2021-12-31-accounts

						Page
Directors, officials and		advisors
Report ofthe directors						2 —4
Statement ofdirectors'		responsibilities
Independent examiner's		report
Statement offinancial	activities		incorporating	income and expenditure	account	7-8
Balance sheet
Notes to the financial	statements					10-18

Directors			Michael Syrotinkski	(President)
			Diana Holmes (Vice-President)
			Ketie Jones (Treasurer)
			Thames Baldwin
			Pollie Bromilow
			Joanne Brueton
			Martin Crowley
			Patrick Crowley
			Catherine Emerson
			David Ewing
			Emma Gilby
			Azzedine Heddour
			Joseph Harris
			Kevin Inston
			Sinan John-Richards
			Richard Mason
			Siobhan Mcilvanney
			Fionnuala Sinclair
			Steven Wilson
			Martina Williams
Principal office and			Faculty of Modern	Languages
Registered		office	41 Wellington Square
			Oxford
			Oxfordshire
			OX1 2JF
Independent		examiner	Henderson Loggie	LLP
			Chartered Accountants
			The Vision Building
			20 Greenmerket
			Dundee
			DD1 4QB
Company	number		03801778
Charity number			1078038

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			2021		2020
	Note		6		6
Fixed assets
Tangible assets	7			149
Investments	8	172,031		166,546
			172,031		166,695
Curl'en't asseta
Debtors	9	8767		6,513
Bank balances		250,846		272,250
		259,613		278,763
Creditors
Amounts falling due within one
year	10	(57,018)		(31,023)
Net current assets			202,595		247,740
Net assets			374,626		414,435
Reserves
Restricted funds			12,879		13,878
Unrestncted funds			361,747		400,557
			374,626		414,435

2	Operating	deficit
					2021	2020
	Operating deficit is stated after charging:				6	6
	Depreciation	oftangible assets			149	37
	Independent	examiner's fees			2,690	3,000
3	Income
	Charitable	activities
	Royalties on sales				62,943	63,300
	Contributions to journal costs from Oxford University			Press	13,019	28,433
	Contribution	to the Gapper Foundation	prize		3,000	3,000
					76,962	94,733
	Other trading activities
	Membership	subscriptions			13,576	14,442
			12

			2021	2020
				6
Investment	managers	costs	1,215	1,215
Stripe fees			131	76
			1,346	1,293

Expenditure on charitab	le activi	ties
		2021	2021	2021	2020
		Unrestricted	Restricted	Total	Total
			6
FSend FSBcosts for members		6,272		6,272	6,230
Conference costs		22,095		22,095	4,035
Secretarial costs		28,040		28,040	26,516
Office, postage and insurance		824		824	1,588
Rent		3,800		3,800	5,383
Editorial expenses		6,140		6,140	3,283
Editorial research		700		700	3,056
Bulletin copy editing		1,578		1,578	1,515
Conference support		500		500	729
Research support scheme		493		493	3,644
Research fellowships		49,281		49,281	69,577
Committee expenses					3,373
Membership officers costs					301
IT officers costs					1,000
Secretary costs		48		48	48
Treasurers costs					54
Company secretarial fees					720
Gapper Prize			3,000	3,000	3,000
Malcolm Bowie award			1,000	1,000	1,000
Sundry expenses					51
Professional subscriptions		334		334	534
Depreciation		149		149	37
Bank charges		198		198	106
Bookkeeping fees		2,020		2,020	1,440
We baits costs		7,500		7,500
Loss on foreign exchange		430		430
		130,402	4,000	134,402	137,220
Governance costs
Independent examiner's	fee	2,890		2,890	3,000
		133,202	4,000	137,292	140,220

7	Fixed assets
		2021	2020
		Total	Total
	Office equipment
	Cost
	At 31 December 2020 and at 31 December 2021	7,075	7,075
	Disposals	(7,075)
			7,075
	Depreciation
	At 31 December 2020	6,926	6,869
	Charge for year	149	37
	Depreciation on disposals	(7,075)
	At 31 December 2021		6,926
	Net book value
	At 31 December 2021		149

							2021	2020
								0
Listed Investments
Fair value at 1 January		2021					166,546	168,783
Increase/(decrease)	in	unrealised			appreciation		5,485	(2,237)
Fair value at 31 December 2021							172,031	166,546
Bookcost at 31 December 2021							144,159	144,159
The directors consider		individual			investments	holdings	in excess of5%of	the porffolio
value to be material:
							Fair value at 31	Fair value at 31
							December 2021	December 2020f
M5G Strategic Corporate			Bond	I	AccGBP		57,527	57,190
Man GLG Strategic	Bond		I				114,504	109,356
Investment risks

9	manages this exposure to other price risk by con across various markets. Debtors	structing a diverse porffolio of in	vestments
		2021	2020
	Other debtors	8,767	6,513
10	Creditors
	Other creditors and accruals	67,018	31,023

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