THE JOURNAL OF MORAL EDUCATION
FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2021
COMPANY REGISTERED NUMBER: 3482956 CHARITY REGISTERED NUMBER: 1067623
THE JOURNAL OF MORAL EDUCATION
FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2021
| INDEX TO FINANCIAL STATEMENTS | |
|---|---|
| Page | |
| Company Information | 1 |
| Report of the Directors and Trustees | 2/3 |
| Accountants’ Report | 4 |
| Balance Sheet | 5 |
| Income and Expenditure Account | 6 |
| Statement of Financial Activities | 7 |
| Notes to the Financial Statements | 8-11 |
| Detailed Income and Expenditure Account* | 12 |
*Does not form part of the Statutory Financial Statements
THE JOURNAL OF MORAL EDUCATION COMPANY INFORMATION AS AT 31 MARCH 2021
DIRECTORS AND TRUSTEES
Prof J C Conroy Prof N Ferguson Prof B E Gates Prof M J Reiss Dr M J Taylor Dr J Orchard
SECRETARY
Prof N Ferguson
REGISTERED OFFICE
c/o Archer Associates Churchill House 120 Bunns Lane London NW7 2AS
BUSINESS ADDRESS
Faculty of Education University of Glasgow St Andrews Building 11 Eldon Street Glasgow G3 6NH
ACCOUNTANTS
Archer Associates Chartered Accountants and Reporting Accountants Churchill House 120 Bunns Lane London NW7 2AS
1
THE JOURNAL OF MORAL EDUCATION DIRECTORS' AND TRUSTEES' REPORT FOR THE YEAR ENDED 31 MARCH 2021
The Directors and Trustees present their Report and the Financial Statements for the year ended 31 March 2021.
PRINCIPAL ACTIVITIES
The principal activities of the Company in the year under review continued to be that of producing a quarterly academic journal, The Journal of Moral Education.
DIRECTORS AND TRUSTEES
The following Directors have held office since 1 April 2020:
Prof J C Conroy Prof B E Gates Prof N Ferguson Prof M J Reiss Dr M J Taylor Dr J Orchard
The Directors are the only Trustees. New Trustees are appointed by the existing Trustees. There are no other persons or bodies entitled to appoint Trustees.
DAY TO DAY OPERATIONS
The charity has six Trustees, one of whom acts as Chair and another as Secretary/Treasurer. Major policy decisions are made through consensus involving all six Trustees. The Chair is empowered by other colleagues to make executive decisions on day to day matters. The Trustees commission an editor who makes day to day operational decisions about the editing of the Journal.
Volunteers assist with editing the journal though refereeing articles and offering advice to the editor.
At present the charity does not engage in fund raising activities nor does it receive specific grants.
The Charity publishes a quarterly journal. All expenses are related to editing the journal, organizing and attending editorial meetings, trustees meetings, awarding research grants and a limited number of promotional initiatives with regard to moral education.
Publicity costs are currently borne by the publisher and not the charity.
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THE JOURNAL OF MORAL EDUCATION DIRECTORS' AND TRUSTEES' REPORT FOR THE YEAR ENDED 31 MARCH 2021 (Continued)
RESERVES POLICY
There is a single fund, currently held in an interest bearing deposit account at a high street bank.
There are no designated funds.
The Charity maintains sufficient reserves to ensure that it can publish at least four further issues of the Journal if there is a sudden drop in subscriptions.
RISK ASSESSMENT
The only significant risk remains the possibility of a drop in subscriptions to the Journal. The publishers (Taylor and Francis) have mechanisms in place to monitor the level of subscribers and issuing early warnings should there be a precipitate decline. The Charity maintains sufficient funds to ensure that four issues of the Journal could still be published in the event of such a collapse and ensure a smooth close of business without any major inconvenience to existing subscribers and contributors.
Should the person contracted as editor be unable to fulfil their obligations through, for example, illness the Trustees have a procedure in place for producing at least one further issue before a new editor is engaged on a short or long term basis.
Having negotiated a new contract with the publishers, which has significantly increased the royalty return, the Trustees have begun to reduce the proportion of expenditure on direct editing costs and have and will continue to develop strategies for promoting the field of moral education.
This report has been prepared in accordance with the special provisions relating to small companies within Part 15 of the Companies Act 2006.
On behalf of the Board
……………………………………….. Professor N Ferguson
Dated: …………………………….
3
ACCOUNTANTS’ REPORT
TO THE DIRECTORS OF THE JOURNAL OF MORAL EDUCATION
We report on the accounts of the company for the year ended 31 March 2021, which are set out on pages 5 to 10.
Respective responsibilities of trustees and examiner
The trustees (who are also the directors of the company for the purposes of company law) are responsible for the preparation of the accounts. The trustees consider that an audit is not required for this year under section 43(2) of the Charities Act 1993 (the 1993 Act) and that an independent examination is needed.
Having satisfied ourselves that the charity is not subject to audit under company law and is eligible for independent examination, it is our responsibility to:
-
examine the accounts under section 43 of the 1993 Act;
-
to follow the procedures laid down in the general Directions given by the Charity Commission under section 43(7)(b) of the 1993 Act; and
-
to state whether particular matters have come to my attention.
Basis of independent examiner’s report
Our examination was carried out in accordance with the general Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit and consequently no opinion is given as to whether the accounts present a ‘true and fair view’ and the report is limited to those matters set out in the statement below.
Independent examiner’s statement
In connection with our examination, no matter has come to our attention which gives us reasonable cause to believe that in any material respect the requirements:
-
to keep accounting records in accordance with section 386 of the Companies Act 2006; and
-
to prepare accounts which accord with the accounting records, comply with the accounting requirements of section 396 of the Companies Act 2006 and with the methods and principles of the Statement of Recommended Practice: Accounting and Reporting by Charities have not been met.
ARCHER ASSOCIATES Chartered Accountants and Independent Examiners
Churchill House 120 Bunns Lane London NW7 2AS
……………………………..
4
THE JOURNAL OF MORAL EDUCATION
BALANCE SHEET
AS AT 31 MARCH 2021
| FIXED ASSETS Tangible assets CURRENT ASSETS Cash at bank and in hand CREDITORS - Amounts falling due within one year NET CURRENT ASSETS Represented by: INCOME AND EXPENDITURE ACCOUNT |
£ £ 2 412,295 (1,020) 411,275 411,277 411,277 2021 |
£ £ 2 412,295 (1,020) 411,275 411,277 411,277 2021 |
£ £ 2 353,317 (1,020) 352,297 352,299 352,299 2020 |
£ £ 2 353,317 (1,020) 352,297 352,299 352,299 2020 |
|---|---|---|---|---|
| 411,277 | 352,299 | |||
| 411,277 | 352,299 |
For the financial year ended 31 March 2021 the company was entitled to exemption from audit under section 477 Companies Act 2006. No member of the company has deposited a notice, pursuant to section 476, requiring an audit of these financial statements under the requirements of the Companies Act 2006.
The directors acknowledge their responsibilities for ensuring that the company keeps accounting records which comply with section 386 of the Act and for preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of the financial year and of its income and expenditure for the financial year in accordance with the requirements of sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to accounts, so far as applicable to the company.
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies’ regime within Part 15 of the Companies Act 2006.
Approved by the Directors on …................................. and signed on its behalf by
Professor N Ferguson
Company number 3482956 Charity number 1067623
5
THE JOURNAL OF MORAL EDUCATION
INCOME AND EXPENDITURE ACCOUNT
YEAR ENDED 31 MARCH 2021
| Note TURNOVER Administrative expenses OPERATING (EXPENDITURE)/INCOME OVER (INCOME)/EXPENDITURE Other income EXCESS OF (EXPENDITURE)/INCOME OVER (INCOME)/EXPENDITURE |
2021 £ 108,990 (50,112) 58,878 100 58,978 |
2020 £ 106,781 (117,522) |
|---|---|---|
| (10,741) 87 |
||
| (10,654) |
All of the company's operations are classified as continuing.
A statement of the movement on reserves is set out in note 5.
The Company had no trecongised gains or losses other than the excess of income over expenditure for the above two years.
6
THE JOURNAL OF MORAL EDUCATION
STATEMENT OF FINANCIAL ACTIVITIES
YEAR ENDED 31 MARCH 2021
| Note Income and expenditure Incoming resources Royalties Investment income Total incoming resources Resources expended Direct charitable expenses Editorial expenses (including travel) Conferences Grants paid Other expenditure Management and adminsitration Total resources expended Net (Outgoing)/incoming resources for the year Funds at 1 April 2020 FUNDS AT 31 MARCH 2021 |
£ 108,990 100 109,090 26,000 10,914 10,936 47,850 2,262 50,112 58,978 352,299 411,277 2021 |
£ 108,990 100 109,090 26,000 10,914 10,936 47,850 2,262 50,112 58,978 352,299 411,277 2021 |
£ 106,781 87 106,868 24,580 27,733 56,012 108,325 9,197 117,522 (10,654) 362,953 352,299 2020 |
£ 106,781 87 106,868 24,580 27,733 56,012 108,325 9,197 117,522 (10,654) 362,953 352,299 2020 |
|---|---|---|---|---|
| 26,000 10,914 10,936 |
24,580 27,733 56,012 |
|||
| 47,850 2,262 |
108,325 9,197 |
|||
| 58,978 352,299 |
(10,654) 362,953 |
|||
| 411,277 | 352,299 |
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THE JOURNAL OF MORAL EDUCATION
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 MARCH 2021
1. ACCOUNTING POLICIES
Company information
The Journal of Moral Education is a private company limited by guarantee incorporated in England and Wales. The registered office is c/o Archer Associates, Churchill House, 120 Bunns Lane, London, NW7 2AS.
1.1 Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies’ regime and follow the recommendations in Statement of Recommended Practice: Accounting for Charities. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company.
Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2 Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses. Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Office equipment 20% reducing balance
1.3 Cash at bank and in hand
Cash at bank and in hand are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
8
THE JOURNAL OF MORAL EDUCATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
YEAR ENDED 31 MARCH 2021
2. TANGIBLE FIXED ASSETS
| 2. TANGIBLE FIXED ASSETS |
||
|---|---|---|
| Office | ||
| Equipment | ||
| £ | ||
| COST at 1 April 2020 and 31 March 2021 | 300 | |
| DEPRECIATION | ||
| At 1 April 2020 | 298 | |
| Charge for the year | 0 | |
| At 31 March 2021 | 298 | |
| NET BOOK VALUE | ||
| 31 March 2021 | 2 | |
| 31 March 2020 | 2 | |
| All tangible fixed assets are used in the furtherance of the Charity’s activities. | ||
| 2021 2020 |
||
| £ | £ | |
| 3. CREDITORS – Amounts falling due within one year | ||
| Accruals | 1,020 1,020 |
|
| 4. STATEMENT OF MOVEMENTS ON RESERVES | ||
| Income | and | |
| Expenditure | ||
| Account | ||
| £ | ||
| 1 April 2020 | 352,299 | |
| Excess of income over expenditure for the financial year | 59,978 | |
| 31 March 2020 | 411,277 |
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THE JOURNAL OF MORAL EDUCATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
YEAR ENDED 31 MARCH 2021
5. RECONCILIATION OF MOVEMENTS ON FUNDS
| RECONCILIATION OF MOVEMENTS ON FUNDS | |
|---|---|
| Excess of income over expenditure for the year ended 31 March 2021 Excess of income over expenditure brought forward at 1 April 2020 Excess of income over expenditure carried forward at 31 March 2021 All funds are unrestricted. |
Total £ 58,978 352,299 |
| 411,277 | |
6. TURNOVER
All of the Company’s turnover arose from royalties receivable.
7. OPERATING INCOME OVER EXPENDITURE/ (EXPENDITURE OVER INCOME)
| Arrived at after charging: Depreciation OTHER INCOME Bank interest |
2021 2020 £ £ - - 100 87 |
|---|---|
8. OTHER INCOME
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THE JOURNAL OF MORAL EDUCATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
YEAR ENDED 31 MARCH 2021
9. TOTAL RESOURCES EXPENDED
| Direct Charitable Expenditure Editorial expenses (including travel) Conferences Grants paid Management and Administration Postage and stationery Website design Trustees expenses Accountancy Bank charges Depreciation TOTAL RESOURCES EXPENDED |
2021 £ 26,000 10,914 10,936 47,850 - 1,000 116 1,080 66 - 2,262 117,522 |
2020 £ 24,580 27,733 56,012 |
|
|---|---|---|---|
| 108,325 | |||
| - 1,480 6,573 1,080 64 - |
|||
| 9,197 | |||
| 117,522 |
11
THE JOURNAL OF MORAL EDUCATION
INCOME AND EXPENDITURE ACCOUNT
YEAR ENDED 31 MARCH 2021
| Note £ INCOME Advance royalties for current volume 87,271 Additional royalties for previous volume 21,719 Bank interest 100 Total income 109,090 EXPENDITURE Editorial expenses Editors time 26,000 Editorial board Conferences 10,914 Trustees expenses Travel 98 Other expenditure Postage and stationery Professional fees Research grants 10,936 Salaries Website design 1,000 Accountancy 1,080 Bank charges 66 Sundry expenses 18 Depreciation 13,100 Total expenditure 50,112 EXCESS OF (EXPENDITURE)/INCOME OVER (INCOME)/EXPENDITURE 58,978 Excess of income over expenditure brought forward 352,299 EXCESS INCOME OVER EXPENDITURE CARRIED FORWARD 411,277 2021 |
Note £ INCOME Advance royalties for current volume 87,271 Additional royalties for previous volume 21,719 Bank interest 100 Total income 109,090 EXPENDITURE Editorial expenses Editors time 26,000 Editorial board Conferences 10,914 Trustees expenses Travel 98 Other expenditure Postage and stationery Professional fees Research grants 10,936 Salaries Website design 1,000 Accountancy 1,080 Bank charges 66 Sundry expenses 18 Depreciation 13,100 Total expenditure 50,112 EXCESS OF (EXPENDITURE)/INCOME OVER (INCOME)/EXPENDITURE 58,978 Excess of income over expenditure brought forward 352,299 EXCESS INCOME OVER EXPENDITURE CARRIED FORWARD 411,277 2021 |
£ 87,271 19,510 87 106,868 24,580 27,733 6,560 0 0 56,012 0 1,480 1,080 64 13 0 58,649 117,522 (10,654) 362,953 352,299 2020 |
£ 87,271 19,510 87 106,868 24,580 27,733 6,560 0 0 56,012 0 1,480 1,080 64 13 0 58,649 117,522 (10,654) 362,953 352,299 2020 |
|---|---|---|---|
| 109,090 50,112 |
106,868 117,522 |
||
| 27,733 | |||
| 6,560 | |||
| 0 0 56,012 0 1,480 1,080 64 13 0 |
|||
| 58,649 | |||
| 58,978 352,299 |
(10,654) 362,953 |
||
| 411,277 | 352,299 |
12