule for the remaining balance on the long term loan is as follows:
Group and Company
33
SOCIETY FOR ENDOCRINOLOGY
Notes to the accounts for the year ended 31 December 2023
| Loan repayment year 1 Loan repayment years 2-5 Loan repayment years 5+ |
2023 2022 £000 £000 18 34 72 143 643 572 733 749 |
|---|---|
19) Restricted funds
| 19) Restricted funds | |
|---|---|
| Balance at 1 January 2023 Movement in resources Income Expenditure Transfer between funds Investment gains / (losses) Balance at 31 December 2023 |
|
| £000 £000 £000 £000 £000 £000 |
|
| CaHASE Fund | - 17 (12) - - 5 |
| UK Acromegaly | - 5 (5) - - - |
| ACC Service Improvement |
6 - - - - 6 |
| Obesity Database | 209 15 (173) - - 51 |
| Besins Service Improvement |
20 - (20) - - - |
| Diabetes Insipidus Fund | 5 10 - - - 15 |
| PPGL Registry | - 18 (10) - - 8 |
| Mari Green Adrenal Cancer Award |
- 11 - - - 11 |
| Marjorie Robinson Fund | 283 14 (1) (20) 18 294 |
| 523 90 (220) (20) 18 390 |
|
| Balance at 1 January 2022 Movement in resources Income Expenditure Transfer between funds Investment gains / (losses) Balance at 31 December 2022 |
|
| £000 £000 £000 £000 £000 £000 |
|
| CaHASE Fund | 1 - (1) - - - |
| Anti-Thyroid Drug Study | 2 - (2) - - - |
| ACC Service Improvement |
4 4 (2) - - 6 |
| Obesity Database | 185 89 (65) - - 209 |
| Endocrine Nurses Network |
10 (10) - - - - |
| Besins Service Improvement |
20 - - - - 20 |
| Diabetes Insipidus Fund | - 5 - - - 5 |
| AcroNext Project | - 1 (1) - - - |
| Marjorie Robinson Fund | 333 10 (2) (20) (38) 283 |
| 555 99 (73) (20) (38) 523 |
19) Restricted funds (continued)
34
SOCIETY FOR ENDOCRINOLOGY
Notes to the accounts for the year ended 31 December 2023
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.
The ACC Service Improvement project aims to improve the management of adrenocortical carcinoma by developing a specialist adrenal surgery service model.
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.
The aim of the Obesity Database project is to identify which patients are being offered bariatric surgery together with an assessment of the risks and benefits of this treatment.
The Endocrine Nurse Network grant has been received to develop an interactive digital version of the Competency Framework for Adult Endocrine Nurses.
The Besins Service Improvement project aims to standardise the processes used for testosterone testing, to better manage hypogonadism and other conditions.
20) Unrestricted funds Group and Company
| Balance at 1 January 2023 Movement in resources Income Expenditure Transfer between funds Investment gains / (losses) Balance at 31 December 2023 |
|
|---|---|
| £000 £000 £000 £000 £000 £000 |
|
| Main Fund | 5,065 1,376 (2,366) 398 154 4,628 |
| Bioscientifica Limited | 49 3,988 (3,609) (378) - 49 |
| 5,114 5,364 (5,975) 20 154 4,677 |
Bioscientifica Limited profits of £595k were transferred to the Company as gift aid (2022 £587k).
| 2022 | Balance at 1 January 2022 Movement in resources Income Expenditure Transfer between funds Investment gains / (losses) Balance at 31 December 2022 |
|---|---|
| £000 £000 £000 £000 £000 £000 |
|
| Main Fund | 6,123 1,208 (2,271) 397 (392) 5,065 |
| Bioscientifica Limited |
49 5,014 (4,637) (377) - 49 |
| 6,172 6,222 (6,908) 20 (392) 5,114 |
35
SOCIETY FOR ENDOCRINOLOGY
Notes to the accounts for the year ended 31 December 2023
21) Analysis of Group and Company net assets between funds
| Group 2023 | Unrestricted funds Restricted Funds 2023 2022 |
|
|---|---|---|
| £000 £000 £000 £000 |
||
| Fixed assets | 1,753 - 1,753 1,761 |
|
| Listed Investments | 3,350 340 3,690 4,265 |
|
| Debtors and cash | 2,850 50 2,900 3,468 |
|
| Creditors | (2,561) - (2,561) (3,142) |
|
| Long term loans | (715) - (715) (715) |
|
| 4,677 390 5,067 5,637 |
||
| Company 2023 | Unrestricted funds Restricted Funds 2023 2022 |
|
| £000 £000 £000 £000 |
||
| Fixed assets | 1,750 - 1,750 1,761 |
|
| Listed Investments | 3,350 340 3,690 4,265 |
|
| Investment in Subsidiary | 1 - 1 1 |
|
| Debtors and cash | 914 50 964 934 |
|
| Creditors | (672) - (672) (658) |
|
| Long term loans | (715) - (715) (715) |
|
| 4,628 390 5,018 5,588 |
||
| Unrestricted funds Restricted Funds 2022 £000 £000 £000 1,761 - 1,761 3,929 336 4,265 3,281 187 3,468 (3,142) - (3,142) (715) - (715) 5,114 523 5,637 Unrestricted funds Restricted Funds 2022 £000 £000 £000 1,761 - 1,761 3,929 336 4,265 1 - 1 747 187 3,468 (658) - (3,142) (715) - (715) 5,065 523 5,588 |
||
| Group 2022 | ||
| Fixed assets | ||
| Listed Investments | ||
| Debtors and cash | ||
| Creditors | ||
| Long term loans | ||
| Company 2022 | ||
| Fixed assets | ||
| Listed Investments | ||
| Investment in Subsidiary | ||
| Debtors and cash | ||
| Creditors | ||
| Long term loans | ||
36
SOCIETY FOR ENDOCRINOLOGY
Notes to the accounts for the year ended 31 December 2023
22) Transfer between funds
| 2) Transfer between funds | ||
|---|---|---|
| 2023 | 2022 | |
| £000 | £000 | |
| During the year the following transfers were made between funds: | ||
| From the Marjorie Robinson Fund to: | ||
| Main Fund to provide early career research grants | 20 | 20 |
23) Capital commitments
There were capital commitments authorised but not contracted at the year-end (2022: £nil). At the year end there were amounts contracted for but not yet recognised of £33,750 (2022: £Nil), relating to the implementation of a new membership system.
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 2023 or 2022.
37
SOCIETY FOR ENDOCRINOLOGY
Main Fund
Income and expenditure account for year ended 31 December 2023
| Year ended 31/12/23 |
Year ended 31/12/22 |
|---|---|
| Note £000 £000 |
£000 £000 |
| Income from activities: | |
| Membership subscriptions 169 |
159 |
| Event income 795 |
743 |
| Royalties receivable 157 |
138 |
| Sundryincome 87 |
50 |
| Total Income 1,208 |
1,090 |
| Expenditure on activities: | |
| Divisional Salaries 413 |
384 |
| Publishing costs 22 |
21 |
| Venue and catering costs 444 |
351 |
| Bioscientifica management fees 200 |
196 |
| Programmes, abstracts and handbooks 31 |
26 |
| Expenses 135 |
131 |
| Marketing 16 |
18 |
| Other direct expenses 94 |
136 |
| Grants 313 |
420 |
1,668 |
1,683 |
| Deficit from activities (460) |
(593) |
| Overheads | |
| Salaries 513 |
505 |
| Other staff costs 120 |
151 |
| Staff expenses 23 |
17 |
| Premises costs 207 |
173 |
| Insurance 28 |
27 |
| Professional fees 22 |
19 |
| 10 | 21 |
| Printing, postage, stationery and telephone 3 |
7 |
| Depreciation 80 |
88 |
| Central Marketing - |
2 |
| Bank and credit card charges 12 |
6 |
| Loan Interest 51 |
22 |
| Sundry office expenses 64 |
41 |
| Recharged (220) |
(278) |
| (913) | (801) |
| Deficit from Main Fund before investment income and gains on investments (carried forward) (1,373) |
(1,394) |
38
SOCIETY FOR ENDOCRINOLOGY
Main Fund
Income and expenditure account for year ended 31 December 2023
| Year ended 31/12/23 Year ended 31/12/22 |
Year ended 31/12/23 Year ended 31/12/22 |
Year ended 31/12/23 Year ended 31/12/22 |
|---|---|---|
| Note £000 |
£000 £000 |
£000 |
| Deficit from Main Fund before investment income and gains on investments (brought forward) |
(1,373) | (1,394) |
| Income from listed investments 148 |
117 | |
| Bank deposit interest 20 |
1 | |
| Gift aid from Bioscientifica Limited 595 |
587 | |
| 763 | 705 | |
| Deficit prior to transfers | (610) | (689) |
| Transfers from designated funds | 20 | 20 |
| Surplus from unrestricted fund before gains on investments |
(590) | (669) |
| Net gains/(losses) on investments | 154 | (392) |
| Total deficit for the year | (436) | (1,061) |
39
SOCIETY FOR ENDOCRINOLOGY
Main Fund
Balance Sheet at 31 December 2023
| 2023 | 2023 | 2022 | ||
|---|---|---|---|---|
| Note £000 |
£000 | £000 | £000 | |
| Fixed Assets | ||||
| Intangible assets | 68 | 21 | ||
| Tangible assets | 1,682 | 1,740 | ||
| Listed investments | 3,350 | 3,929 | ||
| Investment in Bioscientifica Limited | 1 | 1 | ||
| 5,101 | 5,691 | |||
| Current assets | ||||
| Debtors and prepayments 551 |
255 | |||
| Cash at bank and in hand 413 |
679 | |||
| 964 | 934 | |||
| Current liabilities | ||||
| Income in advance 294 |
131 | |||
| Creditors and accruals 378 |
525 | |||
| Obesity database 51 |
209 | |||
| Marjorie Robinson Fund (46) |
(51) | |||
| CaHASE Fund 5 |
- | |||
| Diabetes Insipidus Study 15 |
5 | |||
| ACC Service Improvement 6 |
6 | |||
| Besins Service Improvement - |
20 | |||
| NRAT Registry 8 |
- | |||
| Mari Green Adrenal Cancer Award 11 |
- | |||
| 722 | 845 | |||
| Net Current Assets | 242 | 89 | ||
| Total assets less current liabilities |
5,343 | 5,780 | ||
| Long term loans | (715) | (715) | ||
| Net assets | 4,628 | 5,065 | ||
| Financed by: | ||||
| Unrestricted Fund 20 |
4,628 | 5,065 | ||
40