 FEMS is an off-the-profit organisation that earns its income from its publishing business. About 90% of FEMS' income comes from publishing, which it does with Oxford University Press, also an off-the-profit organisation. So over the recent past, FEMS has built up a significant investment portfolio. This has been partly to cope with changes in the publications business, but also actually at the moment puts us in a very good position to cope with the COVID-19 pandemic. Quite a few things have happened since we started looking at the impact of COVID-19. So for example, quite a lot of our income goes towards providing grants for young researchers and also for the organisation of need-ins. Now of course, a lot, probably the proportion of these need-ins have had to be cancelled. And in some cases, organisers need-ins have had to incur upfront costs. And one of the things that FEMS has been able to do is to support these organisers to make sure that they haven't lost income due to costs. In other cases, some of our researchers have gone to labs to participate in research activities and then found that they've had to return to their native country. And again, we've been able to support researchers in doing that. The first impact of COVID-19 in financial terms has been for FEMS to support these organisers and these individual scientists to make sure that they haven't lost out financially from the COVID experience. We've also had need-ins that we've organised ourselves. Again, because of our financial strength, we've been able to cope with these changes. So for example, we organised a conference to be held in Belgrade and also summer scores that are held later on in the year. In each case, we've had to cancel these meetings because of our financial strength. We've been able to have the cost implications of these cancellations. COVID-19 has a lot of implications if we look forward. First of all, there is no doubt that universities and research institutes are likely to be financially stretched in the future. This is likely to have an impact on the purchase of jobs. And there is no doubt that the FEMS students could be financially impacted by these restrictions in funds. So fortunately, we have a very good publisher who will help us to mitigate some of these impacts. But it's perhaps worth remembering now that as a not-for-profit publisher, we plough all of the profits from publishing activities back in the book communities. And remember, of course, that a lot of that income is generated by the goodwill of editors, reviewers and others who give their time freely to the impact on the journals. I think the other thing that's worth bearing in mind is that FEMS is a federation of over 50 learning societies. And those learning societies themselves have a variety of income streams. Some cases, some of our learners are also publishers of journals. Others, very often much smaller societies, have income streams that are considerably less. And FEMS is in the position to be able to support all of the members. And if individual member societies have financial problems, then they shouldn't hesitate to contact FEMS to see which ways we can help out. But COVID-19 is likely to have impacts well into the future. And it's had a huge impact on society over the last few months. There have been quite a lot of consequences for COVID-19. The most obvious of which is that it's restricted personal contacts and travel. So what will happen in the future? Well, personally, I would be extremely angry if we don't learn from the COVID-19 pandemic. I think we need to change the way that we're doing things. And we also, I think, need to see what we consider to be important in society. Here in the UK, we've realised the importance of key workers, many of whom were at the bottom of the priority list prior to COVID-19. I hope that we have some reassessment of what is important in society. I think another impact has been the use of video conferencing. And I think it's become clear that a lot of the meetings that we've had in the past, which has involved actually quite a lot of international travel, can probably be carried out by the video conferencing future. And this will undoubtedly have an impact on society and perhaps also on the health of the planet.