2020-12-31-accounts

TRUSTEES REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2020

Registered number: 2877400 Charity number: 1030623

TRUSTEES' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2020

CONTENTS

	Page
Trustees' report	3–16
Reference and administrative details of the charity,	17
its trustees and advisers
Independent auditors' report	18–21
Statement of financial activities	22
Balance sheet	23
Cash flow statement	24
Notes to the financial statements	25–41

BRITISH PHARMACOLOGICAL SOCIETY

TRUSTEES' REPORT (continued) FOR THE YEAR ENDED 31 DECEMBER 2020

OBJECTIVES AND ACTIVITIES

Charitable object

The charitable object of the British Pharmacological Society (“the Society”) is to promote and advance pharmacology (including without limitation clinical pharmacology).

Public benefit

Pharmacology is responsible for the discovery of hundreds of chemicals used in the treatment of disease and the relief of human and animal suffering. It also contributes substantially to the success of the pharmaceutical and healthcare industries.

The British Pharmacological Society's mission is to promote and advance the whole spectrum of pharmacology.

The annual objectives are designed to support the Society in the delivery of this mission, and in turn, they bring advances in science, medicine and healthcare with the following public benefits:

• Supporting the research and application of pharmacology by providing opportunities for pharmacologists to present and publish their research to their peers, fostering collaboration and building connections globally in drug discovery and development.

The Society supports its Members by offering access to scientific meetings, networking events, opportunities for career development, access to journals, bursaries, education and training, and being part of a community. This enables Members to deliver better science, leading to public benefit.

The Trustees confirm that they have complied with the duty in Section 17 of the Charities Act 2011 to have due regards to the Charity Commission's general guidance on public benefit "Charities and Public Benefit".

Objectives for 2020

The Society’s Officers and Staff worked to deliver a range of objectives in support of its five-year strategy and its charitable aims. The objectives are listed in the “Achievements and Performance” section of this report, together with the activities undertaken, results and impact of those activities.

• Improving clinical practice for the benefit of patients through the assessment and training of healthcare professionals and medical students.

• Informing public policy on medicines, dosage and therapeutics.

• Educating the general public and school students with a range of engagement activities.

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BRITISH PHARMACOLOGICAL SOCIETY

TRUSTEES' REPORT (continued) FOR THE YEAR ENDED 31 DECEMBER 2020

Strategy for achieving our objectives The Society’s approach to strategy and objectives, and the information contained in this report, is illustrated in the diagram below.

Five-year Strategy

The Society’s 2018-2022 strategy encompasses the following vision, mission and principles:

Our vision

A world in which pharmacology and therapeutics drive and support progress in science, medicine and healthcare.

Our mission

We will work with integrity to create global scientific, health, and economic impact by:

• Supporting academic and industrial drug discovery

• Improving outcomes for patients in relation to the therapeutic use of medicines

• Widening participation in pharmacology and therapeutics to ensure a vibrant and diverse community and workforce

• Increasing the visibility and influence of pharmacology and therapeutics through excellence in education, publishing, scientific meetings, communications, membership and policy with public engagement

Our guiding principles

We are confident about the future of the Society and the value of pharmacology and therapeutics. We believe that:

• Pharmacology and therapeutics make a unique contribution to research to develop new drugs, and to improving the use of existing drugs to create better patient outcomes

• Pharmacology and therapeutics are evolving disciplines, and it is our responsibility to define, redefine and change them to reflect this

• Our growing, global community of members is crucial to our success

• Our goals in support of pharmacology and therapeutics and our membership can only be achieved if we ensure the financial sustainability of the Society

• Having fun is an important part of what we do.

Our partners

We will work nationally and internationally with members, patients and the public, educators and learners, academic institutions, biotechnology and pharmaceutical companies, the National Health Service, regulatory agencies, other learned societies, the media, and government and agencies involved in setting the policy agenda.

How we will deliver

We are delivering the five-year strategy in the following ways:

• Forming successful partnerships to maximize impact

• Grounding our decision-making in evidence and research

• Developing sustainable, ethical new sources of revenue and ensuring more of the Society’s activities are self-sustaining

• Carefully considering our appetite for risk, and our ambition

• Ensuring that our staff and members work positively, effectively, and in partnership throughout the management and governance of the Society.

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BRITISH PHARMACOLOGICAL SOCIETY

TRUSTEES' REPORT (continued) FOR THE YEAR ENDED 31 DECEMBER 2020

ACHIEVEMENTS, PERFORMANCE AND IMPACT 2020

The Society sets operational objectives to enable delivery of the 2018-2022 strategy. A summary of these activities and their outcomes is as follows:

Part 1 – Strategic Development

----- Start of picture text -----
1.1 Implement and monitor a comprehensive and clear business continuity plan, ensuring
-
continuation of core services during COVID 19 pandemic and recovery.
This objective was set in April in response to the COVID-19 pandemic. Despite an extremely
challenging year, our employee survey indicated that staff felt supported and valued, and morale
was high. The Meetings and Events team adapted to mitigate government restrictions, running the
annual meeting virtually, introducing BPS Live webinar series, and scenario planning for 2021 for
both hybrid and online meetings. We created a COVID-19 hub on our website to share information
with our members and more widely. Through this hub, and through our communications channels,
we highlighted the role of clinical pharmacology in tackling the pandemic. We connected journalists
with member experts to ensure accurate information reached the public.
Strategic objectives achieved:
•
To deliver clear, relevant and accessible advice to policy makers
•
To define, monitor and respond to strategic areas of scientific priority
1.2 Continue to implement recommendations arising from our 2018 review of the
Society's performance on, and ambitions for, equality, diversity and inclusion
In October we launched our new Vision for Equality, Diversity and Inclusion (EDI). Council approved
a code of conduct for meetings and activities that sets out our values, expectations and how we will
uphold them. We reviewed our approach to EDI data collection, committing to developing a new
data strategy in 2021. We have begun to widen participation specifically to under-represented
groups in our membership which will continue in 2021 and beyond.
Strategic objective achieved:
•
To remove barriers to participation and success, while welcoming equality and diversity, and
being inclusive in all we do.
1.3 Progress the ELRIG-BPS 2-year strategic partnership 2020 and 2021
We have made significant progress across all workstreams against the objectives agreed by the
Joint Steering Committee. The Joint Steering Committee progressed dialogue on closer working and
positioned itself to take key decisions on the partnership by the end of 2021.
Strategic objectives achieved:
•
To lead the formation of valuable networks that reflect our position at the heart of the global
pharmacology community.
•
To nurture strategic partnerships across disciplines and sectors.
1.4 Begin implementation of the BPS Community and Networks Programme
Members are using the Community platform to connect and to discuss key pharmacological
principles in the Networks. This has been valuable for members to be able to connect online during
the pandemic. The project has been managed by a broad staff team – with support from the CEO
and consultants – and the management of the platform has been embedded into staff roles. The
Community supported our annual meeting by hosting wellbeing content and further discussion after
sessions. In 2021 we will explore in more detail its potential to reach out to groups beyond
membership.
Strategic objective achieved:
•
To lead the formation of valuable networks that reflect our position at the heart of the global
pharmacology community.
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BRITISH PHARMACOLOGICAL SOCIETY

TRUSTEES' REPORT (continued) FOR THE YEAR ENDED 31 DECEMBER 2020

1.5 To enrich the Society’s published content by adding structure, metadata and context to make it more useful to humans or computers, where this supports increased income, improved customer or member service, production efficiencies, innovation, or charitable outputs.

We have identified and started to act on gaps in the market for training topics including PKPD, AI and Computational Drug Discovery. We have documented metadata arising from the development of a new formulary of the top 200 prescribed drugs. This would link Society content across journals, Guide to Pharmacology, eLearning and online assessment. In 2020 there were significant developments made to the BPS platform enabling it to deliver broader content. We are continuing to monitor developments in AI as they are relevant to the Society and to BPS Assessment.

Strategic objectives achieved:

• To set the agenda in education and skills; to support access and career progression; to support the next generation of learners undertaking education in pharmacology and clinical pharmacology; and to support pharmacology educators in their personal and professional development.

• • To sustain a skilled workforce that supports the development of novel therapeutics.

• Part 2 – Business Development 2.1 Ensure sustainability in new and existing BPS trading subsidiaries COVID-19 had a significant impact on sales activity in relation to worldwide travel restrictions, cancellation of scientific conferences and university budgets being frozen or reduced. However 85% of original budget was achieved by the end of 2020. Strategic objective achieved:

• To set the agenda in education & skills, to support access to career progression and, to support the next generation of learners undertaking education in pharmacology and clinical pharmacology and to support pharmacology educators in their personal and professional development

Part 3 – Education, Engagement and Policy 3.1 Develop and enhance engagement with the Society and the discipline The BPS Community was launched in May 2020 and has continued to grow. A whole suite of new Ambassador resources including role description, web pages and written materials was developed and launched. We raised awareness of the Society’s 90[th] and BJP’s 75[th] anniversaries. The careers section of the website was completely refreshed. We identified key policy priorities for engagement including pharmacogenomics, use of medicines and EDI. We engaged audiences with these priorities through our annual meeting, and through external events like Policy Lates, Cheltenham Festival and Royal Society of Biology’s Online Science at Home Festival.

Strategic objectives achieved:

• To engage patients and partners in the NHS in our advocacy for fundamental and clinical research, as well as contributing to strategic leadership

• To deliver clear, relevant and accessible advice to policy makers

3.2 Continue to address UK clinical pharmacology skills gaps through the Clinical Pharmacology Skills Alliance (CPSA)

Clinical Pharmacology Week took place in October, with a social media campaign which included the launch of seven clinical pharmacologist careers videos. The Clinical Pharmacology Scientist Apprenticeship was formally approved in October. We partnered with RCP – setting up a joint working group – to support implementation of pharmacogenomics in the NHS.

Strategic objective achieved:

• To engage patients and partners in the NHS in our advocacy for fundamental and clinical research, as well as contributing to strategic leadership

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BRITISH PHARMACOLOGICAL SOCIETY

TRUSTEES' REPORT (continued) FOR THE YEAR ENDED 31 DECEMBER 2020 3.3 Support and deliver high quality education and training, including development of a coordinated learning pathways approach and exploring market potential as appropriate. Due to the pandemic, we focussed our efforts on planning online training which will be rolled out in 2021. We launched our novel eLearning resource on the topic of blinding in experimental design. We completed the first year of a two-year pilot education scheme with the Physiological Society, to support educators to improve students’ understanding of animal research.

Strategic objectives achieved: • To set the agenda in education & skills, to support access to career progression and, to support the next generation of learners undertaking education in pharmacology and clinical pharmacology and to support pharmacology educators in their personal and professional development • To sustain a skilled workforce that supports the development of novel therapeutics Part 4 - Research Dissemination ' - 4.1 Create a roadmap for the Society s publishing portfolio for the next 2 3 years The Society continued to seek advice as part of the Society Publishers Coalition which links over 70 organisations. We facilitated two sessions with Societies working with commercial publishers to discuss common issues and areas of interest. Strategic objective achieved: • To be the leader in the dissemination of world-class research related to pharmacology and therapeutics 4.2 Produce enhanced opportunities for responsible commercial partnerships A staff working group was established to identify partnership opportunities. The Society’s principles around working with third parties is now clearly displayed on the website. Strategic objective achieved: • To nurture strategic partnerships across disciplines and sectors. Part 5 – Finance, Operations and Membership 5.1 Demonstrate increased value, and greater efficiency within the finances at the BPS The Society’s first ever purchasing guidelines were drafted. Management and Directors Groups have been provided with clear, informative management accounts throughout the year. The Financial Controller provided constructive feedback to budget managers to improve their understanding and abilities. Purchase invoices and payslips are now fully online.

5.2 Underpin our 'knowledge hub' goals by tendering key IT partnerships Progress was made on the CRM tendering exercise, despite obstacles posed by the pandemic. We developed a Sharepoint site for Council and Trustees to access all documents from previous meetings and for Management Group minutes.

Member numbers
	Voting	31 Dec	31 Dec
	Member?	2020	2019
HonoraryFellows	Yes	143	136
Fellows	Yes	320	301
RetiredMembers	Yes	473	477
Members	Yes	996	1,014
Early Career Members	Yes	1,102	1,427
Undergraduate Students	No	1,522	1,109
AffiliateMembers	No	41	61
Total		4,597	4,525

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BRITISH PHARMACOLOGICAL SOCIETY

TRUSTEES' REPORT (continued) FOR THE YEAR ENDED 31 DECEMBER 2020

PLANS FOR FUTURE PERIODS

As a result of the work in 2020, described on pages 5 to 7, we have laid strong foundations that will now allow us to deliver and accomplish even more for the advancement of pharmacology in 2021 and 2022. Council has set the following objectives for the period from 01 January 2021 in the context of the strategic objectives from the five-year strategy 2018-2022:

Strengthen the voice of our members in all that we do.

• Conducting a member survey (including re COVID-19) and completing the renewed membership strategy, identifying scope to expand the membership and reach of the Society. Resulting in changes to services, priorities or communication that reflect the behaviour /needs of members.

• Working with ELRIG to progress our strategic alliance, building links and strengthening the position of both organisations. Resulting in an agreed approach to membership activities that benefits both organisations.

• Learning from the pilot year of the Community project, work with the Network leads to build capacity and create content relevant to the membership. Resulting in the Community becoming a go-to place for members to gain access to up-to-date information from the Society and greater member engagement.

• Continuing to grow the visibility of Clinical Pharmacology through a series of activities which include Clinical Pharmacology Week. Resulting in the Society acting as a leader for the awareness of the speciality of clinical pharmacology and therapeutics.

• Conducting and implementing agreed outcomes from the Awards review. Resulting in Awards aligning with the Society's strategic objectives, having increased impact and are financially sustainable.

Live the values of, and communicate and implement, our Vision for Equality, Diversity and Inclusion in pharmacology

• Developing partnerships with our membership and in the sector to help us further define and act on priority areas. Resulting in the Society leading the way in making pharmacology relevant for everyone, from workforce to research.

• Ensuring alignment across codes of conduct and developing a communications strategy for sharing these with members and delegates. Resulting in the Society upholding clear standards of behaviour aligned to our values.

• Producing a unified strategy to collect and report Society diversity data. Resulting in the Society having a better understanding of membership diversity & challenge areas.

• Reviewing, updating and implementing processes to ensure activities, funding and platforms are inclusive and accessible to under-represented groups. Resulting in the processes that underpin all Society activity are 'inclusive by design'.

• Agreeing and implementing an approach to flexible working that meets business and individual employee needs while supporting a productive and inclusive culture. Resulting in further embedding EDI good practice into The Society, this approach supports business processes in creating a truly inclusive business model, workplace and membership.

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BRITISH PHARMACOLOGICAL SOCIETY

TRUSTEES' REPORT (continued) FOR THE YEAR ENDED 31 DECEMBER 2020

Co-create stable, diverse and ethical income streams that support the Society's position as a charity with a mission to promote and advance the whole spectrum of pharmacology.

• Continuing to build our partnerships offering in 2021 including defining packages of content and establishing a sales target with a specific focus on responsible partnerships, income diversification and progression opportunities.

• Developing a BPS journals portfolio plan and publishing strategy including a scenario plan for a transition to open access. Resulting in the Society proactively engaging with changes in publishing business models, and makes evidence-based decisions around the direction of travel for its publishing portfolio. The Society plans for future development and growth of its titles whilst maintaining quality, impact and relevance to the pharmacology community alongside maintaining financial sustainability.

• Scaling up the sales pipeline and increase sales for BPSA. Setting realistic and stretch targets for the next 3 years and identifying key KPIs for monitoring purposes and STOP/GO decisions. Resulting in sales target met or exceeded, customer retention achieved, trajectory towards sustainable commercial business established.

• Restarting our meetings and training programme; learning from 2020, building virtual and hybrid strategies into the in-person offering. Resulting in feedback from participants indicating excellence, content will reflect the current issues faced within the pharmacological and therapeutic community and the method of delivery will be tailored to fit audience and in line with government restrictions at the time of planning.

• Continuing to develop our strategy regarding Learning Pathways, developing on-demand content for priority training topics using the Society’s online platform. Resulting in Revenue diversification, an integrated approach for the Society’s training provision across our pharmacology and drug discovery audiences. To provide some on-demand training content to widen participation and explore growth in the UK and internationally. Our training topics for a diverse audience with relevance to the need of our members.

• Co-ordinating, supporting, advising and reporting on the identification and progression of income diversification and progression opportunities. Planning and budgeting for future years' activities and the "size of the Society" based within a range of realistic scenarios.

Review and improve how we communicate impact and champion excellence in pharmacology, underpinned by robust technologies and procedures.

• Strengthening our digital presence through a review of the Society's website and social media channels to ensure the Society continues to effectively communicate with our members and wider networks in a virtual environment. Resulting in plans in place and in progress for updating the content, look and feel of website sections that relate to teamspecific work; Website is easier to navigate and holds more up to date, engaging and relevant information by the end of the year. Social media channels are continuing to grow and see engagement.

• Progressing the project to ensure the CRM becomes the Society's 'knowledge hub'. Resulting in easy to use single system to view and manage all Society interaction with members, organisation and contacts. CRM capabilities and confidence of staff improve. Staff turn to the CRM as their first port of call for information about a contact or an organisation.

• Reviewing and improving Governance practices and processes to ensure they are effective and appropriately class-leading. Resulting in improved compliance with updated Charity Governance Code.

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BRITISH PHARMACOLOGICAL SOCIETY

TRUSTEES' REPORT (continued) FOR THE YEAR ENDED 31 DECEMBER 2020

FINANCIAL REVIEW

The Statement of Financial Activities on page 22 reports the financial performance of the Group (the Society and its trading subsidiary, BPS Assessment Limited). The Balance Sheets on page 23 provide details of the Group’s, and the Society's, financial position at the year end.

For the year ended 31 December 2020 the total funds of the Group have increased by £361,146 (2019 - £32,090). The overall increase is made up of an increase in unrestricted funds of £378,969 (2019 – £97,712) and a decrease in restricted funds of £17,823 (2019 - £65,622).

postponed due to the pandemic. Pharmacology 2020 was reimagined as a 5- day online event and lower fees were charged for attendance to reflect the virtual environment.

Voluntary income totalled £30,000 (2019 - £32,150) and is mostly for educational activities.

Investment income was £18,924 lower at £77,284 (2019 - £96,208) due to the impact of COVID-19 on the markets.

Expenditure on charitable activities

Net gains on investments totalling £162,313 (2019 –£503,652) have contributed towards the overall movement in funds and are entirely attributable to unrestricted funds.

The resulting balance of total funds at 31 December 2020 amounted to £6,011,205 (2019 - £5,650,059) of which £5,658,667 (2019 - £5,279,698) is the unrestricted funds of the Society.

Incoming resources

Incoming resources for the year totalled £4,418,349 (2019 - £4,451,597) which is a decrease of 0.7%. Importantly, charitable activity income from journal publishing, which is the Society's main income source, has increased by 3.6% to £3,797,471 (2019 - £3,664,013) mainly because of increased subscriptions income.

Member numbers increased by 1.6% to 4,597 (2019 – 4,525) although membership subscription income decreased by 7.0% to £121,791 (2019 - £130,891). This is primarily because Undergraduate members do not pay a subscription and their numbers increased by 413 . The overall maintenance of membership reflects the Society's longer-term approach to strengthening and growing the discipline of pharmacology.

Expenditure on charitable activities totalled £4,198,510 (2019 - £4,898,803) which is a 14.3% decrease of £700,293 mainly due to the cancellation of in-person events due to COVID-19 with many activities moving online during the year. The notable variations within this expenditure are highlighted here.

Journal publishing costs reduced by £67,303 to £1,498,635 (2019 - £1,565,938); as inperson editorial meetings were moved online due to COVID-19 and other direct costs have been carefully controlled.

Expenditure on educational activities at £1,840,292 was a 8.5% decrease of £171,552 over the previous year (2019 - £2,011,844).

Projects and awards expenditure at £178,601 was a 30.7% decrease of £78,919 over the previous year (2019 - £257,520).

Scientific meetings expenditure at £443,772 was a 45.6% decrease of £372,491 over the previous year (2019 - £816,263) as the impact of COVID-19 meant that all planned meetings had to be cancelled or postponed, other than Pharmacology 2020 which became a 5-day online event.

Scientific meetings income decreased by £132,104 to £50,676 (2019 - £182,780) as the impact of COVID-19 meant that all planned meetings had to be cancelled or

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BRITISH PHARMACOLOGICAL SOCIETY

TRUSTEES' REPORT (continued) FOR THE YEAR ENDED 31 DECEMBER 2020

Capital expenditure

Capital expenditure totalled £24,151 (2019 - £56,493) which is all (2019 - £52,265) for the development cost of the new online platform that first began supporting online assessment services in 2017.

Reserves policy, designated funds and going concern

The balance on General Funds of £3,303,276 (2019 - £2,865,746) represents the reserves of the Society. The Trustees consider that the Society’s reliance on publishing income is the predominant determinant of the level of reserves required and have calculated that a level of £2,500,000 would allow the Society to fulfil is commitments to its members both in terms of operations and activities over a period of one year if the Society’s publications income failed or were severely reduced as well as covering a number of other potential adverse scenarios. The reserves reported at 31 December 2020 therefore represent 132%% of the requirement.

The continuing impact of COVID-19 has been considered for the Society’s future plans and corresponding budgets and financial forecasts, and the effect of the outbreak will continue to be a significant risk into the 31 December 2021 year end.

The Trustees have continued to designate funds, as shown in note 21, in accordance with the Society's financial strategy.

The balance on the Prizes & Awards Fund is being maintained, via a transfer from the General Funds, at £1million so as to partfund both current and future generations of beneficiaries.

In light of COVID-19 and after consultation with the International Union of Basic and Clinical Pharmacology (IUPHAR) we have decided to move the World Congress of Pharmacology from 2022 to July 2023. The World Pharma 2023 fund exists to underwrite a potential net cost to the Society of £500,000 (2019 - £500,000) for hosting the Congress and thus guarantee the running of the event. Appropriate additional safeguards will be implemented to ensure the safety and financial stability of this global meeting.

After making appropriate enquiries, the Trustees have a reasonable expectation that the Society has adequate resources to continue in operational existence for the foreseeable future. For this reason they continue to adopt the going concern basis in preparing the financial statements.

Grant making policies

The Society was well-placed to promptly and efficiently move operations online from March 2020 with all staff working from home effectively and operational meetings and committees being run virtually, including Council.

The financial effects are expected to depress the Society’s potential income in 2021 as universities worldwide in particular are expected to have less funding available for the Society’s established published content and emerging educational content delivered by BPS Assessment Limited. In the short term these adverse income effects are expected to be offset by cost reductions associated with conducting scientific meetings and other activities online. The Society is therefore redoubling its efforts to develop and diversify sustainable ethical income streams.

The Society's policy is to make grants that advance its objectives, i.e. to promote and advance pharmacology, and to comply with the terms of any restricted or designated funds from which grants are provided. Applications are invited from individuals or institutions suitably qualified or active in the discipline. Appropriate committees decide who will receive grants. In the case of a few minor grants, authority to make decisions on applications is delegated to individual officers or senior staff.

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TRUSTEES' REPORT (continued) FOR THE YEAR ENDED 31 DECEMBER 2020

Investment policy and performance

The Society holds investments with a value totalling £3,577,031 at 31 December 2020 (2019 £3,456,899) after capital withdrawn during the year totalled £250,000. This represents a total return (net of fees) of 6.2%, compared to the Asset Risk Consultants (ARC) steady growth charity index of 3.5%.

It has been a remarkable year for markets. The ‘Coronavirus Crash’ struck quickly, and its impact was so widespread that significant amounts of value in the global economy was destroyed over the first quarter of 2020. As a result, global equity markets plunged around 25% during a five-week spell as the shock of the pandemic hit, and the value of the British Pharmacological Society’s portfolio suffered a fall of around £950K.

Government’s endeavour, both in the UK and elsewhere to soften the impact of the Coronavirus led to a cut in UK interest rates to 0.1%, a re-introduction of quantitative easing and a significant relaxation in fiscal policies. Fixed income markets initially displayed traditional safe haven characteristics with yields on ten-year gilts at one stage falling to just 0.15%.

As the year progressed, the turnaround in markets was incredible, in particular for the fourth quarter as news flow proved broadly positive for markets. The US election result in November was taken well by markets. During the final quarter, news on the virus proved mixed. The announcement of different vaccines offered some hope and markets chose to look beyond the negative immediate trends and potential virus mutations, to a potential eventual solution to the current issues.

For the UK, the equity market managed to make good progress over the final quarter, as the likelihood of a Brexit deal became evident. UK equities increased by 12.6%, ahead of international markets, and the more domestically orientated mid cap sector put in an even better performance moving up by almost 19%. Given the strong recovery in markets, the British Pharmacological Society’s portfolio increased 8.7% in the final quarter of the year alone, a

rise in value of nearly £300K. The investment portfolio’s continued bias towards equities allowed the portfolio to fully participate in the recovery of markets and added value over the year.

The investments are managed on behalf of the Society by an investment management company, Brewin Dolphin (BD), who act for the Society on a fully discretionary basis. For the duration of the year, the portfolio has been managed at a “diversified” mid-level of risk. BD are required to have regard for the Society's status as an educational and health charity, and the Society specifically prohibits investments in tobacco companies. In addition, to maintain an impartial position, BD is also prohibited from investing directly in pharmaceutical companies. The Society's investment strategy works together with its reserves policy and seeks to provide against sudden loss of income from its traditional activities and in particular loss of income from its publishing activities.

The range of assets selected provides diversification and the opportunity to add value at the appropriate stage of the economic cycle. The balance between the different kinds of investments in both portfolios are determined by the investment manager's judgement of future returns likely to be obtained on each class of investments, and a mandate to target a certain level of liquidity coincidental with the Trustees' perception of future financial risk to which the Society might become exposed.

Strategic benchmarks and structured reporting enable the Society to regularly review both the performance of BD and its portfolios. Finance Committee met regularly throughout the year with the investment manager to review the entire portfolio and agree the relative strategic benchmarks from time to time. In response to the impact of COVID-19, monthly review meetings were instigated from April between the Society’s investment managers and relevant Finance Committee members and staff. The Committee reviewed the performance of the investments each time it met and worked with the investment manager to ensure the investments provided long-term growth ahead of inflation, income and liquidity.

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BRITISH PHARMACOLOGICAL SOCIETY

TRUSTEES' REPORT (continued) FOR THE YEAR ENDED 31 DECEMBER 2020

STRUCTURE, GOVERNANCE AND MANAGEMENT

Reference and administrative details of the charity, its trustees and advisers are shown on page 17 of the financial statements.

In 1994, the Society became a Company Limited by Guarantee and therefore has no share capital. In the event of its winding up, the members' liability is limited to £1 each. The Society's governing document is its Articles of Association, the current version of which took effect from 1 January 2015.

The Trustees

The Trustees of the charity for the year under review are below, with details of their attendance at the four Council meetings held in 2020 (2019 – four meetings).

Elected Officer Trustees	Elected Officer Trustees
President	M Pirmohamed	4/4
President Elect	C Page	4/4
Honorary Treasurer	C Williams	4/4
Elected Trustees	I McFadzean (until 31 December 2020)	3/4
	J Mitchell (until 31 December 2020)	3/4
	E Morrison (until 31 December 2020)	4/4
	S Rees	4/4
	M Wallace	4/4
	L Ajram	4/4
Appointed Trustees	E Briffa	4/4
	L Cumberbatch	4/4
	R MQuinn	3/4

Trustees’ main legal responsibilities are as follows:

• Ensure the charity is carrying out its purposes for the public benefit

• Act in the charity’s best interests

• Comply with the charity’s governing document and the law

• Manage the charity’s resources responsibly

• Act with reasonable care and skill

• Ensure the charity is accountable to the Charity Commission for meeting its objectives as a registered charity.

The Trustees are also the company Directors of the British Pharmacological Society. The Companies Act imposes similar legal duties on company Directors.

The Council of Trustees comprises between nine (minimum) and twelve (maximum) Trustees. The President (Chair), PresidentElect and Honorary Treasurer are elected by the Voting Members. Other Trustees (of whom at least one represents industry, one represents clinical pharmacology and one is an Early Career Pharmacologist) are either elected by the Voting Members or appointed by Council.

Council appoints Appointed Trustees on the basis of their skills, knowledge and experience, choosing them to support the Society in delivering its charitable purposes. The maximum number of appointed Trustees is one third of the total number of Trustees, and so cannot exceed four.

Trustees are elected to serve for periods of between three and four years, depending on office. Elections to the Council take place each year and only members in good standing may be nominated as elected Trustees. Appointed Trustees have the same responsibilities and powers as elected Trustees and any such appointment shall be for such period as Council determines, subject ordinarily to a maximum of two terms of up to three years each, after which any person so appointed may be eligible for election as a Trustee (including as an Officer) by the Voting Members, but shall not be re-appointed by the Council until a period of at least three years has elapsed after expiry of their term of office. Member participation in the Society’s charitable mission is crucial to shape the future direction of the Society’s activities. This is why most members are Voting Members who can self-nominate for elected roles.

Role descriptions have been produced for Trustees which are regularly reviewed to ensure they reflect the Society’s strategic aims. The role descriptions specify the knowledge, skills and attributes required. A

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BRITISH PHARMACOLOGICAL SOCIETY

TRUSTEES' REPORT (continued) FOR THE YEAR ENDED 31 DECEMBER 2020

skills survey of Trustees is undertaken regularly which helps determine their training requirements and Trustees attend training annually.

When considering elections for, and appointment of Trustees, Council follows the requirements of the Society's constitution, the 3rd Edition of the Charity Commission’s Governance Code for Trustees and Guidance Note CC30 of the Charity Commission:

• The 3rd Edition of the Charity Commission’s Governance Code for Trustees sets out the hallmarks of an effective charity, which includes the ‘foundation principle’ that all Trustees understand their legal duties, are committed to the charity’s cause and good governance;

• CC30 provides guidance on the processes involved noting that "the existing trustees are legally responsible for the recruitment of new trustees" and in addition to taking account of diversity issues, trustees must "look at what skills, knowledge and experience are needed to make sure that the charity is well governed and is run effectively, efficiently and appropriately to its size and complexity".

Committees and Management Group

Council has ultimate responsibility for all aspects of the Society's activities, with the exception of those matters which must be decided by a general meeting of the members. The Council focuses on strategy and delegates all but key strategic and financial decisions to five core Committees, each chaired by a Vice President or Officer, who have significant autonomy and control over their budgets.

The core Committees report back to Council. These reports cover risk management. Members of these Committees comprise both Trustees and/or elected Vice-Presidents, together with other Members and some nonmembers. Financial management is delegated to the Finance Committee, chaired by the Honorary Treasurer. The journals are managed by the Society's Publications Team, which refers as appropriate to the President

Elect, Council and Management Group, and in turn delegates responsibility to the journals' Management and Editorial Boards.

Council has delegated responsibility for the general management of the Society's activities to a small Management Group, chaired by the President, to oversee the day to day operations of the Society. The other members of the Group are the President Elect, Honorary Treasurer and Chief Executive. the Management Group has delegated responsibility. The Trustees employ a Chief Executive, who is responsible for executing the decisions of committees and subcommittees, and for the day-to-day management of the Society's resources. The Chief Executive reports back to Council and Management Group on performance against the objectives of the Society.

At 31 December 2020 the Society had 26 full time equivalent staff, and used specialist consultants as required.

Member contribution

The Society benefits greatly from voluntary work by its Members in the organisation of meetings, editing and reviewing manuscripts, service on Committees and panels, and many other activities. The Trustees thank these Members for all this hard work, given in Members’ free time. The Society could not function successfully without Members’ support.

The Society, Council and Members participate actively in the wider bioscience community, both in the UK and internationally. This includes collaborative funding of research and education initiatives, and the hosting of scientific meetings. Details of these activities are included in the section on Objectives and Achievements, listed on pages 5 to 7.

Remuneration of key management personnel

In determining appropriate levels of remuneration for staff, the Society aims to provide overall packages of terms and conditions that are affordable by the Society, competitive in the market, and will help to attract, retain and motivate high quality individuals capable of achieving the Society’s objectives. The Society wishes to ensure that

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BRITISH PHARMACOLOGICAL SOCIETY

TRUSTEES' REPORT (continued) FOR THE YEAR ENDED 31 DECEMBER 2020

staff are fairly rewarded for their individual and collective responsibilities and contributions to the Society’s overall performance.

The Society believes that remuneration should contain both discretionary cost of living and non-recurring performance-related elements, and that these elements should relate both to the performance of the Society and the state of its finances.

Council retains overall responsibility for remuneration and employment benefits, and has delegated the operation of such matters to Management Group and Finance Committee (overall affordability).

When considering recommendations for performance awards and any changes to salary, Management Group are provided with individuals’ performance compared with set objectives and targets, and benchmarking information. External data on general inflation and wage inflation is considered when considering any cost of living award.

Considering the changing effects of COVID-19 the Society developed a standalone risk register, drawing out key risks and mitigation to the Society in light of the global pandemic. These risks were reviewed on a quarterly basis by the Trustees and managed by the Executive.

Fundraising

The Society does not actively engage in any significant fundraising as described in guidance from the Charity Commission “Charity fundraising: a guide to trustee duties (CC20)”, and so has not engaged a professional fundraiser or commercial participator to carry out any fundraising activities, and has therefore not subscribed to any fundraising standards or scheme of fundraising regulation. No complaints have been recorded about any fundraising activity, and the Society does not fundraise in any way that could be expected to unreasonably intrude or place undue pressure on vulnerable people and other members of the public to give money or other property to the Society.

Risk assessment

The Council has a Risk Policy and a Risk Register, which provide the framework and controls for the management of risks. The Risk Register is reviewed on a continuing basis by the Finance Committee, who then report to Trustees. Risk management is an integral part of the Society’s business processes.

The prime risk to which the Society is exposed continues to be financial, particularly in respect of the income from our journals. Although the Trustees are reassured by the publishers that a catastrophic loss of income

is unlikely in the short to medium term, even after allowing for the impact of COVID-19, the Society’s reliance on publishing income means this risk is the predominant determinant of the level of free reserves held by the Society according to its Reserves Policy. Other significant risks identified derive from this primary risk and include the risk that existing and potential business development activities do not result in significant alternative, sustainable sources of net revenue.

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BRITISH PHARMACOLOGICAL SOCIETY

TRUSTEES' REPORT (continued) FOR THE YEAR ENDED 31 DECEMBER 2020

TRUSTEES' RESPONSIBILITIES IN RELATION TO THE FINANCIAL STATEMENTS

The trustees (who are also Directors of the British Pharmacological Society for the purposes 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 the affairs of the charitable company and of its income and expenditure for that period. In preparing these financial statements, the trustees are required to:

• select suitable accounting policies and then apply them consistently;

• observe the methods and principles in the Charities SORP;

• make judgments and accounting estimates that are reasonable and prudent;

• state whether applicable Accounting Standards, including FRS 102, have been followed, subject to any material departures disclosed and explained in the financial statements;

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

DISCLOSURE OF INFORMATION TO AUDITOR

Each of the persons who are Trustees at the time when this Trustees' report is approved has confirmed that:

• so far as that Trustee is aware, there is no relevant audit information of which the charitable company's auditors are unaware, and

• that Trustee has taken all the steps that ought to have been taken as a Trustee in order to be aware of any information needed by the charitable company's auditors in connection with preparing their report and to establish that the charitable company's auditors are aware of that information.

This report was approved by the Trustees on 29 March 2021 and signed on their behalf by:

• state whether a Statement of Recommended Practice (SORP) applies and has been followed, subject to any material departures which are explained in the financial statements

M Pirmohamed

President

• prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in operation.

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BRITISH PHARMACOLOGICAL SOCIETY

TRUSTEES' REPORT (continued) FOR THE YEAR ENDED 31 DECEMBER 2020

REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS

Trustees

M Pirmohamed C Page C Williams L Ajram A Alfirevic (from 1 January 2021) J Coleman (from 1 January 2021) E Briffa (from 1 March 2020) L Cumberbatch (from 1 March 2020) R M Quinn S Rees L Wallace S Watson (from 1 January 2021) I McFadzean (until 31 December 2020) J Mitchell (until 31 December 2020) E Morrison (until 31 December 2020)

Key management personnel Independent auditors R Lambert-Forsyth Chief Executive (from Moore Kingston Smith LLP,Chartered 16 March 2020) Accountants & Statutory Auditor M Poole Interim Chief Devonshire House, 60 Goswell Road Executive (from 1 London EC1M 7AD January to 15 March 2020) and Finance & Bankers Commercial Director Cooperative Bank plc D James Executive Director, 1 Islington High Street Business Development London N1 9TR K Wilson Director, Research Dissemination Barclays Bank plc A Zecharia Director, Policy & 1st Floor, 27 Soho Square Public Affairs London W1D 3QR

Solicitors

Charity registered number 1030623 Taylor Vinters LLP Company registered number 2877400 Merlin Place, Merlin Road Company Secretary M Poole Cambridge CB4 0DP Registered office Investment managers The Schild Plot, 16 Angel Gate, City Road, Brewin Dolphin London EC1V 2PT 12 Smithfield Street

Brewin Dolphin 12 Smithfield Street London EC1A 9BD

VAT consultants

Haslers Chartered Accountants Old Station Road Loughton IG10 4PL

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BRITISH PHARMACOLOGICAL SOCIETY

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS AND TRUSTEES OF THE BRITISH PHARMACOLOGICAL SOCIETY

Opinion

We have audited the financial statements of British Pharmacological Society for the year ended 31 December 2020 which comprise Group Statement of Financial Activities, the Group Summary Income and Expenditure Account, the Group and Parent Charitable Company Balance Sheets, the Group Cash Flow Statement and notes to the financial statements, 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 FRS 102 ‘The Financial Reporting Standard Applicable in the UK and Ireland’ (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

• give a true and fair view of the state of the group’s and the parent charitable company’s affairs as at 31 December 2020 and of the group’s incoming resources and application of resources, including its income and expenditure, for the year then ended;

• have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

• have been prepared in accordance with the requirements of the Companies Act 2006 and the Charities Act 2011.

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 financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The 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. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

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BRITISH PHARMACOLOGICAL SOCIETY

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS AND TRUSTEES OF THE BRITISH PHARMACOLOGICAL SOCIETY

Opinions on other matters prescribed by the Companies Act 2006

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

• the information given in the trustees’ annual report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

• the trustees’ annual report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and parent charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the trustees’ annual report.

We have nothing to report in respect of the following matters where the Companies Act 2006 and the Charities Act 2011 require us to report to you if, in our opinion:

• the parent charitable company has not kept adequate and sufficient accounting records, or returns adequate for our audit have not been received from branches not visited by us; or

• the parent charitable company’s financial statements are not in agreement with the accounting records and returns; or

• certain disclosures of trustees’ remuneration specified by law are not made; or

• we have not received all the information and explanations we require for our audit; or

• • the trustees were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies exemption in preparing the Trustees’ Annual Report.

Responsibilities of trustees

As explained more fully in the trustees’ responsibilities statement set out on page 16, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the group and parent charitable company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the group or parent charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

We have been appointed as auditor under the Companies Act 2006 and section 151 of the Charities Act 2011 and report in accordance with those Acts.

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 aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.

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BRITISH PHARMACOLOGICAL SOCIETY

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS AND TRUSTEES OF THE BRITISH PHARMACOLOGICAL SOCIETY

Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud

The objectives of our audit in respect of fraud, are; to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses to those assessed risks; and to respond appropriately to instances of fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both management and those charged with governance of the charitable company.

Our approach was as follows:

• We obtained an understanding of the legal and regulatory requirements applicable to the charitable company and considered that the most significant are [the Companies Act 2006, the Charities Act 2011, the Charity SORP, and UK financial reporting standards as issued by the Financial Reporting Council]

• We obtained an understanding of how the charitable company complies with these requirements by discussions with management and those charged with governance.

• We assessed the risk of material misstatement of the financial statements, including the risk of material misstatement due to fraud and how it might occur, by holding discussions with management and those charged with governance.

• We inquired of management and those charged with governance as to any known instances of non-compliance or suspected non-compliance with laws and regulations.

• Based on this understanding, we designed specific appropriate audit procedures to identify instances of non-compliance with laws and regulations. This included making enquiries of management and those charged with governance and obtaining additional corroborative evidence as required.

As part of an audit in accordance with ISAs (UK) we exercise professional judgement and maintain professional scepticism throughout the audit. We also:

• Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purposes of expressing an opinion on the effectiveness of the group and parent charitable company’s internal control.

• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the trustees.

• Conclude on the appropriateness of the trustees’ use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the group and parent charitable company’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the group or parent charitable company to

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BRITISH PHARMACOLOGICAL SOCIETY

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS AND TRUSTEES OF THE BRITISH PHARMACOLOGICAL SOCIETY

cease to continue as a going concern.

• Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

• Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the group to express an opinion on the consolidated financial statements. We are responsible for the direction, supervision and performance of the group audit. We remain solely responsible for our audit report.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

Use of our report

This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006 and, in respect of the consolidated financial statements, to the charity’s trustees, as a body, in accordance with Chapter 3 of Part 8 of the Charities Act 2011. Our audit work has been undertaken so that we might state to the charitable company’s members and trustees those matters which 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 any party other than the charitable company, charitable company's members, as a body, and the charity’s trustees, as a body, for our audit work, for this report, or for the opinion we have formed.

…………………………………………………………………………………………… Date: ……………. Neil Finlayson (Senior Statutory Auditor) for and on behalf of Moore Kingston Smith LLP, Statutory Auditor Devonshire House, 60 Goswell Road London EC1M 7AD

Moore Kingston Smith LLP is eligible to act as auditor in terms of Section 1212 of the Companies Act 2006.

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BRITISH PHARMACOLOGICAL SOCIETY REGISTERED NUMBER: 2877400

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2020

Note INCOME AND ENDOWMENTS FROM: Donations and legacies 2 Investments 3 Charitable activities 4 Other 5 TOTAL INCOME EXPENDITURE ON: Raising funds 6 Charitable activities 7 TOTAL EXPENDITURE Net (losses) / gains on investments NET INCOME / (EXPENDITURE) Transfers between Funds 21 NET MOVEMENT IN FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD 21

Restricted funds 2020 Unrestricted funds 2020 Total funds 2020 Restricted funds 2019 Unrestricted funds 2019 Total funds 2019 £ £ £ £ £ £ 30,000 - 30,000 32,150 - 32,150 - 77,284 77,284 - 96,208 96,208 70,640 4,234,351 4,304,991 64,413 4,253,029 4,317,442 - 6,074 6,074 - 5,797 5,797 100,640 4,317,709 4,418,349 96,563 4,355,034 4,451,597 - 21,006 21,006 - 24,356 24,356 154,863 4,043,647 4,198,510 198,362 4,700,441 4,898,803 154,863 4,064,653 4,219,516 198,362 4,724,797 4,923,159 - 162,313 162,313 - 503,652 503,652 (54,223) 415,369 361,146 (101,799) 133,889 32,090 36,400 (36,400) - 36,177 (36,177) - (17,823) 378,969 361,146 (65,622) 97,712 32,090 370,361 5,279,698 5,650,059 435,983 5,181,986 5,617,969 352,538 5,658,667 6,011,205 370,361 5,279,698 5,650,059

All activities relate to continuing operations. The net income of the parent Society itself amounted to £361,129 (2019 - £29,162). The notes on pages 25 to 41 form part of these financial statements.

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BRITISH PHARMACOLOGICAL SOCIETY REGISTERED NUMBER: 2877400

BALANCE SHEETS FOR THE YEAR ENDED 31 DECEMBER 2020

Note FIXED ASSETS Intangible assets 13 Tangible assets 14 Investment in subsidiaries 15 Investments 16 CURRENT ASSETS Debtors 17 Cash at bank and in hand CREDITORS:amounts falling due within one year 18 NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES CREDITORS:amounts falling due after more than one year 19 NET ASSETS CHARITY FUNDS Restricted funds 21 Unrestricted funds Unrestricted designated funds 21 Unrestricted general fund 21 TOTAL FUNDS	Group Group 2020 2019 £ £ 127,266 167,864 728,125 746,088 - - 3,577,031 3,456,899 4,432,422 4,370,851 1,646,087 1,416,837 1,288,336 709,525 2,934,423 2,126,362 (1,158,143) (756,289) 1,776,280 1,370,073 6,208,702 5,740,924 (197,497) (90,865) 6,011,205 5,650,059 352,538 370,361 2,355,391 2,413,952 3,303,276 2,865,746 5,658,667 5,279,698 6,011,205 5,650,059	Charity Charity 2020 2019 £ £ 127,266 167,864 728,125 746,088 2 2 3,577,031 3,456,899
		4,432,424 4,370,853 1,621,616 1,449,557 1,109,381 565,796
		2,730,997 2,015,353 (958,734) (649,280)
		1,772,263 1,366,073
		6,204,687 5,736,926 (197,497) (90,865)
		6,007,190 5,646,061
		352,538 370,361 2,355,391 2,413,952 3,299,261 2,861,748
		5,654,652 5,275,700
		6,007,190 5,646,061

The financial statements were approved by the Trustees on 29 March 2021 and signed on their behalf by:

C Williams

Honorary Treasurer

The notes on pages 25 to 41 form part of these financial statements.

COMPANY NUMBER 2877400

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BRITISH PHARMACOLOGICAL SOCIETY REGISTERED NUMBER: 2877400

CONSOLIDATED CASH FLOW STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2020

CASH FLOWS FROM OPERATING ACTIVITIES Net movement in funds Adjustments for: Depreciation of intangible fixed assets Depreciation of tangible fixed assets Loss on disposal of intangible fixed assets Loss on disposal of tangible fixed assets Losses / (Gains) on investments Dividends and interest received Decrease / (increase) in debtors (Decrease) / increase in creditors NET CASH (USED IN) / GENERATED BY OPERATING ACTIVITIES CASH FLOWS FROM INVESTING ACTIVITIES Additions to intangible fixed assets Purchase of tangible fixed assets Purchase of investments Proceeds from sale of investments Dividends and Interest received NET CASH FROM INVESTING ACTIVITIES CHANGE IN CASH AND CASH EQUIVALENTS IN THE YEAR Cash and cash equivalents at beginning of year CASH AND CASH EQUIVALENTS AT END OF YEAR	2020 £ 361,146 64,749 17,963 - - (162,313) (77,284) (229,250) 508,486 483,497 (24,151) - (912,548) 954,730 77,284 95,314 578,811 709,525 1,288,336	2019 £ 32,090 82,458 22,418 2,513 88 (503,652) (96,208) (63,338) 38,931
		(484,700)
		(52,265) (4,228) (1,306,059) 2,266,870 96,208
		1,000,526
		515,826 193,699
		709,525

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BRITISH PHARMACOLOGICAL SOCIETY REGISTERED NUMBER: 2877400

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

1. ACCOUNTING POLICIES

A summary of the principal accounting policies adopted, judgements and key sources of estimation uncertainty, is set out below.

1.1 Basis of preparation of financial statements

The financial statements have been prepared in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). The Charitable Group is a public benefit group for the purposes of FRS 102 and the Charity is a registered charity established as a company limited by guarantee, and therefore the Charity has also prepared its financial statements in accordance with the 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 (The FRS 102 Charities SORP), the Companies Act 2006 and Charities Act 2011.

1.2 Companies Act 2006

The prescribed profit and loss account formats required by Section 396 of the 2006 Companies Act have not been adhered to in disclosing the financial results of the Charity and Group for the year ended 31 December 2020. It is the opinion of the Trustees that strict adherence to these formats would be misleading to the membership of the Charity and Group and prevent the financial statements from showing a true and fair view as required by Section 393 of the 2006 Companies Act. In all other respects the financial statements comply with the requirements of the Companies Act 2006.

In accordance with Section 408 of the Companies Act 2006 a separate Statement of Financial Activities dealing with the results of the charity has not been presented.

1.3 Basis of consolidation

The Group financial statements consolidate the financial statements of the Charity and its subsidiary undertaking for the year. BPS Assessment Limited commenced trading in 2017 which is why the Society has produced consolidated financial statements. BPS Trading Services Limited remained dormant throughout 2019 and 2020.

All financial statements are made up to 31 December 2020. All intra-group transactions, balances and unrealised gains on transactions between group entities are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group. The summary financial statements of BPS Assessment Limited are shown in Note 15.

1.4 Going concern

The trustees have assessed whether the use of going concern is appropriate and have considered possible events or conditions that might cast significant doubt on the ability of the charitable company to continue as a going concern. This has included due consideration to the effects of the coronavirus pandemic and the measures taken both in the UK and overseas to contain it, including the introduction temporary lockdowns imposed in England in 2020 and 2021. The trustees have made this assessment for a period of at least one year from the date of the approval of these financial statements. In particular, the trustees have considered the charitable company’s forecasts and projections and have taken account of pressures on publishing income. After making enquiries, the trustees have concluded that there is a reasonable expectation that the charitable company has adequate resources to continue in operational existence for the foreseeable future. The charitable company therefore continues to adopt the going concern basis in preparing its financial statements. There are no material uncertainties.

1.5 Fund accounting

Unrestricted funds are expendable at the discretion of the trustees in furtherance of the objects of the Charity. The Trustees may, from time to time, set aside certain funds for specific purposes into separate designated funds. Such designations carry no legal restrictions and may be changed at the discretion of the Trustees.

Designated funds are unrestricted funds earmarked by the trustees for particular purposes.

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the charity for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.

Investment income, gains and losses are allocated to the appropriate fund.

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BRITISH PHARMACOLOGICAL SOCIETY REGISTERED NUMBER: 2877400

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

1. ACCOUNTING POLICIES (CONTINUED)

1.6 Incoming resources

All income is recognised when there is entitlement to the funds, the receipt is probable and the amount can be measured reliably.

Voluntary income and legacies

Voluntary income derived by way of donations and legacies to the Charity is included in full in the Statement of Financial Activities when the Society has the legal entitlement to receive the funds and the Trustees are accurately able to assess the amount of the donation or legacy.

Membership subscriptions

Some membership dues are paid annually by the members for the year to 31 December. An amount of deferred income is recorded for subscriptions received in advance.

1.7 Resources expended

Expenditure is included in the Statement of Financial Activities on an accruals basis, inclusive of any VAT which cannot be recovered. Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably.

Raising funds

These are costs associated with raising voluntary income and investment income for the Charity.

Charitable activities

These are costs associated with the Charity's charitable activities.

Journal publishing income and costs

This represents the income and expenditure involved in publishing the British Journal of Pharmacology and the British Journal of Clinical Pharmacology.

Grants awarded

Full provision is made for educational awards and bursaries when approved by the Trustees. Grants payable are charged in the year when the offer is made except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled. Grants offered subject to conditions which have not been met at the year end are noted as a commitment, but not accrued as expenditure.

Allocation of overheads

Central overhead costs are allocated to activities on the basis of total staff costs:

	2020	2019
Member services	11%	10%
Journal publishing costs	16%	16%
Educational activities	56%	58%
Projects and awards	1%	1%
Scientific meetings	16%	15%

Support costs are those costs incurred directly in support of expenditure on the objects of the charity and are allocated to the activity they relate to. General support costs are allocated to charitable activities on the basis of total staff costs.

1.8 Intangible and tangible fixed assets, and amortisation and depreciation All assets costing more than £2,000 are capitalised.

Fixed assets are stated at cost less depreciation. The residual value of the leasehold property is considered to be at least equal to the carrying value and therefore no depreciation has been provided as this would be immaterial. Amortisation and depreciation on other fixed assets is provided at rates calculated to write off the cost of those assets, less their estimated residual value, over their expected useful lives on the following bases:

Intangible: Computer software & website - over 3 to 5 years straight line Tangible: Leasehold property - none Tangible: Fixtures & fittings - over 5 to 8 years straight line Tangible: Computer equipment - over 3 years straight line

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BRITISH PHARMACOLOGICAL SOCIETY REGISTERED NUMBER: 2877400

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

1. ACCOUNTING POLICIES (CONTINUED)

1.9 Revaluation of tangible fixed assets

Freehold land and buildings are stated at their deemed cost being the valuation at the date of transition to FRS 102. The charitable company previously adopted a policy of revaluing freehold land and buildings and they were stated at their revalued amount less any impairment losses. The company has adopted the transition exemption under FRS 102 paragraph 35.10(d) and has elected to use the previous revaluation as deemed cost.

Revaluation gains and losses are recognised in the statement of total recognised gains and losses unless losses exceed the previously recognised gains or reflect a clear consumption of economic benefits, in which case the losses are recognised in the Statement of Financial Activities.

1.10 Investments

Investments are stated at the mid-market value ruling at the balance sheet date. The Statement of Financial Activities includes the net gains and losses arising on revaluations and disposals throughout the year.

1.11 Other financial instruments

Debtors and creditors

Debtors and creditors receivable or payable within one year of the reporting date are carried at their at transaction price. Debtors and creditors that are receivable or payable in more than one year and not subject to a market rate of interest are measured at the present value of the expected future receipts or payment discounted at a market rate of interest.

Cash and cash equivalents

Cash and cash equivalents include cash at banks and in hand and short term deposits with a maturity date of three months or less.

1.12 Company status

The Charity is a company limited by guarantee. The directors of the company are the Trustees named on page 22. In the event of the Charity being wound up, the liability in respect of the guarantee is limited to £1 per member of the Charity.

1.13 Pensions

The Society is a Participating Employer in the Superannuation Arrangements of the University of London (“SAUL”). The actuarial valuation applies to SAUL as a whole and does not identify surpluses or deficits applicable to individual employers. As a whole, the market value of SAUL’s assets was £3,205 million representing 102% of the liabilities for benefits accrued up to 31 March 2017.

It is not possible to identify an individual Employer’s share of the underlying assets and liabilities of SAUL. The Society accounts for its participation in SAUL as if it were a defined contribution scheme and pension costs are based on the amounts actually paid (i.e. cash amounts) in accordance with paragraphs 28.11 of FRS 102.

As there was a Technical Provisions surplus at 31 March 2017 there is no defined benefit liability (i.e. the present value of any deficit contributions due to SAUL) to be recognised by the Society.

The Society also contributes to a defined contribution scheme for the benefit of its employees and contributions payable are charged to the Statement of Financial Activities.

1.14 Recognition of liabilities

The Society recognises liabilities when there is a legal obligation to incur the liability and the amount can be reliably calculated.

1.15 Critical accounting estimates and areas of judgement

In preparing financial statements it is necessary to make certain judgements, estimates and assumptions that affect the amounts recognised in the financial statements. The following judgements and estimates are considered by the trustees to have most significant effect on amounts recognised in the financial statements:

• The valuation of the Society's long leasehold premises has a significant effect on the amounts recognised in the financial statements. Further details of the value at which the premises are included can be found in note 14

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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

2. DONATIONS AND LEGACIES

2. DONATIONS AND LEGACIES
Donations and grants Donations and grants 3. INCOME FROM INVESTMENTS Income from UK listed investments Income from non-UK listed investments Bank interest receivable Income from UK listed investments Income from non-UK listed investments Bank interest receivable 4. INCOME FROM CHARITABLE ACTIVITIES Membership subscriptions Journal publishing income Educational activities Scientific meetings Membership subscriptions Journal publishing income Educational activities Scientific meetings	Restricted funds 2020 £ 30,000 Restricted funds 2019 £ 32,150 Restricted funds 2020 £ - - - - Restricted funds 2019 £ - - - - Restricted funds 2020 £ - - 70,640 - 70,640 Restricted funds 2019 £ - - 64,413 - 64,413	Unrestricted funds 2020 £ - Unrestricted funds 2019 £ - Unrestricted funds 2020 £ 61,488 15,791 5 77,284 Unrestricted funds 2019 £ 79,702 15,638 868 96,208 Unrestricted funds 2020 £ 121,791 3,797,471 264,413 50,676 4,234,351 Unrestricted funds 2019 £ 130,891 3,664,013 275,345 182,780 4,253,029	Total funds 2020 £ 30,000
			Total funds 2019 £ 32,150
			Total funds 2020 £ 61,488 15,791 5
			77,284
			Total funds 2019 £ 79,702 15,638 868
			96,208
			Total funds 2020 £ 121,791 3,797,471 335,053 50,676
			4,304,991
			Total funds 2019 £ 130,891 3,664,013 339,758 182,780
			4,317,442

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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

5. OTHER INCOME

5. OTHER INCOME
Other income Other income 6. INVESTMENT MANAGEMENT COSTS Investment management fees Investment management fees 7. ANALYSIS OF EXPENDITURE ON CHARITABLE Activities undertaken directly 2020 £ Members services 131,819 Journal publishing costs 1,342,138 Educational activities 1,147,674 Projects and awards 90,192 Scientific meetings 271,997 2,983,820 Analysis of Support Costs Finance IT Staff costs Policy & Public Engagement Governance Executive HR Premises	Restricted funds 2020 £ - Restricted funds 2019 £ - Restricted funds 2020 £ - Restricted funds 2019 £ - ACTIVITIES Grant funding of activities (Notes 8 & 9) 2020 £ 250 - 139,290 76,703 17,220 233,463	Unrestricted funds 2020 £ 6,074 Unrestricted funds 2019 £ 5,797 Unrestricted funds 2020 £ 21,006 Unrestricted funds 2019 £ 24,356 Support costs (see below) 2020 £ 105,141 156,497 553,328 11,706 154,555 981,227 Basis of Allocation Total staff costs Total staff costs Total staff costs Total staff costs Total staff costs Total staff costs Total staff costs Total staff costs	Total funds 2020 £ 6,074
			Total funds 2019 £ 5,797
			Total funds 2020 £ 21,006
			Total funds 2019 £ 24,356
			Total 2020 £ 237,210 1,498,635 1,840,292 178,601 443,772
			4,198,510
			Total 2020 £ 34,473 143,017 521,788 90,016 79,638 14,975 49,628 47,692
			981,227

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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

7. ANALYSIS OF EXPENDITURE ON CHARITABLE ACTIVITIES (Continued)

Members services Journal publishing costs Educational activities Projects and awards Scientific meetings Analysis of Support Costs Finance IT Staff costs Policy & Public Engagement Governance Executive HR Premises	Activities undertaken directly 2019 £ 123,971 1,374,527 1,195,364 84,779 623,212 3,401,853	Grant funding of Support activities costs (Notes 8 & 9) (see below) 2019 2019 £ £ 2,000 121,267 - 191,411 111,673 704,807 157,962 14,779 6,560 186,491 278,195 1,218,755 Basis of Allocation Total staff costs Total staff costs Total staff costs Total staff costs Total staff costs Total staff costs Total staff costs Total staff costs	Total 2019 £ 247,238 1,565,938 2,011,844 257,520 816,263
			4,898,803
			Total 2019 £ 102,508 180,846 535,718 92,627 68,686 31,260 137,412 69,698
			1,218,755

8. GRANTS TO INDIVIDUALS

A J Clark Studentships Bursaries Young Pharmacologists Ambassadors Scheme	Number 2020 2 1 - 1 4	Total 2020 £ 128,310 (3,297) 250 - 125,263	Number 2019 1 112 3 5 121	Total 2019 £ 106,576 23,978 750 1,250
				132,554

Bursaries in 2020 consist of 1 grant of £78 and 15 grants (between £60 and £415) originally recorded in 2019 and subsequently unclaimed (2019 - 112 grants of between £60 and £750).

9. GRANTS TO INSTITUTIONS

Educational activities Projects and awards Scientific meetings In Vivo Training and Short Courses Guide to Pharmacology Education and Outreach Funding Scientific Meetings	Total funds 2020 £ 8,480 80,000 17,220 105,700 - 80,000 8,480 17,220 105,700	Total funds 2019 £ 5,097 133,984 6,560
		145,641
		(1,236) 133,984 6,333 6,560 -
		145,641

In Vivo Short Courses and Training grants are given to universities for educational purposes. During the year Nil (2019 -Nil) were made.

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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

10. GEOGRAPHICAL MARKETS

91% of the Charity's journal publishing income (2019 - 86%) and 90% (2019 - 87%) of the turnover of BPS Assessment Limited (see Note 15) is attributable to geographical markets outside the United Kingdom. All other incoming resources are attributable to the United Kingdom.

11. NET INCOMING RESOURCES / (RESOURCES EXPENDED)

This is stated after charging:

Depreciation of intangible fixed assets Depreciation of tangible fixed assets owned by the charity Loss on disposal of intangible fixed assets owned by the charity Loss on disposal of tangible fixed assets owned by the charity Auditors' remuneration Audit - Charity - current year Other - Subsidiary - Review and Financial advice	2020 2019 £ £ 64,749 82,458 17,963 22,418 - 2,513 - 88 12,200 10,335 1,915 1,850

During the year, no Trustees received any remuneration (2019 - £Nil).

During the year, 5 (2019 - 7) Trustees' travel and subsistence and other general expenses totalled £1,308 (2019 - £9,822).

12. STAFF COSTS

Staff costs were as follows:

Wages and salaries Social security costs Pension costs The average monthly number of employees during the year was as follows: Total headcount Full time equivalent basis The number of higher paid employees was: In the band £60,001 - £70,000 In the band £70,001 - £80,000 In the band £80,001 - £90,000 In the band £90,001 - £100,000 In the band £110,001 - £120,000 In the band £130,001 - £140,000	2020 £ 1,343,090 153,114 154,272 1,650,476 2020 No. 26 26 2020 No. - 3 1 1 1 - 6	2019 £ 1,282,960 135,102 152,801
		1,570,863
		2019 No. 27 27
		2019 No. 2 1 - 2 - 1
		6

Pension contributions in respect of higher paid employees amounted to £71,632 (2019: £74,135).

Key management personnel include the Chief Executive together with senior staff reporting directly to the Chief Executive as shown in the legal and administrative page and totals 5 staff (2019: 5 staff). The total employee benefits of the charity's key management personnel amounted to £556,948 (2019: £576,636)

The Society accounts for its participation in SAUL as if it were a defined contribution pension scheme (see note 1.14). Contributions of £110,859 (2019: £105,020) were payable in the year with payments of £13,845 (2019: £13,317) outstanding at the year end.

Contributions into the separate defined contrubution pension scheme of £43,413 (2019: £47,781) were payable in the year, with payments of £Nil (2019: £Nil) outstanding at the end of the year.

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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

13. INTANGIBLE FIXED ASSETS

Group & Charity

Intangible fixed assets comprise computer software and website.

Intangible fixed assets comprise computer software and website. Cost At 1 January 2020 Additions At 31 December 2020 Amortisation At 1 January 2020 Charge for the year At 31 December 2020 Net book value At 31 December 2020 At 31 December 2019	Total £ 653,629 24,151
	677,780
	485,765 64,749
	550,514
	127,266
	167,864

14. TANGIBLE FIXED ASSETS

Group & Charity

Cost or Valuation At 1 January 2019 At 31 December 2020 Depreciation At 1 January 2019 Charge for the year At 31 December 2020 Net book value At 31 December 2020 At 31 December 2019	Long leasehold property £ 710,000 710,000 - - - 710,000 710,000	Fixtures & fittings £ 111,927 111,927 84,959 8,843 93,802 18,125 26,968	Computer equipment £ 49,559 49,559 40,439 9,120 49,559 - 9,120	Total £ 871,486
				871,486
				125,398 17,963
				143,361
				728,125
				746,088

Revaluation of fixed assets

The Society has applied the transitional arrangements of Section 35 of FRS 102 and used a valuation with an effective date of 1 January 2014 as the deemed cost of the long leasehold property. The valuation was performed independently on a Market Value basis by Altus Edwin Hill, Chartered Surveyors. The historic cost of the long leasehold property is £273,816.

The long leasehold poperty is owned under a 999 year lease from 25 December 1989.

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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

15. FIXED ASSET INVESTMENT IN SUBSIDIARIES

The Society's investment at the balance sheet date in the wholly-owned share capital of the following, unlisted companies, is as follows:

Current assets Total Net assets Called up share capital BPS Trading Services Limited (Dormant; incorporated 27 January 2016) Turnover Expenditure Profit 16. FIXED ASSET INVESTMENTS Group & Charity Market value At 1 January Additions Disposals (realised gain of £134,256; 2018 £5,799) Revaluations At 31 December Historical cost Investments at market value comprise: UK £ Listed investments 867,781 UK £ Listed investments 1,936,688 BPS Assessment Limited (company number 09973409; registered office 16 Angel Gate, City Road, London, EC1V 2PT) commenced trading on 31 March 2017 and its turnover, expenditure and profit are summarised as follows: BPS Assessment Limited (incorporated 27 January 2016)	2020 £ 2 2 1 1 2 2020 £ 264,409 260,394 4,015 Listed securities 2020 £ 3,456,899 912,548 (1,032,488) 240,071 3,577,031 2,615,597 Overseas £ 2,709,250 Overseas £ 1,520,211	2019 £ 2
		2
		1 1
		2
		2019 £ 262,160 258,162
		3,998
		Listed securities 2019 £ 3,914,058 1,306,059 (2,132,624) 369,406
		3,456,899
		2,724,295
		2020 £ 3,577,031
		2019 £ 3,456,899

The above investments are all in relation to unrestricted funds.

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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

17. DEBTORS

Group 2020 £ Amounts falling due within one year Trade debtors 137,626 Amount due from subsidiary - Other debtors 1,331,364 Prepayments and accrued income 133,494 1,602,484 Amounts due after more than one year Prepayments and accrued income 43,603 43,603 Total Debtors 1,646,087	Group 2019 £ 95,068 - 1,186,397 135,372 1,416,837 - - 1,416,837	Charity 2020 £ 95,101 18,081 1,331,337 133,494 1,578,013 43,603 43,603 1,621,616	Charity 2019 £ 65,068 12,177 1,249,117 135,372
			1,461,734
			-
			-
			1,461,734

Other debtors mainly represents journal publishing income due but unpaid at the year end.

18. CREDITORS

Amounts falling due within one year

Trade creditors Other taxation and social security Other creditors Accruals and deferred income	Group 2020 £ 126,305 542,205 116,595 373,038 1,158,143	Group 2019 £ 285,173 57,597 106,194 307,325 756,289	Charity 2020 £ 113,032 543,426 116,595 185,681 958,734	Charity 2019 £ 260,652 57,597 106,194 224,837
				649,280

Included within other taxation and social security is an amount of £13,740 (2019 - £13,317) in respect of pension liabilities. Included within other creditors is an amount of £96,811 (2019 - £90,865) in respect of A J Clark studentship commitments.

Deferred income (Group & Charity)

The movement of deferred income, included within accruals and deferred income above, during the year was all in respect of membership income related to subscriptions received in advance and was as follows:

At 1 January Movement during the year At 31 December 19. CREDITORS Amounts falling due after more than one year Group 2020 £ Grant awards - A J Clark studentships 96,811 Other taxation and social security 100,686 Accruals and Deferred Income - 197,497	Group 2019 £ 90,865 - 90,865	2020 £ 17,635 1,549 19,184 Charity 2020 £ 96,811 100,686 - 197,497	2019 £ 20,849 3,214 -
			17,635
			Charity 2019 £ 90,865 -
			90,865

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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

20. PENSION COMMITMENTS

The Society participates in the Superannuation Arrangements of the University of London (“SAUL”), which is a centralised defined benefit scheme within the United Kingdom and is contracted-out of the Second State Pension (prior to April 2016).

SAUL is an independently-managed pension scheme for the non-academic staff of over 50 colleges and institutions with links to higher education.

Pension benefits accrued within SAUL currently build up on a Career Average Revalued Earnings (“CARE”) basis.

The Society is not expected to be liable to SAUL for any other current participating employer’s obligations under the Rules of SAUL, but in the event of an insolvency event of any participating employer within SAUL, an amount of any pension shortfall (which cannot otherwise be recovered) in respect of that employer, may be spread across the remaining participating employers and reflected in the next actuarial valuation.

Funding Policy

SAUL’s statutory funding objective is to have sufficient and appropriate assets to meet the costs incurred by the Trustee in paying SAUL’s benefits as they fall due (the “Technical Provisions”). The Trustee adopts assumptions which, taken as a whole, are intended to be sufficiently prudent for pensions and benefits already in payment to continue to be paid and for the commitments which arise from Members’ accrued pension rights to be met.

The Technical Provisions assumptions include appropriate margins to allow for the possibility of events turning out worse than expected. However, the funding method and assumptions do not completely remove the risk that the Technical Provisions could be insufficient to provide benefits in the future.

A formal actuarial valuation of SAUL is carried out every three years by a professionally qualified and independent actuary. The last actuarial valuation was carried out with an effective date of 31 March 2017. Informal reviews of SAUL’s position, reflecting changes in market conditions, cash flow information and new accrual of benefits, are carried out between formal valuations.

The funding principles were agreed by the Trustees and employers in June 2018 and are due to be reviewed at SAUL’s next formal valuation in 2020.

At the 31 March 2017 valuation SAUL was fully funded on its Technical Provisions basis so no deficit contributions were required. The Trustee and the Employers have agreed that the ongoing Employers’ contributions will continue at a rate of 16% of CARE Salaries.

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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

21. STATEMENT OF FUNDS

SUMMARY OF FUNDS

Group

Group
Designated funds General funds Total unrestricted funds Restricted funds Total funds Designated funds General funds Total unrestricted funds Restricted funds Total funds Charity Designated funds General funds Total unrestricted funds Restricted funds Total funds Designated funds General funds Total unrestricted funds Restricted funds Total funds	Brought forward 2020 £ 2,413,952 2,865,746 5,279,698 370,361 5,650,059 2019 £ 2,590,578 2,591,408 5,181,986 435,983 5,617,969 Brought forward 2020 £ 2,413,952 2,861,748 5,275,700 370,361 5,646,061 2019 £ 2,590,578 2,590,338 5,180,916 435,983 5,616,899	Incoming resources 2020 £ - 4,317,709 4,317,709 100,640 4,418,349 2019 £ - 4,355,034 4,355,034 96,563 4,451,597 Incoming resources 2020 £ - 4,132,298 4,132,298 100,640 4,232,938 2019 £ - 4,153,887 4,153,887 96,563 4,250,450	Resources expended 2020 £ (145,813) (3,918,840) (4,064,653) (154,863) (4,219,516) 2019 £ (421,865) (4,302,932) (4,724,797) (198,362) (4,923,159) Resources expended 2020 £ (145,813) (3,733,446) (3,879,259) (154,863) (4,034,122) 2019 £ (421,865) (4,104,713) (4,526,578) (198,362) (4,724,940)	Transfers in / (out) 2020 £ 87,252 (123,652) (36,400) 36,400 - 2019 £ 245,239 (281,416) (36,177) 36,177 - Transfers in / (out) 2020 £ 87,252 (123,652) (36,400) 36,400 - 2019 £ 245,239 (281,416) (36,177) 36,177 -	Gains / (losses) 2020 £ - 162,313 162,313 - 162,313 2019 £ - 503,652 503,652 - 503,652 Gains / (losses) 2020 £ - 162,313 162,313 - 162,313 2019 £ - 503,652 503,652 - 503,652	Carried forward 2020 £ 2,355,391 3,303,276
						5,658,667 352,538
						6,011,205
						2019 £ 2,413,952 2,865,746
						5,279,698 370,361
						5,650,059
						Carried forward 2020 £ 2,355,391 3,299,261
						5,654,652 352,538
						6,007,190
						2019 £ 2,413,952 2,861,748
						5,275,700 370,361
						5,646,061

The unrestricted general fund gains/(losses) comprises net gains on investments of £162,313 (2019 net gain of £503,652).

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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

21. STATEMENT OF FUNDS (CONTINUED)

UNRESTRICTED DESIGNATED FUNDS Group & Charity

UNRESTRICTED DESIGNATED FUNDS Group & Charity
World Pharma 2023 Prizes and awards Guide to Pharmacology Fixed Asset Total Unrestricted Designated funds World Pharma 2023 Prizes and awards Guide to Pharmacology Fixed Asset Total Unrestricted Designated funds UNRESTRICTED GENERAL FUNDS Group Total Unrestricted General funds Total Unrestricted General funds Charity Total Unrestricted General funds Total Unrestricted General funds	Brought forward 2020 £ 500,000 1,000,000 - 913,952 2,413,952 2019 £ 500,000 1,000,000 125,642 964,936 2,590,578 Brought forward 2020 £ 2,865,746 2019 £ 2,591,408 Brought forward 2020 £ 2,861,748 2019 £ 2,590,338	Incoming resources 2020 £ - - - - - 2019 £ - - - - - Incoming resources 2020 £ 4,317,709 2019 £ 4,355,034 Incoming resources 2020 £ 4,132,298 2019 £ 4,153,887	Resources expended 2020 £ - (63,101) - (82,712) (145,813) 2019 £ - (188,746) (125,642) (107,477) (421,865) Resources expended 2020 £ (3,918,840) 2019 £ (4,302,932) Resources expended 2020 £ (3,733,446) 2019 £ (4,104,713)	Transfers in / (out) 2020 £ - 63,101 - 24,151 87,252 2019 £ - 188,746 - 56,493 245,239 Transfers in / (out) 2020 £ (123,652) 2019 £ (281,416) Transfers in / (out) 2020 £ (123,652) 2019 £ (281,416)	Gains / (losses) 2020 £ - - - - - 2019 £ - - - - - Gains / (losses) 2020 £ 162,313 2019 £ 503,652 Gains / (losses) 2020 £ 162,313 2019 £ 503,652	Carried forward 2020 £ 500,000 1,000,000 - 855,391
						2,355,391
						2019 £ 500,000 1,000,000 - 913,952
						2,413,952
						Carried forward 2020 £ 3,303,276
						2019 £ 2,865,746
						Carried forward 2020 £ 3,299,261
						2019 £ 2,861,748

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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

21. STATEMENT OF FUNDS (CONTINUED)

RESTRICTED FUNDS Group & Charity Schachter Fund Gary Price Fund Paton Fund BPS Equality, Diversity and Inclusion Prize, sponsored by AstraZeneca E-Learning for Healthcare "Prescribe" Initiative Fund Prescribing Safety Assessment Integrative Pharmacology Fund Research Animal Sciences Education Ambassador Scheme MRC Short Course in Translational Pharmacology Fund Other prizes and awards Total Restricted funds Schachter Fund Gary Price Fund Paton Fund AstraZeneca Women In Pharmacology Prize Fund E-Learning for Healthcare "Prescribe" Initiative Fund Prescribing Safety Assessment Integrative Pharmacology Fund Research Animal Sciences Education Ambassador Scheme MRC Short Course in Translational Pharmacology Fund Other prizes and awards Total Restricted funds	Brought forward 2020 £ 3,088 7,635 3,390 - 113,923 184,556 1,068 27,426 23,444 5,831 370,361 2019 £ 3,765 8,521 4,547 1,000 113,923 265,947 10,905 23,444 3,931 435,983	Incoming resources 2020 £ - - - 4,000 - 85,240 - 11,400 - - 100,640 2019 £ - - - - - 75,700 2,500 13,713 - 4,650 96,563	Resources expended 2020 £ (500) - - (1,000) - (132,281) - (20,832) - (250) (154,863) 2019 £ (677) (268) (239) - - (182,091) (12,337) - - (2,750) 198,362 -	Transfers in/(out) 2020 £ 25,000 11,400 - 36,400 2019 £ - (618) (918) (1,000) - 25,000 - 13,713 - - 36,177	Carried forward 2020 £ 2,588 7,635 3,390 3,000 113,923 162,515 1,068 29,394 23,444 5,581 -
					352,538
					2019 £ 3,088 7,635 3,390 - 113,923 184,556 1,068 27,426 23,444 5,831
					370,361

FUND TRANSFERS

The unrestricted general fund has been used to restore the prizes and awards designated fund back to £1m with a transfer of £63,101 (2019 £188,746). Additions to fixed assets totalling £24,150 have been funded by the unrestricted general fund (2019 £56,493). The unrestricted general fund also supports the Prescribing Safety Assessment with a transfer of £25,000 (2019 £25,000) matching the funding received from the Medical Schools Council. The unrestricted general fund also supports the Research Animal Sciences Education Ambassador Scheme with a transfer of £11,400 (2019 £13,713) matching the external funding received. The transfers out of other restricted funds in 2019 totalling £2,236 were in respect of expenditure recorded in previous years as a use of the unrestricted general fund.

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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

21. STATEMENT OF FUNDS (CONTINUED)

DESIGNATED FUNDS

World Pharma 2023

The Society will be hosting the 2023 IUPHAR World Congress of Pharmacology, its bid to do so having been successful in July 2014, and £500,000 has been designated to fully underwrite the potential net cost of the event.

Prizes and Awards

This fund aims to provide income and capital growth to finance a proportion of the Society’s charitable grants to individuals. The amount of funding required is reviewed annually.

Guide to Pharmacology

This fund will enable the Society’s intended commitment to production of the Guide to Pharmacology to be funded until October 2020.

Fixed Assets

The Society owns one long leasehold property in London and a variety of other fixed assets. This fund represents the net book value of such assets.

RESTRICTED FUNDS

Schachter Fund

This is funded by donations from Mrs Ruth Schachter, provides grants to Student Members of the Society to visit other laboratories to learn techniques or to attend certain meetings.

Gary Price Fund

This fund, in memory of the late Dr Gary Price, is funded by a single donation from GlaxoSmithKline to support lectures at Society meetings.

Paton Fund

This fund was established jointly by Sir William Paton and the Society to support costs and expenses for those studying the history of pharmacology including ideas, techniques equipment etc. used in the development of experimental pharmacology.

BPS Equality, Diversity and Inclusion Prize, sponsored by AstraZeneca

The Society is committed to championing Equality, Diversity and Inclusion (EDI). This fund was established in 2020 to encourage our community to join us in this drive and to recognise efforts being made by members to create an equal, diverse and inclusive environment, within the candidate’s institute, other organisations, or across institutes or organisations.

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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

21. STATEMENT OF FUNDS (CONTINUED)

RESTRICTED FUNDS (CONTINUED)

AstraZeneca Women in Pharmacology Prize Fund

This fund was created by a donation from AstraZeneca to provide the Society with a prize fund to recognise women whose career achievements have contributed significantly to our understanding of a particular field through excellence in research. The final award from this fund was made in 2018.

E-Learning for Healthcare "Prescribe Initiative Fund"

This fund was provided by the Department of Health to facilitate payments to Society members contributing to the authoring and review of e-learning modules being developed between the Society and Department of Health, for the 38,000 medical students who train each year in the UK.

Prescribing Safety Assessment Fund

This fund arose through the transfer of the balance of funds of a project initiated by the Dept. of Health. The project will now be continued by the Society in conjunction with the Medical Schools Council to develop an assessment for final year medical students in prescribing.

Integrative Pharmacology Fund

This fund which was established by AstraZeneca, GlaxoSmithKline and Pfizer, supports research and training in integrative pharmacology and related disciplines with the objective of building capacity and ensuring the discipline's long-term viability in the UK.

Research Animal Sciences Education Ambassador Scheme

This fund which was established by both the British Pharmacology Society and The Physiological Society, supports consistency in undergraduate education related to the ‘core’ and ‘experiential’ learning outcomes established by the curriculum for the use of research animals.

MRC Short Course in Translational Pharmacology Fund

This fund was established by a capacity building grant from the Medical Research Council to enable the Society to develop and run a programme in 2010 in translational pharmacology that is suitable for eligible researchers from all biomedical disciplines involved in drug discovery and translational process.

Other prizes and awards

From time to time the Society receives donations to enable it to provide grants or prizes related to ad hoc projects or initiatives.

Subject to the above, the Society has sufficient resources to enable these funds to be applied in accordance with their respective restrictions.

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BRITISH PHARMACOLOGICAL SOCIETY REGISTERED NUMBER: 2877400

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

22. RELATED PARTY TRANSACTIONS

During the course of the year the Society transacted with BPS Assessment Limited, its wholly-owned subsidiary undertaking. The amounts owing to and from the subsidiary are included in notes 17 and 18.

23. ANALYSIS OF NET ASSETS BETWEEN FUNDS

Group

Intangible fixed assets Tangible fixed assets Investment in subsidiary Fixed asset investments Current assets Creditors due within one year Creditors due in more than one year Intangible fixed assets Tangible fixed assets Investment in subsidiary Fixed asset investments Current assets Creditors due within one year Creditors due in more than one year	Restricted funds 2020 £ - - - - 357,578 (5,040) - 352,538 Restricted funds 2019 £ - - - - 400,361 (30,000) - 370,361	Unrestricted funds 2020 £ 127,266 728,125 - 3,577,031 2,576,845 (1,153,103) (197,497) 5,658,667 Unrestricted funds 2019 £ 167,864 746,088 - 3,456,899 1,726,001 (726,289) (90,865) 5,279,698	Total funds 2020 £ 127,266 728,125 - 3,577,031 2,934,423 (1,158,143) (197,497)
			6,011,205
			Total funds 2019 £ 167,864 746,088 - 3,456,899 2,126,362 (756,289) (90,865)
			5,650,059

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