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← The Nutrition Society

2024-12-31-accounts

Charity Registration No. 272071

Company Registration No. 1274585 (England and Wales)

THE NUTRITION SOCIETY

COMPANY LIMITED BY GUARANTEE

ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

THE NUTRITION SOCIETY COMPANY LIMITED BY GUARANTEE LEGAL AND ADMINISTRATIVE INFORMATION

Trustees Ms P Hunking
Dr E Gibney
Ms B Bray
Professor J Woodside
Professor J Brameld
Professor T Hill
Professor M Ward
Dr W Hall
Professor M O'Sullivan (Appointed 5 July 2024)
Secretary Mr M Hollingsworth
Charity number 272071
Company number 1274585
Registered office 10 Cambridge Court
210 Shepherd's Bush Road
London
W6 7NJ
Auditor Mitchell Charlesworth (Audit) Limited
Suites C,D,E, & F
14th Floor The Plaza
100 Old Hall Street
Liverpool
L3 9QJ
Bankers Coutts & Co
440 Strand
London
WC2R 0QS
Solicitors Hempsons
100 Wood Street
London
EC2V 7AN
Investment advisors Coutts & Co
440 Strand
London
WC2R 0QS

THE NUTRITION SOCIETY COMPANY LIMITED BY GUARANTEE CONTENTS

Page
Trustees' report 1 - 14
Statement of trustees' responsibilities 15
Independent auditor's report 16 - 18
Statement of financial activities 19
Group balance sheet 20
Charity balance sheet 21
Statement of cash flows 22
Notes to the financial statements 23 - 45

THE NUTRITION SOCIETY COMPANY LIMITED BY GUARANTEE TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 31 DECEMBER 2024

A MESSAGE FROM THE PRESIDENT

I am pleased to present the Annual Report and Accounts for the year ended 31 December 2024.

Throughout 2024 the Nutrition Society has continued as in previous years to publish its six internationallyrenowned scientific journals. The successful publication of these journals, which are major contributors to nutrition research around the world, provide the Society with the majority of its income. In turn this income is used to support the delivery of the remainder of the society's charitable objectives.

This annual report details the significant levels of activity the Society has engaged in, both in the United Kingdom and Ireland, and across the world in publishing journals and textbooks, hosting scientific conferences, providing training and education courses, and supporting international development in nutrition science.

In 2024 the Society, as planned, significantly reduced its fiscal strategic investment in delivering its highly valued charitable objectives, exercising within the constraints of a challenging fiscal environment of global cost increases. 2022/3 had seen one of the Society's largest strategic investments in supporting members across a range of activities, achieving the majority of its current strategic objectives. In 2024 the Trustees, in recognising the Society would need to re-build its reserves for its next Strategic Vision period, saw a satisfactory increase in revenue of 5.6% and a 13% reduction in its outgoings. The Society's reserves, in real estate and investments, remain robust, underpinned by the real estate ownership of Boyd Orr House (the Society's offices in London). Trustees are now committed to re-building the reserves until a further investment in charitable and strategic objects needs to be made in 2026.

Trustees, however, as part of their risk management process, have continued to closely monitor the gradual changes in the global journal publishing markets. They believe there remains a medium-term risk to the Society's income from its publishing activities. Strategic discussions designed to better align global publication with securing a reliable income source with the Society's publishing partner, Cambridge University Press, began in 2024 (and reached a satisfactory conclusion in the first quarter of 2025).

I am also pleased to report the Society continues to have a strong balance sheet, with assets and reserves in cash, in real estate (at true value), and investments in excess of £3m. This strong position has enabled the Trustees to be led by its forward looking 5-year strategic plan, which had been launched in July 2021. The plan saw the Society developing innovative and creative global programmes to ensure the Society can lead in advancing the scientific study of nutrition and its application to the maintenance of human and animal health.

I hope you will find the report of the Trustees both interesting and informative.

Professor Mary Ward President, The Nutrition Society

THE NUTRITION SOCIETY COMPANY LIMITED BY GUARANTEE TRUSTEES' REPORT (CONTINUED)(INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 31 DECEMBER 2024

The trustees present their consolidated report and accounts for the charity and its subsidiary for the year ended 31 December 2024.

The accounts have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the Society's Memorandum and Articles of Association, the Companies Act 2006 and “Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)”

PART ONE - OBJECTIVES AND ACTIVITIES

The Objects

The objects of the Society are “to advance the scientific study of nutrition and its application to the maintenance of human and animal health.”

Charitable Purposes for Public Benefit

As a charity the Society must have aims that fall within the descriptions of charitable purposes set out in the Charities Act 2006. The charitable purposes of the Society in pursuit of its objects are:

The Trustees have complied with the duty in s.17 of the Charities Act 2011 to have due regard to the Charity Commission’s published general and relevant sub-sector guidance concerning the operation of the public benefit requirement under that Act. The beneficiaries are considered to be:

Members of the Society:

Humanity:

THE NUTRITION SOCIETY COMPANY LIMITED BY GUARANTEE TRUSTEES' REPORT (CONTINUED)(INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 31 DECEMBER 2024

Aims - Criteria used to assess success in 2024

In 2021 the Society launched its new 5 year Strategic Plan. Following a period of consultation with the Trustees, members of Council, members of the Society, and a range of external organisations, the Nutrition Society is committed over the 5 years to delivering on 4 strategic priorities:

  1. To enhance the Society’s promotion of high-quality evidence-based nutrition science and keep the Society at the leading edge of nutrition science, which is essential to its prosperity and competitiveness.

  2. Support the careers and interests of the membership.

  3. Strengthen the impact and visibility of the Society and its members’ contributions to global nutrition science

  4. Enhance the governance and management of the Society.

Main activities undertaken for the public benefit

The Trustees continually monitor the activities of the Society to ensure that they are fulfilling the charitable purposes and the pursuit of the objects of a registered charity. The consideration of public benefit is at the heart of the Society’s policy and operational performance and is delivered in several ways:

PART TWO - ACTIVITIES AND PERFORMANCE

Main activities undertaken

The Society is one of the largest Learned Societies for nutrition in the world and a leading authority in the world in the field of nutritional science. Its principal activities are:

THE NUTRITION SOCIETY COMPANY LIMITED BY GUARANTEE TRUSTEES' REPORT (CONTINUED)(INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 31 DECEMBER 2024

Publishing Learned Journals

The Society has a contract with Cambridge University Press (CUP) for the publication of its six internationally renowned learned journals. In May 2019 the Society’s Trustees agreed to a revised contract with CUP to operate from January 1, 2020 until 31 December 2026.

The Society supports Open Access publishing with three fully Open Access journals and three hybrid journals which accept open access manuscripts.

In recent years, there has been variation in the Impact Factors due to a change in Clarivate's calculation metrics. Impact Factors have dropped generally this year. Additionally, there are a large number of journals that were in the Emerging Sources Citation Index that have been added in the Nutrition & Dietetics category, increasing the number of journals in the category from 88 journals to 114. When ranked against other journals in the Nutrition & Dietetics category, the Society's journals have remained relatively stable. 2023 impact factors are as follows (at the time of writing this annual report the 2024 impact factors had not been published):

• British Journal of Nutrition - 3.0 (2022 IF was 3.6); 54/114 in the Nutrition and Dietetics category (moving from Q3 to Q2)

• Public Health Nutrition - 3.0 (2022 IF was 3.2); 54/114 in the Nutrition and Dietetics category (moving from Q3 to Q2); 114/403 in the Public, Environmental and Occupational Health category (moving from Q3 to Q2) • Proceedings of the Nutrition Society- 7.6 (2022 IF was 7.0); 6/114 in the Nutrition and Dietetics category (Q1)

• Nutrition Research Reviews - 5.1 (2022 IF was 5.7); 17/114 in the Nutrition and Dietetics category (Q1)

• Journal of Nutritional Science - 2.4 (2022 IF was 2.5); 67/114 in the Nutrition and Dietetics category (03)

The Society's net share of the income from publishing journals increased slightly in 2024 by 2.60% to £985,661 (2023 £960,422). The Society's publishers, Cambridge University Press, continue to progress with new Transformative Agreements. In terms of non-subscription income, JNS has seen the rise in submissions, from 275 in 2023, to 327 in 2024. PHN is now seeing increased submissions after 'flipping' to Open Access in January 2022, and GMB submissions continue to grow from 26 in 2023 to 38 in 2024. However, this remains a difficult, uncertain, time in the for academic publishing, and the Trustees, through the Publications Committee, are monitoring the situation very closely. It is likely revenue will remain unstable for the next two years. Finally, and in collaboration with the Society's publishers, negotiations began in the fourth quarter of 2024 to establish a new, fitfor-purpose, publishing contract which will better reflect the evolving world of journal publishing. The new contract is intended to come into operation in early 2025.

Publishing Nutrition Textbooks

Since 2001, the Society has used part of its funds to develop and subsidise a series of six textbooks published on its behalf by Wiley-Blackwell Publishing. These form an integral part of the Society's objective to 'advance the scientific study of nutrition'. Some of the series have been translated into Spanish, Portuguese, Greek, Italian and Bahasa Indonesian and all textbooks are available in English to download in all electronic formats. Work has continued in 2024to publish a new, seventh, textbook in the series: Animal Nutrition. Publication is expected early 2025. This is a creative partnership with the British Society of Animal Sciences. Total sales of print, electronic and bundle textbooks have reached 63,948 at the end of 2024 across all editions. Sales data is taken from the annual royalty statements which does not breakdown eBook sales, although Wiley crudely estimate that 20% of our sales are e-books.

Scientific Meetings - disseminating cutting edge nutritional science

Since 2001, the Society has used part of its funds to develop and subsidise a series of six textbooks published on its behalf by Wiley-Blackwell Publishing. These form an integral part of the Society's objective to 'advance the scientific study of nutrition'. Some of the series have been translated into Spanish, Portuguese, Greek, Italian and Bahasa Indonesian and all textbooks are available in English to download in all electronic formats. Work has continued in 2024to publish a new, seventh, textbook in the series: Animal Nutrition. Publication is expected early 2025. This is a creative partnership with the British Society of Animal Sciences. Total sales of print, electronic and bundle textbooks have reached 63,948 at the end of 2024 across all editions. Sales data is taken from the annual royalty statements which does not breakdown eBook sales, although Wiley crudely estimate that 20% of our sales are e-books. The annual summer conference programme, which changed to a Congress format, titled 'Nutrition Society Congress - New data - focused approaches and challenges', was hosted by the Irish Section. The congress was hosted on 2 - 5 July at Assembly buildings conference centre in Belfast.

THE NUTRITION SOCIETY COMPANY LIMITED BY GUARANTEE TRUSTEES' REPORT (CONTINUED)(INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 31 DECEMBER 2024

Nutrition Futures, the Society's student-focused conference, took place at NCVO in London on 12 -13 September.

In addition to the core conference programme, five member-led meetings (MLM) took place. MLMs allow for Society members to apply for funding to host a one-day conference, with a typically niche focus:

• '4th Nutrition and Cancer Conference: Nutrition and 'Cancer Survivorship' took place at Newcastle University in September.

External Engagement

The primary aim of External Engagement is to raise the external profile of the Society with governments, the food industry and other professions, in the UK. All activities revolve around the dissemination of evidence-based science, with the aim of the Society being recognised as one of the leading Learned Societies for evidencebased nutritional science. Government and public sector activities involve responding to public and closed consultations, supporting/attending All Party Parliamentary Groups and attending stakeholder meetings to advise on the scientific underpinning of policy. The Society works actively with affiliated bodies such as the Royal Society and the Royal Society for Biology on joint projects and consultation responses. The Society contributes regular articles to the Complete Nutrition magazine, the UK's No.1 clinical, medical & health nutrition publication. In 2024, the Society contributed six articles to Complete Nutrition magazine.

The Society also regularly updates our medical partner, BAPEN submitting four articles to lntouch, their membership magazine, as well as an annual report.

The UK, Scottish and European Parliaments have recognised the importance of researchers engaging with nonspecialist 'public' or community audiences. If scientists do not engage with the public then it is often the media that rushes to plug the gap, often with information which may not be scientifically evidence-based. There are many different models and opportunities for researchers in the UK to engage with a community audience, it is likely, for instance that the UK has the best-developed programme of science festivals per head of population of anywhere in the world.

It is particularly important for nutrition researchers to engage and communicate with a community/non-specialist audience to ensure the importance of using evidence-based data is clearly understood. The Society remains active in developing its programme of external engagement. The Society has now developed its profile within Parliament and its engagement in a number of All Party Parliamentary Groups. The Society also supports annual events designed to connect young scientists with parliamentarians and policymakers including STEM for Britain, Voice of the Future, Parliamentary Links Day.

STEM for Britain. STEM for Britain aims to bring together early career scientists with parliamentarians and policymakers, with the competition held at Westminster, in the heart of UK government. In March 2024, the Society supported the competition for the fifth time and awarded its own prize (The Nutrition Society Award) to Helena Fisk, University of Southampton for her research entitled: Profiling the inflammatory status of adipose tissue and evaluating actions of omega-3 fatty acids in human obesity.

APPG

The Society’s All Party Parliamentary Group for Nutrition Science and Health, held the third of its three meetings in the House of Commons in 2024. The Group had been conducting an inquiry into ‘Malnutrition, cognitive ageing and empowering front line health workers with a focus on nutrition science'. Following the July 2024 General Election, and before the Inquiry’s findings could be published, the APPG was suspended, awaiting new Officers to be elected.

THE NUTRITION SOCIETY COMPANY LIMITED BY GUARANTEE TRUSTEES' REPORT (CONTINUED)(INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 31 DECEMBER 2024

Communications

Table 1: Number of followers across social media as of 31 December 2024

Social
media
channel
No. Followers 31
December 2024
No.
Followers
31 December 2023
No.
followers
31 December 2022
No.
followers
31 December 2021
Twitter 27,414 27,000 25,533 23,358
Facebook 12,631 12,600 10,522 10,165
Instagram 9,218 8,750 7,889 7,018
LinkedIn 74,628 68,500 59,487 48,300

Social Media Strategy

In 2024, the Society continued to evolve its strategic use of social media by using insight from social media analytics such as engagement rate, click through rate and audience demographics to gain a deeper understanding of the audience and our content that resonates most with them. This allows more targeted and meaningful communication with clearer calI- to-actions across different platforms and has resulted in a growth in social media following and engagement. Social media analysis show our audience are most engaged with through Linkedln where we have seen the most significant growth in followers and engagement rate.

Nutrition Science

The Society's Science Committee has a remit to ensure effective communication of sound nutritional science; create innovative scientific activities outside meetings; advise on the electronic delivery of the Society's scientific activities for members; organise scientific workshops; set and monitor themes for the Society's scientific meetings.

The committee is also responsible for the Society's scientific themes. The Themes are supported through 'Theme Leads and 'Special Interest Groups' (SIGs). The structure supports member focused interests, representing a balanced portfolio and constituency between Theme Leads. The themes are Food Systems, Novel Nutrition Research Methodologies and Technologies, Nutrition in the Treatment, Management and Prevention of Disease, and Nutrition and Optimum Life Course. These cut across all of the new research themes, acknowledging that Nutrition Scientists will often undertake work within and across multiple themes.

Nutrition Society Academy (NSA) Programme

The Nutrition Society Academy continues to run a subscription-based training platform for nutrition professionals. There are reduced fees for low-income countries, students and Nutrition Society members. Webinars and courses can still be purchased individually by those who do not wish to subscribe. At least one webinar is made freely available each month.

The Academy's bespoke platform continues to provide nutritionists, dietitians and healthcare professionals with instant access to the latest evidence-based research and professional skills (continued professional development), through live and on-demand webinars. The Academy also collaborates with partner organisations to deliver free webinar content on an ad-hoc basis, on scientific topics or skills related to nutrition.

As of 2024 the Academy hosts over 90 webinars and courses on the platform. In 2024 theAcademy continued to ensure that a minimum of two webinars were launched per month.

The Academy continues to deliver conference workshops, with a particular focus on professional and scientific skills. The Academy's 'Ideas for careers' workshop was run at the Nutrition Congress, attracting over 50 delegates. The informal session allows students and early career professionals to engage and ask questions to facilitators from different sectors of nutrition e.g., academia, freelance, and industry.

THE NUTRITION SOCIETY COMPANY LIMITED BY GUARANTEE TRUSTEES' REPORT (CONTINUED)(INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 31 DECEMBER 2024

International Secretariats

The Society since its inception in 1941 has always considered itself a global organisation. There are members now in 80 countries. The Society looks to support, through its strategic plan, the impact and visibility of the Society and its members' contributions to global nutritional science.

Since January 2015, the Society has served as the Secretariat for the International Union of Nutritional Sciences (IUNS). In 2022, the agreement with IUNS was extended until the next but one IUNS Congress and General Assembly, scheduled for October 2029. As IUNS transitioned to a new Council in early 2023, the Secretariat expanded its services to inciude greater administrative support for the new Treasurer. The Secretariat is now working closely with the new Council to improve communication and enhance services for IUNS members. This includes successfully establishing UK-based registration for IUNS with The Charity Commission, implementing a Customer Relationship Management (CRM) system to manage membership and dues collection. The secretariat is coordinating IUNS activities including collaborative relationship with WHO and the upcoming IUNS Congress and General Assembly in 2025.

In 2019, the Society further expanded its secretariat support by hosting the secretariat for the Federation of European Nutrition Societies (FENS). Leveraging the experience gained from hosting the 13th European Nutrition Conference of FENS and supporting the 14th European Nutrition Conference in 2023 in Belgrade, Serbia. The Society is now providing advice and support to the organisers of the 15th European Nutrition Conference due to be held in the Netherlands in 2027.

Global Health Partnerships

In 2024, The Nutrition Society initiated two collaborative projects funded by Global Health Partnerships (formerly known as the Tropical Health and Education Trust, THET). One initiative, in partnership with the Association for Dietetics in South Africa (ADSA), is part of the NHS England-funded Global Capacity Building Programme. Together, they aim to develop and deliver a training programme to promote mental wellness among dietitians and other healthcare professionals in South Africa, with voluntary support from an NHS dietitian. This programme is set to launch by summer 2025.

Additionally, under the Global Capacity Building Programme, The Nutrition Society secured one of the programme's large grants to collaborate with Levy Mwanawasa Medical University (LMMU) in Zambia. This partnership focuses on integrating nutritionist-led clinical nutrition into healthcare and education systems. The project includes the establishment of a Centre of Excellence for Nutrition at LMMU, which will bolster capacity and deliver transformative impact by autumn 2025.

International Projects

On a broader international scale, and in line with its strategic objective to build international collaborations, promote its activities and support emerging learned societies, the Society supported a number of international ventures in 2024. The Society's international engagement in 2024 included participation in conferences and collaborations with established and emerging societies in Europe, North America, South Africa, Ghana and Australia.

The Middle East Nutrition Leadership Programme (MENLP) received support from the Society, with the CEO participating in planning meetings and serving on the academic advisory board. The Society continued its involvement during the programme in Istanbul, providing bursaries and faculty support.

The Nutrition Society will continue its efforts to participate in global events as they provide an invaluable platform for the development of the Nutrition Society's international remit as well as showcasing the global contribution made by UK science.

THE NUTRITION SOCIETY COMPANY LIMITED BY GUARANTEE TRUSTEES' REPORT (CONTINUED)(INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 31 DECEMBER 2024

Support for the Nutrition Profession

In 2010 the Society relinquished direct responsibility for the UK Voluntary Register of Nutritionists and passed it on to the Association for Nutrition (AfN), together with the responsibility for setting professional standards in the practice of nutrition, supporting registered nutritionists, and promoting the professionalisation of the nutrition workforce.

The Society continues to work closely with the AfN, participating in regular Trustee-to-Trustee meetings to share strategic thinking, and updates on activities. In 2017 the Society's trustees began to develop plans to create an umbrella body - an Academy of Nutrition Sciences - in partnership with the British Dietetic Association, The British Nutrition Foundation, the Association for Nutrition, to provide a unified voice for evidence-based nutrition science. This was formally developed in 2018 by a Working Group made up of the four founding organisations. The group successfully drafted a constitution and byelaws and following the granting of charitable status by the Charity Commission, launched the Academy to the nutrition community in October 2019. The Society now hosts the secretariat of the Academy.

Membership Services

Membership of the Society is open to all with an interest in the science of human and/or animal nutrition. In 2024 The Society saw a stabilisation in numbers, with a slight decline in Full Members, and a healthy increase in members joining as Early Career Members and as University Group Members, giving undergraduate students the opportunity to be members and access the benefits for no fee, in the hope they would remain as members once they embark on their careers in nutrition science.

A significant new initiative in 2024 was the introduction of the Affiliate Membership Scheme aimed at fostering international collaboration. This began with the Pakistan Nutrition and Dietetics Society, and we welcomed 199 of their members to the affiliate membership scheme.

Historically, the Society has seen occasional fluctuations in its membership base, therefore the change in numbers is not in itself alarming. However, membership levels will be monitored by the Membership Committee throughout 2025.The 2,399 members (Nov. 2024) of the Society come mainly from the UK and Ireland with 73% of the membership, and the remaining 27% from the rest of the world. At the end of 2024 36% of the membership was made up of students, with the balance of members coming from academia, research, government, industry, the NHS, public health and the media. There are also 33 Honorary Fellows and 84 retired members. The Early Career Membership category first introduced in 2022 continued to grow and had over 460 members (19%) by the end of 2024.

Early career membership is available to all those within ten years of their last graduation, and with a lower fee than full membership helps support those members as they establish themselves in the field of nutrition science. Looking ahead, the Society is committed to further expanding its membership and ensuring the continued value and support for members at all stages of their careers.

THE NUTRITION SOCIETY COMPANY LIMITED BY GUARANTEE TRUSTEES' REPORT (CONTINUED)(INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 31 DECEMBER 2024

PART THREE - FINANCIAL REVIEW

Summary of the financial position

The activities of the Society are funded mainly from its learned publishing activities and membership fees. The Trustees set up a trading company to raise sponsorship from approved corporate sources to help defray the cost of its scientific meetings programme.

In 2024 the Society's total income was £1,326,074 (an increase of 5.6% from 2023), of which £985,661 (an increase of 2.6% from 2023) came from publishing its learned journals. The expenses across all activities (excluding depreciation of £34,034) totaled £1,592,552 (a decrease of 13% from 2023) resulting in a deficit of £242,701 (a reduction on 2023 of 55%). After allowing for a net gain in the investment portfolio of £42,809, and depreciation costs of £34,034, the net deficit of funds of £257,703 have been taken from the reserve account.

It was the ambition of the Trustees to eliminate the majority of its operating deficit in 2024, as the Society concluded its strategic plan investments. However, it should be noted Trustees had negotiated a one-off contractual payment of £200,000 from the Society's publishers in 2024, as part of a new publishing agreement. These funds, although secured in December 2024, were not received by the Society until 31 January 2025 and, based on advice from the Society's auditors, were eventually excluded from 2024 revenue. Had these funds been received within the projected financial plan in 2024, the net deficit before depreciation costs would have resulted in a modest deficit of £23,669, very much in line with the Trustees objectives and financial planning. The £200,000 has been returned to the reserves in 2025.

Policy for holding reserves

The free reserves are defined as funds that are available for use at the discretion of the Trustees. This excludes any fund designated or restricted to a specific purpose and held for that purpose alone. The Trustees have included in the reserves the cash and bank balances and the other net current assets held for the day to day business requirements of the Society. The level of the reserves in the different categories is reviewed annually in the light of the perceived risks facing the Society and the projected development of the Society's activities. It is the Trustees policy to use the reserves, including the investments, to further the development of the Society's aims and objectives. For that reason, in some years they may draw on the reserves to take new business forward while protecting the core activities of the Society. The trustees had forecasted that 2022-2023 would be a period when the reserves would be needed to support a wide range of strategic plan related activities. In addition, Trustees had noted 2025/26 may continue to present a period of uncertainty to the Society's income due to continued changes within the publishing of its journals. As such, they are maintaining (and looking in 2025/26 to build wherever possible) a reserve of cash to help offset any loss of short-term income which may occur in that period.

Designated Funds

  1. The freehold premises in Hammersmith occupied for the Society's offices: £668,807 (Book value - current market value estimated circa £2m)

  2. A sum invested to generate income to fund the Society's commitment to support Studentships, Conference Grants, and other Grants and Bursaries to benefit early career researchers: £226,551 3. A bank loan (used to refurbish the Society's offices): £200,000

Total Designated Funds: £695,358

Unrestricted Funds

  1. A revaluation reserve (which reflects the difference between the net book value of the Society's offices and the revalued amount based on the January 2014 market valuation) £329,901 2. The balance is held to allow for any short-term loss of income and the risk of unplanned expenditure: £70,459

Total Unrestricted Funds: £1,095,718

THE NUTRITION SOCIETY COMPANY LIMITED BY GUARANTEE TRUSTEES' REPORT (CONTINUED)(INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 31 DECEMBER 2024

Investment Policy and Performance

The Trustees' investment policy is to maximise the total return to the Society's investment funds, subject to the risks usually associated with a balanced approach to portfolio management. The Society's investment portfolio is managed on a discretionary basis by Coutts & Company Investment Management Services (a division of the Society's bankers) that provide advice to the Trustees on the appropriate measures necessary to achieve their investment aims.

The managers of the portfolio report quarterly to the Honorary Treasurer and annually to the full Trustee Board, which carries out a review of its investment policy and agrees with the managers any changes it wishes to make to the portfolio. The Trustees remain satisfied that the management of the portfolio achieves the best return on the investments that is obtainable in the present financial climate. The principal holdings within the portfolio at the end of 2024 were:

31 December 2024 31 December 2023
Bonds £43,113 £74,981
Equities £181,832 £335,577
Commodities £0 £21,557
Cash £1,606 £3,523
Total £226,551 £435,638

The Society’s investment in its Trading Subsidiary is £1 (2023: £1)

THE NUTRITION SOCIETY COMPANY LIMITED BY GUARANTEE TRUSTEES' REPORT (CONTINUED)(INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 31 DECEMBER 2024

PART FOUR – PLANS FOR FUTURE PERIODS

Following a period of extensive consultation during 2020 and 2021 with the Trustees, members of Council, members of the Society, and a range of external organisations, a new Strategic Plan was completed and officially launched in July 2021. The Plan sets the course for the Nutrition Society over the next five years.

Thee Plan provides the structure upon which annual targets are set for five years, and how the strategic performance of the Society will be evaluated by the Trustees. The Plan is based on four Strategic Priorities:

  1. To enhance the Society’s promotion of high-quality evidence-based nutrition science and keep the Society at the leading edge of nutrition science, which is essential to its prosperity and competitiveness.

  2. Support the careers and interests of the membership.

  3. Strengthen the impact and visibility of the Society and its members’ contributions to global nutrition science

  4. Enhance the governance and management of the Society.

PART FIVE - STRUCTURE, GOVERNANCE AND MANAGEMENT

Introduction

The governing document is the Articles of Association, dated 5 July 2011 (replacing those of 24 August 1976, and the amendments of 1987, 1991 and 1995) and supported by the Rules of the Society dated 5 July 2011, which are reviewed and amended periodically at the Annual General Meeting. The liability of each member of the company is limited to £1.

How the Society is constituted

Trustees and Council

The Society’s governing body is the Trustee Board which has eleven members (twelve in years when there is a President Elect), who are Directors of the company as well as charity Trustees.

The Trustees are each responsible for a specific area of the Society's work in addition to their overall duties. The majority have the support of a committee drawn from the Advisory Council, members of the Society with relevant interests and in some cases, external specialists with appropriate skills for specific projects. The present Trustees (referred to as Honorary Officers) are: the Honorary Publications Officer (Publications Committee), Honorary Scientific Officer and Honorary Programmes Officer (Science Committee), Honorary Academy Officer (Academy Committee), Honorary Officer for Membership (Membership Committee), and Honorary International Affairs Officer. In addition, there is one Trustee 'without portfolio'. The President, Honorary Treasurer and Honorary Secretary have no permanent supporting committees but attend any of the others as required. They also for the Society's Governance Committee.

The Advisory Council is elected and comprises of 20 including six members of Council, the eleven Trustees, the Secretaries of the Scottish Section and the Irish Section and the Chairs of the Early Career and the Student Sections. The Council has the role of reflecting the interests of members of the Society; assists the Trustees in the formulation of policy and advises them on the direction of the business of the Society.

The Scottish and Irish Sections have, within the overall constitution of the Society, their own rules and annually elect their own management committees. The secretaries of the sections are full members of the Advisory Council of the Society.

Within the Council there are currently six areas of interest: Medicine & Clinical Nutrition, Public Health Nutrition, Academic Nutrition, Animal Nutrition, Nutrition Policy and Industry. Members of Council serve for a maximum of two periods of three years, if re-elected. The Trustees serve for two periods of three years, if re-elected. The President serves one year as President Elect and then for a period of three years as President.

THE NUTRITION SOCIETY COMPANY LIMITED BY GUARANTEE TRUSTEES' REPORT (CONTINUED)(INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 31 DECEMBER 2024

A new constitution (the Articles of Association and the Rules of the Society) was adopted by the Society at its AGM in July 2011 and approved by the Charity Commission in August 2011. Under the constitution, the Trustees are the only members of the company and as such are the only attendees at the Annual General Meeting. Members of the Society are members of the charity and meet in an Annual Charity Meeting to elect Trustees and Council members. The Trustees exercise all the powers of the Society, subject to the provisions of company and charity laws currently in force and with the assistance and advice of Council and the Chief Executive. In addition, there are from time-to-time, sub-committees and working groups reporting to the Trustees or standing committees on specialist areas of the Society’s activities. With these arrangements in place, the Trustees at all times have a detailed knowledge of the business being transacted by the Society.

Methods used to appoint Trustees

Election for Trustee posts and to the Advisory Council are held annually to fill vacancies caused by retirements. Nominations for both Trustees and members of Council are sought from the membership through advertising on the Society’s website to which members’ attention is drawn by personal email alerts. Student members vote in a separate process for a student Chair who sits as a full member of Council for two years. The Trustees and Council also nominate suitable candidates for election to Trustee or Council vacancies. Where there is more than one nomination for a vacancy, then a ballot of the membership is held and the results announced at the Annual Charity Meeting. The Articles of Association and the Rules of the Society are available on the Society’s website.

The Society’s organisational structure

The Society employs a Chief Executive to whom has been delegated the responsibility for the day to day operation of the Society. The Chief Executive implements the Trustees’ policy decisions and leads the staff of the Society, in the principal offices in London and is responsible for the monitoring and performance of the Strategic Plan and attendant annual plans. For the purpose of maintaining effective governance, the Honorary Secretary acts as line manager for the Chief Executive who otherwise reports to the Trustees at their regular meetings. The Chief Executive attends all meetings of the Trustees and all committee meetings ex officio.

Although the Trustees delegate the day to day running of the Society to the Chief Executive, they are required additionally to provide reasonable assurance that:

  1. The Society is operating efficiently and effectively.

  2. All assets are safeguarded against unauthorised use or disposition and are properly applied.

  3. Proper records are maintained and financial information used within the Society, or for publication, is reliable.

  4. The Society complies with relevant laws and regulations.

In order to discharge their responsibilities, the Trustees oversee the internal controls covering all forms of commitment and expenditure, which are continually being refined to improve efficiency and reduce defined risks.

The systems of internal controls provide reasonable but not absolute assurance against material mismanagement or loss. They include:

  1. The Trustees’ regular consideration of financial results, variances from budgets, non-financial performance indicators and benchmarking reviews.

  2. Clear separation of the governance (Trustees) and management (Executive) functions, with delegation of day to day management and appropriate segregation of duties.

  3. Identification of significant risks.

The Trustees ensure that the culture of intelligent risk management that is embedded into the operational establishment is an effective process. They have established a risk management policy for the Society, linked to predicted changes in its activities.

THE NUTRITION SOCIETY COMPANY LIMITED BY GUARANTEE TRUSTEES' REPORT (CONTINUED)(INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 31 DECEMBER 2024

A Risk Register and a rolling risk assessment process are in place and reflect the changes in the activities undertaken by the Society, particularly in the areas of International Affairs and Training & Education. The risks that the Society faces as a result of these changes, their potential impact on the Society and the action taken to avoid or limit any consequences have been established within the Society. The Trustees continue to seek a balance between the level of risk and the probability of it occurring. In their view, small risks related to the reputation of the Society are more likely to happen (and may have a greater impact on the Society) than say a sudden loss of a major part of the income from its publishing or any other activity.

The Trustees regularly review the Society’s system of internal controls and believe that they are sufficiently robust to alert them to any potential risk that may arise. They also examine these policies in the context of the new Strategic Plan and the on-going changes in the structure of the Society and consider:

  1. The range of risks facing the Society, including new risks emerging from change

  2. The level of risk they regard as acceptable.

  3. The probability of the risks materialising.

  4. The Trustees’ ability to mitigate the effect on the Society of risks that do materialise.

  5. The cost of operating specific controls in relation to the benefits obtained.

The main areas of risk that have been identified by the Trustees include damage to the Society’s reputation through adverse publicity; significant loss of revenue resulting from a change to the publishing landscape; serious under performance of the Society’s investments; failure of the Society’s IT systems; loss of key members of staff; health and safety; significant loss of members. In these cases and in the new activities, preventative measures have been agreed and established and the Trustees have implemented procedures for reporting internal control failures immediately to executive management and the Trustees, together with details of corrective action being taken.

Policies and procedures for induction and training of trustees

All new Trustees receive an induction pack and guidance from the Trustees and Chief Executive based on the portfolio that they are assuming. An induction meeting is held to ensure that the incoming Trustees have the opportunity to question the other officers and staff about policy and actions of the board so that they can take up their duties with clear understanding of the current position of the Society. In addition, all new trustees attend within their first 6 months in post an external governance training workshop hosted by Hempsons Solicitors (The Society’s legal advisers). Moreover, Trustees set aside on a regular basis time in their formal trustee meetings for governance training. The process of recruiting Trustees focuses on aligning the skills and attributes necessary for a particular role with the professional background and experience of any candidates. This means that in seeking for a replacement for say, the Honorary Publications Officer, who is responsible for the greater part of the Society’s income, then the possession of extensive experience of learned or academic publishing would be an essential criterion for those wishing to stand for nomination. A development programme for all Trustees is held in the autumn of each year, at a time when new Trustees will have just joined the board.

Pay remuneration policy

The remuneration of the CEO is based upon a general policy of proportionality using a performance assessment. Pay and benefits are reviewed annually by the Governance Committee using a comprehensive process of internal and external benchmarking, combined with the assessment of individual performance against established organisational and personal objectives.

THE NUTRITION SOCIETY COMPANY LIMITED BY GUARANTEE TRUSTEES, REPORT {CONTINUEDIIINCLUDING DIRECTORS, REPORTI FOR THE YEAR ENDED 31 DECEIWBER 2024 PART SIX- REFERENCE AND ADMINISTRATIVE DETAILS The name.. The Nutrition Society Charity regl$tration numbor." It is a charity wistered with the Char￿Y Commission lor England and Wales, number 272071. Company registration number.. The Nutrition Society is a company limited by guarantee, registered ITr Cardiff, Cornpany Number 1274585. Addre55 of the principal office and aaddress of the regl$tered offica: Boyd Orr House, 10 Cambridge Court, 210 Shepherds Bush Road, London W6 7NJ The Trustees at 31 December 2024 Piesident Honorary TreaSu￿r Honorary se￿etary Honorary Publications Officer Honorary Scientific OffI￿r Honorary Internation81 Affairs offi￿r Honorary Programmes Officer Honorary Training Acadetny OffI￿r Honorary Membership Officgr Honorary Trustee without Portfolio Profgssor M Ward Professor T Hill Prof8ssorA Salter Professor J Woodside Professor J Brameld Ms Barbara Bray Professor W H811 Ms P Hunking Profe550r E Gibney Dr Mari8 O'sullivan Name of CEO.. Mr M J Hollingsworth Bankers= Coutts & Co., 440 Strand, London WC2R OQS, First Trust Bank, 13 The Promenade, Port Stewart BT55 7AD Investment Managers.. Coutts & Co., 440 Strand, London VVC2R OQS Sollcltors: Hempsons, 40 Villiers Stre8t, London WC2N 6NJ Penslon Advi58r5- abrdn plo 1 Georye Street, Edinburgh EH2 2LL Audltor8.' Mitchèll Char￿$wOrth (Auditl Limited, Th8 Plaza, Old Hall SC Livetpool, L3 9QJ Auditor In accordan￿ with the company's artic￿$, a resolutitsn proposing that Mrtchell Charlesworth (Audit) Limited b appointed 83 auditor of the company will be put al a G8nèral Meeting. Dlsclosure of informatlon to audltor Each of the trustees has confirmèd that there is no information of which they a￿ aware which is ￿levant to the audit, but of which the auditor is unaw8ie. They have further confimed that th8y have taken appropriate steps to identify such ￿levant info￿ation and to establish that the auditor 15 aware of such information. Small company provlslons This report has been prepared in accordan￿ with the special provision5 rèlating to small oompanies within Part 15 01 the Comp8niès Act 2006. The rustees. report was approved by the Board ofTru5tees. Mark Hollingsworth Secretary Datèd". 14

THE NUTRITION SOCIETY COMPANY LIMITED BY GUARANTEE STATEMENT OF TRUSTEES' RESPONSIBILITIES

FOR THE YEAR ENDED 31 DECEMBER 2024

The trustees, who are also the directors of The Nutrition Society for the purpose of company law, are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company Law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the Society and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that year.

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

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

THE NUTRITION SOCIETY COMPANY LIMITED BY GUARANTEE INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE NUTRITION SOCIETY

Opinion

We have audited the accounts of The Nutrition Society (the ‘Society’) and its subsidiary (the "Group") for the year ended 31 December 2024 which comprise the Consolidated Statement of Financial Activities, the Consolidated and parent charitable company Balance Sheets, the Consolidated Statement of Cash Flows and the notes to the accounts, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

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 accounts section of our report. We are independent of the Group and Society in accordance with the ethical requirements that are relevant to our audit of the accounts 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 Society’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 other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. 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 course of 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 this gives rise to a material misstatement in the financial statements themselves. 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.

Opinions on other matters prescribed by the Companies Act 2006

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

THE NUTRITION SOCIETY COMPANY LIMITED BY GUARANTEE INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS OF THE NUTRITION SOCIETY

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the Group and the Society and their environment obtained in the course of the audit, we have not identified material misstatements in the Directors’ Report included within the Trustees' 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:

Responsibilities of trustees

As explained more fully in the Statement of Trustees' Responsibilities, the trustees, who are also the directors of the Society for the purpose of company law, are responsible for the preparation of the accounts and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of accounts that are free from material misstatement, whether due to fraud or error.

In preparing the accounts, the trustees are responsible for assessing the Group's and the Society’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 group or the Society 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.

Extent to which the audit has considered capable of detecting irregularities, including fraud

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.

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

THE NUTRITION SOCIETY COMPANY LIMITED BY GUARANTEE INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS OF THE NUTRITION SOCIETY

We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

To address the risk of fraud through management bias and override of controls, we:

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https:// www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of our report

This report is made solely to the 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 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 company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Louise Casey (Senior Statutory Auditor) for and on behalf of Mitchell Charlesworth (Audit) Limited

..30 September 2025.......................

Accountants Statutory Auditor

Suites C,D,E, & F 14th Floor The Plaza 100 Old Hall Street Liverpool L3 9QJ

THE NUTRITION SOCIETY COMPANY LIMITED BY GUARANTEE CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES INCLUDING THE CONSOLIDATED INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 31 DECEMBER 2024

Unrestricted
Restricted
funds
funds
2024
2024
Notes
£
£
Income from:
Donations and legacies
3
55,727
-
Charitable activities
4
1,212,423
48,176
Other trading activities
5
26,535
-
Investments
6
9,748
-
Total income
1,304,433
48,176
Expenditure on:
Raising funds
7
155,680
-
Charitable activities
8
1,505,842
29,144
Total resources expended
1,661,522
29,144
Net gains/(losses) on investments
12
42,809
-
Net movement in funds
(314,280)
19,032
Fund balances at 1 January 2024
1,353,421
-
Fund balances at 31 December 2024
1,039,141
19,032		 Total
Unrestricted
funds
2024
2023
£
£
55,727
50,833
1,260,599
1,173,873
26,535
18,806
9,748
16,534
1,352,609
1,260,046
155,680
96,658
1,534,986
1,740,971
1,690,666
1,837,629
42,809
42,102
(295,248)
(535,481)
1,353,421
1,888,902
1,058,173
1,353,421

The statement of financial activities includes all gains and losses recognised in the year.

All income and expenditure derive from continuing activities.

The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.

THE NUTRITION SOCIETY COMPANY LIMITED BY GUARANTEE CONSOLIDATED BALANCE SHEET AS A T 31 DECEMBER 2024 2024 20Z3 Note8 Flxed assets Intsngible assets Tangible assels Inve5trnents 16 17 43. 1.092.035 436.070 1,(￿8.659 226,550 1,285.209 1.572.C65 Current assets Debtors Cash at bank and in hand 23 102,095 95.770 110,581 326.083 197,865 436.664 Liabilities: Creditors." amounts falling due %wthin onè year 25 1264,SK)11 1536,6111 Net W￿nt liabilities 167,0361 199,9471 Totsl assets less current liabilities 1,218,173 1,472,118 Creditors.. amounts falling due after more than one ye8r 28 1180,OCOI 1118.6971 Total net assets 1,QS8.173 1,353,421 The funds ofthe charfty Restncted funds Unrestncted funds Designated funds General unrestnded funds Revaluatron reserve 32 19.032 33 695.358 13.862 329.901 975,555 47.￿5 329,￿1 Total unrestricted funds 1.039.141 1.353.421 Total charity funds 1,058.173 1.353.421 The aoxunL8 We￿ approved by Trustees ￿ ...¢... . Professo Pr851dent M Ward Professor T Hill Treasurer Company Regl$tration No. 1274585 -20-

THE NUTRITION SOCIETY COMPANY LIMITED BY GUARANTEE CHARITY BALANCE SHEET

AS AT 31 DECEMBER 2024

Notes
Fixed assets
Tangible assets
17
Investments
19
Current assets
Debtors
24
Cash at bank and in hand
Liabilities
Creditors: amounts falling due within one
26
year
Net current liabilities
Ttal assets less current liabilities
Creditors: amounts falling due afer more
28
than one year
Total net assets
The funds of the charity
Restricted funds
32
Unrestricted funds
Designated funds
33
General unrestricted funds
Revaluation reserve
34
Ttal unrestricted funds
Total charity funds
The accounts were approved by the Trustees on
ProfssorMWrd
President		 2024
£
£
1,058,659
226,551
1,285,210
130,515
95,674
226,189
(255,681)
(29,492)
1,255,718
(160,000)
1,095,718
19,032
695,358
51,427
329,901
1,076,686
1,095,718
Professor T Hill
Treasurer		 2023
£
£
1,092,035
436,071
1,528,106
155,661
322,995
478,656
(534,644)
(55,988)
1,472,118
(118,697)
1,353,421
975,555
47,965
329,901
1,353,421
1,353,421

Company Registration No. 1274585

THE NUTRITION SOCIETY COMPANY LIMITED BY GUARANTEE CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2024

2024 2023
Notes £ £ £ £
Cash flows from operating activities
Net cash (used in) provided by operating 38
activities (548,035) (120,695)
Cash flows from investing activities
Purchase of intangible assets - (16,800)
Purchase of tangible fixed assets (659) (2,336)
Movement on cash within investment
portfolio 2,349 13,489
Purchase of investments (313,958) (275,932)
Proceeds on disposal of investments 563,939 540,353
Investment income 9,748 16,648
Net cash generated from investing
activities 261,419 275,422
Cash flows from financing activities
Repayment of borrowings (25,000) (25,000)
New loan borrowings 81,303 -
Net cash generated from/(used in)
financing activities 56,303 (25,000)
Change in cash and cash equivalents in the year (230,313) 129,727
Cash and cash equivalents at beginning of year 326,083 196,356
Cash and cash equivalents at end of year 95,770 326,083

THE NUTRITION SOCIETY COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

1 Accounting policies

Charity information

The Nutrition Society is a private company limited by guarantee incorporated in England and Wales. The registered office is 10 Cambridge Court, 210 Shepherd's Bush Road, London, W6 7NJ.

1.1 Accounting convention

The accounts have been prepared in accordance with the Society's Articles of Association, the Companies Act 2006 and “Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)” (as amended for accounting periods commencing from 1 January 2019). The Society is a Public Benefit Entity as defined by FRS 102.

The financial statements are prepared in sterling, which is the functional currency of the Society. Monetary amounts in these financial statements are rounded to the nearest £.

The accounts have been prepared under the historical cost convention, modified to include certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2 Going concern

At the time of approving the accounts, the trustees have a reasonable expectation that the Society has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the accounts.

1.3 Charitable funds

Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.

Designated funds comprise funds which have been set aside at the discretion of the trustees for specific purposes. The purposes and uses of the designated funds are set out in the notes to the financial statements.

Restricted funds are subject to specific conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.

1.4 Income

Income is recognised when the Society is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

Cash donations are recognised on receipt. Other donations are recognised once the Society has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

Legacies are recognised on receipt or otherwise if the Society has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.

THE NUTRITION SOCIETY COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

1 Accounting policies

(Continued)

The Nutrition Society has contracted with Cambridge University Press (CUP) to publish journals on behalf of the Society although the Society retains title to these journals.

Membership income is accounted for on a receivable basis. The consideration for the right to publish journals is accounted for as earned by the Society.

Grants receivable are credited to the Statement of Financial Activities in the year for which they are received.

Deferred income represents amounts received for future periods where conditions are attached which must be fulfilled before unconditional entitlement or grants which can only be spent in future periods. The deferred income is released when entitlement to the income is confirmed.

1.5 Expenditure

Expenditure is included in the Statement of Financial Activities on an accruals basis.

Membership and charitable activity costs include expenditure which is directly attributable to specific activities and has been included within these cost categories. Certain other costs which are attributable to more than one activity are apportioned across cost categories on the basis of an estimate of the proportion of time spent by staff on those activities.

Governance costs are costs incurred in connection with the strategic management of the charity and in compliance with constitutional and statutory requirements.

1.6 Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Software Straight line over 3 years Nutrition Database straight line over 3 years

1.7 Tangible fixed assets

Tangible fixed assets are initially measured at cost (or deemed cost for land and buildings, where relevant at the date of transition to FRS 102) and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Under FRS 102 section 35.10(c) transitional provisions, the Society has elected to use the fair value of certain freehold and leasehold properties as a 'deemed cost'. The valuation was undertaken by Frost Meadocraft on 3 June 2014. The building is subject to annual depreciation and no further revaluations will be necessary.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold land & buildings Land - Nil, Building - Straight line over 50 years Fixtues and equipment Straight line over 10 years Computer equipment Straight line over 3 years

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.

THE NUTRITION SOCIETY COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

1 Accounting policies

(Continued)

1.8 Fixed asset investments

Fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net income/(expenditure) for the year. Transaction costs are expensed as incurred.

A subsidiary is an entity controlled by the Society. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.9 Impairment of fixed assets

At each reporting end date, the Society reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

1.10 Cash and cash equivalents

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

1.11 Financial instruments

The Society has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Society's balance sheet when the Society becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Society’s contractual obligations expire or are discharged or cancelled.

THE NUTRITION SOCIETY COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

1 Accounting policies

(Continued)

1.12 Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the Society is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.13 Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.14 Leases

Rentals payable under operating leases, including any lease incentives received, are charged as an expense on a straight line basis over the term of the relevant lease.

1.15 Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation are included in net income/(expenditure) for the period.

1.16 Taxation

The charity benefits from various exemptions from taxation afforded by tax legislation and is not liable to corporation tax on income or gains falling within those exemptions. Recovery is made of tax deducted from qualifying income and from receipts under Gift Aid.

1.17 Consolidation

The group financial statements consolidate the results of The Nutrition Society and its subsidiary undertaking, Nutrition Society Enterprises Limited, on a line by line basis.

No separate SOFA or income and expenditure account has been presented for the charity alone as permitted by section 408 of the Companies Act 2006 and under the SORP.

The total incoming resources for the Society in 2024 was £1,326,074 (2023: £1,251,986) and net expenditure for the year was £257,703 (2023: £535,481).

2 Critical accounting estimates and judgements

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.

Key sources of estimation uncertainty

THE NUTRITION SOCIETY COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

2 Critical accounting estimates and judgements

(Continued)

Useful economic lives

The annual depreciation charge for property, plant and equipment is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are reassessed annually. They are amended when necessary to reflect current estimates based on technological advancement, future investments, economic utilisation and the physical condition of the assets.

Recoverable value of fee debtors

The Society makes an estimate of the recoverable value of trade and other debtors. When assessing impairment of trade and other debtors, management considers factors including the current credit rating of the debtor, the aging profile and historical experience.

3 Donations and legacies

Unrestricted Unrestricted
funds funds
2024 2023
£ £
Membership fees 55,727 50,833
Grants receivable for core activities
Full 26,220 29,620
Retired 1,480 1,740
Graduate 13,520 1,280
Unwaged - 1,140
Early Career Member 11,260 16,983
52,480 50,763

Student members were granted free membership from 2023.

THE NUTRITION SOCIETY COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

4 Income from charitable activities

Publications Textbooks and
FINS
Scientific and
external
meetings
Training and
education
Fundraising,
trading and
other costs
2024
2024
2024
2024
2024
£
£
£
£
£
Sale of goods
985,661
9,511
101,348
11,116
152,963
Analysis by fund
Unrestricted funds
985,661
9,511
101,348
11,116
104,787
Restricted funds
-
-
-
-
48,176
985,661
9,511
101,348
11,116
152,963		 Total
2024
£
1,260,599
1,212,423
48,176
1,260,599		 Total
2023
£
1,173,873
1,173,873
-
1,173,873

THE NUTRITION SOCIETY COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2024

Previous year: Publications Publications Textbooks
Scientific
Training and
Fundraising,
Total
and FINS and external
education		 trading and
meetings other costs
2023 2023 2023 2023 2023 2023
£ £ £ £ £ £
Sale of goods 960,422 8,182 155,249 13,363 36,657 1,173,873
Analysis by fund
Unrestricted funds 960,422 8,182 155,249 13,363 36,657 1,173,873
5 Income from other trading activities
Unrestricted Unrestricted
funds funds
2024 2023
£ £
Non-charitable trading activities 26,535 18,806
6 Income from investments
Unrestricted Unrestricted
funds funds
2024 2023
£ £
Income from listed investments 9,748 16,534
7 Expenditure on raising funds
Unrestricted Unrestricted
funds funds
2024 2023
£ £
Fundraising and publicity
Seeking donations, grants and legacies 8,111 5,516
Membership schemes and social lotteries 81,188 79,238
89,299 84,754
Trading costs
Other trading activities 64,080 8,060
Investment management 2,301 3,844
Total costs 155,680 96,658

THE NUTRITION SOCIETY COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2024

8 Charitable activities

Publications
2024
£
Staff costs
85,612
Direct charitable expenditure
33,826
119,438
Share of support costs (see note 10)
55,419
Share of governance costs (see note 10)
15,259
190,116
Analysis by fund
Unrestricted funds
190,116
Restricted funds
-
190,116		 Textbooks Scientific and
external
meetings
Communications
Training and
education
International
Fundraising,
Trading and
Other Costs
2024
2024
2024
2024
2024
2024
£
£
£
£
£
£
-
109,215
110,970
33,926
74,536
-
34
280,438
56,780
56,033
75,892
47,940
34
389,653
167,750
89,959
150,428
47,940
16
192,399
78,658
41,759
69,799
8,721
4
52,975
21,658
11,498
19,218
2,401
54
635,027
268,066
143,216
239,445
59,062
54
635,027
268,066
143,216
239,445
29,918
-
-
-
-
-
29,144
54
635,027
268,066
143,216
239,445
59,062		 Total
2024
£
414,259
550,943
965,202
446,771
123,013
1,534,986
1,505,842
29,144
1,534,986		 Total
2023
£
350,376
818,902
1,169,278
456,136
115,557
1,740,971
1,740,971
-
1,740,971

THE NUTRITION SOCIETY COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

8 Charitable activities

(Continued)

For the year ended 31 December 2023

Publications
£
Staff costs
78,767
Direct charitable expenditure
32,921
111,688
Share of support costs (see note 10)
43,569
Share of governance costs (see note 10)
11,038
166,295
Analysis by fund
Unrestricted funds
166,295
166,295		 Textbooks Scientific and
external
meetings
Communications
Training and
education
International
Fundraising,
Trading and
Other Costs
£
£
£
£
£
£
-
92,219
91,834
41,146
46,410
-
802
379,174
146,481
44,955
195,161
19,408
802
471,393
238,315
86,101
241,571
19,408
313
183,891
92,967
33,588
94,237
7,571
79
46,587
23,552
8,509
23,874
1,918
1,194
701,871
354,834
128,198
359,682
28,897
1,194
701,871
354,834
128,198
359,682
28,897
1,194
701,871
354,834
128,198
359,682
28,897		 Total
2023
£
350,376
818,902
1,169,278
456,136
115,557
1,740,971
1,740,971
1,740,971

THE NUTRITION SOCIETY COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2024

9 Trustees

None of the trustees (or any persons connected with them) received any remuneration during the year, but 12 trustees were reimbursed a total of £19,107 for travelling and meeting expenses (2023: 12 trustees were reimbursed £16,235).

The trustees have professional indemnity insurance which amounted to £3,430 (2023: £3,201).

10 Support costs

Staff costs
Depreciation
Office overheads
Bank charges and
interest
Loss on disposals
Audit fees
Accountancy
Legal and professional
Meeting and travel
expenses
Analysed between
Charitable activities		 Support
costs
Governance
costs
£
£
185,931
72,736
34,034
-
210,963
-
15,843
-
-
-
-
17,735
-
5,663
-
7,773
-
19,107
446,771
123,014
446,771
123,013		 2024Support costs Governance
costs
£
£
£
258,667
184,643
68,711
34,034
35,065
-
210,963
225,725
-
15,843
10,638
-
-
64
-
17,735
-
17,200
5,663
-
5,439
7,773
-
7,972
19,107
-
16,235
569,785
456,135
115,557
569,784
456,136
115,557		 2023
£
253,354
35,065
225,725
10,638
64
17,200
5,439
7,972
16,235
571,692
571,693

Governance costs includes payments to the auditors of £23,398 (2023- £22,520)

11 Auditor's remuneration

The analysis of auditor's remuneration is as follows:
Fees payable to the charity's auditor:
Audit of the group and charity annual accounts
Other services to the group
All other non-audit services
Total auditor's remuneration		 2024
£
17,735
5,663
23,398		 2023
£
17,200
5,438
22,638

THE NUTRITION SOCIETY COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2024

12 Gains and losses on investments

Unrestricted Unrestricted
funds funds
2024 2023
Gains/(losses) arising on: £ £
Revaluation of investments 14,729 36,569
Sale of investments 28,080 5,533
42,809 42,102

13 Taxation

The charity is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or section 252 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects.

THE NUTRITION SOCIETY COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

14 Employees

Number of employees

The average monthly number of employees during the year was:

Publications
Communications
Office administration
Governance
Training and education
Meetings
Membership
Employment costs
Wages and salaries
Social security costs
Other pension costs		 2024
Number
1
2
2
2
2
2
2
13
2024
£
617,575
66,298
70,242
754,115		 2023
Number
1
2
2
2
1
2
2
12
2023
£
579,311
47,478
56,180
682,969

Employee costs are apportioned based on staff salaries across publications, textbooks, scientific and external meetings, communications, training and education and international costs.

The number of employees whose annual remuneration was £60,000 or more were:

were:
2024 2023
Number Number
£60,001 - £70,000 - 1
£70,001 - £80,000 1 -
£120,001 - £130,000 1 1

15 Retirement benefit schemes (Group and charity)

Defined contribution schemes

The Society operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the Society in an independently administered fund. The outstanding commitment for contributions due under this scheme as at 31 December 2024 is £68,651 (2023 - £5,706).

The charge to Statement of Financial Activities in respect of defined contribution schemes was £70,242 (2023 - £56,180) .

THE NUTRITION SOCIETY COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2024

16
Intangible fixed assets (Group and Charity)
Cost
At 1 January 2024
Disposals
At 31 December 2024
Amortisation and impairment
At 1 January 2024
Disposals
At 31 December 2024
Carrying amount
At 31 December 2024
At 31 December 2023		 Software
£
45,374
-
45,374
45,374
-
45,374
-
-		 Nutrition
Database
£
51,600
(51,600)
-
7,640
(7,640)
-
-
43,960		 Total
£
96,974
(51,600)
45,374
53,014
(7,640)
45,374
-
43,960

The charity had intangible fixed assets with net book value of £nil as at 31 December 2024 (2023 - £nil)

17 Tangible fixed assets (Group and Charity)

Freehold land
& buildings
£
Cost
At 1 January 2024
1,152,535
Additions
-
At 31 December 2024
1,152,535
Depreciation
At 1 January 2024
139,452
Depreciation charged in the year
14,374
At 31 December 2024
153,826
Carrying amount
At 31 December 2024
998,709
At 31 December 2023
1,013,082		 Fixtues and
equipment
£
160,348
-
160,348
87,790
13,647
101,437
58,911
72,558		 Computer
equipment
£
26,099
659
26,758
19,706
6,013
25,719
1,039
6,395		 Total
£
1,338,982
659
1,339,641
246,948
34,034
280,982
1,058,659
1,092,035

THE NUTRITION SOCIETY COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

18 Fixed asset investments (Group)

Listed Cash in Total
investments portfolio
£ £
Cost or valuation
At 1 January 2024 432,114 3,956 436,070
Additions 313,958 - 313,958
Valuation changes 14,729 - 14,729
Movement on cash balances - (2,349) (2,349)
Disposals (535,858) - (535,858)
At 31 December 2024 224,943 1,607 226,550
Carrying amount
At 31 December 2024 224,943 1,607 226,550
At 31 December 2023 432,114 3,956 436,070
2024 2023
£ £
Investments at fair value comprise:
Bonds 43,113 165,736
Equities 181,830 266,378
224,943 432,114

THE NUTRITION SOCIETY COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

19 Fixed asset investments (Charity)

Listed Cash in Subsidiary Total
investments portfolio
£ £
Cost or valuation
At 1 January 2024 432,114 3,956 1 436,071
Additions 313,958 - - 313,958
Valuation changes 14,729 - - 14,729
Movement on cash balances - (2,349) - (2,349)
Disposals (535,858) - - (535,858)
At 31 December 2024 224,943 1,607 1 226,551
Carrying amount
At 31 December 2024 224,943 1,607 1 226,551
At 31 December 2023 432,114 3,956 1 436,071

20 Subsidiaries (Charity)

Details of the Society's subsidiaries at 31 December 2024 are as follows:

Name of undertaking Registered Nature of business Class of % Held
office shares held Direct Indirect
Nutrition Society Enterprises
England and		 Commercial trading Ordinary 100.00
Limited Wales

The aggregate capital and reserves and the result for the year of subsidiaries excluded from consolidation was as follows:

Name of undertaking Profit/(Loss) Capital and
Reserves
£ £
Nutrition Society Enterprises
Limited (37,545) (37,544)

The subsidiary's current activities are to generate advertising and sponsorship income. The issued share capital of Nutrition Society Enterprises Ltd is £1, represented by 1 ordinary share of £1. Total shareholders' funds at 31 December 2024 were represented by net liabilities totalling £37,544 (2023: net asset of £1). The company made a loss of £37,545 in 2024 (2023: £10,746 profit). Turnover in 2024 was £26,535 (2023: £18,806).

THE NUTRITION SOCIETY COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

21
Financial instruments (Group)
Carrying amount of financial assets
Debt instruments measured at amortised cost
Equity instruments measured at cost less impairment
Carrying amount of financial liabilities
Measured at amortised cost
22
Financial instruments (Charity)
Carrying amount of financial assets
Debt instruments measured at cost
Equity instruments measured at fair value through income and expenditure
Carrying amount of financial liabilities
Measured at cost
23
Debtors (Group)
Amounts falling due within one year:
Trade debtors
Other debtors
Prepayments
Accrued income
24
Debtors (Charity)
Amounts falling due within one year:
Trade debtors
Amounts due from subsidiary undertakings
Other debtors
Prepayments
Accrued income		 2024
£
175,972
226,550
342,586
2024
£
175,876
226,551
339,999
2024
£
470
19,662
21,893
60,070
102,095
2024
£
470
28,419
19,662
21,894
60,070
130,515		 2023
£
430,729
436,070
341,825
2023
£
472,721
436,071
339,353
2023
£
29,503
9,572
5,935
65,571
110,581
2023
£
29,503
45,080
9,572
5,935
65,571
155,661

THE NUTRITION SOCIETY COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

25 Creditors: amounts falling due within one year (Group)
2024 2023
Notes £ £
Bank loans 29 40,000 25,000
Other taxation and social security 45,236 75,540
Deferred income 27 37,080 237,943
Trade creditors 12,693 127,166
Other creditors 78,948 46,257
Accruals 50,944 24,705
264,901 536,611
26 Creditors: amounts falling due within one year (Charity)
2024 2023
Notes £ £
Bank loans 29 40,000 25,000
Other taxation and social security 38,602 76,045
Deferred income 27 37,080 237,943
Trade creditors 12,406 126,879
Other creditors 78,948 46,257
Accruals 48,645 22,520
255,681 534,644
27 Deferred income (Group and Charity)
2024 2023
£ £
Other deferred income 37,080 237,943
Deferred income is included in the financial statements as follows:
2024 2023
£ £
Total deferred income at 1 January 2024 237,943 191,657
Amounts received in year 37,080 237,943
Amounts credited to statement of financial activities (237,943) (191,657)
37,080 237,943

THE NUTRITION SOCIETY COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

28 Creditors: amounts falling due after more than one year (Group and Charity)

Notes
Bank loans
29
29
Loans and overdrafts (Group and Charity)
Bank loans
Payable within one year
Payable after one year		 2024
£
160,000
2024
£
200,000
40,000
160,000		 2023
£
118,697
2023
£
143,697
25,000
118,697

The bank loan is a 5 year term loan expiring in October 2029, with interest to be paid at 3.50% above the bank’s base rate. The bank loan was secured over the Society’s freehold property at 10 – 11 Cambridge Court, 210 Shepherds Bush Road, London W6 7NJ in the bank’s standard form dated 2 October 2024.

30 Analysis of net assets between funds

Group
Unrestricted
Unrestricted
Unrestricted
Restricted
funds
funds
funds
funds
general
designated
revaluation
reserve
2024
2024
2024
2024
£
£
£
£
At 31 December 2024:
Tangible assets
59,951
668,807
329,901
-
Investments
-
226,550
-
-
Current assets/(liabilities)
(46,068)
(40,000)
-
19,032
Long term liabilities
-
(160,000)
-
-
13,883
695,357
329,901
19,032		 Total
2024
£
1,058,659
226,550
(67,036)
(160,000)
1,058,173

THE NUTRITION SOCIETY COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

30 Analysis of net assets between funds (Continued)
Unrestricted Unrestricted Unrestricted Restricted Total
funds funds funds funds
general designated revaluation
reserve
2023 2023 2023 2023 2023
£ £ £ £ £
At 31 December 2023:
Intangible fixed assets 43,960 - - - 43,960
Tangible assets 78,953 683,181 329,901 - 1,092,035
Investments - 436,070 - - 436,070
Current assets/(liabilities) (74,948) (25,000) - - (99,947)
Long term liabilities - (118,697) - - (118,697)
47,965 975,554 329,901 - 1,353,421
30 Analysis of net assets between funds
Charity Unrestricted Unrestricted Unrestricted Restricted Total
funds funds funds funds
general designated revaluation
reserve
2024 2024 2024 2024 2024
£ £ £ £ £
At 31 December 2024:
Tangible assets 59,951 668,807 329,901 - 1,058,659
Investments - 226,551 - - 226,551
Current assets/(liabilities) (8,524) (40,000) - 19,032 (29,492)
Long term liabilities - (160,000) - - (160,000)
51,427 695,358 329,901 19,032 1,095,718
Unrestricted Unrestricted Unrestricted Restricted Total
funds funds funds funds
general designated revaluation
reserve
2023 2023 2023 2023 2023
£ £ £ £ £
At 31 December 2023:
Tangible assets 78,953 683,181 329,901 - 1,092,035
Investments - 436,071 - - 436,071
Current assets/(liabilities) (30,988) (25,000) - - (55,988)
Long term liabilities - (118,697) - - (118,697)
47,965 975,555 329,901 - 1,353,421

THE NUTRITION SOCIETY COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

32 Restricted funds

The restricted funds of the charity comprise the unexpended balances of donations and grants held on trust subject to specific conditions by donors as to how they may be used.

At 1 January Incoming Resources At 31
2024 resources expended December
2024
£ £ £ £
- 48,176 (29,144) 19,032

Danone GetPro Grant - Sponsorship income for the GETPRO professional Grassroots Sports Nutrition grant.

Thet Zambia - Global capacity building programme with the Tropical Health Education Trust.

THE NUTRITION SOCIETY COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2024

33 Designated funds (Group and Charity)

The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.

Balance at
1 January 2023
£
Freehold property
698,951
Investments
671,879
Bank Loan
(168,697)
1,202,133		 Resources
expended
£
(15,770)
-
-
(15,770)		 Transfers
£
-
(277,910)
25,000
(252,910)		 Gains and
losses
Balance at
1 January 2024
£
£
-
683,181
42,102
436,071
-
(143,697)
42,102
975,555		 Resources
expended
£
(14,374)
-
-
(14,374)		 Transfers
£
-
(224,249)
(56,303)
(280,552)		 Gains and
losses
Balance at
31 December
2024
£
£
-
668,807
14,729
226,551
-
(200,000)
14,729
695,358

Freehold Property - Represents the net book value of the freehold premises in Hammersmith (net of the revaluation reserve) occupied for the Society’s offices.

Investments - Relates to a sum invested to generate income to fund the Society’s commitment to support Studentships, Travel Grants, and other Grants and Bursaries to benefit early career researchers.

Bank Loan - The bank loan was obtained to fund the renovation of the freehold property premises.

THE NUTRITION SOCIETY COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

34 Revaluation reserve (Group and Charity)

The revaluation reserve is as follows:

Revaluation reserve 2024
£
329,901
329,901		 2023
£
329,901
329,901

The revaluation reserve reflects the difference between the net book value of land and buildings and the revalued amount based on market value at the date of transition on 1 January 2014. The revaluation uplift is considered to relate to the land element of the property which is not depreciated.

35 Operating lease commitments (Group and Charity)

At the reporting end date the Society had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

Within one year
Between two and five years
In over five years		 2024
£
12,211
38,133
1,268
51,612		 2023
£
32,130
-
-
32,130

36 Related party transactions (Group and Charity)

Remuneration of key management personnel

The remuneration of key management personnel was as follows:

2024 2023
£ £
Aggregate remuneration 161,635 153,643

Transactions with related parties

The group has taken advantage of the disclosure exemptions to which it is entitled regarding transactions between parent and 100% owned subsidiary companies.

THE NUTRITION SOCIETY COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

36 Related party transactions (Group and Charity)

(Continued)

No guarantees have been given or received.

None of the trustees (or any persons connected with them) received any remuneration during the year.

At the year-end, a balance of £16,900 is owed by the CEO to the charity relating to an interest free train season ticket loan.

37 Events after the reporting date

On 27th March 2025, the charity signed a new publishing agreement with Cambridge University Press. This agreement will continue to support the publication of the nutritional journals, ensuring high-quality dissemination of the charity's research and findings.

As part of these negotiations Cambridge University Press agreed to pay the charity a re-signing bonus of £200,000. This amount was received in January 2025.

38 Cash generated from operations 2024 2023
£ £
Deficit for the year (295,248) (535,481)
Adjustments for:
Investment income recognised in statement of financial activities (9,748) (16,534)
Loss on disposal of intangible assets 43,960 -
Gain on disposal of investments (28,080) (5,533)
Fair value gains and losses on investments (14,729) (36,569)
Depreciation, amortisation and impairment of fixed assets 34,034 39,805
Movements in working capital:
Decrease in debtors 8,485 294,928
(Decrease)/increase in creditors (85,846) 92,403
(Decrease)/increase in deferred income (200,863) 46,286
Cash absorbed by operations (548,035) (120,695)

39 Company limited by guarantee

The Nutrition Society is incorporated under the Companies Act as a company limited by guarantee. The liability of the members is limited to £1.