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2022-12-31-accounts

TRUSTEES REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2022

Registered number: 2877400 Charity number: 1030623

TRUSTEES' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2022

CONTENTS

Page
Trustees' report 3
18
Reference and administrative details of the charity, 19
its trustees and advisers
Independent auditors' report 20
23
Statement of financial activities 24
Balance sheet 25
Cash flow statement 26
Notes to the financial statements 27
43

BRITISH PHARMACOLOGICAL SOCIETY

TRUSTEES' REPORT (continued) FOR THE YEAR ENDED 31 DECEMBER 2022

OBJECTIVES, STRATEGY AND ACTIVITIES

Charitable object

promote and

advance pharmacology (including without limitation clinical pharmacology).

Public benefit

Pharmacology is at the forefront of our fight to help ensure everyone can live healthy lives for longer. We use the term pharmacology to encompass all areas of the science of drugs and medicine and we recognise that pharmacologists work across multi-disciplinary boundaries. Pharmacology makes a unique contribution to research to develop new drugs, and to improving the use of existing drugs for better patient outcomes.

The British Pharmacological Society's purpose is to promote and advance all disciplines of pharmacology in the discovery, development and use of medicines.

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

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".

New Strategy 2022 - 2024

The Society launched its new three-year strategy in January 2022. The strategy, developed by its Trustees in collaboration with its staff and members builds on strong foundations and keeps the needs of its community at the heart of its future. Our revitalised and bold approach for the next three years is driven by new values and was created amid the COVID-19 pandemic. The strategy focusses on raising even greater awareness of the impact of our discipline, bringing pharmacologists more closely together, and supporting and celebrating their scientific advances for the health of humans and animals.

It followed a turbulent two years for global health, during which Society members around the world actively contributed to saving lives and reducing the effects of COVID-19. But though this has been a challenging period for science and medicine, -2024 seek to use the renewed profile of pharmacology and drug discovery to further improve the understanding of their benefits to the wider community.

The 3-year strategy sets out our strategic goals in three broad areas:

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BRITISH PHARMACOLOGICAL SOCIETY

TRUSTEES' REPORT (continued) FOR THE YEAR ENDED 31 DECEMBER 2022

Our approach to delivering against these three broad goals is set out within the strategy and summarised in the table below.

Progressing our pharmacology priorities

What we will achieve:

How we will get there:

Celebrating and connecting our community

What we will achieve:

How we will get there:

Sustaining our Society

What we will achieve:

How we will get there:

By adopting best practice environmental, social and governance policies and practices By pursuing ethical income opportunities and developing targets to reach Net Zero

The

strategy. The annual objectives together with the activities undertaken, results and impact of those activities are listed in Objectives, Performance, Achievements and Impact

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BRITISH PHARMACOLOGICAL SOCIETY

TRUSTEES' REPORT (continued) FOR THE YEAR ENDED 31 DECEMBER 2022

OBJECTIVES, PERFORMANCE, ACHIEVEMENTS AND IMPACT 2022

The Trustees and Staff agreed a series of annual objectives for the Society for 2022 aligned to the 2022-2024 strategic plan. Progress was reported to Trustees on a regular basis throughout the year to celebrate success and identify areas of challenge. Members worked with the Staff team through committees, advisory group and working groups to progress all areas of the Society's work and significant progress was made throughout the year.

All objectives aligned to the strategic goals and objectives set out in the organisational strategy, this new approach ensured that can be communicated effectively to our members and the wider community over the current strategy period.

Progressing our pharmacology priorities

Strengthening the foundations of clinical pharmacology through supporting the training, workforce development, and multi-professional partnerships that enable the safe and effective development and use of medicines.

Bringing the pharmacological community together through an innovative programme of commissioned and member-led content, online and in-person.

Curating, and where necessary expanding, content into thematic priorities, which are joined-up across policy, publishing, education, training, and meetings.

Leveraging our strengths in the production and delivery of quality content to disseminate cutting edge science to a global audience.

Build and expand our digital meeting offering including hybrid meetings and BPS Live Prioritise commercial partnerships that can amplify the quality and reach of our content to new audiences.

Impact statement

The Society launched a joint report with the Royal College of Physicians, Personalised prescribing: using pharmacogenomics to improve patient outcomes in March 2022. This report attracted significant media impact, over 600 news articles across 36 different countries and was utilised to engage Parliamentary support during Evidence Week where the report and briefing was shared with 61 MPs and peers.

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BRITISH PHARMACOLOGICAL SOCIETY

TRUSTEES' REPORT (continued) FOR THE YEAR ENDED 31 DECEMBER 2022

Clinical Pharmacology Week (10th-14th October): had activities driven through social media this year - aiming to spread the message about clinical pharmacology, and the role it plays in healthcare. This included sharing video content with interviews from clinical member pharmacologists working in various fields (from NHS to Industry) and promotion of the new clinical pharmacology apprenticeship. A social media toolkit was shared via our member networks; utilised notably by the University of Liverpool, who used the branding from the toolkit to create cards to promote the work of their own clinical pharmacologists.

The Society strengthened its partnership working by jointly hosting two successful partner meetings with ELRIG on 'New Drug Modalities' in July 2022 and The Physiological Society on 'Lungs: More than gas exchange' meeting held in November 2022. Through these joint ventures the Society provided a platform for our members to share their science across disciplines and share, debate and discuss cutting edge research and training methodologies.

ratified by Council and shared widely through publication, sessions at Pharmacology 2022 and through the educator network. They were endorsed by IUPHAR and published by PR&P. Through the Education and inclusive pharmacology as a priority area, they commissioned a grant call resulting in the award of three grants focusing on inclusivity.

Commercial partnerships web page launched with case studies of completed partnerships to encourage and bring to life opportunities. The World Congress of Basic and Clinical Pharmacology is a key event in the 2023 calendar, much of the preparation work was undertaken in 2022, including the launch of Abstracts and registration and conversations with partners to build a vibrant and engaging global meeting. Working with the Congress leadership, Professor David Webb and Professor Amrita Ahluwalia has ensured the scientific programme is exemplary and over 1000 abstracts were submitted by December 2022.

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BRITISH PHARMACOLOGICAL SOCIETY

TRUSTEES' REPORT (continued) FOR THE YEAR ENDED 31 DECEMBER 2022

Embracing digital opportunities so that we can extend our reach, grow membership, and expand our communities of engagement.

Sharing stories that articulate the breadth and depth of pharmacology, to represent and inspire the next generation of pharmacologists.

Develop a coordinated approach to curating and sharing a diverse set of member profiles and stories that are tailored to key audiences with the aim of supporting member engagement with the Society, careers opportunities and pharmacology more broadly. Further develop Pharmacology Matters and the Society's blog to amplify the depth and breadth of pharmacology, using it as a vehicle to showcase the work and impact of our members.

Impact statement

Committee and staff leads collaborated and contributed to a discussion paper of current inclusive work and successes (including Grants, Awards, Committee membership, and Society membership). An action plan template framework was developed, and all core committees discussed this in the 2022 cycle, embedding this into core process. Committees will develop targeted action plans in 2023 and continue to share best practice and learnings to build capacity and understanding.

Following approval by the Engagement Committee, a brand-new network was launched on the BPS Community platform - the Engagement Network. As well as being a space to share engagement training opportunities and tips, the platform is used to promote the new Engagement webinars - the first of which was held in October, following excellent feedback these will continue to be hosted throughout 2023.

Five BPS training workshops have been successfully delivered on the following topics: Genomics in Drug Discovery and Development, Statistics, PROTACS, Pharmacology and Drug Discovery and Pharmacokinetics and Pharmacodynamics. Pharmacology and Drug Discovery eLearning was developed using the platform and pre-course learning was sent out to the delegates who attended the Statistics training, this has been built into the eLearning platform and can be used for future sessions.

The new CRM went live on 30 September 2022 and will provide a firm foundation for achievement of efficiency, effectiveness and service improvements.

Using our Blog, we have developed short articles and stories to inspire and educate. One highlight has been the development of our Unmet Health Needs series in the latter half of the year. Pharmacology Matters is commissioning content related to meetings, and to wider pharmacological/societal topics, for example Pharmacology in the Metaverse, the most popular article of the August 2022 issue. We have recruited a new deputy editor, their clinical expertise will broaden the scope of Pharmacology Matters, increasing our reach and relevancy.

Member numbers declined in 2022 after two years of growth and reaching in their highest-ever levels in 2021. The reduction was mostly due to a fall in the number of Undergraduate Student members.

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BRITISH PHARMACOLOGICAL SOCIETY

TRUSTEES' REPORT (continued) FOR THE YEAR ENDED 31 DECEMBER 2022

----- Start of picture text -----
TOTAL MEMBERSHIP
31 December 2021 - 4,768 31 December 2022 - 4,469
Undergraduate Early Career Members Fellows Honorary Retired Affiliate
Students Members Fellows Members & Members
Fellows
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Voting Members are:

Honorary Fellows, Fellows, Retired Members & Fellows, Members and Early Career Members.

Sustaining our society

Developing and adapting our publishing portfolio, taking into account the research environment and community requirements, ensuring we provide a place to publish for all pharmacology researchers.

Building BPS Assessment Ltd into the premier assessment and learning business for prescribing skills by growing national and global sales of our core products and services.

Adopting best practice environmental, social and governance policies and practices, and pursuing ethical income opportunities whilst developing clear targets to de-carbonise and reach Net Zero.

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BRITISH PHARMACOLOGICAL SOCIETY

TRUSTEES' REPORT (continued) FOR THE YEAR ENDED 31 DECEMBER 2022

Initiate benchmarking exercise to understand baseline environmental footprint of the organisation. Build sponsor and partnership relationships with existing and new commercial partners Establish operation of BPS Trading Services to underpin commercial partnerships activity. Impact statement -year time period and through this long-term approach the Trustees identified the necessity to resolve the steady net-spend resulting in a gradual reduction of the Society's net assets over a three-to-five-year timeframe. This responsible approach to financial planning resulted in the Trustees approving the formation of three working groups to focus on business planning opportunities for the Society. Given significant groundwork completed by the development of a publishing strategy in early 2022 a journals working group convened first. In the latter quarter of 2022 the Trustees approved the formation of two further working groups for meetings and training, and operations and resourcing.

The trading subsidiary, BPS Assessment Ltd is overseen by a Board of external and internal NonExecutive Directors, all of whom have appropriate expertise relevant to the business. Despite staff vacancies and challenges as the sales effort recovered from losses during the pandemic years, the end of year sales were £266,558 which represents a 35% increase on 2021 sales. Renewal rate was >98% with an ever-growing number of multiyear deals indicating customer satisfaction and loyalty.

and good Governance factors resulting in a revised investment policy investment objectives. The Trustees approved the new policy and our investment managers have been instructed to enact changes as required.

A framework for receiving donations was not progressed in 2022, however through the planning process for the World Congress of Basic & Clinical Pharmacology the Society has partnered with Enthuse a charitable donation platform to fundraise to support early career researchers attend the Congress in 2023. The Society was delighted to receive a significant donation from the Dollery family. Through the generous donation, the Society launched the Sir Colin Dollery Clinical Pharmacology Training Award. This award was established to celebrate the life and legacy of Sir Colin Dollery and it aims to support the discipline of Clinical Pharmacology by encouraging medical students to pursue Clinical Pharmacology as a specialty and increasing basic pharmacology skills for medical students pursuing a career path within industry.

BPS Trading Services Limited commenced trading with effect from 01 January 2022 and recorded Turnover of £41,900 in its first year.

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BRITISH PHARMACOLOGICAL SOCIETY

TRUSTEES' REPORT (continued) FOR THE YEAR ENDED 31 DECEMBER 2022

PLANS FOR FUTURE PERIODS

three-year strategy 2022-2024, building on

the success of 2022 the Society will aim to:

Progressing our Pharmacology Priorities

Strengthening the foundations of clinical pharmacology through supporting the training, workforce development, and multi-professional partnerships that enable the safe and effective development and use of medicines.

Bringing the pharmacological community together through an innovative programme of commissioned and member-led content, online and in-person.

Curating, and where necessary expanding, content into thematic priorities, which are joined-up across policy, publishing, education, training, and meetings.

Develop and communicate policy messages (particularly across our campaign priorities - inclusive pharmacology and clinical pharmacology), making the most of cross-Society channels such as publishing, digital platforms, meetings and education.

Celebrating and connecting our community

Focusing on removing barriers to inclusion, building equity and accessibility into every entry, progression, and decision point within the Society.

Work to empower committees and teams to collaborate by removing barriers and monitoring progress across our activities.

Build an engaged workforce motivated by having the best possible experience of work.

Develop the Society's membership offer to the "non-voting" pharmacology community.

Harmonising our education, training and engagement projects in collaboration with our community, by aligning them to our thematic priorities and taking account of the needs of those within industry, academia and clinical settings.

Building on our member networking from 2022, further support our education, engagement and drug discovery communities (including Ambassadors) by providing regular communications and opportunities for shared learning throughout the year.

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BRITISH PHARMACOLOGICAL SOCIETY

TRUSTEES' REPORT (continued) FOR THE YEAR ENDED 31 DECEMBER 2022

Develop an integrated learning pathways approach to education and training, delivering tangible outputs for learning pharmacology.

Embracing digital opportunities so that we can extend our reach, grow membership, and expand our communities of engagement. Launch new BPS website by end of November 2023.

Sharing stories that articulate the breadth and depth of pharmacology, to represent and inspire the next generation of pharmacologists.

Connect everyone who creates content for our channels, having oversight of production. Create editorial oversight frameworks for content output across the organisation.

Sustaining our Society

Developing and adapting our publishing portfolio, taking into account the research environment and community requirements, ensuring we provide a place to publish for all pharmacology researchers.

Support Journals Working Group to develop recommendations for Council by June and deliver on any activities agreed for 2023.

Building BPS Assessment Ltd into the premier assessment and learning business for prescribing skills by growing national and global sales of our core products and services.

Grow sales by at least 25% from 2022 sales result.

Adopting best practice environmental, social and governance policies and practices, and pursuing ethical income opportunities whilst developing clear targets to de-carbonise and reach Net Zero.

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BRITISH PHARMACOLOGICAL SOCIETY

TRUSTEES' REPORT (continued) FOR THE YEAR ENDED 31 DECEMBER 2022

FINANCIAL REVIEW

The Statement of Financial Activities on page 24 reports the financial performance of the Group (the Society and its trading subsidiaries, BPS Assessment Limited and BPS Trading Services Limited). The Balance Sheets on page 25 provide details of the Society's, financial position at the year end.

For the year ended 31 December 2022 the total funds of the Group have decreased by £883,018 (2021 - £664,610 increase). The overall decrease is made up of a decrease in unrestricted funds of £1,050,006 (2021 - £699,318 increase) and an increase in restricted funds of £166,988 (2021 - £34,708 decrease).

Net losses on investments totalling £576,479 (2021 - £359,468 gains) have contributed towards the overall movement in funds and are entirely attributable to unrestricted funds.

The resulting balance of total funds at 31 December 2022 amounted to £5,792,797 (2021 - £6,675,815) of which £5,307,978 (2021 - £6,357,984) is the unrestricted funds of the Society.

Incoming resources

Incoming resources for the year totalled £4,288,037 (2021 - £4,523,279) which is a decrease of 5.2%. Charitable activity income from journal publishing, which is the Society's main income source, has decreased by 11.8% to £3,423,510 (2021 - £3,879,981) although the fact this income has decreased is because of income in 2021 from the journal publishers on completion of a new agreement.

the easing of COVID-19 restrictions meant that some additional meetings and events could be held after the cancellations and postponements in 2020 and 2021 due to the pandemic. Pharmacology 2022 was held as an in-person 2-day event, instead of a 3- days as had been the case for 2019 and prior.

Voluntary income totalled £233,000 (2021 - £35,000) and is mostly for educational activities. In 2022 the Society was delighted to receive a significant donation from the Dollery family enabling the Sir Colin Dollery Clinical Pharmacology Training Award to be established.

Investment income was £14,169 higher at £86,695 (2021 - £72,526) due to some market recovery in response to the easing of COVID-19 restrictions.

Expenditure on charitable activities

Expenditure on charitable activities totalled £4,570,492 (2021 - £4,194,316) which is a 9.0% increase of £376,176. The notable variations within this expenditure are highlighted here.

Journal publishing costs increased by £83,123 to £1,445,775 (2021 - £ 1,362,652); reflecting increased publisher costs and Society support costs associated with publishing.

Expenditure on educational activities at £1,758,364 was a 3.5% decrease of £63,932 over the previous year (2021 - £ 1,822,296) due to staffing vacancies for part of the year.

Projects and awards expenditure at £201,850 was a 8.0% increase of £14,958 over the previous year (2021 - £ 186,892).

Member numbers decreased by 6.3% to 4,469 (2021 - 4,768) and membership subscription income decreased by 6.3% to - £117,201 (2021 £125,154). The decrease in numbers is primarily attributable to a decrease in the number of Undergraduate Student members.

Scientific meetings expenditure at £929,197 was a 46.1% increase of £293,128 over the previous year (2021 - £ 636,069) as the easing of COVID-19 restrictions meant that some additional meetings and events could be held after the cancellations and postponements in 2020 and 2021 due to the pandemic.

Scientific meetings income increased by £46,859 to £123,020 (2021 - £76,161) as

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BRITISH PHARMACOLOGICAL SOCIETY

TRUSTEES' REPORT (continued) FOR THE YEAR ENDED 31 DECEMBER 2022

Capital expenditure

Capital expenditure totalled £54,546 (2021 - £58,352) of which £51,302 (£42,952) was for the new contact relationship management (CRM) system which went live on 30 September 2022.

Reserves policy and designated funds

The balance on General Funds of £2,964,853 (2021 - £4,022,445) represents the reserves of the Society. The Trustees consider that 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 publications income failed or were severely reduced as well as covering other potential adverse scenarios. The reserves reported at 31 December 2022 therefore represent 119% of the requirement.

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 to part-fund both current and future generations of beneficiaries.

Considering COVID-19 and after consultation with the International Union of Basic and Clinical Pharmacology (IUPHAR) it was decided in 2020 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 (2021 - £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'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.

Investment policy and performance

The Society holds investments with a value totalling £3,520,828 at 31 December 2022 (2021 £3,966,190). This represents a total return (net of fees) of -12.6%, compared to the Asset Risk Consultants (ARC) steady growth charity index of -9.6%.

In 2022 the world was buffeted by economic and geopolitical shocks, which created very challenging conditions for investment. At the beginning of the year, concern was rife about the new more transmissible variant of COVID-19 that was spreading around the world. As concern ebbed over the Omicron variant, fears rose over rising levels of inflation.

While most investors and policymakers went into 2022 expecting a return of inflation, few foresaw just how sharply and persistently prices would rise. The Federal Reserve, which sets US interest rates, expected to raise rates by less than 1% by the end of the year, but ended up hiking by more than 4% in what was, arguably, the most aggressive interest rate rising cycle on record.

Inflation was more persistent than expected, and therefore interest rates rose by more than expected. This meant bonds were worth less and the growth of company profits was generally outweighed by falling valuations in the equity market.

The most significant bright spot for investors was energy. Energy bounced back spectacularly from a difficult post-pandemic period, which at one time saw oil prices turn briefly negative, fuelled by a pick up in

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BRITISH PHARMACOLOGICAL SOCIETY

TRUSTEES' REPORT (continued) FOR THE YEAR ENDED 31 DECEMBER 2022

demand coinciding with OPEC cutting oil production and sanctions on Russian oil in response to the invasion of Ukraine.

As the year progressed, inflation remained stubborn driven by soaring demand and reduced supply of energy, goods and labour; while the period of ultra-low interest rates sent property prices flying. During the last few months of the year, there were signs of all of these forces easing.

In anticipation of slowing inflation, investors have begun to anticipate a peak in interest rates across the UK, US and Europe. Central banks have tried to temper these expectations, but if they come to pass, they will remove a major headwind for the stock market and have been reflected in equity and bond market rallies over the final quarter.

As a result of the turbulent year for negative news flow and the prevailing uncertain economic background, both equities and bonds fell sharply. Global equities dropped by 7.3%, led by the US which declined by 8.4%, however it was bonds that faced the full wrath of the market sell off. UK sovereign bond prices collapsed by the 23.8%, the worst decline for decades.

The investments are managed on behalf of the Society by an investment management company, RBC Brewin Dolphin (RBCBD), who act for the Society on a fully discretionary basis. For the duration of the year, the mid-level of risk. RBCBD 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 September 2022 the Society approved a new investment policy recommended following an 18-month review by a working group of Finance Committee. The new policy integrates environmental, social and governance (ESG) considerations into investment processes and ownership practices. The Society would expect the overall ESG risk and ontroversy ratings to fall over time and will indicate and agree their expectations in advance and direct investment in the evere ESG risk category is also prohibited. In addition, to

maintain an impartial position, RBCBD 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 RBCBD 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. The Committee work with the investment manager to ensure the investments provide 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 2022

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 2022 (2021 four meetings).

----- Start of picture text -----
Elected Officer Trustees
President C Page 3/4
President Elect M Caulfield 4/4
Honorary C Williams (until 31
4/4
Treasurer December 2022)
Elected
A Alfirevic 4/4
Trustees
J Coleman 3/4
S Rees 3/4
M Wallace (until 31
4/4
December 2022)
S Watson 4/4
Appointed
E Briffa 4/4
Trustees
L Cumberbatch 4/4
R M Quinn 4/4
A Zorn 4/4
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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 based on 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 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.

follows:

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

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

charitable mission is crucial to shape the 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 s strategic aims. The role descriptions specify the knowledge, skills and attributes required. A skills survey of Trustees is undertaken regularly which helps determine their training requirements and Trustees attend training annually.

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BRITISH PHARMACOLOGICAL SOCIETY

TRUSTEES' REPORT (continued) FOR THE YEAR ENDED 31 DECEMBER 2022

When considering elections for, and appointment of Trustees, Council follows the requirements of the Society's constitution, for Trustees and Guidance Note CC30 of the Charity Commission:

activities to a small Management Group, chaired by the President, to oversee the dayto-day operations of the Society. The other members of the Group are the President Elect, Honorary Treasurer and Chief Executive. The Trustees employ a Chief Executive, who is responsible for executing the decisions of Council and for the day-today 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 2022 the Society had 26 full time equivalent staff, and used specialist consultants as required.

Member contribution

The Society benefits significantly 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 ha time. The Society could not function

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

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 8.

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 objectives. The Society wishes to ensure that staff are fairly rewarded for their individual and collective responsibilities and performance.

The Society believes that remuneration should contain both discretionary cost of

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BRITISH PHARMACOLOGICAL SOCIETY

TRUSTEES' REPORT (continued) FOR THE YEAR ENDED 31 DECEMBER 2022

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 objectives and targets, and benchmarking information. External data on general inflation and wage inflation is considered when considering any cost of living award.

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 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, 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.

An emerging risk considered during 2022 was the current economic climate of significant price inflation adversely impacting the cost of living; this is not assessed as having a income and its effect on the cost-base has been incorporated into plans and mitigating actions.

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.

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 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:

Page 17

BRITISH PHARMACOLOGICAL SOCIETY

TRUSTEES' REPORT (continued) FOR THE YEAR ENDED 31 DECEMBER 2022

DISCLOSURE OF INFORMATION TO AUDITOR

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

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.

This report was approved by the Trustees on 03 May 2023 and signed on their behalf by:

C Page President

Page 18

BRITISH PHARMACOLOGICAL SOCIETY

TRUSTEES' REPORT (continued) FOR THE YEAR ENDED 31 DECEMBER 2022

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

Trustees A Alfirevic E Briffa M Caulfield J Coleman L Cumberbatch A Hobbs from 1 January 2023 S Kennedy from 1 January 2023 C Page R M Quinn S Rees L Wallace until 31 December 2022 S Watson C Williams until 31 December 2022 A Zorn

Key management personnel Independent auditors R Lambert-Forsyth Chief Executive Moore Kingston Smith LLP,Chartered K Banham Director, Research Accountants & Statutory Auditor Dissemination 6th Floor, 9 Appold Street, London, EC2A 2AP D James Executive Director, Business Development Bankers M Poole Finance & Commercial Cooperative Bank plc Director 1 Islington High Street A Zecharia Director, Policy & Public London N1 9TR Affairs Barclays Bank plc 1st Floor, 27 Soho Square Charity registered number 1030623 London W1D 3QR Company registered number 2877400 Company Secretary M Poole Solicitors

Registered office

The Schild Plot, 16 Angel Gate, City Road, London EC1V 2PT

Taylor Vinters LLP Merlin Place, Merlin Road Cambridge CB4 0DP

Investment managers

Brewin Dolphin 12 Smithfield Street London EC1A 9BD

VAT consultants

Haslers Chartered Accountants Old Station Road Loughton IG10 4PL

Page 19

BRITISH PHARMACOLOGICAL SOCIETY

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 2021 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,

(United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs(UK)) and 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 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 ha 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 and parent 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 contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

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

We have nothing to report in this regard.

Page 20

BRITISH PHARMACOLOGICAL SOCIETY

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:

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

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:

Responsibilities of trustees

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 pplicable, 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.

Audi

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 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.

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

Page 21

BRITISH PHARMACOLOGICAL SOCIETY

TO THE MEMBERS AND TRUSTEES OF THE BRITISH PHARMACOLOGICAL SOCIETY

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.

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

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

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.

Page 22

BRITISH PHARMACOLOGICAL SOCIETY

TO THE MEMBERS AND TRUSTEES OF THE BRITISH PHARMACOLOGICAL SOCIETY

Our approach was as follows:

There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

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 and trustees those matters which we are requir 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, s trustees, as a body, for our audit work, for this report, or for the opinion we have formed.

3 May 2023

Neil Finlayson (Senior Statutory Auditor)

for and on behalf of Moore Kingston Smith LLP, Statutory Auditor

Devonshire House, 6th Floor, 9 Appold Street, EC2A 2AP

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

Page 23

BRITISH PHARMACOLOGICAL SOCIETY REGISTERED NUMBER: 2877400

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2022

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
2022
Unrestricted
funds
2022
Total
funds
2022
£
£
£
233,000
-
233,000
-
86,695
86,695
68,936
3,893,606
3,962,542
-
5,800
5,800
301,936
3,986,101
4,288,037
-
24,084
24,084
159,948
4,410,544
4,570,492
159,948
4,434,628
4,594,576
-
(576,479)
(576,479)
141,988
(1,025,006)
(883,018)
25,000
(25,000)
-
166,988
(1,050,006)
(883,018)
317,830
6,357,985
6,675,815
484,818
5,307,978
5,792,797		 Restricted
funds
2021
Unrestricted
funds
2021
Total
funds
2021
£
£
£
35,000
-
35,000
-
72,526
72,526
69,886
4,339,700
4,409,586
-
6,167
6,167
104,886
4,418,393
4,523,279
-
23,821
23,821
158,000
4,036,316
4,194,316
158,000
4,060,137
4,218,137
-
359,468
359,468
(53,114)
717,724
664,610
18,406
(18,406)
-
(34,708)
699,318
664,610
352,538
5,658,667
6,011,205
317,830
6,357,985
6,675,815

All activities relate to continuing operations.

The net expenditure of the parent Society itself amounted to £1,585,543 (2021 net income - £635,428). The notes on pages 27 to 43 form part of these financial statements.

Page 24

BRITISH PHARMACOLOGICAL SOCIETY REGISTERED NUMBER: 2877400

BALANCE SHEETS

FOR THE YEAR ENDED 31 DECEMBER 2022

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
2022
2021
£
£
129,584
116,036
713,542
719,504
-
-
3,520,828
3,966,190
4,363,954
4,801,730
1,484,097
1,819,140
1,247,621
960,432
2,731,718
2,779,572
(1,252,574)
(837,182)
1,479,145
1,942,390
5,843,099
6,744,120
(50,302)
(68,305)
5,792,797
6,675,815
484,818
317,830
2,343,126
2,335,540
2,964,853
4,022,445
5,307,979
6,357,985
5,792,797
6,675,815		 Charity
Charity
2022
2021
£
£
129,584
116,036
713,542
719,504
2
2
3,520,828
3,966,190
4,363,956
4,801,732
1,340,215
1,830,134
780,505
741,245
2,120,720
2,571,379
(647,695)
(670,263)
1,473,026
1,901,116
5,836,982
6,702,848
(50,302)
(60,230)
5,786,680
6,642,618
484,818
317,830
2,343,126
2,335,540
2,958,736
3,989,248
5,301,862
6,324,788
5,786,680
6,642,618

The financial statements were approved by the Trustees on 03 May 2023 and signed on their behalf by:

S Kennedy

Honorary Treasurer

The notes on pages 27 to 43 form part of these financial statements.

COMPANY NUMBER 2877400

Page 25

BRITISH PHARMACOLOGICAL SOCIETY

REGISTERED NUMBER: 2877400

CONSOLIDATED CASH FLOW STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2022

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		 2022
£
(883,018)
37,754
9,206
-
-
576,479
(86,695)
335,043
397,388
386,157
(51,302)
(3,244)
(1,250,798)
1,119,681
86,695
(98,968)
287,189
960,432
1,247,621		 2021
£
664,610
69,582
8,621
-
-
(359,468)
(72,526)
(173,053)
(450,153)
(312,387)
(58,352)
-
(1,148,401)
1,118,710
72,526
(15,517)
(327,904)
1,288,336
960,432

Page 26

BRITISH PHARMACOLOGICAL SOCIETY REGISTERED NUMBER: 2877400

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

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 and BPS Trading Services commenced trading in 2022 which is why the Society has produced consolidated financial statements.

All financial statements are made up to 31 December 2022. 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 and BPS Trading Services 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 of 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 account of pressures on publishing income. The trustees have entered into a new publishing contract for the Society's principal two journals for 2023 onwards and are satisfied that the assumptions regarding future publishing income are reasonable. 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.

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.

Page 27

BRITISH PHARMACOLOGICAL SOCIETY REGISTERED NUMBER: 2877400

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

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:

----- Start of picture text -----
|||| |---|---|---| |2022|2021| |Member services|10%|8%| |Journal publishing costs|14%|13%| |Educational activities|54%|57%| |Projects and awards|3%|2%| |Scientific meetings|19%|20%|

----- End of picture text -----

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

Page 28

BRITISH PHARMACOLOGICAL SOCIETY REGISTERED NUMBER: 2877400

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

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

applies to SAUL as a whole and does not identify surpluses or deficits applicable to individual employers. As a whole, the market value of was £4,369 million representing 109% of the estimated liabilities.

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.

Although there was a Technical Provisions surplus at 31 March 2020, allowing for post valuation experience to 30 April 2021 SAUL had a Technical Provisions suplus. Therefore, no deficit contributions were required following the 2020 valuation and 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:

Page 29

BRITISH PHARMACOLOGICAL SOCIETY REGISTERED NUMBER: 2877400

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

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
2022
£
233,000
Restricted
funds
2021
£
35,000
Restricted
funds
2022
£
-
-
-
-
Restricted
funds
2021
£
-
-
-
-
Restricted
funds
2022
£
-
-
68,936
-
68,936
Restricted
funds
2021
£
-
-
69,886
-
69,886		 Unrestricted
funds
2022
£
-
Unrestricted
funds
2021
£
-
Unrestricted
funds
2022
£
68,076
18,573
46
86,695
Unrestricted
funds
2021
£
59,103
13,411
12
72,526
Unrestricted
funds
2022
£
117,201
3,423,510
229,875
123,020
3,893,606
Unrestricted
funds
2021
£
125,154
3,879,981
258,404
76,161
4,339,700		 Total
funds
2022
£
233,000
Total
funds
2021
£
35,000
Total
funds
2022
£
68,076
18,573
46
86,695
Total
funds
2021
£
59,103
13,411
12
72,526
Total
funds
2022
£
117,201
3,423,510
298,811
123,020
3,962,542
Total
funds
2021
£
125,154
3,879,981
328,290
76,161
4,409,586

Page 30

BRITISH PHARMACOLOGICAL SOCIETY REGISTERED NUMBER: 2877400

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

5. OTHER INCOME

Restricted
funds
2022
£
Other income
-
Restricted
funds
2021
£
Other income
-
6. INVESTMENT MANAGEMENT COSTS
Restricted
funds
2022
£
Investment management fees
-
Restricted
funds
2021
£
Investment management fees
-
7. ANALYSIS OF EXPENDITURE ON CHARITABLE ACTIVITIES
Grant
Activities
funding of
undertaken
activities
directly
(Notes 8 & 9)
2022
2022
£
£
Members services
116,578
1,208
Journal publishing costs
1,273,034
-
Educational activities
1,048,857
58,656
Projects and awards
93,579
74,500
Scientific meetings
693,573
5,000
3,225,621
139,364
Analysis of Support Costs
Finance
IT
Staff costs
Policy & Public Engagement
Governance
Executive
HR
Premises		 Unrestricted
funds
2022
£
5,800
Unrestricted
funds
2021
£
6,167
Unrestricted
funds
2022
£
24,084
Unrestricted
funds
2021
£
23,821
Support
costs
(see below)
2022
£
117,520
172,741
650,851
33,771
230,624
1,205,507
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
2022
£
5,800
Total
funds
2021
£
6,167
Total
funds
2022
£
24,084
Total
funds
2021
£
23,821
Total
2022
£
235,306
1,445,775
1,758,364
201,850
929,197
4,570,492
Total
2022
£
83,371
183,241
615,124
94,983
70,981
7,338
99,436
51,034
1,205,508

Page 31

BRITISH PHARMACOLOGICAL SOCIETY REGISTERED NUMBER: 2877400

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

7. ANALYSIS OF EXPENDITURE ON CHARITABLE ACTIVITIES (Continued)

Grant

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
8. GRANTS TO INDIVIDUALS
A J Clark Studentships
Bursaries
Young Pharmacologists
Ambassadors Scheme		 Activities
undertaken
directly
2021
£
100,886
1,223,973
1,152,692
84,418
439,379
3,001,348
Number
2022
1
35
-
5
41		 funding of
activities
(Notes 8 & 9)
2021
£
250
-
48,872
79,890
6,128
135,140
Total
2022
£
49,393
9,500
-
1,208
60,101		 Support
costs
(see below)
2021
£
85,270
138,679
620,732
22,584
190,562
1,057,827
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
Number
2021
1
- 1
-
1
1		 Total
2021
£
186,406
1,362,652
1,822,296
186,892
636,069
4,194,315
Total
2021
£
51,195
159,832
614,207
82,493
73,302
3,672
32,561
40,565
1,057,827
Total
2021
£
47,122
(110)
-
250
47,262

Bursaries in 2022 consist of 41 grants between £40 - £750. 2021 2021 bursaries consist of a reversal of a bursary of £110 that was recorded in 2020 and subsequently unclaimed.

9. GRANTS TO INSTITUTIONS

Educational & outreach activities
Projects and awards (Guide to Pharmacology)
Scientific meetings		 Total
funds
2022
£
9,263
65,000
5,000
79,263		 Total
funds
2021
£
1,750
80,000
6,128
87,878

Page 32

BRITISH PHARMACOLOGICAL SOCIETY REGISTERED NUMBER: 2877400

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

10. GEOGRAPHICAL MARKETS

90% of the Charity's journal publishing income (2021 - 95%) and 78% (2021 - 56%) 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
Auditors' remuneration
Audit - Charity - current year
Other - Subsidiary - Review and Financial advice
During the year, no Trustees received any remuneration (2021 - £Nil).		 2022
2021
£
£
37,754
69,582
9,206
8,621
15,595
12,995
4,370
1,975

During the year, 7 (2021 - 5) Trustees' travel and subsistence and other general expenses totalled £9,406 (2021 - £1,344).

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 £100,001 - £110,000
In the band £110,001 - £120,000
In the band £120,001 - £130,000		 2022
£
1,359,717
157,949
187,846
1,705,512
2022
No.
23
23
2022
No.
-
-
2
1
1
-
1
5		 2021
£
1,398,501
152,696
170,289
1,721,486
2021
No.
25
25
2021
No.
-
2
2
1
1
1
-
7

Pension contributions in respect of higher paid employees amounted to £85,664 (2021: £82,697).

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 (2021: 5 staff). The total employee benefits of the charity's key management personnel amounted to £648,333 (2021: £616,807)

The Society accounts for its participation in SAUL as if it were a defined contribution pension scheme (see note 1.14). Contributions of £187,846 (2021: £110,859) were payable in the year with payments of £16,130 (2021: £14,057) outstanding at the year end

Contributions into the separate defined contrubution pension scheme of £45,447 (2021: £46,373) were payable in the year, with payments of £Nil (2021: £Nil) outstanding at the end of the year.

Page 33

BRITISH PHARMACOLOGICAL SOCIETY REGISTERED NUMBER: 2877400

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

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 2022
Additions
At 31 December 2022
Amortisation
At 1 January 2022
Charge for the year
At 31 December 2022
Net book value
At 31 December 2022
At 31 December 2021		 Total
£
736,132
51,302
787,434
620,096
37,754
657,850
129,584
116,036

14. TANGIBLE FIXED ASSETS

Group & Charity

Long leasehold
property
£
Cost or Valuation
At 1 January 2022
710,000
Additions
-
At 31 December 2022
710,000
Depreciation
At 1 January 2022
-
Charge for the year
-
At 31 December 2022
-
Net book value
At 31 December 2022
710,000
At 31 December 2021
710,000		 Fixtures &
fittings
£
111,927
-
111,927
102,423
8,305
110,728
1,199
9,504		 Computer
equipment
£
48,873
3,244
52,117
48,873
901
49,774
2,343
-		 Total
£
870,800
3,244
874,044
151,296
9,206
160,502
713,542
719,504

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.

Page 34

BRITISH PHARMACOLOGICAL SOCIETY REGISTERED NUMBER: 2877400

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

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 (incorporated 27 January 2016)
Turnover
Expenditure
Profit
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
1,013,008
UK
£
Listed investments
1,291,374
BPS Trading Services (company number 09973456; registered office 16
Angel Gate, City Road, London, EC1V 2PT) commenced trading on 1
January 2022 and its turnover, expenditure and profit are summarised
as follows:
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)		 2022
£
2
2
1
1
2
2022
£
218,210
213,529
4,681
2022
£
41,900
40,465
1,435
Listed
securities
2022
£
3,966,190
1,250,798
(1,316,994)
(379,166)
3,520,828
3,473,674
Overseas
£
2,507,820
Overseas
£
2,674,816		 2021
£
2
2
1
1
2
2021
£
237,397
204,200
33,197
2021
£
237,397
204,200
33,197
Listed
securities
2021
£
3,577,031
1,148,401
(1,000,596)
241,354
3,966,190
3,382,367
2022
£
3,520,828
2021
£
3,966,190

The above investments are all in relation to unrestricted funds.

Page 35

BRITISH PHARMACOLOGICAL SOCIETY REGISTERED NUMBER: 2877400

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

17. DEBTORS

Group
2022
£
Amounts falling due within one year
Trade debtors
411,391
Amount due from subsidiary
-
Other debtors
34,453
Prepayments and accrued income
1,038,253
1,484,097
Amounts due after more than one year
Prepayments and accrued income
-
-
Total Debtors
1,484,097		 Group
2021
£
134,126
-
3,913
1,681,101
1,819,140
21,605
21,605
1,840,745		 Charity
2022
£
299,054
-
2,908
1,038,253
1,340,215
-
-
1,340,215		 Charity
2021
£
147,977
-
1,056
1,681,101
1,830,134
21,605
21,605
1,851,739

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
2022
£
324,731
167,571
160,215
600,057
1,252,574		 Group
2021
£
157,577
182,938
224,222
272,445
837,182		 Charity
2022
£
233,645
136,027
159,363
118,660
647,695		 Charity
2021
£
115,031
182,938
223,370
148,924
670,263

Included within other taxation and social security is an amount of £16,130 (2021 - £14,058) in respect of pension liabilities. Included within other creditors is an amount of £50,301 (2021 - £60,230) in respect of A J Clark studentship commitments, and £65,000 (2021 - £120,000) related to the Guide to Pharmacology grant.

Deferred income (Group & Charity)

The movement of deferred income, included within accruals and deferred income above is as follows:

At 1 January
Movement during the year
At 31 December		 Group
2022
£
126,013
363,607
489,620		 Group
2021
£
171,897
45,884
-
126,013		 Charity
2022
£
14,004
44,916
58,920		 Charity
2021
£
19,184
5,180
-
14,004

Included within the group is £278,393 relating to BPS Trading Services (2021 - NA) and £152,307 relating to BPS Assessment Limited (2021 - £112,009).

19. CREDITORS

Amounts falling due after more than one year

Grant awards - A J Clark studentships
Accruals and Deferred Income		 Group
2022
£
50,302
-
50,302		 Group
2021
£
60,230
8,075
68,305		 Charity
2022
£
50,302
-
50,302		 Charity
2021
£
60,230
-
60,230

Page 36

BRITISH PHARMACOLOGICAL SOCIETY REGISTERED NUMBER: 2877400

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

20. PENSION COMMITMENTS

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.

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

whole, are intended to be sufficiently prudent for pensions and benefits already in payment to continue to be paid and for the

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. reflecting changes in market conditions, cash flow information and new accrual of benefits, are carried out between formal valuations.

formal valuation in 2023.

At the 31 March 2020 valuation SAUL was 94% funded on its Technical Provisions basis. However, market improvements following the valuation date were positive and the Trustee and the Employers agreed to allow for post-valuation experience up to 30 April 2021. As SAUL was in surplus on its Technical Provisions basis at that date, no deficit contributions were

from a rate of 16% of CARE Salaries to 19% of CARE Salaries from 1 April 2022 and to 21% of CARE Salaries from 1 January 2023.

Page 37

BRITISH PHARMACOLOGICAL SOCIETY REGISTERED NUMBER: 2877400

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

21. STATEMENT OF FUNDS

SUMMARY OF FUNDS

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
2022
£
2,335,540
4,022,445
6,357,985
317,830
6,675,815
2021
£
2,355,391
3,303,276
5,658,667
352,538
6,011,205
Brought
forward
2022
£
2,335,540
3,989,248
6,324,788
317,830
6,642,618
2021
£
2,355,391
3,299,261
5,654,652
352,538
6,007,190		 Incoming
resources
2022
£
-
3,986,101
3,986,101
301,936
4,288,037
2021
£
-
4,418,393
4,418,393
104,886
4,523,279
Incoming
resources
2022
£
-
3,834,187
3,834,187
301,936
4,136,123
2021
£
-
4,260,012
4,260,012
104,886
4,364,898		 Resources
expended
2022
£
(95,192)
(4,339,435)
(4,434,627)
(159,948)
(4,594,575)
2021
£
(118,353)
(3,941,784)
(4,060,137)
(158,000)
(4,218,137)
Resources
expended
2022
£
(95,192)
(4,160,442)
(4,255,634)
(159,948)
(4,415,582)
2021
£
(118,353)
(3,812,585)
(3,930,938)
(158,000)
(4,088,938)		 Transfers
in / (out)
2022
£
102,778
(127,778)
(25,000)
25,000
-
2021
£
98,502
(116,908)
(18,406)
18,406
-
Transfers
in / (out)
2022
£
102,778
(127,778)
(25,000)
25,000
-
2021
£
98,502
(116,908)
(18,406)
18,406
-		 Gains /
(losses)
2022
£
-
(576,479)
(576,479)
-
(576,479)
2021
£
-
359,468
359,468
-
359,468
Gains /
(losses)
2022
£
-
(576,479)
(576,479)
-
(576,479)
2021
£
-
359,468
359,468
-
359,468		 Carried
forward
2022
£
2,343,126
2,964,853
5,307,979
484,818
5,792,797
2021
£
2,335,540
4,022,445
6,357,985
317,830
6,675,815
Carried
forward
2022
£
2,343,126
2,958,736
5,301,862
484,818
5,786,680
2021
£
2,335,540
3,989,248
6,324,788
317,830
6,642,618

The unrestricted general fund gains/(losses) comprises net loss on investments of £576,476 (2021 net loss of £359,468).

Page 38

BRITISH PHARMACOLOGICAL SOCIETY REGISTERED NUMBER: 2877400

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

21. STATEMENT OF FUNDS (CONTINUED)

UNRESTRICTED DESIGNATED FUNDS Group & Charity

World Pharma 2023
Prizes and awards
Fixed Asset
Total Unrestricted Designated funds
World Pharma 2023
Prizes and awards
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
2022
£
500,000
1,000,000
835,540
2,335,540
2021
£
500,000
1,000,000
855,391
2,355,391
Brought
forward
2022
£
4,022,445
2021
£
3,303,276
Brought
forward
2022
£
3,989,248
2021
£
3,299,261		 Incoming
resources
2022
£
-
-
-
-
2021
£
-
-
-
-
Incoming
resources
2022
£
3,986,101
2021
£
4,418,393
Incoming
resources
2022
£
3,834,187
2021
£
4,260,012		 Resources
expended
2022
£
-
(48,232)
(46,960)
(95,192)
2021
£
-
(40,150)
(78,203)
(118,353)
Resources
expended
2022
£
(4,339,436)
2021
£
(3,941,784)
Resources
expended
2022
£
(4,160,442)
2021
£
(3,812,585)		 Transfers
in / (out)
2022
£
-
48,232
54,546
102,778
2021
£
-
40,150
58,352
98,502
Transfers
in / (out)
2022
£
(127,778)
2021
£
(116,908)
Transfers
in / (out)
2022
£
(127,778)
2021
£
(116,908)		 Gains /
(losses)
2022
£
-
-
-
-
2021
£
-
-
-
-
Gains /
(losses)
2022
£
(576,479)
2021
£
359,468
Gains /
(losses)
2022
£
(576,479)
2021
£
359,468		 Carried
forward
2022
£
500,000
1,000,000
843,126
2,343,126
2021
£
500,000
1,000,000
835,540
2,335,540
Carried
forward
2022
£
2,964,852
2021
£
4,022,445
Carried
forward
2022
£
2,958,736
2021
£
3,989,248

Page 39

BRITISH PHARMACOLOGICAL SOCIETY REGISTERED NUMBER: 2877400

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

21. STATEMENT OF FUNDS (CONTINUED)

RESTRICTED FUNDS Group & Charity

Group & Charity
Schachter Fund
Gary Price Fund
Paton Fund
Sir Colin Dollery Clinical Pharmacology Training Award 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
Sir Colin Dollery Clinical Pharmacology Training Award 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		 Brought
forward
2022
£
2,088
7,635
3,390
-
2,000
113,923
164,601
-
-
18,612
5,581
317,830
2021
£
2,588
7,635
3,390
-
3,000
113,923
162,515
1,068
29,394
23,444
5,581
352,538		 Incoming
resources
2022
£
-
-
-
200,000
101,936
301,936
2021
£
-
-
-
-
-
-
102,886
-
-
-
2,000
104,886		 Resources
expended
2022
£
(2,088)
-
-
(12,000)
(130,610)
(14,000)
(1,250)
(159,948)
2021
£
(500)
-
-
-
(1,000)
-
(125,800)
(1,068)
(22,800)
(4,832)
(2,000)
(158,000)		 Transfers
in/(out)
2022
£
-
-
-
-
25,000
25,000
2021
£
-
25,000
(6,594)
-
18,406		 Carried
forward
2022
£
-
7,635
3,390
188,000
2,000
113,923
160,927
-
-
4,612
4,331
-
484,818
2021
£
2,088
7,635
3,390
-
2,000
113,923
164,601
-
-
18,612
5,581
317,830

FUND TRANSFERS

The unrestricted general fund has been used to restore the prizes and awards designated fund back to £1m with a transfer of £48,232 (2021 £40,150). Additions to fixed assets totalling £54,546 have been funded by the unrestricted general fund (2021 £58,352). The unrestricted general fund also supports the Prescribing Safety Assessment with a transfer of £25,000 (2021 £25,000).

Page 40

BRITISH PHARMACOLOGICAL SOCIETY REGISTERED NUMBER: 2877400

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

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

funding required is reviewed annually.

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.

Sir Colin Dollery Clinical Pharmacology Training Award Fund

This award provides a bursary to medical students undertaking an intercalated BSc in Pharmacology. The primary aim is to support the discipline of Clinical Pharmacology, which can be achieved by encouraging students to pursue Clinical Pharmacology as a specialty or by increasing basic pharmacology skills for students pursuing a career path within Industry.

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,

Page 41

BRITISH PHARMACOLOGICAL SOCIETY REGISTERED NUMBER: 2877400

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

21. STATEMENT OF FUNDS (CONTINUED)

RESTRICTED FUNDS (CONTINUED)

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

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.

Page 42

BRITISH PHARMACOLOGICAL SOCIETY REGISTERED NUMBER: 2877400

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

22. RELATED PARTY TRANSACTIONS

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

One trustee of the British Pharmacological Society (C Williams) is also a director of ELRIG UK Limited with which the Society had a strategic alliance. During 2022 the Society generated income of £6,736 (2021: £8,924). The trustee declared their conflict of interest in all relevant meetings and did not formally vote in any Society Council decisions concerning the alliance.

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
2022
£
-
-
-
-
484,818
-
-
484,818
Restricted
funds
2021
£
-
-
-
-
317,830
-
317,830		 Unrestricted
funds
2022
£
129,584
713,542
-
3,520,828
2,246,900
(1,252,574)
(50,302)
5,307,979
Unrestricted
funds
2021
£
116,036
719,504
-
3,966,190
2,461,742
(837,182)
(68,305)
6,357,985		 Total
funds
2022
£
129,584
713,542
-
3,520,828
2,731,718
(1,252,574)
(50,302)
5,792,797
Total
funds
2021
£
116,036
719,504
-
3,966,190
2,779,572
(837,182)
(68,305)
6,675,815

Page 43

TRUSTEES REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2022

Registered number: 2877400 Charity number: 1030623

TRUSTEES' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2022

CONTENTS

Page
Trustees' report 3
18
Reference and administrative details of the charity, 19
its trustees and advisers
Independent auditors' report 20
23
Statement of financial activities 24
Balance sheet 25
Cash flow statement 26
Notes to the financial statements 27
43

BRITISH PHARMACOLOGICAL SOCIETY

TRUSTEES' REPORT (continued) FOR THE YEAR ENDED 31 DECEMBER 2022

OBJECTIVES, STRATEGY AND ACTIVITIES

Charitable object

promote and

advance pharmacology (including without limitation clinical pharmacology).

Public benefit

Pharmacology is at the forefront of our fight to help ensure everyone can live healthy lives for longer. We use the term pharmacology to encompass all areas of the science of drugs and medicine and we recognise that pharmacologists work across multi-disciplinary boundaries. Pharmacology makes a unique contribution to research to develop new drugs, and to improving the use of existing drugs for better patient outcomes.

The British Pharmacological Society's purpose is to promote and advance all disciplines of pharmacology in the discovery, development and use of medicines.

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

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".

New Strategy 2022 - 2024

The Society launched its new three-year strategy in January 2022. The strategy, developed by its Trustees in collaboration with its staff and members builds on strong foundations and keeps the needs of its community at the heart of its future. Our revitalised and bold approach for the next three years is driven by new values and was created amid the COVID-19 pandemic. The strategy focusses on raising even greater awareness of the impact of our discipline, bringing pharmacologists more closely together, and supporting and celebrating their scientific advances for the health of humans and animals.

It followed a turbulent two years for global health, during which Society members around the world actively contributed to saving lives and reducing the effects of COVID-19. But though this has been a challenging period for science and medicine, -2024 seek to use the renewed profile of pharmacology and drug discovery to further improve the understanding of their benefits to the wider community.

The 3-year strategy sets out our strategic goals in three broad areas:

Page 3

BRITISH PHARMACOLOGICAL SOCIETY

TRUSTEES' REPORT (continued) FOR THE YEAR ENDED 31 DECEMBER 2022

Our approach to delivering against these three broad goals is set out within the strategy and summarised in the table below.

Progressing our pharmacology priorities

What we will achieve:

How we will get there:

Celebrating and connecting our community

What we will achieve:

How we will get there:

Sustaining our Society

What we will achieve:

How we will get there:

By adopting best practice environmental, social and governance policies and practices By pursuing ethical income opportunities and developing targets to reach Net Zero

The

strategy. The annual objectives together with the activities undertaken, results and impact of those activities are listed in Objectives, Performance, Achievements and Impact

Page 4

BRITISH PHARMACOLOGICAL SOCIETY

TRUSTEES' REPORT (continued) FOR THE YEAR ENDED 31 DECEMBER 2022

OBJECTIVES, PERFORMANCE, ACHIEVEMENTS AND IMPACT 2022

The Trustees and Staff agreed a series of annual objectives for the Society for 2022 aligned to the 2022-2024 strategic plan. Progress was reported to Trustees on a regular basis throughout the year to celebrate success and identify areas of challenge. Members worked with the Staff team through committees, advisory group and working groups to progress all areas of the Society's work and significant progress was made throughout the year.

All objectives aligned to the strategic goals and objectives set out in the organisational strategy, this new approach ensured that can be communicated effectively to our members and the wider community over the current strategy period.

Progressing our pharmacology priorities

Strengthening the foundations of clinical pharmacology through supporting the training, workforce development, and multi-professional partnerships that enable the safe and effective development and use of medicines.

Bringing the pharmacological community together through an innovative programme of commissioned and member-led content, online and in-person.

Curating, and where necessary expanding, content into thematic priorities, which are joined-up across policy, publishing, education, training, and meetings.

Leveraging our strengths in the production and delivery of quality content to disseminate cutting edge science to a global audience.

Build and expand our digital meeting offering including hybrid meetings and BPS Live Prioritise commercial partnerships that can amplify the quality and reach of our content to new audiences.

Impact statement

The Society launched a joint report with the Royal College of Physicians, Personalised prescribing: using pharmacogenomics to improve patient outcomes in March 2022. This report attracted significant media impact, over 600 news articles across 36 different countries and was utilised to engage Parliamentary support during Evidence Week where the report and briefing was shared with 61 MPs and peers.

Page 5

BRITISH PHARMACOLOGICAL SOCIETY

TRUSTEES' REPORT (continued) FOR THE YEAR ENDED 31 DECEMBER 2022

Clinical Pharmacology Week (10th-14th October): had activities driven through social media this year - aiming to spread the message about clinical pharmacology, and the role it plays in healthcare. This included sharing video content with interviews from clinical member pharmacologists working in various fields (from NHS to Industry) and promotion of the new clinical pharmacology apprenticeship. A social media toolkit was shared via our member networks; utilised notably by the University of Liverpool, who used the branding from the toolkit to create cards to promote the work of their own clinical pharmacologists.

The Society strengthened its partnership working by jointly hosting two successful partner meetings with ELRIG on 'New Drug Modalities' in July 2022 and The Physiological Society on 'Lungs: More than gas exchange' meeting held in November 2022. Through these joint ventures the Society provided a platform for our members to share their science across disciplines and share, debate and discuss cutting edge research and training methodologies.

ratified by Council and shared widely through publication, sessions at Pharmacology 2022 and through the educator network. They were endorsed by IUPHAR and published by PR&P. Through the Education and inclusive pharmacology as a priority area, they commissioned a grant call resulting in the award of three grants focusing on inclusivity.

Commercial partnerships web page launched with case studies of completed partnerships to encourage and bring to life opportunities. The World Congress of Basic and Clinical Pharmacology is a key event in the 2023 calendar, much of the preparation work was undertaken in 2022, including the launch of Abstracts and registration and conversations with partners to build a vibrant and engaging global meeting. Working with the Congress leadership, Professor David Webb and Professor Amrita Ahluwalia has ensured the scientific programme is exemplary and over 1000 abstracts were submitted by December 2022.

Page 6

BRITISH PHARMACOLOGICAL SOCIETY

TRUSTEES' REPORT (continued) FOR THE YEAR ENDED 31 DECEMBER 2022

Embracing digital opportunities so that we can extend our reach, grow membership, and expand our communities of engagement.

Sharing stories that articulate the breadth and depth of pharmacology, to represent and inspire the next generation of pharmacologists.

Develop a coordinated approach to curating and sharing a diverse set of member profiles and stories that are tailored to key audiences with the aim of supporting member engagement with the Society, careers opportunities and pharmacology more broadly. Further develop Pharmacology Matters and the Society's blog to amplify the depth and breadth of pharmacology, using it as a vehicle to showcase the work and impact of our members.

Impact statement

Committee and staff leads collaborated and contributed to a discussion paper of current inclusive work and successes (including Grants, Awards, Committee membership, and Society membership). An action plan template framework was developed, and all core committees discussed this in the 2022 cycle, embedding this into core process. Committees will develop targeted action plans in 2023 and continue to share best practice and learnings to build capacity and understanding.

Following approval by the Engagement Committee, a brand-new network was launched on the BPS Community platform - the Engagement Network. As well as being a space to share engagement training opportunities and tips, the platform is used to promote the new Engagement webinars - the first of which was held in October, following excellent feedback these will continue to be hosted throughout 2023.

Five BPS training workshops have been successfully delivered on the following topics: Genomics in Drug Discovery and Development, Statistics, PROTACS, Pharmacology and Drug Discovery and Pharmacokinetics and Pharmacodynamics. Pharmacology and Drug Discovery eLearning was developed using the platform and pre-course learning was sent out to the delegates who attended the Statistics training, this has been built into the eLearning platform and can be used for future sessions.

The new CRM went live on 30 September 2022 and will provide a firm foundation for achievement of efficiency, effectiveness and service improvements.

Using our Blog, we have developed short articles and stories to inspire and educate. One highlight has been the development of our Unmet Health Needs series in the latter half of the year. Pharmacology Matters is commissioning content related to meetings, and to wider pharmacological/societal topics, for example Pharmacology in the Metaverse, the most popular article of the August 2022 issue. We have recruited a new deputy editor, their clinical expertise will broaden the scope of Pharmacology Matters, increasing our reach and relevancy.

Member numbers declined in 2022 after two years of growth and reaching in their highest-ever levels in 2021. The reduction was mostly due to a fall in the number of Undergraduate Student members.

Page 7

BRITISH PHARMACOLOGICAL SOCIETY

TRUSTEES' REPORT (continued) FOR THE YEAR ENDED 31 DECEMBER 2022

----- Start of picture text -----
TOTAL MEMBERSHIP
31 December 2021 - 4,768 31 December 2022 - 4,469
Undergraduate Early Career Members Fellows Honorary Retired Affiliate
Students Members Fellows Members & Members
Fellows
----- End of picture text -----

Voting Members are:

Honorary Fellows, Fellows, Retired Members & Fellows, Members and Early Career Members.

Sustaining our society

Developing and adapting our publishing portfolio, taking into account the research environment and community requirements, ensuring we provide a place to publish for all pharmacology researchers.

Building BPS Assessment Ltd into the premier assessment and learning business for prescribing skills by growing national and global sales of our core products and services.

Adopting best practice environmental, social and governance policies and practices, and pursuing ethical income opportunities whilst developing clear targets to de-carbonise and reach Net Zero.

Page 8

BRITISH PHARMACOLOGICAL SOCIETY

TRUSTEES' REPORT (continued) FOR THE YEAR ENDED 31 DECEMBER 2022

Initiate benchmarking exercise to understand baseline environmental footprint of the organisation. Build sponsor and partnership relationships with existing and new commercial partners Establish operation of BPS Trading Services to underpin commercial partnerships activity. Impact statement -year time period and through this long-term approach the Trustees identified the necessity to resolve the steady net-spend resulting in a gradual reduction of the Society's net assets over a three-to-five-year timeframe. This responsible approach to financial planning resulted in the Trustees approving the formation of three working groups to focus on business planning opportunities for the Society. Given significant groundwork completed by the development of a publishing strategy in early 2022 a journals working group convened first. In the latter quarter of 2022 the Trustees approved the formation of two further working groups for meetings and training, and operations and resourcing.

The trading subsidiary, BPS Assessment Ltd is overseen by a Board of external and internal NonExecutive Directors, all of whom have appropriate expertise relevant to the business. Despite staff vacancies and challenges as the sales effort recovered from losses during the pandemic years, the end of year sales were £266,558 which represents a 35% increase on 2021 sales. Renewal rate was >98% with an ever-growing number of multiyear deals indicating customer satisfaction and loyalty.

and good Governance factors resulting in a revised investment policy investment objectives. The Trustees approved the new policy and our investment managers have been instructed to enact changes as required.

A framework for receiving donations was not progressed in 2022, however through the planning process for the World Congress of Basic & Clinical Pharmacology the Society has partnered with Enthuse a charitable donation platform to fundraise to support early career researchers attend the Congress in 2023. The Society was delighted to receive a significant donation from the Dollery family. Through the generous donation, the Society launched the Sir Colin Dollery Clinical Pharmacology Training Award. This award was established to celebrate the life and legacy of Sir Colin Dollery and it aims to support the discipline of Clinical Pharmacology by encouraging medical students to pursue Clinical Pharmacology as a specialty and increasing basic pharmacology skills for medical students pursuing a career path within industry.

BPS Trading Services Limited commenced trading with effect from 01 January 2022 and recorded Turnover of £41,900 in its first year.

Page 9

BRITISH PHARMACOLOGICAL SOCIETY

TRUSTEES' REPORT (continued) FOR THE YEAR ENDED 31 DECEMBER 2022

PLANS FOR FUTURE PERIODS

three-year strategy 2022-2024, building on

the success of 2022 the Society will aim to:

Progressing our Pharmacology Priorities

Strengthening the foundations of clinical pharmacology through supporting the training, workforce development, and multi-professional partnerships that enable the safe and effective development and use of medicines.

Bringing the pharmacological community together through an innovative programme of commissioned and member-led content, online and in-person.

Curating, and where necessary expanding, content into thematic priorities, which are joined-up across policy, publishing, education, training, and meetings.

Develop and communicate policy messages (particularly across our campaign priorities - inclusive pharmacology and clinical pharmacology), making the most of cross-Society channels such as publishing, digital platforms, meetings and education.

Celebrating and connecting our community

Focusing on removing barriers to inclusion, building equity and accessibility into every entry, progression, and decision point within the Society.

Work to empower committees and teams to collaborate by removing barriers and monitoring progress across our activities.

Build an engaged workforce motivated by having the best possible experience of work.

Develop the Society's membership offer to the "non-voting" pharmacology community.

Harmonising our education, training and engagement projects in collaboration with our community, by aligning them to our thematic priorities and taking account of the needs of those within industry, academia and clinical settings.

Building on our member networking from 2022, further support our education, engagement and drug discovery communities (including Ambassadors) by providing regular communications and opportunities for shared learning throughout the year.

Page 10

BRITISH PHARMACOLOGICAL SOCIETY

TRUSTEES' REPORT (continued) FOR THE YEAR ENDED 31 DECEMBER 2022

Develop an integrated learning pathways approach to education and training, delivering tangible outputs for learning pharmacology.

Embracing digital opportunities so that we can extend our reach, grow membership, and expand our communities of engagement. Launch new BPS website by end of November 2023.

Sharing stories that articulate the breadth and depth of pharmacology, to represent and inspire the next generation of pharmacologists.

Connect everyone who creates content for our channels, having oversight of production. Create editorial oversight frameworks for content output across the organisation.

Sustaining our Society

Developing and adapting our publishing portfolio, taking into account the research environment and community requirements, ensuring we provide a place to publish for all pharmacology researchers.

Support Journals Working Group to develop recommendations for Council by June and deliver on any activities agreed for 2023.

Building BPS Assessment Ltd into the premier assessment and learning business for prescribing skills by growing national and global sales of our core products and services.

Grow sales by at least 25% from 2022 sales result.

Adopting best practice environmental, social and governance policies and practices, and pursuing ethical income opportunities whilst developing clear targets to de-carbonise and reach Net Zero.

Page 11

BRITISH PHARMACOLOGICAL SOCIETY

TRUSTEES' REPORT (continued) FOR THE YEAR ENDED 31 DECEMBER 2022

FINANCIAL REVIEW

The Statement of Financial Activities on page 24 reports the financial performance of the Group (the Society and its trading subsidiaries, BPS Assessment Limited and BPS Trading Services Limited). The Balance Sheets on page 25 provide details of the Society's, financial position at the year end.

For the year ended 31 December 2022 the total funds of the Group have decreased by £883,018 (2021 - £664,610 increase). The overall decrease is made up of a decrease in unrestricted funds of £1,050,006 (2021 - £699,318 increase) and an increase in restricted funds of £166,988 (2021 - £34,708 decrease).

Net losses on investments totalling £576,479 (2021 - £359,468 gains) have contributed towards the overall movement in funds and are entirely attributable to unrestricted funds.

The resulting balance of total funds at 31 December 2022 amounted to £5,792,797 (2021 - £6,675,815) of which £5,307,978 (2021 - £6,357,984) is the unrestricted funds of the Society.

Incoming resources

Incoming resources for the year totalled £4,288,037 (2021 - £4,523,279) which is a decrease of 5.2%. Charitable activity income from journal publishing, which is the Society's main income source, has decreased by 11.8% to £3,423,510 (2021 - £3,879,981) although the fact this income has decreased is because of income in 2021 from the journal publishers on completion of a new agreement.

the easing of COVID-19 restrictions meant that some additional meetings and events could be held after the cancellations and postponements in 2020 and 2021 due to the pandemic. Pharmacology 2022 was held as an in-person 2-day event, instead of a 3- days as had been the case for 2019 and prior.

Voluntary income totalled £233,000 (2021 - £35,000) and is mostly for educational activities. In 2022 the Society was delighted to receive a significant donation from the Dollery family enabling the Sir Colin Dollery Clinical Pharmacology Training Award to be established.

Investment income was £14,169 higher at £86,695 (2021 - £72,526) due to some market recovery in response to the easing of COVID-19 restrictions.

Expenditure on charitable activities

Expenditure on charitable activities totalled £4,570,492 (2021 - £4,194,316) which is a 9.0% increase of £376,176. The notable variations within this expenditure are highlighted here.

Journal publishing costs increased by £83,123 to £1,445,775 (2021 - £ 1,362,652); reflecting increased publisher costs and Society support costs associated with publishing.

Expenditure on educational activities at £1,758,364 was a 3.5% decrease of £63,932 over the previous year (2021 - £ 1,822,296) due to staffing vacancies for part of the year.

Projects and awards expenditure at £201,850 was a 8.0% increase of £14,958 over the previous year (2021 - £ 186,892).

Member numbers decreased by 6.3% to 4,469 (2021 - 4,768) and membership subscription income decreased by 6.3% to - £117,201 (2021 £125,154). The decrease in numbers is primarily attributable to a decrease in the number of Undergraduate Student members.

Scientific meetings expenditure at £929,197 was a 46.1% increase of £293,128 over the previous year (2021 - £ 636,069) as the easing of COVID-19 restrictions meant that some additional meetings and events could be held after the cancellations and postponements in 2020 and 2021 due to the pandemic.

Scientific meetings income increased by £46,859 to £123,020 (2021 - £76,161) as

Page 12

BRITISH PHARMACOLOGICAL SOCIETY

TRUSTEES' REPORT (continued) FOR THE YEAR ENDED 31 DECEMBER 2022

Capital expenditure

Capital expenditure totalled £54,546 (2021 - £58,352) of which £51,302 (£42,952) was for the new contact relationship management (CRM) system which went live on 30 September 2022.

Reserves policy and designated funds

The balance on General Funds of £2,964,853 (2021 - £4,022,445) represents the reserves of the Society. The Trustees consider that 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 publications income failed or were severely reduced as well as covering other potential adverse scenarios. The reserves reported at 31 December 2022 therefore represent 119% of the requirement.

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 to part-fund both current and future generations of beneficiaries.

Considering COVID-19 and after consultation with the International Union of Basic and Clinical Pharmacology (IUPHAR) it was decided in 2020 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 (2021 - £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'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.

Investment policy and performance

The Society holds investments with a value totalling £3,520,828 at 31 December 2022 (2021 £3,966,190). This represents a total return (net of fees) of -12.6%, compared to the Asset Risk Consultants (ARC) steady growth charity index of -9.6%.

In 2022 the world was buffeted by economic and geopolitical shocks, which created very challenging conditions for investment. At the beginning of the year, concern was rife about the new more transmissible variant of COVID-19 that was spreading around the world. As concern ebbed over the Omicron variant, fears rose over rising levels of inflation.

While most investors and policymakers went into 2022 expecting a return of inflation, few foresaw just how sharply and persistently prices would rise. The Federal Reserve, which sets US interest rates, expected to raise rates by less than 1% by the end of the year, but ended up hiking by more than 4% in what was, arguably, the most aggressive interest rate rising cycle on record.

Inflation was more persistent than expected, and therefore interest rates rose by more than expected. This meant bonds were worth less and the growth of company profits was generally outweighed by falling valuations in the equity market.

The most significant bright spot for investors was energy. Energy bounced back spectacularly from a difficult post-pandemic period, which at one time saw oil prices turn briefly negative, fuelled by a pick up in

Page 13

BRITISH PHARMACOLOGICAL SOCIETY

TRUSTEES' REPORT (continued) FOR THE YEAR ENDED 31 DECEMBER 2022

demand coinciding with OPEC cutting oil production and sanctions on Russian oil in response to the invasion of Ukraine.

As the year progressed, inflation remained stubborn driven by soaring demand and reduced supply of energy, goods and labour; while the period of ultra-low interest rates sent property prices flying. During the last few months of the year, there were signs of all of these forces easing.

In anticipation of slowing inflation, investors have begun to anticipate a peak in interest rates across the UK, US and Europe. Central banks have tried to temper these expectations, but if they come to pass, they will remove a major headwind for the stock market and have been reflected in equity and bond market rallies over the final quarter.

As a result of the turbulent year for negative news flow and the prevailing uncertain economic background, both equities and bonds fell sharply. Global equities dropped by 7.3%, led by the US which declined by 8.4%, however it was bonds that faced the full wrath of the market sell off. UK sovereign bond prices collapsed by the 23.8%, the worst decline for decades.

The investments are managed on behalf of the Society by an investment management company, RBC Brewin Dolphin (RBCBD), who act for the Society on a fully discretionary basis. For the duration of the year, the mid-level of risk. RBCBD 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 September 2022 the Society approved a new investment policy recommended following an 18-month review by a working group of Finance Committee. The new policy integrates environmental, social and governance (ESG) considerations into investment processes and ownership practices. The Society would expect the overall ESG risk and ontroversy ratings to fall over time and will indicate and agree their expectations in advance and direct investment in the evere ESG risk category is also prohibited. In addition, to

maintain an impartial position, RBCBD 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 RBCBD 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. The Committee work with the investment manager to ensure the investments provide long-term growth ahead of inflation, income and liquidity.

Page 14

BRITISH PHARMACOLOGICAL SOCIETY

TRUSTEES' REPORT (continued) FOR THE YEAR ENDED 31 DECEMBER 2022

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 2022 (2021 four meetings).

----- Start of picture text -----
Elected Officer Trustees
President C Page 3/4
President Elect M Caulfield 4/4
Honorary C Williams (until 31
4/4
Treasurer December 2022)
Elected
A Alfirevic 4/4
Trustees
J Coleman 3/4
S Rees 3/4
M Wallace (until 31
4/4
December 2022)
S Watson 4/4
Appointed
E Briffa 4/4
Trustees
L Cumberbatch 4/4
R M Quinn 4/4
A Zorn 4/4
----- End of picture text -----

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 based on 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 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.

follows:

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

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

charitable mission is crucial to shape the 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 s strategic aims. The role descriptions specify the knowledge, skills and attributes required. A skills survey of Trustees is undertaken regularly which helps determine their training requirements and Trustees attend training annually.

Page 15

BRITISH PHARMACOLOGICAL SOCIETY

TRUSTEES' REPORT (continued) FOR THE YEAR ENDED 31 DECEMBER 2022

When considering elections for, and appointment of Trustees, Council follows the requirements of the Society's constitution, for Trustees and Guidance Note CC30 of the Charity Commission:

activities to a small Management Group, chaired by the President, to oversee the dayto-day operations of the Society. The other members of the Group are the President Elect, Honorary Treasurer and Chief Executive. The Trustees employ a Chief Executive, who is responsible for executing the decisions of Council and for the day-today 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 2022 the Society had 26 full time equivalent staff, and used specialist consultants as required.

Member contribution

The Society benefits significantly 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 ha time. The Society could not function

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

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 8.

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 objectives. The Society wishes to ensure that staff are fairly rewarded for their individual and collective responsibilities and performance.

The Society believes that remuneration should contain both discretionary cost of

Page 16

BRITISH PHARMACOLOGICAL SOCIETY

TRUSTEES' REPORT (continued) FOR THE YEAR ENDED 31 DECEMBER 2022

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 objectives and targets, and benchmarking information. External data on general inflation and wage inflation is considered when considering any cost of living award.

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 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, 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.

An emerging risk considered during 2022 was the current economic climate of significant price inflation adversely impacting the cost of living; this is not assessed as having a income and its effect on the cost-base has been incorporated into plans and mitigating actions.

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.

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 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:

Page 17

BRITISH PHARMACOLOGICAL SOCIETY

TRUSTEES' REPORT (continued) FOR THE YEAR ENDED 31 DECEMBER 2022

DISCLOSURE OF INFORMATION TO AUDITOR

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

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.

This report was approved by the Trustees on 03 May 2023 and signed on their behalf by:

C Page President

Page 18

BRITISH PHARMACOLOGICAL SOCIETY

TRUSTEES' REPORT (continued) FOR THE YEAR ENDED 31 DECEMBER 2022

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

Trustees A Alfirevic E Briffa M Caulfield J Coleman L Cumberbatch A Hobbs from 1 January 2023 S Kennedy from 1 January 2023 C Page R M Quinn S Rees L Wallace until 31 December 2022 S Watson C Williams until 31 December 2022 A Zorn

Key management personnel Independent auditors R Lambert-Forsyth Chief Executive Moore Kingston Smith LLP,Chartered K Banham Director, Research Accountants & Statutory Auditor Dissemination 6th Floor, 9 Appold Street, London, EC2A 2AP D James Executive Director, Business Development Bankers M Poole Finance & Commercial Cooperative Bank plc Director 1 Islington High Street A Zecharia Director, Policy & Public London N1 9TR Affairs Barclays Bank plc 1st Floor, 27 Soho Square Charity registered number 1030623 London W1D 3QR Company registered number 2877400 Company Secretary M Poole Solicitors

Registered office

The Schild Plot, 16 Angel Gate, City Road, London EC1V 2PT

Taylor Vinters LLP Merlin Place, Merlin Road Cambridge CB4 0DP

Investment managers

Brewin Dolphin 12 Smithfield Street London EC1A 9BD

VAT consultants

Haslers Chartered Accountants Old Station Road Loughton IG10 4PL

Page 19

BRITISH PHARMACOLOGICAL SOCIETY

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 2021 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,

(United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs(UK)) and 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 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 ha 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 and parent 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 contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

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

We have nothing to report in this regard.

Page 20

BRITISH PHARMACOLOGICAL SOCIETY

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:

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

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:

Responsibilities of trustees

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 pplicable, 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.

Audi

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 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.

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

Page 21

BRITISH PHARMACOLOGICAL SOCIETY

TO THE MEMBERS AND TRUSTEES OF THE BRITISH PHARMACOLOGICAL SOCIETY

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.

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

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

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.

Page 22

BRITISH PHARMACOLOGICAL SOCIETY

TO THE MEMBERS AND TRUSTEES OF THE BRITISH PHARMACOLOGICAL SOCIETY

Our approach was as follows:

There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

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 and trustees those matters which we are requir 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, s trustees, as a body, for our audit work, for this report, or for the opinion we have formed.

3 May 2023

Neil Finlayson (Senior Statutory Auditor)

for and on behalf of Moore Kingston Smith LLP, Statutory Auditor

Devonshire House, 6th Floor, 9 Appold Street, EC2A 2AP

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

Page 23

BRITISH PHARMACOLOGICAL SOCIETY REGISTERED NUMBER: 2877400

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2022

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
2022
Unrestricted
funds
2022
Total
funds
2022
£
£
£
233,000
-
233,000
-
86,695
86,695
68,936
3,893,606
3,962,542
-
5,800
5,800
301,936
3,986,101
4,288,037
-
24,084
24,084
159,948
4,410,544
4,570,492
159,948
4,434,628
4,594,576
-
(576,479)
(576,479)
141,988
(1,025,006)
(883,018)
25,000
(25,000)
-
166,988
(1,050,006)
(883,018)
317,830
6,357,985
6,675,815
484,818
5,307,978
5,792,797		 Restricted
funds
2021
Unrestricted
funds
2021
Total
funds
2021
£
£
£
35,000
-
35,000
-
72,526
72,526
69,886
4,339,700
4,409,586
-
6,167
6,167
104,886
4,418,393
4,523,279
-
23,821
23,821
158,000
4,036,316
4,194,316
158,000
4,060,137
4,218,137
-
359,468
359,468
(53,114)
717,724
664,610
18,406
(18,406)
-
(34,708)
699,318
664,610
352,538
5,658,667
6,011,205
317,830
6,357,985
6,675,815

All activities relate to continuing operations.

The net expenditure of the parent Society itself amounted to £1,585,543 (2021 net income - £635,428). The notes on pages 27 to 43 form part of these financial statements.

Page 24

BRITISH PHARMACOLOGICAL SOCIETY REGISTERED NUMBER: 2877400

BALANCE SHEETS

FOR THE YEAR ENDED 31 DECEMBER 2022

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
2022
2021
£
£
129,584
116,036
713,542
719,504
-
-
3,520,828
3,966,190
4,363,954
4,801,730
1,484,097
1,819,140
1,247,621
960,432
2,731,718
2,779,572
(1,252,574)
(837,182)
1,479,145
1,942,390
5,843,099
6,744,120
(50,302)
(68,305)
5,792,797
6,675,815
484,818
317,830
2,343,126
2,335,540
2,964,853
4,022,445
5,307,979
6,357,985
5,792,797
6,675,815		 Charity
Charity
2022
2021
£
£
129,584
116,036
713,542
719,504
2
2
3,520,828
3,966,190
4,363,956
4,801,732
1,340,215
1,830,134
780,505
741,245
2,120,720
2,571,379
(647,695)
(670,263)
1,473,026
1,901,116
5,836,982
6,702,848
(50,302)
(60,230)
5,786,680
6,642,618
484,818
317,830
2,343,126
2,335,540
2,958,736
3,989,248
5,301,862
6,324,788
5,786,680
6,642,618

The financial statements were approved by the Trustees on 03 May 2023 and signed on their behalf by:

S Kennedy

Honorary Treasurer

The notes on pages 27 to 43 form part of these financial statements.

COMPANY NUMBER 2877400

Page 25

BRITISH PHARMACOLOGICAL SOCIETY

REGISTERED NUMBER: 2877400

CONSOLIDATED CASH FLOW STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2022

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		 2022
£
(883,018)
37,754
9,206
-
-
576,479
(86,695)
335,043
397,388
386,157
(51,302)
(3,244)
(1,250,798)
1,119,681
86,695
(98,968)
287,189
960,432
1,247,621		 2021
£
664,610
69,582
8,621
-
-
(359,468)
(72,526)
(173,053)
(450,153)
(312,387)
(58,352)
-
(1,148,401)
1,118,710
72,526
(15,517)
(327,904)
1,288,336
960,432

Page 26

BRITISH PHARMACOLOGICAL SOCIETY REGISTERED NUMBER: 2877400

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

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 and BPS Trading Services commenced trading in 2022 which is why the Society has produced consolidated financial statements.

All financial statements are made up to 31 December 2022. 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 and BPS Trading Services 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 of 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 account of pressures on publishing income. The trustees have entered into a new publishing contract for the Society's principal two journals for 2023 onwards and are satisfied that the assumptions regarding future publishing income are reasonable. 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.

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.

Page 27

BRITISH PHARMACOLOGICAL SOCIETY REGISTERED NUMBER: 2877400

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

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:

----- Start of picture text -----
|||| |---|---|---| |2022|2021| |Member services|10%|8%| |Journal publishing costs|14%|13%| |Educational activities|54%|57%| |Projects and awards|3%|2%| |Scientific meetings|19%|20%|

----- End of picture text -----

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

Page 28

BRITISH PHARMACOLOGICAL SOCIETY REGISTERED NUMBER: 2877400

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

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

applies to SAUL as a whole and does not identify surpluses or deficits applicable to individual employers. As a whole, the market value of was £4,369 million representing 109% of the estimated liabilities.

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.

Although there was a Technical Provisions surplus at 31 March 2020, allowing for post valuation experience to 30 April 2021 SAUL had a Technical Provisions suplus. Therefore, no deficit contributions were required following the 2020 valuation and 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:

Page 29

BRITISH PHARMACOLOGICAL SOCIETY REGISTERED NUMBER: 2877400

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

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
2022
£
233,000
Restricted
funds
2021
£
35,000
Restricted
funds
2022
£
-
-
-
-
Restricted
funds
2021
£
-
-
-
-
Restricted
funds
2022
£
-
-
68,936
-
68,936
Restricted
funds
2021
£
-
-
69,886
-
69,886		 Unrestricted
funds
2022
£
-
Unrestricted
funds
2021
£
-
Unrestricted
funds
2022
£
68,076
18,573
46
86,695
Unrestricted
funds
2021
£
59,103
13,411
12
72,526
Unrestricted
funds
2022
£
117,201
3,423,510
229,875
123,020
3,893,606
Unrestricted
funds
2021
£
125,154
3,879,981
258,404
76,161
4,339,700		 Total
funds
2022
£
233,000
Total
funds
2021
£
35,000
Total
funds
2022
£
68,076
18,573
46
86,695
Total
funds
2021
£
59,103
13,411
12
72,526
Total
funds
2022
£
117,201
3,423,510
298,811
123,020
3,962,542
Total
funds
2021
£
125,154
3,879,981
328,290
76,161
4,409,586

Page 30

BRITISH PHARMACOLOGICAL SOCIETY REGISTERED NUMBER: 2877400

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

5. OTHER INCOME

Restricted
funds
2022
£
Other income
-
Restricted
funds
2021
£
Other income
-
6. INVESTMENT MANAGEMENT COSTS
Restricted
funds
2022
£
Investment management fees
-
Restricted
funds
2021
£
Investment management fees
-
7. ANALYSIS OF EXPENDITURE ON CHARITABLE ACTIVITIES
Grant
Activities
funding of
undertaken
activities
directly
(Notes 8 & 9)
2022
2022
£
£
Members services
116,578
1,208
Journal publishing costs
1,273,034
-
Educational activities
1,048,857
58,656
Projects and awards
93,579
74,500
Scientific meetings
693,573
5,000
3,225,621
139,364
Analysis of Support Costs
Finance
IT
Staff costs
Policy & Public Engagement
Governance
Executive
HR
Premises		 Unrestricted
funds
2022
£
5,800
Unrestricted
funds
2021
£
6,167
Unrestricted
funds
2022
£
24,084
Unrestricted
funds
2021
£
23,821
Support
costs
(see below)
2022
£
117,520
172,741
650,851
33,771
230,624
1,205,507
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
2022
£
5,800
Total
funds
2021
£
6,167
Total
funds
2022
£
24,084
Total
funds
2021
£
23,821
Total
2022
£
235,306
1,445,775
1,758,364
201,850
929,197
4,570,492
Total
2022
£
83,371
183,241
615,124
94,983
70,981
7,338
99,436
51,034
1,205,508

Page 31

BRITISH PHARMACOLOGICAL SOCIETY REGISTERED NUMBER: 2877400

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

7. ANALYSIS OF EXPENDITURE ON CHARITABLE ACTIVITIES (Continued)

Grant

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
8. GRANTS TO INDIVIDUALS
A J Clark Studentships
Bursaries
Young Pharmacologists
Ambassadors Scheme		 Activities
undertaken
directly
2021
£
100,886
1,223,973
1,152,692
84,418
439,379
3,001,348
Number
2022
1
35
-
5
41		 funding of
activities
(Notes 8 & 9)
2021
£
250
-
48,872
79,890
6,128
135,140
Total
2022
£
49,393
9,500
-
1,208
60,101		 Support
costs
(see below)
2021
£
85,270
138,679
620,732
22,584
190,562
1,057,827
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
Number
2021
1
- 1
-
1
1		 Total
2021
£
186,406
1,362,652
1,822,296
186,892
636,069
4,194,315
Total
2021
£
51,195
159,832
614,207
82,493
73,302
3,672
32,561
40,565
1,057,827
Total
2021
£
47,122
(110)
-
250
47,262

Bursaries in 2022 consist of 41 grants between £40 - £750. 2021 2021 bursaries consist of a reversal of a bursary of £110 that was recorded in 2020 and subsequently unclaimed.

9. GRANTS TO INSTITUTIONS

Educational & outreach activities
Projects and awards (Guide to Pharmacology)
Scientific meetings		 Total
funds
2022
£
9,263
65,000
5,000
79,263		 Total
funds
2021
£
1,750
80,000
6,128
87,878

Page 32

BRITISH PHARMACOLOGICAL SOCIETY REGISTERED NUMBER: 2877400

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

10. GEOGRAPHICAL MARKETS

90% of the Charity's journal publishing income (2021 - 95%) and 78% (2021 - 56%) 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
Auditors' remuneration
Audit - Charity - current year
Other - Subsidiary - Review and Financial advice
During the year, no Trustees received any remuneration (2021 - £Nil).		 2022
2021
£
£
37,754
69,582
9,206
8,621
15,595
12,995
4,370
1,975

During the year, 7 (2021 - 5) Trustees' travel and subsistence and other general expenses totalled £9,406 (2021 - £1,344).

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 £100,001 - £110,000
In the band £110,001 - £120,000
In the band £120,001 - £130,000		 2022
£
1,359,717
157,949
187,846
1,705,512
2022
No.
23
23
2022
No.
-
-
2
1
1
-
1
5		 2021
£
1,398,501
152,696
170,289
1,721,486
2021
No.
25
25
2021
No.
-
2
2
1
1
1
-
7

Pension contributions in respect of higher paid employees amounted to £85,664 (2021: £82,697).

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 (2021: 5 staff). The total employee benefits of the charity's key management personnel amounted to £648,333 (2021: £616,807)

The Society accounts for its participation in SAUL as if it were a defined contribution pension scheme (see note 1.14). Contributions of £187,846 (2021: £110,859) were payable in the year with payments of £16,130 (2021: £14,057) outstanding at the year end

Contributions into the separate defined contrubution pension scheme of £45,447 (2021: £46,373) were payable in the year, with payments of £Nil (2021: £Nil) outstanding at the end of the year.

Page 33

BRITISH PHARMACOLOGICAL SOCIETY REGISTERED NUMBER: 2877400

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

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 2022
Additions
At 31 December 2022
Amortisation
At 1 January 2022
Charge for the year
At 31 December 2022
Net book value
At 31 December 2022
At 31 December 2021		 Total
£
736,132
51,302
787,434
620,096
37,754
657,850
129,584
116,036

14. TANGIBLE FIXED ASSETS

Group & Charity

Long leasehold
property
£
Cost or Valuation
At 1 January 2022
710,000
Additions
-
At 31 December 2022
710,000
Depreciation
At 1 January 2022
-
Charge for the year
-
At 31 December 2022
-
Net book value
At 31 December 2022
710,000
At 31 December 2021
710,000		 Fixtures &
fittings
£
111,927
-
111,927
102,423
8,305
110,728
1,199
9,504		 Computer
equipment
£
48,873
3,244
52,117
48,873
901
49,774
2,343
-		 Total
£
870,800
3,244
874,044
151,296
9,206
160,502
713,542
719,504

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.

Page 34

BRITISH PHARMACOLOGICAL SOCIETY REGISTERED NUMBER: 2877400

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

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 (incorporated 27 January 2016)
Turnover
Expenditure
Profit
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
1,013,008
UK
£
Listed investments
1,291,374
BPS Trading Services (company number 09973456; registered office 16
Angel Gate, City Road, London, EC1V 2PT) commenced trading on 1
January 2022 and its turnover, expenditure and profit are summarised
as follows:
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)		 2022
£
2
2
1
1
2
2022
£
218,210
213,529
4,681
2022
£
41,900
40,465
1,435
Listed
securities
2022
£
3,966,190
1,250,798
(1,316,994)
(379,166)
3,520,828
3,473,674
Overseas
£
2,507,820
Overseas
£
2,674,816		 2021
£
2
2
1
1
2
2021
£
237,397
204,200
33,197
2021
£
237,397
204,200
33,197
Listed
securities
2021
£
3,577,031
1,148,401
(1,000,596)
241,354
3,966,190
3,382,367
2022
£
3,520,828
2021
£
3,966,190

The above investments are all in relation to unrestricted funds.

Page 35

BRITISH PHARMACOLOGICAL SOCIETY REGISTERED NUMBER: 2877400

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

17. DEBTORS

Group
2022
£
Amounts falling due within one year
Trade debtors
411,391
Amount due from subsidiary
-
Other debtors
34,453
Prepayments and accrued income
1,038,253
1,484,097
Amounts due after more than one year
Prepayments and accrued income
-
-
Total Debtors
1,484,097		 Group
2021
£
134,126
-
3,913
1,681,101
1,819,140
21,605
21,605
1,840,745		 Charity
2022
£
299,054
-
2,908
1,038,253
1,340,215
-
-
1,340,215		 Charity
2021
£
147,977
-
1,056
1,681,101
1,830,134
21,605
21,605
1,851,739

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
2022
£
324,731
167,571
160,215
600,057
1,252,574		 Group
2021
£
157,577
182,938
224,222
272,445
837,182		 Charity
2022
£
233,645
136,027
159,363
118,660
647,695		 Charity
2021
£
115,031
182,938
223,370
148,924
670,263

Included within other taxation and social security is an amount of £16,130 (2021 - £14,058) in respect of pension liabilities. Included within other creditors is an amount of £50,301 (2021 - £60,230) in respect of A J Clark studentship commitments, and £65,000 (2021 - £120,000) related to the Guide to Pharmacology grant.

Deferred income (Group & Charity)

The movement of deferred income, included within accruals and deferred income above is as follows:

At 1 January
Movement during the year
At 31 December		 Group
2022
£
126,013
363,607
489,620		 Group
2021
£
171,897
45,884
-
126,013		 Charity
2022
£
14,004
44,916
58,920		 Charity
2021
£
19,184
5,180
-
14,004

Included within the group is £278,393 relating to BPS Trading Services (2021 - NA) and £152,307 relating to BPS Assessment Limited (2021 - £112,009).

19. CREDITORS

Amounts falling due after more than one year

Grant awards - A J Clark studentships
Accruals and Deferred Income		 Group
2022
£
50,302
-
50,302		 Group
2021
£
60,230
8,075
68,305		 Charity
2022
£
50,302
-
50,302		 Charity
2021
£
60,230
-
60,230

Page 36

BRITISH PHARMACOLOGICAL SOCIETY REGISTERED NUMBER: 2877400

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

20. PENSION COMMITMENTS

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.

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

whole, are intended to be sufficiently prudent for pensions and benefits already in payment to continue to be paid and for the

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. reflecting changes in market conditions, cash flow information and new accrual of benefits, are carried out between formal valuations.

formal valuation in 2023.

At the 31 March 2020 valuation SAUL was 94% funded on its Technical Provisions basis. However, market improvements following the valuation date were positive and the Trustee and the Employers agreed to allow for post-valuation experience up to 30 April 2021. As SAUL was in surplus on its Technical Provisions basis at that date, no deficit contributions were

from a rate of 16% of CARE Salaries to 19% of CARE Salaries from 1 April 2022 and to 21% of CARE Salaries from 1 January 2023.

Page 37

BRITISH PHARMACOLOGICAL SOCIETY REGISTERED NUMBER: 2877400

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

21. STATEMENT OF FUNDS

SUMMARY OF FUNDS

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
2022
£
2,335,540
4,022,445
6,357,985
317,830
6,675,815
2021
£
2,355,391
3,303,276
5,658,667
352,538
6,011,205
Brought
forward
2022
£
2,335,540
3,989,248
6,324,788
317,830
6,642,618
2021
£
2,355,391
3,299,261
5,654,652
352,538
6,007,190		 Incoming
resources
2022
£
-
3,986,101
3,986,101
301,936
4,288,037
2021
£
-
4,418,393
4,418,393
104,886
4,523,279
Incoming
resources
2022
£
-
3,834,187
3,834,187
301,936
4,136,123
2021
£
-
4,260,012
4,260,012
104,886
4,364,898		 Resources
expended
2022
£
(95,192)
(4,339,435)
(4,434,627)
(159,948)
(4,594,575)
2021
£
(118,353)
(3,941,784)
(4,060,137)
(158,000)
(4,218,137)
Resources
expended
2022
£
(95,192)
(4,160,442)
(4,255,634)
(159,948)
(4,415,582)
2021
£
(118,353)
(3,812,585)
(3,930,938)
(158,000)
(4,088,938)		 Transfers
in / (out)
2022
£
102,778
(127,778)
(25,000)
25,000
-
2021
£
98,502
(116,908)
(18,406)
18,406
-
Transfers
in / (out)
2022
£
102,778
(127,778)
(25,000)
25,000
-
2021
£
98,502
(116,908)
(18,406)
18,406
-		 Gains /
(losses)
2022
£
-
(576,479)
(576,479)
-
(576,479)
2021
£
-
359,468
359,468
-
359,468
Gains /
(losses)
2022
£
-
(576,479)
(576,479)
-
(576,479)
2021
£
-
359,468
359,468
-
359,468		 Carried
forward
2022
£
2,343,126
2,964,853
5,307,979
484,818
5,792,797
2021
£
2,335,540
4,022,445
6,357,985
317,830
6,675,815
Carried
forward
2022
£
2,343,126
2,958,736
5,301,862
484,818
5,786,680
2021
£
2,335,540
3,989,248
6,324,788
317,830
6,642,618

The unrestricted general fund gains/(losses) comprises net loss on investments of £576,476 (2021 net loss of £359,468).

Page 38

BRITISH PHARMACOLOGICAL SOCIETY REGISTERED NUMBER: 2877400

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

21. STATEMENT OF FUNDS (CONTINUED)

UNRESTRICTED DESIGNATED FUNDS Group & Charity

World Pharma 2023
Prizes and awards
Fixed Asset
Total Unrestricted Designated funds
World Pharma 2023
Prizes and awards
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
2022
£
500,000
1,000,000
835,540
2,335,540
2021
£
500,000
1,000,000
855,391
2,355,391
Brought
forward
2022
£
4,022,445
2021
£
3,303,276
Brought
forward
2022
£
3,989,248
2021
£
3,299,261		 Incoming
resources
2022
£
-
-
-
-
2021
£
-
-
-
-
Incoming
resources
2022
£
3,986,101
2021
£
4,418,393
Incoming
resources
2022
£
3,834,187
2021
£
4,260,012		 Resources
expended
2022
£
-
(48,232)
(46,960)
(95,192)
2021
£
-
(40,150)
(78,203)
(118,353)
Resources
expended
2022
£
(4,339,436)
2021
£
(3,941,784)
Resources
expended
2022
£
(4,160,442)
2021
£
(3,812,585)		 Transfers
in / (out)
2022
£
-
48,232
54,546
102,778
2021
£
-
40,150
58,352
98,502
Transfers
in / (out)
2022
£
(127,778)
2021
£
(116,908)
Transfers
in / (out)
2022
£
(127,778)
2021
£
(116,908)		 Gains /
(losses)
2022
£
-
-
-
-
2021
£
-
-
-
-
Gains /
(losses)
2022
£
(576,479)
2021
£
359,468
Gains /
(losses)
2022
£
(576,479)
2021
£
359,468		 Carried
forward
2022
£
500,000
1,000,000
843,126
2,343,126
2021
£
500,000
1,000,000
835,540
2,335,540
Carried
forward
2022
£
2,964,852
2021
£
4,022,445
Carried
forward
2022
£
2,958,736
2021
£
3,989,248

Page 39

BRITISH PHARMACOLOGICAL SOCIETY REGISTERED NUMBER: 2877400

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

21. STATEMENT OF FUNDS (CONTINUED)

RESTRICTED FUNDS Group & Charity

Group & Charity
Schachter Fund
Gary Price Fund
Paton Fund
Sir Colin Dollery Clinical Pharmacology Training Award 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
Sir Colin Dollery Clinical Pharmacology Training Award 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		 Brought
forward
2022
£
2,088
7,635
3,390
-
2,000
113,923
164,601
-
-
18,612
5,581
317,830
2021
£
2,588
7,635
3,390
-
3,000
113,923
162,515
1,068
29,394
23,444
5,581
352,538		 Incoming
resources
2022
£
-
-
-
200,000
101,936
301,936
2021
£
-
-
-
-
-
-
102,886
-
-
-
2,000
104,886		 Resources
expended
2022
£
(2,088)
-
-
(12,000)
(130,610)
(14,000)
(1,250)
(159,948)
2021
£
(500)
-
-
-
(1,000)
-
(125,800)
(1,068)
(22,800)
(4,832)
(2,000)
(158,000)		 Transfers
in/(out)
2022
£
-
-
-
-
25,000
25,000
2021
£
-
25,000
(6,594)
-
18,406		 Carried
forward
2022
£
-
7,635
3,390
188,000
2,000
113,923
160,927
-
-
4,612
4,331
-
484,818
2021
£
2,088
7,635
3,390
-
2,000
113,923
164,601
-
-
18,612
5,581
317,830

FUND TRANSFERS

The unrestricted general fund has been used to restore the prizes and awards designated fund back to £1m with a transfer of £48,232 (2021 £40,150). Additions to fixed assets totalling £54,546 have been funded by the unrestricted general fund (2021 £58,352). The unrestricted general fund also supports the Prescribing Safety Assessment with a transfer of £25,000 (2021 £25,000).

Page 40

BRITISH PHARMACOLOGICAL SOCIETY REGISTERED NUMBER: 2877400

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

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

funding required is reviewed annually.

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.

Sir Colin Dollery Clinical Pharmacology Training Award Fund

This award provides a bursary to medical students undertaking an intercalated BSc in Pharmacology. The primary aim is to support the discipline of Clinical Pharmacology, which can be achieved by encouraging students to pursue Clinical Pharmacology as a specialty or by increasing basic pharmacology skills for students pursuing a career path within Industry.

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,

Page 41

BRITISH PHARMACOLOGICAL SOCIETY REGISTERED NUMBER: 2877400

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

21. STATEMENT OF FUNDS (CONTINUED)

RESTRICTED FUNDS (CONTINUED)

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

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.

Page 42

BRITISH PHARMACOLOGICAL SOCIETY REGISTERED NUMBER: 2877400

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

22. RELATED PARTY TRANSACTIONS

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

One trustee of the British Pharmacological Society (C Williams) is also a director of ELRIG UK Limited with which the Society had a strategic alliance. During 2022 the Society generated income of £6,736 (2021: £8,924). The trustee declared their conflict of interest in all relevant meetings and did not formally vote in any Society Council decisions concerning the alliance.

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
2022
£
-
-
-
-
484,818
-
-
484,818
Restricted
funds
2021
£
-
-
-
-
317,830
-
317,830		 Unrestricted
funds
2022
£
129,584
713,542
-
3,520,828
2,246,900
(1,252,574)
(50,302)
5,307,979
Unrestricted
funds
2021
£
116,036
719,504
-
3,966,190
2,461,742
(837,182)
(68,305)
6,357,985		 Total
funds
2022
£
129,584
713,542
-
3,520,828
2,731,718
(1,252,574)
(50,302)
5,792,797
Total
funds
2021
£
116,036
719,504
-
3,966,190
2,779,572
(837,182)
(68,305)
6,675,815

Page 43

British Pharmacological Society Group Post-Audit Management Report Year Ended 31 December 2022

Post-Audit Management Report – British Pharmacological Society Group

We have completed the audit of British Pharmacological Society Group for the year ended 31 December 2022 and we expect to issue an unqualified audit opinion.

This report covers the findings from our audit, the scope of which was communicated to you prior to commencing the work. It includes some recommendations for improving the accounting and internal control systems as well as highlighting some future developments that may be of interest to the board.

We hope that the recommendations are practical and are able to be implemented. We would be grateful if you could discuss the points as a board and will welcome a written response. Please extend our thanks to Mike Poole, Amandeep Bhardwaj and Donna Walters for all their help with the audit.

If you have any concerns or questions arising from this report, please contact Neil Finlayson and Samir Chandoo.

Yours faithfully,

Moore Kingston Smith LLP

Date: 3 May 2023

2

Contents

Contents
Audit Approach 4
Significant findings from the Audit 7
Operation of the Accounting and Internal Control Systems 8
Audit Corrected Misstatements and Reclassifications 10
Client Corrected Misstatements and Reclassifications 11
Sector Updates 12
Other matters 26

This report has been prepared for the sole use of the board of British Pharmacological Society and must not be shown to any third parties without our prior consent. No responsibility is accepted by Moore Kingston Smith LLP towards any third party acting or refraining from action as a result of this report.

3

Audit Approach - Risks

As outlined in our pre-audit Scoping letter dated 7 February 2023 our audit approach is based on an assessment of the audit risk relevant to the individual financial statement areas. Areas of risk are categorised according to their susceptibility to material misstatement, whether through complexity of transactions or accounting treatment. For each area we calculated a level of testing and review sufficient to give comfort that the financial statements are free from material misstatement.

In order that we were able to perform an appropriate level of audit testing, a figure of £129,580 was calculated at the planning stage for materiality.

The following table lists any risks identified at the planning stage and during the course of the audit, our approach to mitigate the risk and our conclusions from completing this work.

4

Audit approach – Risks (continued)

As [outlined in our audit scoping letter dated [date]/ [discussed at the planning
stage of the audit] our audit approach is based on an assessment of the audit
Risk
Audit Approach		 Conclusion
~~risk relevant to the individual financial statement areas. Areas of risk are~~
categorised according to their susceptibility to material misstatement, whether
through complexity of transactions or accounting treatment. For each area we
calculated a level of testing and review sufficient to give comfort that the
Revenue Recognition
There is a risk that revenue is recognised in the
wrong period. This is required to be treated as
a significant risk under ISAs.
•
We reviewed any last minute adjustments to
revenue, books and records for any
unsupported or unauthorised adjustment to
income, income cut off, credit notes issued		 Based on the sample audit work carried out we
are satisfied that income recognition is
materially correct.
financial statements are free from material misstatement.
after the year end.
•
We obtained and reviewed deferred/accrued
In order that we were able to perform an appropriate level of audit testing, a
income reconciliations for any significant
figure of £X was calculated at the planning stage for materiality. [We did not
unexplained errors.
need to revise this as a result of any of our findings from theaudit. / This was
•
W
performed AR on income to see whether
revised to £Y as a result of adjustments identified during the audit]. (section
there were any unusual trends.
can be deleted as it is optional)
Segregation of duties & management
•
We reviewed journals for any unusual		 For a sample of journal entries, journals
The following table lists any risks identified at the planning stage and during
override
The size of the finance team means there is an
transactions, and conducted miscellaneous
payments testing.		 appeared to be made for genuine reasons.
the course of the audit, our approach to mitigate the risk and our conclusions
inherently increased risk that an individual could
•
We performed systems work and evaluated		 Our audit work did not identify deficiencies in
from completing this work.
verride control systems in place.
controls over the approval and processing of		 the controls in the processing of payments.
payments.

5

Audit approach – Risks (continued)

A Risk Audit Approach Conclusion Going Concern Review forecasts and other information Based on the work performed we agree with the There is a risk that the ongoing cost of living produced by Management to confirm the going Trustees conclusion that there are no material crisis and the Russia/Ukraine conflict and the concern status of the group after the uncertainties about the ability of the charity reduction in Publishing income will have a assessment of the impact of the cost-of-living group to settle its debts as they fall due for at material negative impact on the revenue, crisis and the reduction in Publishing income least 12 months following approval of the surplus and cash flows of the charity group and financial statements and therefore that it is possibly on its ability to continue as a going Need to assess the impact of the crisis and appropriate to continue to prepare the financial concern. reduction in publishing income and the statements on a going concern basis.

Need to assess the impact of the crisis and reduction in publishing income and the measures taken to contain it on the group and specifically its effect on its ability to continue in operation as a going concern for at least twelve months from the date of approval of the financial statements

We are satisfied that the disclosures in the trustees' report and financial statements with regard to use of the going concern basis are in accordance with sector guidance and best practice.

Consider the potential impact on revenue, expenses, supply chains and funding needs and consider what measures management have taken to mitigate the impact and how successful these measures are likely to be.

6

Significant findings from the audit

We are required under International Standards on Auditing to request you to correct all misstatements identified during our audit, with the exception of those that are clearly trivial.

Corrected material misstatements and reclassifications

Management Representation Letter

A draft of our proposed management representation letter has been sent to you under separate cover. All of the matters included in this letter on which we seek the Trustees’ formal confirmation are in respect of routine matters.

Included on page 11 are the corrected misstatements and reclassifications that were identified during the course of the audit. Page 12 lists those corrected misstatements put through by management during he course of our work.

Uncorrected immaterial misstatements and reclassifications

There are no uncorrected misstatements or reclassifications identified during the audit work.

Observations concerning the operation of the accounting and control systems

No other matters concerning the operation of the accounting and control systems need to be brought to your attention. We have, however, included an assessment of the extent to which our previous recommendations have been implemented.

We look forward to receiving your responses on the points raised.

Due to the nature of an audit, we may not have identified all weaknesses within the accounting and internal control systems which may exist, and the contents of this section of our letter and any items disclosed in this report should not therefore be taken as a comprehensive list of such weaknesses.

7

Operating of the accounting and internal control system

We are required to report to you in writing ~~,~~ significant deficiencies in the internal control environment that we have identified during the course of our audit. These matters are limited to those which we have concluded are of sufficient importance to be reported to you. Our audit cannot necessarily be expected to disclose all matters that may be of interest to you and, as a result, the matters reported may not be the only ones which exist. As part of our work, we considered internal controls relevant to the preparation of the financial statements such that we were able to design appropriate audit procedures. This work was not for the purpose of expressing an opinion on the effectiveness of internal control.

We have categorised the internal deficiencies noted via a colour-scale rating system. The key to which follows:

We consider this to be of critical importance and would recommend that it is addressed as a matter of urgent priority

The control should be strengthened to enhance operational efficiency but we do not consider this to be an urgent priority

This is provided for either information only or we do not consider there to be a risk of material loss

8

Operating of the accounting and internal control system

Current year observation Recommendation Post year end Sage postings are held in a Posting of transactions should not stop just deferred postings section until the audit has because of the audit process as there could be ended. This prevents us from running complete transactions which require to be accrued for, and accurate post year end reports and makes ensuring the accuracy of cut off. cut off difficult to assess.

Management Response

Although these transactions are held within a “deferred postings” section they are effectively as good as posted as they cannot be edited or adjusted via use of the Sage financial software.

In future years, we will look to change the timing of the actual year end procedure, in Sage 200, to enable this audit testing to be undertaken.

9

Audit corrected misstatements and reclassifications

Description Balance sheet Balance sheet SOFA SOFA Effect on Net
Surplus
Consolidated Accounts Dr Cr Dr Cr (Dr)/Cr
Other debtors 894,613
Accrued income 894,613 NIL
Being the reclassification of the Wiley debtor to accrued income
Overall impact on Net Surplus NIL

10

Client corrected misstatements and reclassifications

Description Balance sheet Balance sheet SOFA SOFA Effect on Net
Surplus
Consolidated Accounts Dr Cr Dr Cr (Dr)/Cr
Other taxation and social security 31,543
Intercompany balances 31,543 NIL
Being the reclassification of BPSA and BPS TS VAT balances.
Journal publishing costs 4,322 4,322
Accrued income 4,322
Being the adjustment for final draft of Wiley income figures
Overall impact on Net Surplus 4,322

11

Sector Updates

CHARITIES ACT REFORM

Through the Queen’s speech on the 11th of May 2021, the government announced reforms to the Charities Bill that will have the effect of reducing the amount of bureaucracy faced by charities. This became law on 24th February 2022 and the Charities Act 2011 is now the Charities Act 2022. The provisions will be implemented on a staggered basis to allow time for the Charity Commission to update its guidance – see the last page of this sector update point.

The main elements of the Charities Bill, which covers charities in England and Wales, will include:

Financial Thresholds - Charity reporting requirements vary according to thresholds that currently exist. It is proposed that these should be reviewed regularly to reflect inflation. This would prevent an increasing number of smaller charities becoming subject to stricter requirements, or acquiring powers, which are not appropriate to their size. The Charity Commission aim to review these in 2022 and every 10 years thereafter.

Changing purposes and amending governing documents - Charities should be able to make changes as quickly and efficiently as possible, whilst retaining safeguards to ensure that any amendments are in the best interests of the charity and its beneficiaries.

The processes for amending a charity’s governing document vary according to the charity’s legal form. The Law Commission’s recommendations would simplify those processes and align them across the different types of charity. They would also simplify the criteria which the Charity Commission considers when agreeing significant changes.

donation if a fundraising appeal does not achieve its target. The effort to do this can be disproportionate to the size of the individual donations. A £120 threshold (per donor) has been recommended to strike a fair balance between protecting the donors and reducing the administrative burden on a charity.

Acquisitions, disposals and mortgages of charity land - The law governing how charities dispose of land requires charities to follow certain rules when they sell, let or mortgage their land. They have agreed to simplify these including how certain universities and colleges dispose of land, aligning it with broader charity and trust law. This includes extending the range of specialist advisers able to provide advice.

Permanent Endowment – In an effort to reduce bureaucracy and costs the definition of a permanent endowment is to be reformulated to remove its inconsistencies and lack of clarity. The move to a £25,000 threshold to enable more endowments to be released will be welcomed and the power to spend 25% of the endowment with a 20-year repayment period (without approaching the Charity Commission first) will serve as valuable tools for Trustees.

Remuneration for the supply of goods and the power to award equitable

allowances - The Act should be updated to allow Trustees to be remunerated for services and goods (currently they can only be remunerated for services). The Charity Commission should have a statutory power to award equitable allowances in situations where charity trustees must account for a benefit that they have received in breach of fiduciary duty.

Cy-près schemes and the proceeds of fundraising appeals - Some charity fundraising appeals raise too much, or too little, money to achieve the appeal’s aim. The current law requires charities to contact donors to offer to return their

12

Sector Updates

Non-Statutory Ex gratia payments out of charity funds - The introduction of a new statutory power allowing trustees to make small ex gratia payments without having to obtain the prior authorisation of the Charity Commission, the Attorney General or the court; this will apply to ex gratia payments of up to:-

(a) £1,000, in the case of a charity with a gross income in its last financial year of up to £25,000;

(b) £2,500, in the case of a charity with a gross income in its last financial year of more than £25,000 and up to £250,000;

(c) £10,000, in the case of a charity with a gross income in its last financial year of more than £250,000 and up to £1 million; and

(d) £20,000, in the case of a charity with a gross income in its last financial year of more than £1 million.

Charity and Trustee Insolvency - Managing a Charity’s finances (CC12) should be revised. There are recommendations to provide more clarity over the availability of trust property. Property included within permanent endowments, special trusts or restricted funds, which can meet the liabilities of an insolvent trustee, is no different whether the trustee is an individual or a charitable company.

power to make “authorised costs orders” in respect of proposed or ongoing Tribunal proceedings that would provide charity trustees with advance assurance that 1) costs already incurred or proposed to be incurred; and 2) costs ordered to be paid if the litigation is unsuccessful; can properly be paid from the charity’s funds.

This review was to address the issues raised by Lord Hodgson in 2012 and is considered by some as long overdue. Whilst we welcome these changes they will only be implemented if Parliamentary time allows for it.

The full government response to the Law Commission review of the Charities Bill can be found here: https://www.gov.uk/government/publications/governmentresponse-to-law-commission-report-on-technical-issues-in-charity-law/governmentresponse-to-the-law-commission-report-technical-issues-in-charity-law

The Charities Act 2022 can be viewed here: https://bills.parliament.uk/bills/2877

Charity Names – The Charity Commission already has a framework that enables it to take steps to protect charities from confusion arising from other charities with duplicated or very similar names. This would be extended to cover “working names” of charities as well as the main name of the charity and would extend the Charity Commission’s powers to issue directions on charity names to unregistered and exempt charities.

The identity of a charity’s trustees - The Charity Commission is to be given the power to ratify retrospectively the appointment or election of a person to a charity trustee role.

The Charity Tribunal and the courts - The Charity Tribunal should be given the

13

Sector Updates

Charities Act 2022 implementation plan

This plan explains how the Department for Digital, Culture, Media and Sport will implement the Charities Act 2022

----- Start of picture text -----
Provisions of the Act expected to come into force
Provisions of the Act expected to come into force Provisions of the Act expected to come into force
Autumn 2022
Spring 2023 Autumn 2023
Section 4: Power to amend Royal Charters Sections 9-14 and 35a: Permanent endowment Section 1-3: Charity constitutions
Section 5: Orders under section 73 of the Charities Act Sections 17-23: Charity land Section 29: Powers relating to appointments of trustees
2011
Sections 6 and 7: Cy-près powers Section 24 and Sch 1: and College Estates Act 1925Amendments of the Universities Section 31: Remuneration etc of charity trustees etc
Section 8 : Power of the court and the Commission to
make schemes Sections 25-28: Charity names Sections 33-35: Charity mergers
Sections 15 and 16: Ex gratia payments Section 38 and 39: Connected persons Section 37: For remaining purposes
Section 30: Remuneration of charity trustees etc providing Part of Section 40 and Schedule 2: Minor and Section 40 and Schedule 2: For remaining purposes
goods or services to charity consequential amendments
Section 32: Trustee of charitable trust: status as trust
corporation
Section 36: Costs incurred in relation to Tribunal
proceedings etc
Part of Section 37: Public notice as regards Commission
orders etc.
Part of Section 40 and Schedule 2: Minor and
consequential amendments
----- End of picture text -----

Sector Updates

Cyber Defences for Charities – Cyber Essentials accreditation

Confidentiality of information in Charities has always been of paramount importance. A breach affecting records of its data which could involve donors, children, ethic and religious categories is typically very serious and would invite increased regulatory and public scrutiny with potential severe financial penalties. Uncontrolled disclosure of any sensitive information could severely undermine the trust and confidence of the public engaged with them, as well as compliance issues within the governing structure.

Furthermore, reflecting the general pervasiveness of technology in our lives, charities are much more reliant on IT to both process data, marketing and financial information. An IT outage affecting the computer system may, within quite a short time frame, affect the charity to operate.

The security threat from the simple use of e-mail and the web is very real, with phishing and ransomware attacks commonplace in today’s internetconnected world. Successful cyberattacks range from the theft of sensitive information to long-term disruption to the operation of IT systems.

Maintaining a minimum level of cyber compliance across a Charity’s IT infrastructure is therefore absolutely key to not falling victim to a cyberattack. As technology constantly evolves becoming more ingrained into daily life, it is often difficult to know what this minimum level looks like in practice. The technical capabilities to strengthen cyber security defences is not always internally available within the Charity. For Trust Governors, it can be challenging to determine whether the Charities its infrastructure is adequately protected against the omnipresent threat of a cyberattack.

designed to protect organisations against 80% of the most common cyberattacks which can impact businesses of all sizes, industries, and sectors. The 5 controls within the Cyber Essentials scheme are designed to protect your organisation against these types of cyber-attacks and guard your internet connection, devices, data and services.

The government overview: https://www.gov.uk/government/publications/cyberessentials-scheme-overview

Basic Level Cyber Essentials is a self-assessment and provides a basic level of assurance that the controls have been implemented correctly by the organisation. Cyber Essentials Plus covers the same requirements but is based on an on-site audit and therefore provides independent assurance of the effectiveness of these controls.

How can Moore Kingston Smith help you?

Moore Kingston Smith offer Cyber Security and Data Protection solutions which includes Cyber Essentials, Penetration Testing and Auditing along with GDPR and outsourced Data Protection Officer Solutions to ensure that your charity can demonstrate compliance.

This issue facing the sector and other organisations across the country led to the UK Government introducing the Cyber Essentials scheme. The scheme is

15

Sector Updates

Investment Guidance

The Charity Commission has been reviewing the way it encourages charities to invest in a responsible way. How charities weigh up the need for financial return vs investing ethically and reducing carbon emissions is tricky and Charities have been awaiting updated Guidance from the Charity Commission (following its CC14 consultation and feedback in late 2021 and then a delay to its proposed updates) alongside ESG concepts developing in the NonProfit sector.

In the absence of anything forthcoming, the High Court ruling with the Ashden Trust and The Mark Leonard Trust has confirmed that climate change can be prioritised even if it risks the financial return.

In the Butler-Sloss & Others v Charity Commission (2022) case, the judgement handed down provided clarity in relation to the extent to which charity trustees can permit their objects and wider moral considerations to influence their investment policy. As a result, charities can exclude investments that conflict with their objects – proving the decision is entered into in a proper manner. However, the judge advised against making decisions purely on moral grounds.

investment portfolio.

Property

Sustainability is on the agenda and charities should be reviewing their estates and planning for steps that will make properties more sustainable, so that your Energy Performance Certificate (EPC) ratings are as good as they can be. Below par EPCs will restrict what you can do with your property and advice should be sought on how to improve EPC ratings – especially if your property is listed.

The Building Safety Act has brought in some new and strengthened safety measures in response to the Grenfell Tower fire. There are new rules on carbon monoxide alarms in relation to tenancies.

The MKS Property team can provide further assistance in these areas if you require.

Trustees of charities have, in most instances, always tried to review their investment decisions in conjunction with their charitable aims and continue to manage the balancing act with the need to produce investment returns.

Whilst most charities will await the revised guidance from the Charities Commission (and we expect the consultation feedback exercise to restart shortly),Trustees must remember that they are required to act in the best interests of the charity and they should formulate an appropriate investment policy which should deal with direct and indirect conflicts within their

16

Sector Updates

CORPORATE CRIMINAL OFFENCE - FAILURE TO PREVENT THE FACILITATION OF TAX EVASION

Your legal obligation

All corporate bodies (including charitable companies), regardless of size, have a legal obligation to ensure that ‘reasonable prevention measures’ are in place to prevent employees and other associates (for example, sub- contractors) criminally facilitating tax evasion while acting on behalf of the organisation. If an associate is discovered to have criminally facilitated another’s tax evasion while acting on behalf of the company, the company is criminally liable to unlimited penalties unless the defence can be mounted that reasonable procedures were in place to prevent the criminal facilitation from occurring.

due diligence process in sales transactions. Governance boards and nonexecutive directors are also requiring assurance on compliance as part of their work. Therefore, it is essential that companies adopt a proactive approach to risk management and employee communication. It is worth noting that the new remote way of working could give rise to an increased opportunity for associates to facilitate tax evasion.

Our pragmatic approach

We can assist the company with a bespoke, and cost effective risk assessment in order to comply with the legislation. Should this be of interest, please contact Andrew Stickland.

Obtain peace of mind and undertake a risk assessment

A risk assessment is fundamental to responding to the legislation. If the risk of criminal facilitation of tax evasion is assessed to be low, it may be that no significant additional measures are required. However, without having undertaken and documented a risk review or notified employees of what constitutes criminal facilitation, companies may struggle to mount such a defence.

HMRC has the power to issue unlimited fines for companies that fail to prevent the facilitation of tax evasion.

Compliance is key

Although company directors should naturally be focused on the potential for any form of criminal prosecution as a matter of course, simply being able to demonstrate awareness of and compliance with the regime is becoming increasingly important, with this now being routinely examined as part of the

17

Sector Updates

Fraud in the Charity Sector

Fraud in the charity sector is unfortunately at an all-time high, with recent estimations being a loss of £2.3bn annually to the UK Not for Profit sector (an increase of some £400m from estimates shared in 2016). Alongside our own Moore Kingston Smith specialists in this area, the sector is beginning to develop a suite of tools, guides and blogs which are worth a visit to ensure your Charity is aware of the key fraud considerations, potential pitfalls and suggested controls:

The Fraud Advisory Panel (a registered charity and independent voice of the anti-fraud community) - https://www.fraudadvisorypanel.org/

10 questions every Trustee should ask about Fraud and suggested policies - https://www.gov.uk/guidance/protect-your-charity-from-fraud

The National Cyber Security Centre - https://www.ncsc.gov.uk/news/advicethwart-devastating-cyber-attacks-small-charities

changes and calls to confirm BEFORE updates processed.

“Batch supplier duplication”

An example of an internal fraud – the details of a supplier are duplicated onto the system and the duplicate given the fraudulent parties bank details. “Real invoices” are paid twice, hidden in the batch run, once real and once fraudulent.

Controls to mitigate the risk – Approval of new suppliers and monthly management accounts reviews. The additional payment debit will need to be either to a balance sheet code or will be seen through an inflated expense code on the SOFA.

“Fraudulent staff/temp staff costs”

The fraudulent party continues to pay staff after they have left (using updated fraudulent bank details), enrols ghost employees for payment or processes fake invoices through “busy” nominal codes such as temp staff costs.

Action Fraud for reporting - https://www.actionfraud.police.uk/

This area is notoriously fast moving, with new areas of attempted fraud arising daily, but some of the prevalent current frauds and potential controls to protect your charity from these, include:

Controls to mitigate the risk - This fraud is almost always discovered through a review of management accounts vs budgets. Preventive controls would include approval of staff detail changes and “lock down” on leavers details in a timely fashion.

“Supplier mandate fraud”

Contact is made from a “supplier” employee who is noting (either by phone or official headed notepaper) a change of bank details. The bank details are fraudulent.

Control to mitigate the risk – review and approval of all standing data supplier

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Sector Updates

“Email takeover”

An internet based fraud that is expanding rapidly (and becoming more sophisticated). The finance team receive an email “from” the FD/CEO usually late afternoon, indicating they have forgotten to pay a key supplier and it should be paid immediately.

The email is fraudulent and so are the bank details given.

Controls to mitigate the risk – Communication by phone or face to face to confirm details. Do not allow payments to supplier details that do not match those saved on the standing data.

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Sector Updates

Employment Sector Updates

2023 is expected to be an important year for employment law.

2022 proved a bit of a disappointment when the long-awaited Employment Bill, which was supposed to implement the remaining parts of the Good Work Plan, did not make it to the Queen’s Speech. This prompted questions about when, if at all, the remaining elements of the Good Work Plan would be implemented. However, many of the provisions that were expected to be included in the Employment Bill have now been introduced into the House of Commons via private members bills and have received Government backing.

Many other developments are also on the horizon, including a new ACAS Code for firing and rehiring of employees,

Holiday Pay for Part Year Workers

The landmark Supreme Court case of Brazel v Harpur Trust meant that part-year workers on permanent contracts must receive the full 5.6 weeks of paid annual leave per year regardless of the number of weeks they have worked in the leave year and that holiday pay for workers on irregular hours must be calculated using an average of their ordinary remuneration over a 52-week reference period. The Government, concerned that holiday entitlement should be proportionate to hours worked, is consulting about holiday and pay. In particular, the consultation moots the idea of returning to the old method of calculating holiday entitlement and pay using a multiplier of 12.07%.

Employment Bill 2022 – Private Members Bills

Although the Employment Bill did not make it to the Queen’s Speech, private members’ bills were introduced in Parliament, which aim to implement parts of the Employment Bill. These private members bills have all received government backing, which increases their chances of making it onto the statute books.

UK’s withdrawal from the European Union

The Retained EU Law (Revocation and Reform) Bill 2022-2023 was introduced into the House of Commons in late 2022. It aims to change the expected approach of reviewing and amending retained EU law slowly via legislation or case law deviating from EU rulings, allowing the UK to enact laws that best fit the country and its economy and setting a date of 31 December 2023 for the special legal status of EU law to come to an end. This date is subject to extension until 2026.

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Sector Updates

If passed, many EU retained laws could be in scope to either lapse by default on the ‘sunset date’ or be retained, potentially with amendments. It is not known what EU retained laws government may allow to sunset, keep in their entirety or change but there are thousands of EU retained laws potentially in scope and, if the aim is to grow the economy and make it more business friendly, the TUPE Regulations, the Working Time Regulations and the Agency Workers Regulations would appear to be possible candidates. We will keep you updated as developments occur.

Menopause Discrimination?

The government has said that it does not plan to make menopause a specific protected characteristic because their view is that it is already covered by sex, age and disability discrimination. However, a July 2022 report by the House of Commons Women and Equalities Committee has recommended that it become a protected characteristic, so we will watch out for any further developments in this area. Employers may however wish to consider drawing up menopause policies if they do not already have one.

IR35 Reforms Cancelled

IR35 is a tool used by HMRC to ensure that individuals do not disguise employment / work as contracting in order to avoid tax. The Government had planned to reverse controversial reforms, which would have led to less contractors being caught by the regime, but this was reversed following the market reaction to the government’s October 2022 mini-budget.

Diversity and Inclusion

Efforts to improve diversity and inclusion are very much on the corporate agenda and are expected to remain so in 2023. The Government had consulted about whether to make ethnicity pay gap reporting compulsory in the same way as gender pay gap reporting is for companies with over 250 employees, but it was decided that this would remain voluntary, at least for the time being. The government plans to issue guidance for employers about this and therefore employers may wish to await this guidance ~~before publishing ethnicity pay gap reports.~~

In the case of Forstater v CGD Europe, the Supreme Court decided that an employer discriminated against an employee by not renewing her fixed term contract because she had expressed her belief that individuals cannot change their biological sex. However, in the case of Makareth v DWP, it was decided that there was no discrimination where an employee was dismissed for expressing similar views because he had indicated that he did not intend to use peoples’ preferred pronouns, thus showing that he had an intention to discriminate.

Balancing the legal rights between employees’ freedom to express opinions that may be offensive with diversity and inclusion is an extremely difficult exercise and we expect cases like this to be a growth area in employment disputes in the coming years.

Employment Tribunal Claims

Tribunal statistics have not been published for some time because the data is being migrated onto a new system. However, it is now reported that cases are taking an average of 49 weeks from the date an employee brings a claim to get to their first hearing, which suggests that cases are very much on the rise. We would expect that trend to continue.

Statutory Code to regulate fire and rehire practice

The Government plans to publish a new statutory code on ‘firing and rehiring’. This is where an employee dismisses staff with a view to offering them re-engagement on less generous terms and conditions. Whilst there is nothing unlawful about this, the government is concerned that unscrupulous employers may not be complying with the legal requirement to consult with affected staff before taking such extreme measures. The draft Code of Practice has now been published and the Government is consulting about it. There is therefore no implementation date for the statutory code but,, once implemented, Employment Tribunals will have a discretion to uplift any compensation by 25% in the event of a successful claim.

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Sector Updates

Does your Charity have a bullying and harassment policy?

The Charity Commission published new guidance for Charities on 11 August 2022, clarifying the roles and responsibilities of charity trustees in in relation to tackling bullying and harassment within Charities.

The Commission’s guidelines included a specific recommendation that charities have welfare, discipline and whistleblowing policies for staff, including clear policies and procedures on bullying and harassment.

Bullying and harassment in the workplace can affect staff morale, allow unacceptable behaviours to take place and ultimately expose charities to the risk of employment tribunal claims.

Specific claims risks to charities for not taking appropriate action to eliminate bullying and harassment include:

There is a risk that any failure by charities to implement the Charity Commission’s guidance could in itself be relied upon by employees to bolster any claims they may bring.

Charities should ensure that they have the recommended policies and procedures in place and provide regular training to staff about their obligations under these policies. This will help eliminate bullying, demonstrate commitment to doing so and also reduce any risk of claims and regulatory issues.

The policy should, at a minimum, set out the types of behaviour that could be bullying and harassment, explaining clearly the process for making allegations of such behaviour, the process that the company will follow upon receipt of such allegations and the potential consequences for workplace bullies.

What other policies should charities have in place?

There are other key policies and procedures that charities can implement in order to demonstrate their commitment to treating employees fairly and tackling bullying and harassment.

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Sector Updates

• An equality and diversity policy

These policies, if well drafted, give both parties valuable information about their rights and responsibilities and also give a charity a useful action plan for how to handle any issues that might arise and any timescales that they need to comply with.

In addition, having these policies in place and ensuring that staff receive training on them may give the charity a defence to a claim that they are liable for the acts or omissions of an employee who ‘goes rogue’ and bullies or discriminates against an employee against company instructions.

These do not have to be standalone policies - they can be included in a Staff Handbook. It is recommended that you do not make them contractual to eliminate the risk of employees claiming that technical breaches of the policies e.g., a missed deadline for responding to a letter, is a breach of contract.

We recommend that charities audit their policies and procedures to ensure that all of the required and helpful policies are in place and updated regularly to comply with the most relevant legal developments.

Should you require any assistance with reviewing, drafting or updating your policies to help you eliminate bullying and harassment and reduce your claims risk, please contact your Audit Engagement Partner.

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Sector Updates

OFF PAYROLL WORKING: What you need to know following the cancellation of the rules

Following the governments recent “mini-Budget”, it was announced that the off-payroll working rules are to be cancelled.

These rules were introduced in 2017 for public sector organisations and in 2021 for medium and large private sector organisations. Organisations subject to the rules are responsible for determining if an engagement contract falls inside or outside of IR35, i.e. determining the employment status of contractors that provide services to them through personal service companies and – if these contractors are working as if they were employees – for ensuring PAYE and NICs are accounted for on this basis.

From 6 April 2023 , this IR35 obligation will move away from end-users of contractor services and back to the contractor’s personal services company, i.e. a return to the “old” IR35 rules.

Putting aside the considerable cost and time invested by many organisations to set up systems and processes to comply with the off-payroll working rules, this announcement will be welcome news for organisations that rely on a contractor workforce, for whom the rules have presented a significant challenge over the past few years. However, organisations still have plenty to consider when engaging with contractors and should understand how they will be impacted by these changes.

There are still plenty of rules to navigate for organisations when engaging with contractors to ensure compliance, even beyond 6 April 2023.

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Sector Updates

Renewing Contracts on a Regular Basis

Employers cannot safely dismiss a fixed term employee just because the contract comes to a natural end if they have renewed the contract for two or more years, without a break of more than two weeks in between contracts.

Many charities benefit from regularly engaging staff on a temporary basis to fulfil functions, whether as a consultant, on a fixed term contract, or temporary staff.

Whilst this can be beneficial for the short term, it is important to bear in mind that hiring employees on this basis means that they accrue service and, after two years, they could gain full employment rights.

Employers should be aware that renewing contracts for longer than 2 years’ would also lead to an obligation to follow a formal dismissal process, showing there is a fair reason for not renewing the contract. Failure to do so could lead to claims of unfair dismissal being brought at Tribunal.

A break in between fixed term employment contracts of at least two weeks can reduce employers’ risks, breaking continuous service so the next contract is fresh employment instead of continuation of the previous employment.

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Other matters

Engagement & Independence

Our engagement objective was the audit of the British Pharmacological Society group

Report and this Post-Audit Management Report, there are no other specific matters to communicate as a result of our audit of the financial statements under review.

We have implemented policies and procedures to meet the requirements of the Financial Reporting Council’s (FRC) Ethical Standards. To this end we considered our independence and objectivity in respect of the audit for the period under review before commencing planning our audit and communicated with you on these matters in our audit scoping report dated 7 February 2023.

No other matters have come to our attention during the audit which we are required to communicate to you and the safeguards adopted were as described in our audit scoping report.

Qualitative aspects of accounting practices, accounting policies and financial reporting

Based on our audit work performed, we believe that the Trustees’ Report and financial statements for the period under review comply with United Kingdom Accounting Standards (FRS 102), the Charity SORP, the Charities Act 2011 and the Companies Act 2006.

During the course of our audit of the financial statements for the period under review, we did not identify any inappropriate accounting policies or practices.

Matters specifically required by other Auditing Standards to be communicated to those charged with governance

Other than as already explained in our Engagement Letter, Audit Scoping

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