REGISTERED COMPANY NUMBER: 08239097 (England and Wales) REGISTERED CHARITY NUMBER: 1149638
Report of the Trustees (incorporating Strategic Report) and Financial Statements for the Period 3 October 2012 to 31 December 2013
for
THE FEDERATION OF EUROPEAN
BIOCHEMICAL SOCIETIES
Hill Wooldridge & Co. Limited Statutory Auditor & Chartered Accountants 107 Hindes Road Harrow Middlesex HA1 1RU THE FEDERATION OF EUROPEAN BIOCHEMICAL SOCIETIES
Contents of the Financial Statements for the Period 3 October 2012 to 31 December 2013
Page
Report of the Trustees incorporating Strategic Report 1 to 13
Report of the Independent Auditors 14 to 15
Statement of Financial Activities 16
Balance Sheet 17
Cash Flow Statement 18
Notes to the Cash Flow Statement 19
Notes to the Financial Statements 20 to 28
THE FEDERATION OF EUROPEAN BIOCHEMICAL SOCIETIES
Report of the Trustees incorporating Strategic Report for the Period 3 October 2012 to 31 December 2013
The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report, which incorporates the strategic report, with the financial statements of the charity for the period 3 October 2012 to 31 December 2013. The trustees have adopted the provisions of the Statement of Recommended Practice (SORP) 'Accounting and Reporting by Charities' issued in March 2005.
REFERENCE AND ADMINISTRATIVE DETAILS Registered Company number 08239097 (England and Wales)
Registered Charity number 1149638
Registered office 98 Regent Street Cambridge Cambridgeshire CB2 1DP
Trustees I Pecht Secretary General appointed 3.10.12 S Papa Chair, Executive Committee appointed 1.1.13 term ended 31.12.13 M A De La Rosa Vice Chair, Executive Committee (1/1/2013 – appointed 1.1.13 31/12/2013); Chair (from 1/1/2014) A Fersht Treasurer appointed 3.10.12 A Szewczyk Congress Counsellor appointed 1.1.13 L Fésüs Chair, Publications Committee appointed 3.10.12 V Rubio Chair, Fellowships Committee appointed 1.1.13 term ended 31.12.13 J Jarv Chair, Advanced Courses Committee appointed 1.1.13 resigned 12.7.13 G G Akdoǧan Chair, Education Committee appointed 1.1.13 J H Weil Chair, Science and Society Committee appointed 1.1.13 M Sprinzl Chair, Working Group on Integration appointed 1.1.13 C Rodrigues Pousada Chair, Working Group on the Careers of Young appointed 1.1.13 Scientists C Arraiano Chair, Working Group on Women in Science appointed 1.1.14 A Hartig (new) Chair, Fellowships Committee appointed 1.1.14 A Gabibov (new) Vice Chair, Executive Committee appointed 1.1.14
Company Secretary I Pecht Secretary General appointed 3.10.12
Auditors Hill Wooldridge & Co. Limited 107 Hindes Road Harrow Middlesex HA1 1RU
Page 1 THE FEDERATION OF EUROPEAN BIOCHEMICAL SOCIETIES
Report of the Trustees incorporating Strategic Report for the Period 3 October 2012 to 31 December 2013
REFERENCE AND ADMINISTRATIVE DETAILS Bankers The Royal Bank of Scotland 171 Tottenham Court Road London W1P 0DL United Kingdom
Deutsche Bank Filiale Heidelberg Adenauerplatz 1 69115 Heidelberg Germany
Investment managers Deutsche Bank Filiale Heidelberg Adenauerplatz 1 69115 Heidelberg Germany
Restructuring of FEBS 2012–2013 The reason for the different start dates for the financial statements and summary of activities relates to the restructuring of FEBS in 2012–2013. As explained in the FEBS 2012 Annual Report and Accounts (available from the FEBS website at http://www.febs.org/about us/annual reports/), FEBS has recently changed its structure from an unincorporated charity (registered charity number 261793) to a charitable company. For this restructuring, FEBS first established a company limited by guarantee (registered company 08239097) on 3 October 2012, which was then registered as a charity (registered charity number 1149638) with charitable objects akin to those which FEBS already had. The majority of FEBS' assets were then donated to the new charitable company on 1 January 2013 and limited liabilities were assumed by the new FEBS. Employees of the unincorporated entity were transferred to the new charitable company under TUPE ['Transfer of Undertakings (Protection of Employment) Regulations 2006'].
A cash fund of €1,233,196 (£1,000,000) was retained by the unincorporated FEBS to settle outstanding liabilities and meet any unanticipated obligations. These funds were donated to the new FEBS in July 2013, and notification to the Charity Commission of the dissolution of the unincorporated FEBS charity was supported by an audited statement of the final fund donation. Removal of the unincorporated FEBS as a registered charity by the Charity Commission was complete by 19 September 2013.
As a result of this restructuring, note that reference to previous years’ expenditure and income figures in this FEBS Annual Report for 2013 for the new FEBS entity relates to the financial statements in the last Annual Report for the unincorporated FEBS entity [FEBS 2012 Annual Report and Accounts (for the period ended 31 March 2013); available at http://www.febs.org/about us/annual reports/].
STRUCTURE, GOVERNANCE AND MAINTENANCE
Constitution FEBS is registered as a charity (registered charity number 1149638), and is a company limited by guarantee (registered company number 08239097). The Memorandum and Articles of Association by which FEBS was governed in 2013 can be found at Appendix 1.
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Report of the Trustees incorporating Strategic Report for the Period 3 October 2012 to 31 December 2013
STRUCTURE, GOVERNANCE AND MAINTENANCE
Organization and membership FEBS was founded on 1st January 1964 and is a Federation of biochemistry and molecular biology societies. In 2013, its Constituent Societies spanned 36 countries in Europe and neighbouring regions, and included 33 Member Societies and 3 Associate Member Societies. The Presidents or Secretaries of the Constituent Societies of the Federation in 2013 are given in Appendix 2, and their membership numbers in Appendix 3 (totalling approximately 35,000 individual members in 2013).
FEBS is governed by a Council composed of one delegate from each of the Constituent Societies as well as the members of the Executive Committee. FEBS Council meets once a year at the annual FEBS Congress. It elects most of the members of the FEBS Executive Committee for three year terms, as well as ordinary members of the FEBS Committees and Working Groups (delegated specific areas of FEBS work) for four year terms, in a secret ballot. (The Vice Chair of the Executive Committee, who after one year becomes Chair, is appointed by the Society hosting the annual Congress and Council Meeting in the previous year.)
Subject to the Council, the administration of the Federation is vested in the FEBS Executive Committee (the 'FEBS Officers'). The Executive Committee consists of the Chairperson, the Vice Chairperson, the FEBS Secretary General, the FEBS Treasurer, the FEBS Congress Counsellor, and the FEBS Committee and Working Group Chairpersons. With the exception of co opted Acting Chairpersons (e.g. following resignations prior to Council elections), FEBS Officers are the FEBS charity Trustees and company Directors responsible for the actions of FEBS. The names and addresses of the members of the Executive Committee and the names of members of other Committees and Working Groups in 2013, together with dates of appointments and geographical distribution, are set out in Appendix 4.
Trustees/Directors are distinguished scientists and (with the exception of the Executive Committee Vice Chair and Chair, as explained above) elected by FEBS Council from nominations put forward by FEBS Constituent Societies. Before formal appointment, newly elected Trustees/Directors sign the Charity Commission's 'Declaration of eligibility for newly appointed Trustees', and are referred to the Charity Commission's guidance on the role of Trustees as well as Companies House information on Director/Secretary roles.
OBJECTIVES AND ACTIVITIES
Objectives The objectives of FEBS are to contribute to and promote the advancement of research and education for the public benefit in the sciences of biochemistry, molecular biology and related disciplines (but only in so far as such related disciplines are ancillary to the main object), by all suitable means and in particular by:
• holding and arranging congresses, training and educational courses on matters connected with biochemistry and molecular biology and related disciplines; • facilitating and supporting the exchange of scientific information between biochemists, molecular biologists and scientists working in related disciplines generally and especially in Europe and other countries of Constituent Societies; • facilitating and supporting the training of young scientists in research, in the form of fellowships; • organising the editing and publication of scientific research and educational material in biochemistry and molecular biology and related disciplines.
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Report of the Trustees incorporating Strategic Report for the Period 3 October 2012 to 31 December 2013
OBJECTIVES AND ACTIVITIES
Activities The following paragraphs and their associated appendices outline activities in 2013 from the different Committees and Working Groups of FEBS. Extensive information on FEBS work is also available on the FEBS website at www.febs.org, and highlights appeared in three issues of FEBS News (pdf magazine) in 2013.
Scientific publications FEBS owns four journals for the publication of research papers, reviews and discussion in the molecular life sciences: The FEBS Journal, FEBS Letters, Molecular Oncology and FEBS Open Bio . They are published on behalf of FEBS by Wiley and Elsevier, and aim to provide high quality peer review, fast publication, and a variety of enhanced features for both authors and readers. The FEBS Journal and FEBS Letters also provide income to fund FEBS' other activities.
The Publications Committee oversees the operation and development of FEBS' journals, and in 2013 was under the chairmanship of Prof. László Fésüs. The work of the committee in 2013 and some key journal information is summarized in Appendix 5; in addition, income and costs of the journals in 2013, and the implications for FEBS of the move to open access publishing in the life sciences, are discussed in more detail in the Strategic Report section of this Annual Report.
The internationally recognized high quality of our three subscription journals ( FEBS Journal, FEBS Letters, Molecular Oncology ) ensured maintenance of their subscription base in 2013 in a very competitive environment, and our new open access journal FEBS Open Bio was able to increase significantly the number of published papers.
• The FEBS Journal (www.febsjournal.org), produced in collaboration with Wiley, publishes full length research papers and reviews in all areas of the molecular life sciences. The journal produces issues twice each month (24 issues), which appeared in electronic format only from the beginning of 2013. It continued with initiatives such as special issues, podcasts, illustrated abstracts and database hyperlinking. Full text downloads increased by 44% (to 4.4 million) compared to 2012, the impact factor (published in 2013 for 2012) rose to 4.25 (the highest ever), and submissions to the journal also rose. In 2013 The FEBS Journal contributed 38.54% of FEBS' income.
• FEBS Letters (www.febsletters.org), produced in collaboration with Elsevier BV, publishes short reports describing novel and specific effects with a biologically or biochemically significant function. FEBS Letters produces 24 issues every year, and it also publishes special issues. In 2013 it was distributed mainly in electronic format, although a small portion reached subscribers in hard copy format. The number of downloads reached 3.4 million, and the impact factor (for 2012) was 3.582, close to the one for 2011. In 2013 FEBS Letters contributed 59.92% of FEBS' income.
• Molecular Oncology (www.moloncol.org), launched by FEBS in 2007 in collaboration with Elsevier BV, publishes articles focusing on the translation of laboratory cancer research to clinical applications. 2013 saw further progress, with the journal obtaining a high impact factor (for 2012) of 6.701, and the number of article downloads increased to 200,000; however, financially, the journal continued to make a loss. FEBS' support of Molecular Oncology for publication of papers with potentially high medical impact fits with its charitable objectives in scientific publishing.
• In the face of the gathering momentum of open access publishing, in 2011 the Publications Committee approved the launch by Elsevier BV of a new FEBS owned author pays publication, FEBS Open Bio (www.febsopenbio.org). FEBS Open Bio publishes articles cascaded from the more established FEBS publications (if the papers are judged scientifically sound but unsuitable in topic or scope), as well as direct submissions. In 2013, 78 papers were published, and downloads increased to 77,000; however, the royalty payment made to FEBS by Elsevier for 2013 did not fully cover editorial expenses.
FEBS Fellowships The report (Appendix 6) of the 2013 Chairman of the Fellowships Committee, Prof. Vicente Rubio, provides information on the range of applications received for the various categories of Fellowships and the prizes awarded for distinguished research success. The Long Term Fellowships scheme saw increased fierce competition for these one to three year awards: 9 new Fellowships were awarded in 2013 and were taken (8 in 2012). The total in post during the year was 53 (73 in 2012) (Appendix 7).
There were 31 Short term Fellowships implemented in the year (43 in 2012) to enable active young scientists to work for up to two months in laboratories in another FEBS country, and 2 Summer Fellowships (4 in 2012) were given to promising senior students to provide a similar experience. There were 5 awards of Collaborative Experimental Scholarships (17 in 2012) whose aim is to provide PhD students from Central and Eastern Europe with travel and maintenance support so that they can carry out experiments in laboratories in Western Europe which would be impossible in their home countries. One new Return to Europe Fellowship was awarded and taken (1 in 2012), and the number of Return to Europe Fellows in post during the year was 3. This type of fellowship aims to attract bright postdoctoral scientists back to the European area. Finally, two Distinguished Young Investigator Awards were presented in the year to former Long Term Fellowship holders to recognize the excellence of research during the tenure of the FEBS Long Term Fellowship, and two FEBS Long Term Fellows were awarded the FEBS Fellowships Follow up Research Fund (to assist research on return to their country of origin). The details of these are also in Appendices 6 and 7.
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OBJECTIVES AND ACTIVITIES
Advanced Courses The subjects and venues of 17 FEBS supported events in 2013 (21 in 2012) are given in the report of the Acting Chairperson of the Advanced Courses Committee, Prof. Beáta G. Vértessy, at Appendix 8. These included 6 Advanced Lecture Courses, 3 FEBS/EMBO (European Molecular Biology Organization) lecture courses, 3 Workshops, 2 Practical courses, 2 Special Meetings and 2 FEBS/BS (UK Biochemical Society) courses/meetings. Grants to organizers totalled approximately €502,938 (Appendix 9; figure excludes returned surpluses for 2013 and 2012). Furthermore, Youth Travel Fund grant support was given to 89 young members of FEBS' Societies from outside the host country (256 in 2012) (Appendix 9).
The 38th FEBS Congress; St Petersburg, Russia (6–11 July 2013) The annual FEBS Congress is overseen by the FEBS Congress Counsellor (Prof. Adam Szewczyk in 2013). The 2013 FEBS Congress was organized by the Russian Biochemical Society. The event was attended by 2448 participants from all over the world. The cohort of invited speakers consisted of over 320 internationally renowned scientists including 11 Nobel Laureates. A total of 1900 abstracts from participants were received and published in electronic form as a Supplement to The FEBS Journal , and 1450 abstracts were accepted for poster presentation during the Congress. FEBS supported the participation of 265 young scientists at the Congress through Congress bursaries and 115 young scientists through its Young Scientists' Forum awards. The full report on the Congress is at Appendix 10.
FEBS organized Science and Society, Education, and Women in Science workshops and events at the Congress, as set out in the reports of the relevant FEBS Committees and Working Groups. The Sir Hans Krebs Medal was presented to Sir Richard Roberts (New England Biolabs, MA, USA), who spoke on "Bacterial methylomes"; the Theodor Bücher Medal to Kurt Wüthrich (La Jolla, USA and Zurich, Switzerland), whose lecture addressed "Structural genomics with soluble and membrane proteins"; and the Datta Medal to Roger Kornberg (Stanford, USA), who spoke on "The molecular basis of eukaryotic transcription". The FEBS/EMBO Women in Science Award was presented to Geneviève Almouzni (Paris, France). Lectures were also presented by the winners of the prizes for the best papers submitted to FEBS Journal and FEBS Letters by young scientists in the previous year: the FEBS Journal Prize went to Anna Karin Gustavsson (Gothenburg, Sweden) and the FEBS Letters Young Group Leader's Award to Susumu Mitsutake (Hokkaido University, Japan).
Young Scientists' Forum The Chairperson of the Working Group on the Careers of Young Scientists (Prof. Claudina Rodrigues Pousada in 2013) supervised a committee of young scientists (in 2013 led by Alexey Belogurov and Azad Mamedov in St Petersburg) in the organization of a pre Congress Young Scientists' Forum (3 6 July 2013, St Petersburg). The attendance of 115 young scientists at the YSF and the ensuing Congress was supported by FEBS grants (all costs totalling ~€116,967). The YSF included presentations from the participants as well as round table discussions on career issues such as postdoctoral funding. The event was characterised by a high level of engagement and scientific understanding. A full report is given in Appendix 11.
Support for Constituent Society events FEBS supports scientific events of its Constituent Societies through the FEBS3+ meeting programme and the National Lecture scheme, overseen by the FEBS Congress Counsellor Prof. Adam Szewczyk in 2013. The FEBS3+ meetings programme provides funding for meetings organized through collaborations of at least three FEBS Constituent Societies. In 2013, FEBS supported the meeting 'Proteins: From Birth to Death (IX Parnas Conference)' in Jerusalem, Israel (29 September 2 October 2013), organized by the Ukrainian, Polish and Israeli biochemical societies (€10,000 for general meeting organization; €10,000 to support attendance of young scientists). A report on the event appears in the January 2014 issue of FEBS News .
In addition, FEBS funded the attendance of key speakers from a different FEBS country at Constituent Society meetings through its National Lecture Awards. In 2013, National Lecture Awards went to the following recipients: Ian Hickson (Copenhagen, Denmark), Hungarian Biochemical Society (and related societies) meeting (5–7 April 2013); Erwin Wagner (Madrid, Spain), Danish Society for Biochemistry and Molecular Biology meeting (17–19 April 2013); Pekka Lappalainen (Helsinki, Finland), Polish Biochemical Society meeting (2–5 September 2013); Fiona Watt (London, UK), Spanish Society for Biochemistry and Molecular Biology (SEBBM) meeting (3–6 September 2013); Asifa Akhtar (Freiburg, Germany), Austrian Association of Molecular Life Sciences and Biotechnology meeting (27 September 2013); and Renée Schroeder (Vienna, Austria), French Society of Biochemistry and Molecular Biology meeting (18–20 November 2013). In addition, FEBS sponsored a symposium session on 'Pathogens and cell response' at the SEBBM annual meeting to commemorate the Spanish society's 50th anniversary.
Other events FEBS co sponsored the 'Crick Memorial Meeting 60th Anniversary of DNA Structure' in Cambridge, UK, 25 April 2013, which comprised talks from scientists working in this field in the 1950s and from historians of science. The event was attended by an audience over 450, including many young researchers, and was also live streamed via the Dept of Chemistry, Cambridge. A report appears in the May 2013 issue of FEBS News .
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OBJECTIVES AND ACTIVITIES
In addition, in 2013 FEBS supported travel costs for distinguished speakers at annual meetings of learned societies of biochemistry/molecular biology/cell biology in parts of the world with rapidly developing output in molecular life sciences research: the PABMB Annual Congress (9–14 November 2013; Puerto Varas, Chile; Robert Huber and Irene Diaz Moreno); the IUBMB 14th Congress (16–20 November 2013; Marrakech, Morocco; Klaus Rajewsky), and the SBCI Annual Meeting (2–5 December 2013; Hyderabad, India; Felix Wieland). This area of FEBS funding in 2013 was overseen by the FEBS Secretary General, Prof. Israel Pecht.
Science & Society The Committee on Science and Society, under the chairmanship of Prof. Jacques Henry Weil, is charged the task of arranging debates and providing information to FEBS Congress participants and to a wider public on the impact of biochemistry and molecular cell biology on society. The Chairman's report of the Committee's activities in 2013 is at Appendix 12. At the 2013 FEBS Congress in St Petersburg, it held a session on 'Personalized Cancer Medicine' which, along with covering scientific/medical advances in this area, explored ethical and societal aspects.
The terms of reference of the Science and Society Committee also include following European science policy, making recommendations to national and/or European bodies, and interacting with other organizations that pursue similar goals. Promoting support for scientific research primarily by the EU is an ongoing activity of the group 'Initiative for Science in Europe (ISE)' composed of FEBS, EMBO, EMBL and representatives of most other scientific disciplines in Europe (see www.initiative science europe.gov). This body has been a major force in achieving the establishment of the European Research Council. FEBS is also a member of the 'Alliance for Biomedical Research in Europe' (BioMed Alliance), an organization composed of over 20 European research oriented medical associations/societies, which was founded to promote excellence in European biomedical research and innovation (see www.biomedeurope.org). Both the ISE and the BioMed Alliance are involved in a number of conferences that bring together scientists, members of the European Commission and European and national parliamentarians to explore ways to provide direct contacts with the European Commission, as well as briefing papers on funding and policy, ultimately to benefit members of FEBS Constituent Societies with research and education opportunities in the molecular life sciences.
Education The Education Committee, whose task is to collate and present educational advances in our fields of interest, arranged a workshop at the 2013 FEBS Congress in St Petersburg entitled 'Molecular Life Sciences Education for the Needs of Industry'. The FEBS Education Committee also organized a poster session (open to all interested Congress participants), and ran CV clinics (for Young Scientists' Forum participants). In addition, during 2013 the Education Committee held workshops on Biochemistry and Molecular Biology Education in different FEBS countries in collaboration with the national biochemical societies: these took place in Gdansk, Poland, 13 July 2013 ('Teaching Molecular Evolution'); Tbilisi, Georgia, 8–9 October 2013 ('Molecular Life Sciences Education'); and Sofia, Bulgaria, 22 November 2013 ('Molecular Life Sciences Education'). The report from the Chairperson, Prof. Gül Güner Akdoǧan, on the Committee activities is at Appendix 13.
Integration The Working Group on Integration (WGI; formerly called WG on Central and Eastern Europe), under the Chairmanship of Prof. Mathias Sprinzl, explores ways to improve FEBS' assistance to these regions without promoting 'brain drain'. Collaborative Experimental Scholarships (see Fellowships, above) are one result of this. In 2013, WGI work included visits to Georgia and Bulgaria aimed at assisting the Constituent Societies of FEBS in these countries in their support of bioscience research, as well as providing support for concurrent FEBS education workshops. The Chairman's report for 2013 is at Appendix 14.
Women in Science The Working Group on Women in Science (WISE), with Prof. Cecilia Arraiano as Acting Chairperson in 2013, organized a seminar at the Congress given by Elizabeth Pollitzer (genSET programme Director) entitled 'We need to talk about sex'. A lunch meeting was also organized to offer career advice to young women scientists. In addition, in collaboration with EMBO, the FEBS/EMBO Women in Science Award 2012 was awarded to Dr Geneviève Almouzni (Institut Curie, Paris, France), who presented her WISE plenary lecture at the Congress. The award comprises a €10,000 sum and an original dedicated statuette commissioned by FEBS. The Group's activity report for 2013 is at Appendix 15.
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OBJECTIVES AND ACTIVITIES
Objectives and activities for the public benefit The overall objective of FEBS is to contribute to and promote the advancement of research and education for the public benefit in the sciences of biochemistry, molecular biology and related disciplines. As indicated by the specific key objectives of FEBS set out above under 'Objectives', FEBS does this particularly through:
• funding forums for presentation and discussion of research results and related areas of interest at its large annual Congress, Young Scientists' Forum (YSF), Special Meetings and other Advanced Courses; promoting training through lectures courses, workshops and practical courses of its Advanced Courses programme, as well as its education workshops; and supporting participation of promising young scientists in these events through YSF awards, Youth Travel Fund grants and Congress bursaries
• facilitating and supporting the exchange of scientific information between bioscientists especially in Europe and other countries of FEBS Constituent Societies principally through these forums and mechanisms, but also through Constituent Society meetings (National Lecture scheme), FEBS3+ meetings, and FEBS Fellowships (which promote mobility)
• providing stipends through its Fellowships programme to allow research to be carried out in host laboratories by talented early career scientists
• offering high quality publication of research findings for both authors and readers through its four international molecular life science journals
Through the many activities of FEBS outlined above, the beneficiaries of FEBS include scientists at all levels directly engaged in research and education in the molecular life sciences, and ultimately humankind across the globe through the contributions of these areas of science to human health, agriculture, biotechnology and related areas, and enrichment of human knowledge.
FEBS wholly owns its international journals, which are of importance to FEBS both by directly contributing to its objectives and as a source of income to supports its other purposes. FEBS follows all directives on Open Access publishing from the UK, EU and relevant research funders across the world. Its journals offer authors an immediate open access option for new articles and an option to turn past papers open access; in addition, authors are able to deposit accepted research articles, as required by funders, in institutional repositories, through which they are accessible to the public, and all published articles in our subscription model journals are freely available after 12 months to all readers. FEBS has also recently launched an entirely open access journal, FEBS Open Bio .
FEBS events are normally open to scientists throughout the world. Recipients of FEBS grants for fellowships and for support of participation in meetings are normally required to be members of FEBS' Constituent Societies (where membership criteria are those expected of learned societies) and resident within the FEBS area of Europe and neighbouring countries. Some FEBS programs particularly benefit disadvantaged scientists.
The trustees confirm that they have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the organization's aims and objectives and in planning future activities.
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OBJECTIVES AND ACTIVITIES
Grant Making Policy The overall objective of FEBS is to contribute to and promote the advancement of research and education for the public benefit in the sciences of biochemistry, molecular biology and related disciplines. Policies for key grants awarded by FEBS to achieve these goals are outlined below.
Fellowships As part of our commitment to young scientists under the FEBS Fellowship programme set up in 1978 and to further research in the molecular life sciences we offer both Short Term and Long Term fellowships to members of Constituent Societies, as well as Summer Fellowships to promising young students, and awards and follow up grants to past holders of a FEBS Long Term Fellowship. As part of our Fellowships programme, we also offer scholarships designed exclusively for members of our Constituent Societies in the currently depressed economies of Central and Eastern Europe, and Return to Europe Fellowships for postdoctoral scientists wishing to come back to the European area. Our Fellowships are intended to allow members of our Constituent Societies working in a FEBS country to work in a laboratory in another FEBS country or, in the case of Return to Europe Fellowships, to work again in a FEBS country.
Eligibility criteria for FEBS Fellowships are set out in detailed guidelines on the FEBS website. The initial applications for Fellowships, and renewal requests for Long Term Fellowships (which are awarded for 1 year in the first instance, with renewal possible for additional years up to a maximum of 3 years in total), are assessed by the FEBS Fellowships Committee on merit. At the end of each six months of the Long term and Return to Europe Fellowships, Fellows must prepare a short report highlighting the progress of their work and, within three months of completion of all Fellowships, awardees are required to prepare a short report detailing the work done while in receipt of the Fellowship. In addition, recipients of the Distinguished Young Investigator Award and FEBS Fellowship Follow up Research Fund grants must produce an audited financial report within 12 months from the time of the award.
Grants for organizing FEBS Advanced Courses Grants for organizing FEBS Advanced Courses (including lecture courses, workshops, practical courses and special meetings) are awarded to senior scientists by the FEBS Advanced Courses Committee on a competitive basis. Reports (including scientific and financial) from the organizers are required within 3 months after the event.
Grants for young scientists attending Advanced Courses In addition, students participating in FEBS Advanced Courses (including lectures courses, workshops and practical courses) may apply for financial support through the FEBS Youth Travel Fund (YTF). In 2013, these grants were made to persons travelling from their current country of residence to another country in the European area. Applicants for these grants should normally be registered as a student at an institution of higher learning in a country where there is a FEBS Constituent Society or be within five years of having completed a PhD thesis, be a member of a FEBS Constituent Society, and not have received a grant from the Youth Travel Fund to attend an Advanced Course in the current or preceding year or received a grant to attend the Young Scientists' Forum in the current year. Candidates are shortlisted by the Course organizers on merit.
Grants for organizing the FEBS Congresses and FEBS3+ meetings, and requests for National Lecture support FEBS evaluates bids for organizing its yearly Congresses and also FEBS3+ meetings, as well as requests from Constituent Societies for National Lecture support, according to their quality; the administrative responsibility for these is in the hands of the FEBS Congress Counsellor (Prof. Adam Szewczyk in 2013).
Grants for attending the FEBS Young Scientists' Forum and Congress (YSF awards) : recipients of YSF awards are selected by the Chair of the Working Group on the Careers of Young Scientists (Claudina Rodrigues Pousada) and the local organizing committee on merit, with eligibility criteria that normally include: being a PhD student or postdoctoral fellow within 5 years of finishing his/her PhD at an institution of higher education in a country where there is a FEBS constituent Society; being under 35 years old; being a member of a FEBS Constituent Society; not having attended a recent YSF, and not having received a Youth Travel Fund award in the same year.
Congress bursaries: recipients of bursaries (to assist with registration, travel and accommodation costs for the Congress) are selected by the host society of that year's Congress on merit, with eligibility criteria similar to those for YTF and YSF awards.
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STRATEGIC REPORT
Achievements and Performance
This section summarizes and assesses our principal achievements in 2013 against the formal objectives of FEBS. More details of the activities included in brief here can be found in the 'Activities' section above.
Objective 1: holding and arranging congresses, training and educational courses on matters connected with biochemistry and molecular biology and related disciplines
Achievements Comments
FEBS Congress, St Petersburg 2448 participants from all over the world; 320 internationally renowned Location of 2013 Congress in Russia scientists as speakers including 11 Nobel Laureates; 1900 abstracts particularly valuable for scientists in received and published; 1450 abstracts accepted for poster presentation; eastern FEBS area. Organization there Congress bursaries to 265 young scientists; 117 young scientists presented some logistical problems that supported for Young Scientists’ Forum and Congress; 6 FEBS awards have been noted for future Congresses. and lectures for scientific excellence; FEBS workshops (science and society, education, and women in science).
FEBS Advanced Courses 17 FEBS supported events, including 5 Advanced Lecture Courses, 3 Emphasis on quality: many strong FEBS/EMBO lecture courses, 3 Workshops, 2 Practical courses, 2 events with good feedback but number Special Meetings and 2 FEBS/BS (UK Biochemical Society) of courses and YTFs lower this year. courses/meetings. Attendance of 89 young scientists supported through YTF awards. Also, online database for applications and reporting re developed.
FEBS Education Workshops Four workshops on molecular life sciences education: St Petersburg, Good ‘value for money’ in raising Gdansk, Tbilisi, Sofia. standards in molecular life science education.
Objective 2: facilitating and supporting the exchange of scientific information between biochemists, molecular biologists and scientists working in related disciplines generally and especially in Europe and other countries of Constituent Societies
Achieve ment s Comment s
FEBS Congress, Advanced Courses and Education Workshops See above See above
Support for Constituent Society scientific meetings FEBS3+ meeting, Jerusalem. Promoted connections between three FEBS Constituent Societies. National Lectures for societies in Hungary, Denmark, Poland, Spain, Effective enhancement of national Austria and France; sponsored symposium at Spanish society’s 50th meetings by funding of distinguished anniversary. speakers.
Other meeting sponsorship Crick Memorial Meeting, UK. Inspiring/educating scientists. ‘Worldwide lectures’ at other learned society meetings in India, Morocco Eminent speakers for meeting; also and Chile. allowed journal promotion.
FEBS Fellowships Fellows move to work in host lab in different country (see Objective 3 Promotion of exchange of below). skills/knowledge.
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STRATEGIC REPORT
Objective 3: facilitating and supporting the training of young scientists in research, in the form of fellowships
Achievement s Comment s
Short Fellowships 2 Summer, 31 Short Term and 5 Collaborative Experimental Scholarships Enhances research possibilities for for Central and Eastern Europe Fellowships awarded or taken up in 2013. young scientists; numbers awarded lower than in 2012 due to limited budget (for long term sustainability).
Long Fe llowships 9 Long Term and 1 Return to Europe awarded (53 such Fellows in post). Very competitive – only the most outstanding scientists successful; 2 Distinguished Young Investigator Awards and 2 FEBS Fellowships numbers awarded down due to limited Follow up Research Funds given. budget. Accounts for major part of FEBS expenditure.
Objective 4: organising the editing and publication of scientific research and educational material in biochemistry and molecular biology and related disciplines
Achievement s Comment s
In 2013, the journals had significant downloads (all), impact factors Strong performance of FEBS’ journals (The FEBS Journal , Molecular Oncology, FEBS Letters ) and in challenging market conditions, but subscriptions base ( FEBS Journal , FEBS Letters , Molecular Oncology ); open access upheaval in bioscience FEBS Open Bio increased number of articles published. publishing requires an effective journal strategy to be developed for the next DORA recommendations introduced; peer review methods highlighted in few years. FEBS News ; journal prizes reviewed.
Other key achievements in 2013
Trustee/Director training : all Trustees attended a seminar on Duties of Company Directors and Charity Trustees in Rome in March 2013, delivered by Mills and Reeve law firm (Botanic House, 100 Hills Road, Cambridge CB2 1PH, UK).
FEBS website : a new FEBS website was developed in 2013 to improve the user interface and address security issues. It summarizes FEBS activities/guidelines, links to FEBS journal websites, provides a conference calendar and job listings, and includes an updated database for Advanced Courses applications/reporting.
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Report of the Trustees incorporating Strategic Report for the Period 3 October 2012 to 31 December 2013
STRATEGIC REPORT
Financial Review
Journal income and costs The on going transition of publishing within the life sciences to full open access (author pays) models is leading to serious concerns about long term profitability of subscription journals. The 2013 income from The FEBS Journal and FEBS Letters was maintained at a similar level to that in 2012 (with a slight increase), but income is expected to decrease significantly in the short to medium term.
• Income in 2013 from sales of The FEBS Journal increased very slightly from the previous year (1.19%), and contributed 38.54% of FEBS' income (37% in 2012). The total expenses in running the journal editorial office (including the journal prize and editorial board payments) amounted to 14% of journal income (12.4% in 2012, 17.7% in 2011). • Income in 2013 from sales of FEBS Letters increased slightly from last year (3.87%), and contributed 59.92% of FEBS' income (56% in 2012). The costs in running the journal office in Heidelberg (including the journal prize and editorial payments) amounted to 10% of journal income (8.5% in 2012, 12.3% in 2011). • Sales income in 2013 for Molecular Oncology decreased by 1.2% compared with that in 2012, and office costs were reduced by 22%. Since an overhead was charged by Elsevier and editorial payments together with the cost of running the journal office in Copenhagen was higher than total income, the journal continued to make a loss (€43,670 in 2013). • For FEBS Open Bio , the royalty payment made to FEBS by Elsevier for 2013 was €53,121 (€16,613 in 2012), and office costs decreased by 12%; however, the royalty payment did not fully cover editorial expenses (loss of €2,857 in 2013).
Distribution of expenditure on FEBS activities In 2013, Fellowships remained by far the highest area of charitable FEBS spending (~€1.8 million), followed by Advanced Courses (course grants and YTFs totalling ~€459,000), then the FEBS Congress (~€225,000, excluding FEBS workshops) and Young Scientists' Forum (~€117,000). Prizes and awards for excellence in molecular life sciences totalled ~€27,000, and several other areas of FEBS work – including education, science and society, national lectures and 'integration' – were carried out for under ~€35,000 in total.
Governance and support costs The senior scientists who serve as FEBS Officers and members of FEBS committees all work pro bono, and the holders of key positions in the FEBS Executive Committee generously devote considerable time and energy to FEBS activities. There are a small number of administrative support personnel working in (1) the FEBS Treasury Office dealing with financial matters, central administration and communications, (2) working with the Fellowships and Advanced Courses Committee Chairs to support their work and those of the committees, and (3) working with the Secretary General.
The total governance costs – including the expenses associated with higher level committees (Council, Executive and Finance) within FEBS, central administrative support at the FEBS Treasury Office and Secretary General expenses, as well as auditor and other fees – amounted to about 12% of the size of charitable spending in 2013 (note that these governance costs are not included in the total for charitable spending).
An indication of the support costs involved in running the two activities of FEBS with the highest expenditure can be given by the committee expenses as a percentage of the charitable spending in that area; in 2013, this was approximately 2.8% for Fellowships, and 9.2% for Advanced Courses (although these figures exclude governance costs of central administration at the FEBS Treasury Office). Support costs for the journals are discussed in 'Journal income and costs 'above.
Investment performance The majority of investments (84%) in 2013 were managed by Deutsche Bank. The remaining investments were managed by Hauck and Aufhauser (16%). The annual return for investments managed by Deutsche Bank in 2013 was 4.11%, and for those managed by Hauck and Aufhauser it was 3.9%. The majority of investments are held in European bonds and European shares.
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Report of the Trustees incorporating Strategic Report for the Period 3 October 2012 to 31 December 2013
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Principal Risks and Uncertainties
The trustees have a duty to identify and review the risks to which the charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error.
Reduction of income due to changes in journal publishing In addition to directly fulfilling one of the charitable objectives of FEBS, our journals have provided a source of income to fund FEBS' other charitable work. A major risk to FEBS is a loss of income because of the loss of journal subscriptions as publishing in the life sciences moves to open access models.
Background: Until recently, the audience paid to read scientific research, either by personal subscriptions to journals or via libraries that paid general subscriptions, with authors able to publish free of charge. This model provided FEBS with a high level of income from institutional subscriptions. However, open access publishing – where authors and research institutions pay for publishing their work, and the reader has free, open access to the scientific papers – has now become the policy of the UK, in particular, and the EU in general. This led to a flood of cheap journals that will either just break even or make minimal profits. The income of FEBS will disappear in a short number of years, maybe only three years, as existing contracts from libraries will increasingly or dramatically not be renewed. By the law of unintended consequences, open access thus stands to devastate the finances of many learned societies and prevent their funding of academic and socially responsible activities.
FEBS is addressing these concerns by (1) a change in the policy on reserves (see below) so that future income can be derived from investments and (2) a full strategy review of the journals scheduled for 2014.
Low return from investments FEBS is following a standard investment policy with investment in bonds and equities. Owing to the current economic environment, the level of investments held in bonds will reduce and the percentage in equities will increase. The performance of FEBS' investments is monitored regularly.
Fraud Like other organizations, FEBS is susceptible to both internal and external fraud. FEBS' controls include regular bank reconciliations, monthly oversight by accountants, and the annual audit. In 2013, the finance staff and the auditors held a meeting to review systems and potential areas at risk. The conclusion was that the checks and procedures in operation were appropriate for the organization's size and operation.
Limited impact on overall objectives The success of FEBS in promoting the advancement of research and education for the public benefit in the sciences of biochemistry, molecular biology and related disciplines is carefully monitored by stringent peer review and other methods.
Plans for Future Periods
Reserves policy As outlined above, a major risk to FEBS is a significant reduction in income because of the loss of journal subscriptions. It is essential that FEBS be maintained indefinitely as an important funder of life science activities for the benefit of the public and European science. The only prudent course of action is to anticipate the change in journal income and plan accordingly.
A new financial strategy on reserves has therefore been implemented to cover expected loss of journal income in the coming years. Expenditure on Fellowships and Advanced Courses in particular, which were very large areas of spending, has been reduced compared with pre 2013 levels, to allow the excess of income over spending while journal income remains significant to be used to grow our reserves. With careful management of the greater reserves, the aim is then to be able to fund the key activities of FEBS in the future solely from the total return from our investments.
Journals There will be a full strategy review of the journals by the Publications Committee in 2014 addressing concerns such as open access development, the performance of our newer journals and changes in the subscription market. It will include an overview of existing contracts with publishers, management of editorial offices and options for establishing a FEBS publishing platform.
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Report of the Trustees incorporating Strategic Report for the Period 3 October 2012 to 31 December 2013
STRATEGIC REPORT
Plans for Future Periods
Future commitments and plans for other areas of FEBS work We now have firm arrangements for a programme of Annual Congresses until 2016, as these involve substantial forward planning. Of the other areas of upcoming FEBS work with large expenditure, Advanced Courses to be funded in 2015 are currently under assessment, and the costs of annual extensions of Long Term Fellowships to up to 3 years for Fellows already in post are included in our budgets.
With regard to future activities, we are also continuing to attempt to forge closer links with related European and worldwide organizations that cover contiguous/overlapping areas of molecular life sciences (e.g. biophysics, microbiology, immunology, cancer) with the aim of maximising the use of our impacts and resources.
CONCLUDING COMMENTS
FEBS has continued to operate successfully in promoting the advancement of research and education for the public benefit in the sciences of biochemistry, molecular biology and related disciplines, and its current strategy for its long term survival is progressing smoothly.
STATEMENT OF TRUSTEES RESPONSIBILITIES
The trustees (who are also the directors of The Federation of European Biochemical Societies for the purposes of company law) are responsible for preparing the Report of the Trustees 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 charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing those financial statements, the trustees are required to