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2022-03-31-accounts

THE JOURNAL OF MORAL EDUCATION

FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2022

COMPANY REGISTERED NUMBER: 3482956 CHARITY REGISTERED NUMBER: 1067623

THE JOURNAL OF MORAL EDUCATION

FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2022

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 2022

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 2022

The Directors and Trustees present their Report and the Financial Statements for the year ended 31 March 2022.

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 2021:

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.

2

THE JOURNAL OF MORAL EDUCATION DIRECTORS' AND TRUSTEES' REPORT FOR THE YEAR ENDED 31 MARCH 2022 (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 2022, 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:

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:

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 2022

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
496,914
(15,438)
481,476
481,478
481,478
2022		 £
£
2
496,914
(15,438)
481,476
481,478
481,478
2022		 £
£
2
412,295
(1,020)
411,275
411,277
411,277
2021		 £
£
2
412,295
(1,020)
411,275
411,277
411,277
2021
481,478 411,277
481,478 411,277

For the financial year ended 31 March 2022 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 2022

Note
TURNOVER
Administrative expenses
OPERATING (EXPENDITURE)/INCOME
OVER (INCOME)/EXPENDITURE
Other income
EXCESS OF (EXPENDITURE)/INCOME
OVER (INCOME)/EXPENDITURE		 2022
£
100,600
(30,531)
70,069
132
70,201		 2021
£
108,990
(50,112)
58,878
100
58,978

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 2022

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 2021
FUNDS AT 31 MARCH 2022		 £
100,600
132
100,732
25,420
1,144
0
26,564
3,967
30,531
70,201
411,277
481,478
2022		 £
100,600
132
100,732
25,420
1,144
0
26,564
3,967
30,531
70,201
411,277
481,478
2022		 £
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
25,420
1,144
0
26,000
10,914
10,936
26,564
3,967		 47,850
2,262


70,201
411,277		 58,978
352,299
481,478 411,277

7

THE JOURNAL OF MORAL EDUCATION

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 MARCH 2022

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 2022

2. TANGIBLE FIXED ASSETS

Office
Equipment
£
COST at 1 April 2021 and 31 March 2022 300
DEPRECIATION
At 1 April 2021 298
Charge for the year 0
At 31 March 2022 298
NET BOOK VALUE
31 March 2022 2
31 March 2021 2

All tangible fixed assets are used in the furtherance of the Charity’s activities.

3. CREDITORS – Amounts falling due within one year
Accruals
 2022
£
1,020		 2021
£
1,020

4. STATEMENT OF MOVEMENTS ON RESERVES

TATEMENT OF MOVEMENTS ON RESERVES
Income and
Expenditure
Account
£
1 April 2021 411,277
Excess of income over expenditure for the financial year 70,201
31 March 2022 481,478

9

THE JOURNAL OF MORAL EDUCATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

YEAR ENDED 31 MARCH 2022

5. RECONCILIATION OF MOVEMENTS ON FUNDS
Excess of income over expenditure
for the year ended 31 March 2022
Excess of income over expenditure
brought forward at 1 April 2021
Excess of income over expenditure
carried forward at 31 March 2022
All funds are unrestricted.		 Total
£
70,201
411,277
481,478

6. TURNOVER

All of the Company’s turnover arose from royalties receivable.

7. OPERATING INCOME OVER EXPENDITURE/ (EXPENDITURE OVER INCOME)

(EXPENDITURE OVER INCOME)
2022 2021
£ £
Arrived at after charging:
Depreciation - -
**8. ** OTHER INCOME
Bank interest 132 100

10

THE JOURNAL OF MORAL EDUCATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

YEAR ENDED 31 MARCH 2022

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		 2022
£
25,420
1,144
-
26,564
-
1,000
1,821
1,080
66
-
3,967
30,531		 2021
£
26,000
10,914
10,936
47,850
-
1,000
116
1,080
66
-
2,262
50,112

11

THE JOURNAL OF MORAL EDUCATION

INCOME AND EXPENDITURE ACCOUNT

YEAR ENDED 31 MARCH 2022

Note
£
INCOME
Advance royalties for current volume
87,271
Additional royalties for previous volume
13,329
Bank interest
132
Total income
100,732
EXPENDITURE
Editorial expenses
Editors time
25,420
Editorial board
Conferences
1,144
Trustees expenses
Travel
1,708
Other expenditure
Postage and
stationery
Professional fees
Research grants
Salaries
Website design
1,000
Accountancy
1,080
Bank charges
66
Sundry expenses
113
Depreciation
2,259
Total expenditure
30,531
EXCESS OF (EXPENDITURE)/INCOME OVER
(INCOME)/EXPENDITURE
70,201
Excess of income over
expenditure brought forward
411,277
EXCESS INCOME OVER
EXPENDITURE CARRIED FORWARD
481,478
2022		 Note
£
INCOME
Advance royalties for current volume
87,271
Additional royalties for previous volume
13,329
Bank interest
132
Total income
100,732
EXPENDITURE
Editorial expenses
Editors time
25,420
Editorial board
Conferences
1,144
Trustees expenses
Travel
1,708
Other expenditure
Postage and
stationery
Professional fees
Research grants
Salaries
Website design
1,000
Accountancy
1,080
Bank charges
66
Sundry expenses
113
Depreciation
2,259
Total expenditure
30,531
EXCESS OF (EXPENDITURE)/INCOME OVER
(INCOME)/EXPENDITURE
70,201
Excess of income over
expenditure brought forward
411,277
EXCESS INCOME OVER
EXPENDITURE CARRIED FORWARD
481,478
2022		 £

87,271

21,719

100

109,090
26,000
10,914
98
0
0
10,936
0
1,000
1,080
66
18
0
13,100

50,112

58,978

352,299
411,277
2021		 £

87,271

21,719

100

109,090
26,000
10,914
98
0
0
10,936
0
1,000
1,080
66
18
0
13,100

50,112

58,978

352,299
411,277
2021
100,732





30,531		 109,090






50,112
10,914
98
0
0
10,936
0
1,000
1,080
66
18
0
13,100


70,201
411,277		 58,978
352,299
481,478 411,277

12