THE BRITISH SOCIOLOGICAL ASSOCIATION (COMPANY LIMITED BY GUARANTEE AND NOT HAVING A SHARE CAPITALI CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Company Number.. 03890729 Charity Number: 1080235 THE BRITISH SOCIOLOGICAL ASSOCIATION CONTENTS Page Trustees, Annual Report Independent Auditors, Report 17-20 Consolidated Statement of Financial Activities 21 Balance Sheet 22 Consolidated Statement of Cash Flows 23 Notes to the Financial Statements 24-44 THE BRITISH SOCIOLOGICAL ASSOCIATION TRUSTEES, ANNUAL REPORT {INCLUDING DIRECTORS, REPORT AND STRATEGIC REPORT) FOR THE YEAR ENDED 31 DECEMBER 2024 The Trustees present their annual trustees, report together with the consolidated financial statements of the charity and its subsidiary for the year ended 31 December 2024 which are also prepared to meet the requirements of a directors, report and accounts for Companies Act purposes. The financial statements comply with the Charities Act 2011, the Companies Act 2006, the Memorandum and Articles of Association, and Accounting and Reporting by Charities= 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 IFRS 1021 (effective 1 January 20191. OBJECTIVES AND ACTIVITIES The objects for which the Association was established as a charitable company are set out in its Articles of Association as the advancement of public education by the promotion and diffusion of the knowledge of sociology by lectures, publications, the promotion and publication of research and encouragement of contact between workers in all relevant fields of enquiry, and by undertaking such other activities as shall be legally charitable according to the law of England and Wales, but not otherwise. The Charity Commission's guidance on public benefit has been referred to in reviewing the BSA'S objectives and planning future activities. At the start of 2020, our activities were mapped out in accordance with an agreed set of strategic priorities detailed in our Strategic Plan 2020- 2022 as follows= Strategic Priority 1 (Promoting Sociology) To promote the contribution and value of sociology by: Enhancing the status and understanding of sociology through wider public and media engagement. Developing partnerships with policymakers and non-governmental organisations involved in shaping society who could help us bring sociology to the decision-making table. Building alliances with organisations who share our passion for sociology whose supporters could help us promote the discipline. Gathering and promoting examples of where sociology is making or could make a positive difference. Strategic Priority 2 (Supporting Sociologists) To nurture a strong and vibrant community of sociologists who feel connected to us and to each other by: Promoting BSA membership as being an essential feature of identifying as a UK sociologist. Creating new relationship options to increase the number of people associated with sociology and the BSA. Developing better ways for members to connect with each other and supporting a strong sense of community. Increasing diversity within the BSA and the discipline, including working to implement the recommendations of the BSA report on Race and Ethnicity in British Sociology. Fostering positive interactions between members and the BSA. Strategic Priority 3 (Sustaining the British Sociological Association) To sustain the charity through responsible use of resources by: Protecting our current income streams and exploring new funding opportunities. Supporting the well-being and investing in the care and development of our staff and volunteers. Making operational savings where feasible. THE BRITISH SOCIOLOGICAL ASSOCIATION TRUSTEES, ANNUAL REPORT (INCLUDING DIRECTORS, REPORT AND STRATEGIC REPORT) FOR THE YEAR ENDED 31 DECEMBER 2024 However, ourwork during 2020 and 2021 was significantly impacted due to the Covid-19 pandemic and the Trustees agreed to extend the current strategic cycle by one year to the end of 2023 and to focus on four areas of special attention as follows". Members-. Supporting members through the changes that they are experiencing, especially the impact and aftermath of the pandemic, e.g. providing more listening and sharing opportunities, and conducting an in-depth survey about membership needs and benefits including external review of the website e.g. by teachers. Schools.. Creating new resources, including videos, and carrying out a survey of teachers to find out how we can support them best. Equity.. Implementing the recommendations of the BSA Report on Race and Ethnicity in British Sociology. Climate emergency.. Exploring and implementing new ways of working which will be better for the environment. The Trustees began work on the development ofa newfive-year strategic plan in the second half of2023. The next strategic plan will run from January 2024 to December 2028 and was launched in January 2024. Public benefit The British Sociological Association has a clear educational public benefit.. to promote the knowledge of sociology as an academic subject and discipline which aims to improve understanding of society and social processes. The BSA publishes journals and books which are publicly available, including a trade book series (Twentieth Century Standpoints), and seeks to encourage sociologists to take part in debates and make an impact where appropriate on important societal issues. The Association also works to support the continuation of public education through the teaching of saciology, providing a range of member benefits, including financial support for postgraduates and early career academi¢s and facilitating a variety of forums in which to discuss sociological research and teaching. The BSA'S conferences and study groups are open to anyone without restriction. A hundred free places were available at our annual conference to assist the attendance of students with no or low incomes and those suffering hardship. Membership Membership is open to all who consider Sociology to be part of their intellectual underpinning, in any professional setting, including in non-academic settings. The final figure for 2024 was 2111 which is 144 higher than last year. The introduction of rolling membership in 2020 was to encourage and facilitate new members joining at any point in time and accessing 12 months of benefits. Supporting existing members and growing our membership base, while raising the public profile of our discipline, remain key objectives of the organisation. This also involves engaging with the changing profile and needs of members, which are being created by changes in both the teaching of sociology in schools and the contexts of sociology in academia. Teachers in schools see significant value in what the BSA can provide as tools to support keeping the curriculum current and in raising the profile and value of the discipline to pupils. The primary resource we provide for this group is our 'Discover Sociology, website - with many resources for teachers to use in the classroom and we are continuing to support A level and equivalent Sociology Teacher members. THE BRITISH SOCIOLOGICAL ASSOCIATION TRUSTEES, ANNUAL REPORT (INCLUDING DIRECTORS, REPORT AND STRATEGIC REPORT) FOR THE YEAR ENDED 31 DECEMBER 2024 We know that the employment contexts of early career researchers as they move through PhD and beyond remains incredibly challenging, so we increased mentoring support by replacing sessions which previously took place at our annual conference with a whole mentoring month in 2021 141 mentees). After another successful year in 2022130 mentees), we continued the scheme again in 2023145 mentees}. Mentoring sessions also continue to be offered at our annual Medical Sociology conference. Attendees find these useful in their career development such that they continue to pay their membership subscription fee in order to benefit from this service even during times of significant financial constraint. We continue to offer a concessionary membership category for early career researchers (3 years from PhD, not in permanent, full time work) to recognise the challenges of getting into the profession. We want to ensure that we maximise benefits for all members and to better understand the value they place on these benefits and the Association as a whole, and we continue to support and grow the study groups as a core value that members recognise {there are now 44 study groups}. To this end we have sought feedback from our members in a variety of ways, including surveys when membership ends, recording their reasons far joining and asking various constituencies for their specific needs. Our 'Sociological Perspectives, symposium series on topical issues, launched in 2022 with very well-received events on- War and Peace Processes {June) and The Cost of Living Crisis (December), continued in 2023 with two further events on.. Migration and the Hostile Environment (January) and Class Discrimination (October). These events are for members only and are another way of recognising and adding value to membership Publications Our publications are essential to the Association's financial stability, its disciplinary mission and its national and international visibility. The four journals and two book series successfully fulfilled their roles through 2023, publishing high quality peer reviewed research. The publications involve over 250 dedicated volunteers, supported by a small staff team and by 3 different professional publishing partners SAGE Publications, Routledge and Policy PresslBristol University Press. The Trustees are aware that income from our publishing activity is projected to be less predictable in coming years due to the impact of new open access publishing deals and we have been seeking expert and peer advice to continue providing support for our publications and to maintain sustainable publishing outlets for sociological research. Journals publishing BSA journals continued to be a successful and positive activity for the Association and all those involved. The BSA publishes four peer reviewed journals with SAGE Publications, Sociology, Work, Employment and Society, Sociological Research Online and Cultural Sociology. Two of these journals, Sociology and WES, through gift aid from the BSA'S trading subsidiary (BSA Publications Ltd) provide an important and substantial income stream for the Association, helping to ensure its financial stability. All of the journals publish using a hybrid business model.. content is available through subscription and by some paid (gold) open access arrangements. The number of articles published remained steady or reduced for the journals despite new agreements with institutional librariesllibrary consortia being negotiated by Sage. We continue to monitor the development of open access business models as we do not yet see a model that is sustainable in sociology. Currently the volume of open access content published in BSA journals is highly dependent on 'transformative deals, between publishers and librariesllibrary consortia. However, these deals are intended to be temporary to support the conversion of journals to a fully Gold open access model. A fully Gold open access model is currently not viable for BSA journals from two perspectives.. a significant proportion of authors who submit to the journals have no external funder providing funding for open access publishing and so publish using the Gold open access model due to the 'transformative deals as a result, a fully Gold open access business model would not be financially sustainable for the BSAjournals. A new contractual agreement with Sage for the publication of Sociology and Work, Employment and Society took effect in 2023. This contract had been negotiated and agreed with independent advice from publishing and legal consultants. The new contract brought about a reduction in income from Sociology and Work, Employment and Society, reflecting the impact of open access, changing publishing business models and the instability of the future of academicjoumal publishing. THE BRITISH SOCIOLOGICAL ASSOCIATION TRUSTEES, ANNUAL REPORT (INCLUDING DIRECTORS, REPORT AND STRATEGIC REPORT) FOR THE YEAR ENDED 31 DECEMBER 2024 All the journals registered positive performance in submissions, quality of publication, turnaround times, and also in measures of attention.. downloads, social media attention and citations. All of these indices confirm that BSA journals are exceptionally well placed to develop and promote sociological agendas. The new publishing contract introduced flexible page budgets for Sociology and Work, Employment and Society, meaning that the journals are able to publish without the restriction of a page budget. This change has resulted in new initiatives on the journals for creative and alternative types of content, additional special issues, longer word limits for articles and other positive changes that support the communication of academic ideas and research. The journals have continued to make structural changes to increase the participation of international volunteers and to respond to volunteer availability. The continued growth of the journals, coupled with a reduction in volunteer availability, has necessitated some positive and creative changes. New Editors began roles on Sociological Research Online in early 2023. The journals continue to meet regularly as communities using online meeting tools. The response to calls for editors and Editorial Boards continues to be very strong many more applications than vacancies. BSA journal roles continue to be rewarding and attractive to sociologists as publication outlets, as development opportunities and spaces for valuable academic exchange. Book Publishing The BSA-Routledge (Taylor and Francis) book series, Sociological Futures, did not publish any new titles in 2023,. this is a reflection of the slow down in book proposals and manuscripts as a result of pandemic circumstances and availability. We did see healthy activity in terms of proposals and contracted books. We also appointed 3 new editors to the series, with a commitment to supporting the development of editing skills for less experienced colleagues. The Association's newest crossover trade series with Policy Press Called 21st Century Standpoints did not publish any volumes in 2023 again this is a reflection of author and editor commitment and lack of availability. However, there were volumes in development in 2023 for publication in 2024. Both book series provide a small royalty percentage for the Association. The income is not expected to be high but is an additional income stream that is not reliant on academic journal publishing. We continue to monitor open access policies for book publishing in order to provide suitable publishing outlets for sociological work. The BSA continues to recognise excellence in book publishing by offering the Philip Abrams Prize forthe first, sole-authored monograph. Conferences and Events The Association's conferences have been recognised as an important part of our income generation strategy. As journal royalties reduced in 2023 with the new publishing contract, reflecting the impact of open access, income from our conference and events now needs to help sustain the charity in future. After years of online annual conferences during the pandemic, in 2023 the Annual Conference returned to an in-person event. Bookings for the conference exceeded expectations with 763 registered delegates, although there were 98 no- shows. The post-event feedback indicated that the majority of delegates had a very good conference experience, particularly valuing the opportunity to ne￿Ork and meet face-to-face for the first time since 2019. The support which delegates received from the BSA Office and the App providers was also recognised in the feedback, although we noted that the App was not used by as many delegates as expected and some users did find it difficult to navigate. There were also very mixed messages about the catering after the less expensive option of sandwiches and cold buffet was chosen for this year. We may need to review the construction of the App content and consider the more expensive option of a hot buffet for future in-person conferences. THE BRITISH SOCIOLOGICAL ASSOCIATION TRUSTEES, ANNUAL REPORT (INCLUDING DIRECTORS, REPORT AND STRATEGIC REPORT) FOR THE YEAR ENDED 31 DECEMBER 2024 The committee for the Annual Medical Sociology Conference decided to return to a face-to-face event at the University of Sussex in the month of September with 274 confirmed delegates, broken down as follows'.- 189 booked for the full conference 45 day delegates 24 free places {19 to Students and 5 to Unwaged or delegates outside of academia) 16 committee members l BSA staff l invited speakers The BSA Work, Employment and Society Conference also took place in person in 2023, with Glasgow Caledonian University chosen as the venue. The conference was held in September, at the same time as the Annual Medical Sociology Conference and had 325 confirmed delegates, broken down as follows'.- 227 booked for the full conference 24 day delegates 60 free places 14 committee members l BSA staff l invited speakers Membership sevices It was pleasing to see membership increase in 2023. The number of members went up by 144 from 1967 in December 2022 to 2111 in December 2023. Larger in-person conferences are a known factor in increasing membership as it is cheaper to attend as a member than as a non-member. With publishing income reducing, the importance of membership subscriptions to the sustainability of the charity has increased and the Trustees have made the membership experience the focus of their strategic attention for the coming five years. During 2023 our support for specialist interest and study groups continued, with closer links with the office and the Board of Trustees, and regular meetings with study group convenors. We are pleased to report that study group seminars, mailing lists and networking continue as a significant component of BSA activities. Study Group Convenors meetings continued to be held online in 2023 and were well-attended, with this way of working for business meetings continuing to suit the busy timetables of many academics. The BSA is currently supporting 44 study groups and 9 Medical Sociology sub-groups. The study groups continue to be very involved in the organisation of the Annual Conference. The "grassroots" activity and intellectual interest generated and sustained by study groups is important in itself and also functions as a means of recruitment to the wider Association. In order to thrive, the Association needs to have good visibility. A range of activities help us to improve the visibility of the BSA, Sociology and sociologists including our online presence, PR activities and consultations. The Association's website, Facebook, Twitter accounts and its magazine Ne￿Ork continue to serve as valuable communication tools, connecting the Association with a diverse audience including members, students, the media and the general public. Developing and strengthening our online social media presence is an ongoing priority as a means by which we promote both sociology and the BSA. This year, our Twitter following grew to over 30,001 (up from 29,300 last yearl, while our Facebook followers remained steady at 13,291. The number of people on our Linkedln page reached 5,157. Our primary digital presence is our main website, htt s'.Ilwww.britsoc.co.ukJ, which features microsites for each study group, medical sociology and special interest groups. These microsites showcase the depth and range of subjects covered by the discipline and supported by the Association. In 2023, our main website attracted over 115,000 visitors, resulting in over 560,000 pageviews. Additionally, our digital news platform, Everyday Society {htt s'.Iles.britsoc.co.ukl received over 11,000 visitors and 21,063 pageviews. This platform extends the reach of sociological research to the public, government bodies and beyond through short articles on current sociology. Providing an open, free space for sharing current sociological research and debate in an accessible format is crucial for promoting and showcasing the value of sociology and the Association. THE BRITISH SOCIOLOGICAL ASSOCIATION TRUSTEES, ANNUAL REPORT {INCLUDING DIRECTORS, REPORT AND STRATEGIC REPORT) FOR THE YEAR ENDED 31 DECEMBER 2024 BSA Public Engagement As the public face of Sociology in Britain, the BSA engages in activities throughout each year to promote the discipline beyond academia and showcase the value of membership. One of the key ways we promote Sociology is by representing the discipline in public.. in person and in writing and by facilitating connections be￿een sociologists and organisations including public bodies. In 2023, representatives from the Association, including our Chair and our President, brought the voice of Sociology to meetings of our umbrella bodies including the International Sociological Association {ISA) the Academy of Social Sciences (ACSSI and the British Academy IBA). We actively engaged in a number of specific umbrella body activities including promoting to our members an ISA Survey on Research Ethics and Ethics Committees in Social Sciences, submitting a written response to the British Academy's Survey on the Impact of Open Access on Learned Societies, contributing to the ACSS response to the early decisions on REF 2028 published by Research England, and joining forces with the Heads and Professors of Sociology Council UK to submit a response to the JISC consultation on REF 2028.. People, Culture and Environment. We continued to connect sociologists with schools who contact the BSA asking for someone to come and give a talk (this year speakers visited schools in Bolton, Reigate and Newcastle upon Tyne) and to support and provide activities for school teachers. During the year we ran a webinar for school teachers {'From career to curriculum,), and supported and promoted an A Level Sociology conference at UCL. We also fielded a speaker to present a session to the new cohort of social science PGCE candidates at the University of Roehampton. The Association continued to act as an official, recognised, independent conduit for nominations to significant bodies including for Fellowship of the Academy of Social Sciences. There were successful collaborations with three other learned societies during the year which saw us connecting members of our Sport study group with members of the British Society of Sport History who ran an event together, working with the British Philosophical Association on the recruitment process for an EDI research project, and facilitating collaboration beMeen the Early Career Networks of the BSA and the Political Studies Association. Occasionally, significant events in the public sphere warrant public comment from the Association because of their impact on the lives of sociologists and members of the Association. In 2023 we wrote to the Vice Chancellor at the University of Brighton to express our concern regarding proposed redundancies in Criminology and Sociology urging the university to consider the detrimental effect on the mentoring of early career colleagues and potential adverse consequences for the next REF of targeting the Trustees issued a statement expressing solidarity and concern for sociologists involved in UCU- led Action-Short-Of-A-Strike (ASOS which recognising the impact on staff and students, asking Vice Chancellors to urge UCEA to engage with UCU to resolve the dispute. We also wrote to UKRI to protest against the suspension of the ESRC'S EDI Advisory Forum in relation to a Freedom of Speech matter. statements were issued in relation to three geopolitical events affecting some of our members including the earthquakes in Syria and Turkey, the Israeli I Palestinian conflict, and the conflict in Sudan. The number of crises around the world and associated demand for BSA action on the same prompted a debate within the Board of Trustees from which a new policy emerged which recognises the limits of the charity in terms of its charitable objects and also its resources. Public engagement work, including interaction relating directly to the context of sociologists in the UK, will continue, however, instead of issuing statements on global crises, the Association will focus on organising events for sociologists to discuss these happenings in an academic way. THE BRITISH SOCIOLOGICAL ASSOCIATION TRUSTEES, ANNUAL REPORT (INCLUDING DIRECTORS, REPORT AND STRATEGIC REPORT) FOR THE YEAR ENDED 31 DECEMBER 2024 Supporting the next generation of sociologists remained a strategic priority in 2023 and we cantinued to add new video resources to our satellite website dedicated to helping school teachers and their students {this year on social mobility). Our Young Sociologist of the Year prize attracted 174 submissions in 2023 with the winning entry tackling the question 'To what extent, and in what ways, is patriarchy alive and kicking. Communication with and through the media continues to be essential to the public understanding and profile of the discipline. To this end, we continue to employ the services of a freelance journalist (Tony Truemanl to assist us with publicising all conferences and events and editing Network, the Association's magazine, and advise us on how to communicate with the press. Attracting media attention is challenging, nevertheless our press releases received record coverage in 2023. Research promoted by the BSA appeared in the news media 427 time including in The Guardian, The Observer, Daily Mirror, The Independent, The Daily Telegraph, and the BBC and ITV websites, as well as media abroad. London Property The Association purchased a property at Imperial Wharf near Chelsea Harbour in London in 2009. The property was seen as easily accessible by tube, train and bus and therefore well connected to all of London's main train stations and airports. It was viewed as a long-term investment, and a resource for the conduct of the Association's business as well as a membership benefit providing a space for BSA meetings and events to be held in the capital. The property went on the market for sale,. however, having tested the property market for 18 months, the trustees made the decision to remove it from the market for now. From January 2023 the meeting space began to be used again for BSA meetings. Durham Property The BSA rented property in the North East from May 1992 until December 2017 when a modern 8,000 square foot two storey building was purchased. 25°/o of the building was occupied by a tenant at that time and in 2021 trustees voted to release another 25 % of the building to tenants to further add to income streams to help counteract the reduction in income from our publishing activities related to the impact of Open Access publishing. A second tenant was identified who took up occupancy in December 2023. The property is currently 50 % occupied by tenants, generating an income of just under £51,000 per annum. Tenants now occupy the lower floor whilst BSA staff are situated on the top floor. The lease for our original tenant was renewed in 2020 for a further 7 years and so is due to expire in March 2027. The lease for the second tenant is due to expire in December 2028, unless they choose to exercise their break option in December 2026. FINANCIAL REVIEW Annual budget, income and expenditure In 2022, the Trustees approved a surplus budget for 2023 of £70,215, assuming limited growth in membership and conference income and reduced income in publications with the start of the new, lower return, publishing contract. Income from publishing activities was £102,144 less than in 2022. However, with three large conferences being in person, conference and membership income held up, contributing to a net surplus of £96,587 of which £12,603 relates to gains on investments. The main sources of income for the Association are identified under the following headings in the financial accounts.. Membership subscriptions Conferences Publication and sale of sociological journals Other income (bank interest, rental income, investment income, etc.) THE BRITISH SOCIOLOGICAL ASSOCIATION TRUSTEES, ANNUAL REPORT (INCLUDING DIRECTORS, REPORT AND STRATEGIC REPORT) FOR THE YEAR ENDED 31 DECEMBER 2024 Expenditure in the year has supported the Association's key objectives through funding the following activities.. publications, conferences and events, communication and public engagement work. Expenditure on the central overheads of the staff and office costs is essential to the continuing work of the BSA. Sage 200 continues to be the financial software package utilised for all financial controls. This enables the production of accounts for Trustee review, detailing budgeted values and actual spend in the year to date. Reserves The Charity Commission requires Trustees to review reserves and to disclose their policies on these matters in an annual report, included in the year-end financial statements. This should cover the level of reserves held at the balance sheet date, and the needs and opportunities that are anticipated. Policy statements, activities and annual reporting must follow the 'Accounting and Reporting by Charities - Statement of Recommended Practice,, now known as "SORP (FRS 102)" The terms 'reserves' has a variety of technical and ordinary meanings, depending on the context in which it is used. As in SORP {FRS 102), the association uses the term 'reserves' (unless otherwise indicated) to describe that part of income that is freely available for general purposes. 'Reserves' are therefore the resources the charitable company has or can make available to spend for any or all the charitable company's purposes once it has met its commitments and covered its other planned expenditure. The association's reserves at year-end 2024 stood at £2,283,460 including £1,123,988 tied up in the London and Durham properties and £903,690 in investment funds with Ruffer. The Association's reserves policy is derived from a risk assessment of the annual income and expenditure. This assessment specifies the minimum level of readily available reserves required to cover employer-related costs, such as redundancies, and other commitments during an unforeseen period of difficulty (such as, a sudden and unexpected decline in membership). Specifically, Trustees are charged with retaining a sufficient reserve of funds to enable the running down of the association over a period of one year should members vote to discontinue the Association or it proves no longer (financially or otherwise) viable. A minimum fund of £653,000 should be set aside to cover staff, office and related services over one year. This follows the recommended good practice for charitable companies to keep a minimum in reseNe for this purpose equivalent to 12 months, worth of expenditure for the Group (the BSA and BSA Publications Limited). At 31 December 2024 free reserves exceeded this target however given the current financial climate the Trustees consider it prudent to retain above the recommended minimum reseNes. The Association's reserves can also be considered for use to meet the costs of one-off planned expenditure on specified projects and any unforeseen contingencies. Investment policy The Trustees have the power to invest in such investment, securities or property as they see fit, subject to any restrictions imposed by law. The association took a decision in March 1994 to maintain an ethical investment portfolio. This was further reviewed in 2002 with some additional consideration in 2004105. A more recent review was undertaken in May 2017 where the trustees reconsidered the criteria of companies to invest with. The Trustees were unanimous that any company associated with armaments, nuclear power generation and pornography should be completely avoided, whilst uranium mining and construction of nuclear power should be restricted to where no more than 10 % of revenuelprofit criteria can be applied. It was also agreed that the human rights and environmental records of companies should be taken into ansideration. The Association has stipulated a range of concerns on these matters as well as the ethics of general employment and investment practices of companies and these have been communicated to the association's investment advisors. The net unrealised gain in investments for the year ended 31 December 2024 was £12,603. THE BRITISH SOCIOLOGICAL ASSOCIATION TRUSTEES, ANNUAL REPORT (INCLUDING DIRECTORS, REPORT AND STRATEGIC REPORT) FOR THE YEAR ENDED 31 DECEMBER 2024 Fixed asset policy The Association's policy on capitalisation of fixed assets is that items deemed suitable for capitalisation shall only be capitalised if they exceed £500 in value. Contracted and management services During the year the services of the following external professional and specialist advisars were contracted.. Acamedia Imedia Specialist Services] Clearcourse ICRM IT support] DMWM IDigital Designer] Worknest IHealth & Safety regulation compliance supportl S & W Partners Audit Limited IAudit, VATI Haines Watts Limited [Payroll Servicesl Mi-voice IElection Servicesl National Westminster Bank IBankingl Policy PresslBristol University Press IBook publisherl Routledge IBook publisherl Ruffer Investments Ilnvestment Portfolio Managementl SAGE Publications lJournal publisherl TPT IPension managersl TSG IIT Systems Supporti Ward Hadaway ILegal Services] Waterstons Iwebsite Hosting and Technical Supportl Yellowback Ltd IPeer Review Management Servicesl PLANS FOR FUTURE YEARS During the autumn of 2023 the Trustees discussed and developed a new Strategic Plan for the 5 year period January 2024 to December 2028. The following has now been agreed.. Our Charitable Objectives The advancement of public education by the promotion and diffusion of the knowledge of sociology by lectures, publications, the promotion and publication of research and encouragement of contact between workers in all relevant fields of enquiry. Our Guiding Principles Deliver what is possible. Focus on the membership experience. Our Core Values Compassionate Inclusive Supportive Thoughtful Activities Review our range of activities and the systems we use to service them and seek to balance these against the resources we have. Assess what best serves our charitable objectives and what is most valued by our members and direct our attention to those activities. Close some activities to focus on what is important and achievable. Seek to do more with and for the membership whilst continuing to speak up for the discipline in a targeted way which reflects our core values. THE BRITISH SOCIOLOGICAL ASSOCIATION TRUSTEES. ANNUAL REPORT (INCLUDING DIRECTORS, REPORT AND STRATEGIC REPORT) FOR THE YEAR ENDED 31 DECEMBER 2024 Our Plans We will begin the strategic cycle with some very practical initiatives for our membership including holding membership fees at 2023 rates for 2024,. reducing fees for our student community,. developing new ways of recognising long-standing members., and exploring career-supporting expert training for our members. During the term, we will replace our website and CRM (which are coming to the end of their lifecycle), condensing and amalgamating the best of our website resources into one place. We will also invest in better communications to help us be more effective when we are speaking with members and when we are speaking up for the discipline. Enacting our plans will include reviewing what we do now, being bold about ending activities which are less effective, and investing in activities which are more effective. Strategic Objectives The strategic objectives of the BSA are listed below. Examples of the activities and initiatives that the BSA will discuss and develop, if we can, are also provided. To enhance the membership experience of the BSA Set membership fees that recognise the financial circumstances of BSA members, as much as possible. Explore the creation of an associate membership category. Provide more training experiences for postgraduate and early career BSA members. Provide more careers advice and support for all 8SA members. Make all BSA annual conferences in-person, inclusive and the focal point of the academic year for sociologists, respor)ding to member feedback and external factors. Explore new ways of recognising long-standing membership. Organise more online and in-person events for members focused on specific and topical issues. Devise and implement codes of conduct that seek to foster inclusivity for all BSA members To improve communication between all constituencies of the BSA and with wider society Establish a communications role within the BSA office to create and coordinate internal and external communications. Invite participant observers from the Advisory Forum to attend BSA Board meetings. Foster higher levels of interaction be￿een trustees and members by creating and publicising new two-way channels of communication. Refresh and revitalise the members, magazine, Ne￿ork. Develop an effective and cost-effective digital presence. To manage the long-term sustainability of the BSA Plan for the changing financial and social circumstances in which we operate. Manage our assets for the long-term benefit of the BSA and its members. Increase involvement at school and college level to ensure the uptake of sociology courses at colleges and universities. Create additional revenue streams. Support our study groups to ensure the continual development of innovation and research in the discipline. Support the editorial teams of ourjournals and book series to publish innovative research and showcase the importance of sociology to wider societies. Support journal initiatives which increase international representation within the journals to widen knowledge sharing and representation within our discipline. Pursue the best contract for BSA journals that enables the work of editorial teams, providing them with the necessary support and infrastructure to achieve their aims. 10 THE BRITISH SOCIOLOGICAL ASSOCIATION TRUSTEES, ANNUAL REPORT (INCLUDING DIRECTORS, REPORT AND STRATEGIC REPORT) FOR THE YEAR ENDED 31 DECEMBER 2024 Putting Our Plans into Action The Board of Trustees has eight sub-committees and we have allocated responsibility for taking foTward our strategic objectives across these committees. Broadly, the sub-committees cover the following areas.. Membership Annual Conference Publications Equality, Diversity and Inclusion Public Engagement Schools Governance Finance Different initiatives may require consultation with various stakeholders and members can expect to see this reflected in communications as our plans are enacted over the five-year period. REFERENCE AND ADMINISTRATIVE DETAILS Company Number Charity Number 3890729 1080235 Registered Office Chancery Court, Belmont Business Park, Belmont, Durham, DH1 1TW Our advisors Bankers SolicitorslLegal issues National Westminster Bank, 12 Market Place, Durham, DH13NG Ward Hadaway Law Firm, Sandgate House, 102 Quayside, Newcastle upon Tyne, NE1 3DX S & W Partners Audit Limited, 17 Queens Lane, Newcastle upon Tyne, NE1 1 RN Ruffer LLP, 80 Victoria Street, London, SW1 E 5JL Auditors Investment Advisers Directors and Trustees The directors of the charitable company are its Trustees for the purpose of charity law and throughout this report are collectively referred to as the Management Trustees. The members of the board during and after the year were as follows'.- Dr Jason Arday Dr Paul lan Campbell Mr Jonathan Blundell Dr Elizabeth Cotton Dr Mark Doidge Professor Nicola Ingram Dr Finn Mackay Professor Vanessa Linda Katarina May (Appointed 7 June 2024) Professor Catherine Pope (Resigned 7 June 20241 Mr Steve Raven Dr Jennifer Remnant Professor Karim Murji Dr Rima Saini Dr Michael Sheaff Dr Christopher Yuill Dr Maryam Sholevar (Appointed 7 June 20241 {Resigned 2 February 20241 11 THE BRITISH SOCIOLOGICAL ASSOCIATION TRUSTEES, ANNUAL REPORT (INCLUDING DIRECTORS, REPORT AND STRATEGIC REPORT} FOR THE YEAR ENDED 31 DECEMBER 2024 Key management Chief Executive Company Secretary Company Secretary Publications Manager Mrs Judith Mudd Mrs Kerry Collins (Appointed 9 June 2023) Mrs Katherine Minnis Mrs Alison Danforth STRUCTURE, GOVERNANCE AND MANAGEMENT Governing documents The British Sociological Association (BSA) is an incorporated Association and is registered as a Company Limited by Guarantee and not having a Share Capital under company registration number 3890729. The Association obtained charitable status in April 2000 under registration number 1080235. BSA Publications As a charity, the Association controls a trading subsidiary BSA Publications Limited. BSA Publications Limited publishes sociological journals on behalf of the parent body, The British Sociological Association. Trustees and the Advisory Forum The activities of the BSA are overseen by an elected Board of Trustees made up from ordinary members ofthe Association., election to the Board proceeds on a rolling basis with new members elected in the spring of each year. Elected members of the Board are the legal Trustees of the Association, and have overall responsibility for ensuring the Association has in place an appropriate system of controls, financial and otherwise, to provide reasonable assurance that the charitable company is operating efficiently and effectively, that its assets are safeguarded against unauthorised use or disposition, that proper records are maintained and financial information used within the charitable company or for its trading subsidiary is reliable, and that the charitable company complies with relevant laws and regulations. The Board of Trustees comprises 13 elected Trustees (nominated and elected by wider membership) plus occasional additional trustees co-opted as required. The President of the Association and non-voting representatives from each of the four journals with which the BSA is associated, plus a number of people who are co-opted onto the Advisory Forum to ensure that constituent members of the Association are appropriately represented and informed. The strategic agenda of the Association and current activities in any given year are driven and directed by the Board of Trustees to the following positions,. Chair, Vice Chair, Treasurer, Publications Directors, Membership Services Directors and Public Engagement Directors. Joining these elected Trustees on the Board are the BSA Chief Executive, Company Secretary and Publications Manager. Key management personnel salaries There is an annual review for staff salaries commencing in September with the Chair, Vice Chair, Treasurer and one other trustee looking at RPI, average pay rise over the last 5 years and the financial health of the Association. On a five yearly basis an external consultant is contracted to give advice on the pay scheme and to undertake a benchmarking exercise against similar organisations in the sector and other employers in the region. This was last undertaken in Spring 2022. The next external salary benchmarking review will be due to take place in 2027. The BSA office The work of the Board is supported by a dedicated staff team, based at the Association's registered office in Durham. The BSA employs eleven staff on a permanent basis. Other paid support includes temporary office assistance as required and contracted services (see below). Office staff members are responsible for the day to day administration of the business of the Association. The Senior Management Team for the Association is the Chief Executive, Judith Mudd, Company Secretary, Katherine Minnis, and Publications Manager, Alison Danforth. The Chief Executive is in overall charge of the BSA office and is ultimate line manager for all staff. 12 THE BRITISH SOCIOLOGICAL ASSOCIATION TRUSTEES, ANNUAL REPORT {INCLUDING DIRECTORS, REPORT AND STRATEGIC REPORT) FOR THE YEAR ENDED 31 DECEMBER 2024 Organisational reviews From time to time the Trustees initiate a review of the structure and functioning of governance of the association to ensure the BSA is meeting the expectations of good charity governance, delivering its objectives and working effectively as a membership organisation. The last full Governance Review took place in 2022. The review was conducted by academic external consultsnts drawing on.. detailed scrutiny of Board papers, BSA charity and trading company documentation, BSA policies and procedures, and interviews with staff, Trustees and key stakeholders. The review report recognised that this governance review was carried out as the world was emerging from the Covid-19 pandemic and at a time where many charities, including the BSA, were considering new working models and practices, building on the learnings and opportunities from the pandemic and re-instating practices that may have been paused for practical reasons during that time. The consultants summarised their findings in their presentation to the Board as follows: There is a lot that is working well including.. There is strong clarity of purpose amongst the board and strong commitment to and care for sociology and its stakeholders, including members. Trustees have a shared sense of the challenges facing the BSA. Meeting effectiveness is supported by well-presented and succinct papers and a warm, welcoming style of chairing which encourages contributions from all. Risk management is prioritised, with an annually reviewed risk register and new risks brought to board at meetings. Board effectiveness is supported by a commitment to externally reviewing governance every 5 - 7 years., an annual trustee skills audit., continuity and certainty about succession (with the VC taking up the Chair's role at the end of the latter's term}. EDI is prioritised and considered at meeting, supported by the Working Group. There is a strong commitment to the green agenda and tackling climate change. There are 14 recommendations for improvement, which is normal for this type of review. The recommendations are RAG rated i.e. Red, Amber, Green 4 recommendations were rated Red = speedy attention required or quick wins 9 recommendations were rated Amber= for medium term attention 1 recommendation was rated Green = for longer-term attention Red items Strategic development and performance monitoring {e.g. build a mechanism to track the difference we make) (The Trustees have developed a new tracking system which includes key indicators of success which will be applied to the five year Strategic Plan commencing in 2024) Trustee role and division of labour {e.g. improve trustee role descriptions) (Role descriptions have been updated and improved) Practical suggestions to enhance board meeting effectiveness (e.g. introduce timed agendas} (Timed agendas are to be trialled in 2024 alongside other new ways of meeting, including short focussed monthly meetings and online decision-making, where appropriate, to reduce the length of main meeting agendas) Assurance.. suggestions to strengthen board assurance mechanisms {e.g. co-opt someone with financial skills onto the board and ensure management accounts always discussed) (A Trustee with financial skills was recruited to take on the role of Treasurer in 2023) 13 THE BRITISH SOCIOLOGICAL ASSOCIATION TRUSTEES, ANNUAL REPORT (INCLUDING DIRECTORS, REPORT AND STRATEGIC REPORT) FOR THE YEAR ENDED 31 DECEMBER 2024 Amber items The President's role (e.g. more clarity of the role needed) IA new role description with greater clarity on responsibilities was developed in 2022 and implemented in 2023 with a change in incumbent) The Chief Executive's performance review (i.e. return to pre-COVID annual appraisal by chair) (CEO appraisals returned to annual occurrence in 20231 Conflicts of interest and loyalty li.e. introduce a separate agenda item at every board meeting) Ilmplemented in 2022) Risk management and oversight {e.g. introduce formal codes of conduct and mechanisms for dealing with breaches of code of conduct) (Codes of Conduct for members and conferences were developed in 2023 and are due to be finalised and implemented in 2024) Board effectiveness and development including induction (i.e. return to pre-COVID induction) IPre-COVID induction processes resumed in 2023 with individual one-to-one briefings with the Chair, CEO and relevant committee staff support) Diversity, Equity and Inclusion le.g. increase outreach for new trustees to increase diversity) (Calls for new trustees include specific reference to EDI balancing goals and EDI audits are used to track change over time) Website information li.e. increase clarity and transparency) (This referred specifically to Governance infomiation and changes were made to the About pages of the website in 2023 to improve clarity and transparency) Trading company {i.e. co-opt independent expert onto board) (This item is still to be implemented) Advisory Forum (e.g. Draft clear Terms of Reference and seek feedback in a more explicit manner on issues of strategic concern) (New ways of working, including giving Forum members other than the trustees greater control over the agendas and chairing of the meetings, are under discussion and expected to be implemented in 2024) Green item Develop organisational 'values' {Core values were agreed in 2023 and appear in the Trustees, Strategic Plan for 2024-2028. See above section Plans for Future Years) The next review is scheduled to take place in the next 5-7 years i.e. by the end of 2029. Risk management Trustees review the association's objectives and identify the major risks (within and beyond the association's direct control) to which the charitable company may be exposed on an annual basis. The financial Period under review saw a review undertaken in December 2023 with discussions around a range of risks, positive and negative, facing the Association. As well as meeting the requirements of Charity Law, the review provides an excellent way in which to plan and prioritise the work of the Board of Trustees and staff. The agreed priorities, ranked according to acuteness and Ipotentiall severity, are detailed in a Risk Review Report and can be summarised as follows.. 14 THE BRITISH SOCIOLOGICAL ASSOCIATION TRUSTEES. ANNUAL REPORT (INCLUDING DIRECTORS, REPORT AND STRATEGIC REPORT) FOR THE YEAR ENDED 31 DECEMBER 2024 BSA Risk Register 2024 Scope Risk Impact Level Likelihood Short-term Membership retention and recruitment Changes in education policy and fundingl Government policy e.g. fees IT infrastructure Public face of sociology and the BSA Conference performance Management of journals including recruitment of editorial teams, citation rates, publisher relationships, peer reviewer exhaustion Diversity within the BSA Socio- Geo-Political Climate e.g. freedom of speech Trustee succession planning Social Medial press coverage Overseeing contractors e.g. IT, journals, media High High High High High High High High High High Medium Medium High High Medium Medium High Medium Medium High Medium Low Medium-term Impact of changes to publishing Reserves of the Association Availability of trustees and Advisory Forum representatives General data protection Employee retentionlrecruitmenvperformancel sicknesslvolunteers working relationships with staff Positive working relationships within the BSA governance structure Recruitment of new CEO High High Medium High Medium High Medium High Medium Medium Medium Medium High Low Long-term Study Groups Medium Low 15 THE BRITISH SOCIOLOGICAL ASSOCIATION TRUSTEES, ANNUAL REPORT (INCLUDING DIRECTORS, REPORT AND STRATEGIC REPORT) FOR THE YEAR ENDED 31 DECEMBER 2024 STATEMENT OF TRUSTEES, RESPONSIBILITIES The trustees (who are also directors of The British Sociological Association for the purposes of company law) are responsible for preparing the Trustees, Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Company law requires the trustees to prepare consolidated financial statements for each financial year, which give a true and fair view of the state of affairs of the charitable company, and the group, and of the incoming resources and application of resources, including net income and expenditure, of the group for the year. In preparing those consolidated financial statements the trustees are required to.. Select suitable accounting policies and then apply them consistently., Observe the methods and principles in the Charities SORP 2019 (FRS 102)., Make judgments and estimates that are reasonable and prudent", State whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements., Prepare the consolidated financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in operation. The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and group and to enable them to ensure that the consolidated financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and the group and hence for taking responsible steps for the prevention and detection of fraud and other irregularities. In so far as the trustees are aware.. There is no relevant audit infonmation of which the charitable company's auditor is unaware and; The trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditor is aware of that information. AUDITORS A resolution proposing that S & W Partners Audit Limited be re-appointed as auditors of the charitable company will be put to the Annual General Meeting. Approved by the trustees on and signed on their behalf by-. Dr Maryam Sholevar BSA Treasurer 16 THE BRITISH SOCIOLOGICAL ASSOCIATION INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF THE BRITISH SOCIOLOGICAL ASSOCIATION FOR THE YEAR ENDED 31 DECEMBER 2024 Opinion We have audited the financial statements of The British Sociological Association (the 'parent charitable company,) and its subsidiary (the 'group') for the year 31 December 2024 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). I n our opinion, the financial statements.. give a true and fair view of the state of the group's and parent charitable company's affairs as at 31 December 2024, and of the group's income and expenditure for the year then ended., have been properly prepared in accordance with United Kingdam Generally Accepted Accounting Practice., and have been prepared in accordance with the requirements of the Companies Act 2006. Basis for opinion We conducted our audit in accordance with International Standards on Auditing (UK) (ISAS (UKII and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions relating to going concern In auditing the financial statements, we have concluded that the trustees, use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that. individually or collectively, may cast significant doubt on the group and parent charitable company's ability to continue as a going conoern 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. 17 THE BRITISH SOCIOLOGICAL ASSOCIATION INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF THE BRITISH SOCIOLOGICAL ASSOCIATION FOR THE YEAR ENDED 31 DECEMBER 2024 (Continued) other information The other inforrnation comprises the information included in the trustees, annual report, other than the financial statements and our auditorfs report thereon. The trustees are responsible for the other information contained within the Trustees, Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent othewise 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 this gives rise to 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. Opinions on other matters prescribed by the Companies Act 2006 In our opinion, based on the work undertaken in the course of the audit.. the information given in the Trustees, Annual Report, which includes the Strategic Report and the Directors, Report prepared for the purposed of company law, for the financial year for which the financial statements are prepared is consistent with the financial statements., and the Strategic Report and the Directors, Report included in the Trustees, Annual Report has been prepared in accordance with applicable legal requirements. Matters on which we are required to report by exception In the light of our 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 Strategic Report and the Directors, Report included within the Trustee's Annual Report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 require us to report to you if, in our opinion- adequate and sufficient accounting records have not been kept by the parent charitable company, or returns adequate for our audit have not been received from branches not visited by us,. or the parent charitable company's financial statements are not in agreement with the accounting records,. or certain disclosures of trustees, remuneration specified by law are not made., or we have not received all the information and explanations we require for our audit., or the trustees were not entitled to take advantage of the small companies, exemptions from the requirement to prepare a strategic report. Responsibilities of trustees As explained more fully in the Trustees, Responsibilities Statement set out on page 15, the trustees (who are directors of the parent charitable company for the purposes of company lawl are responsible for the preparation of the financial statements which 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. 18 THE BRITISH SOCIOLOGICAL ASSOCIATION INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF THE BRITISH SOCIOLOGICAL ASSOCIATION FOR THE YEAR ENDED 31 DECEMBER 2024 (Continued) In preparing the financial statements, the trustees are responsible for assessing the group and parent charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the group and parent charitable company or to cease operations, or have no realistic alternative but to do so. Auditor's responsibilities for the audit of the financial statements We have been appointed as auditor under the Companies Act 2006 and under section 151 of the Charities Act 2011, and report in accordance with those Acts and relevant regulations made or having effect thereunder. Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAS (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below. We obtained a general understanding of the group's legal and regulatory framework through enquiry of management concerning their understanding of relevant laws and regulations, the entity's policies and procedures regarding compliance, and how they identify, evaluate and account for litigation claims. We also drew on our existing understanding of the group's industry and regulation. We understand that the group complies with the framework through.. Outsourcing payroll, accounts preparation and tax compliance to external experts. Subscribing to relevant updates from external experts and making changes to internal procedures and controls as necessary. In the context ofthe audit, we considered those laws and regulations which determine the form and content of the financial statements, which are central to the group's ability to conduct its business, andlor where there is a risk that failure to comply could result in material penalties. We identified the following laws and regulations as being of significance in the context of the group.. The Companies Act 2006, UK GAAP IFRS102), Charities SORP and Charities Act 2011 in respect of the preparation and presentation of the financial statements. We performed the following specific procedures to gain evidence about compliance with the significant laws and regulations identified above.. Making enquires of directors and management as to whether they have any knowledge of non-compliance with significant laws and regulations. Obtaining written management representations regarding the adequacy of procedures in place. 19 THE BRITISH SOCIOLOGICAL ASSOCIATION INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF THE BRITISH SOCIOLOGICAL ASSOCIATION FOR THE YEAR ENDED 31 DECEMBER 2024 (Continued) The senior statutory auditor led a discussion with senior members of the engagement team regarding the susceptibility of the entity's financial statements to material misstatement, including how fraud might occur. The areas identified in this discussion regarded the manipulation of the financial statements through manual journal entries. These areas were communicated to the other members of the engagement team not present at the discussion. The procedures we carried out to gain evidence in the above areas included.. Testing journal entries, focusing particularly on postings to unexpected or unusual accounts. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at.. ￿.frc.0rg.UkIaudlt0rsreSponSlbllitles. This description forms part of our auditor's report. 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. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed. Stephen Easton FCA (Senior Statutory Auditor) For and on behalf of S & W Partners Audit Limited Statutory Auditors 17 Queens Lane Newcastle upon Tyne NE1 1RN 20 THE BRITISH SOCIOLOGICAL ASSOCIATION CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2024 Notes Unrestricted Designated Funds Funds 2024 2023 Income from: Donations Charitable activities Other trading activities Investments Other 260,823 555,313 20,639 7,424 122,643 383,466 555,313 20,639 17,147 680,410 546,039 14,373 22,911 9,723 Total income 844,199 132,366 976,566 1,263,733 Expenditure on: Raising funds Investment management costs Other trading activities Charitable activities 6,671 153,696 143,847 847,518 1,029,231 153,696 671,428 176,090 Total expenditure 825,124 176.090 1,001,214 1,179,749 Net incomel(expenditure) before gainl(loss) on investment 19,077 (43,724) {24,648) 83,984 Transfers between funds 18 12,556 (12,556) Gain on investment property (24,000) 124,000) 75,000 Net gainlllosses) on investments 118,423) (18,423} (62,397) Net incomel (expenditure) 13,210 (80,280) (67,070) 96,587 Net movement in funds 13,210 {80.2801 (67,070) 96,587 Reconciliation of funds: Total funds brought forward 1,405,024 1,563,534 2,968,558 2,871,971 Total funds carried forward 1,418,235 1,483,250 2,901,486 2,968,558 All income and expenditure derive from continuing activities. The statement of financial activities includes all gains and losses recognised during the year. 21 THE BRITISH SOCIOLOGICAL ASSOCIATION BALANCE SHEET AS AT 31 DECEMBER 2024 Group 2023 Charity 2023 Notes 2024 2024 Fixed assets Tangible assets Investments 12 13 580,781 601,903 580,781 601,903 1,411,267 1,453,690 1,411,267 1,453,690 1,992,048 2,055,593 1,992,048 2,055,593 Current assets Debtors Cash at bank and in hand 14 309,028 801,794 314,798 758,637 98,287 793,075 88,146 751,108 1,110,822 1,073,435 891,362 839,254 Creditors: amounts due within one year 15 (197,982) 1158,773) (328,342 ) (281,174) Net current assets 912,840 914,663 563,020 558,081 Total assets less current liabilities 2,904,888 2,970,256 2,555,068 2,613,674 Defined benefit pension liability 16 Net assets 2,901,486 2,968,558 2,551,666 2,611,976 Charity funds Unrestricted funds Designated funds 1,418,235 1,405,025 1,068,416 1,048,443 1,483,250 1,563,533 1,483,250 1,563,533 18 2,901,486 2,968,558 2,551,666 2,611,976 These financial statements have been prepared in accordance with the provisions applicable to small companies, subject to the small companies regime. Approved and authorised for issue by the board and signed on its behalf by.. Dr Maryam Sholevar BSA Treasurer Company Registration No." 03890729 22 THE BRITISH SOCIOLOGICAL ASSOCIATION CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2024 Notes 2024 2023 Cash flow from operating actSvities 22 36,539 244,956 Net cash flow from operating activities 36,539 244,956 Cash fIow from investing activities Payments to acquire tangible fixed assets Payments to acquire investments Receipts from the sale of tangible fixed assets Receipts from sale of investments Dividends received Interest received (14,020) (30,6751 3,879 10,494 20,639 Net cash flow from investing activities 6,619 (16,302) Net increase in cash and cash equivalents 43,158 228,654 Cash and cash equivalents at the beginning of the year 790,859 562,205 Cash and cash equivalents carried at the end of the year 801,794 790,859 Cash and cash equivalents consist of: Cash at bank and in hand Cash held with investment managers 801,794 758,637 32,222 801,794 790,859 23 THE BRITISH SOCIOLOGICAL ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Accounting policies The British Sociological Association is a Company Limited by Guarantee in the United Kingdom. In the event of the charity being wound up, the liability in respect of the guarantee is limited to £1 per member of the charitable company. The address af the registered office is detailed on page 12 within the Trustees Annual Report. The nature of the charity's operations and principal activities is the advancement of public education by the promotion and publication of research and encouragement of contact bekneen workers in all relevant fields of enquiry. Basis of preparation of financial statements The charity constitutes a public benefit entity as defined by FRS 102. The financial statements have been prepared in accordance with Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable issued in October 2019, the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 1021, the Charities Act 2011, the Companies Act 2006 and UK Generally Accepted Practice. The financial statements are prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value. The financial statements are prepared in sterling which is the functional currency of the charity and rounded to the nearest £. The significant accounting palicies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated. Going concern The financial statements have been prepared on a going concern basis as the trustees believe that no material uncertainties exist. The trustees have considered the level of funds held and the expected level of income and expenditure for 12 months from authorising these financial statements. The budgeted income and expenditure is sufficient with the level of reserves for the charity to be able to continue as a going concern. Basis of consolidation The financial statements consolidate the results of the charity and its wholly owned subsidiary, BSA Publications Limited, on a line-by-line basis. A separate Statement of Financial Activities and Income and Expenditure Account for the charity has not been presented because the Charity has taken advantage of the exemption afforded by section 408 of the Companies Act 2006. Funds Unrestricted funds are available for use at the discretion of the trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes. Designated funds comprise unrestricted funds that have been set aside by the trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements. 24 THE BRITISH SOCIOLOGICAL ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS (Continued) FOR THE YEAR ENDED 31 DECEMBER 2024 Income recognition (continued) All incoming resources are included in the Statement of Financial Activities when the charity is legally entitled to the income after any performance conditions have been met, the amount can be measured reliably and it is probable that the income will be received. Government grants have been received in respect of support available during the Covid pandemic. Income from government and other grants are recognised at fair value when the charitable company has entitlement after any performance conditions have been met, it is probable that the income will be received and the amount can be measured reliably. If entitlement is not met then these amounts are deferred. Membership subscriptions, conference income and income in respect of sociological journals are credited to incoming resources on the earlier date of when they are reoeived or when they are receivable, unless they relate to a specific future period, in which case they are deferred. Income from trading activities includes income earned from trading activities to raise funds for the charity. Income is received in exchange for supplying goods and services in order to raise funds and is recognised when entitlement has occurred. Investment income is earned through holding assets for investment purposes such as shares and property. It includes dividends and interest which are recognised when receivable. Expenditure recognition All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Expenditure is recognised where there is a legal or constructive obligation to make payments to third parties, it is probable that the settlement will be required and the amount of the obligation can be measured reliably. It is categorised under the following headings- Raising funds expenditure relates to investment management costs and other trading activities includes expenditure of the trading subsidiary. Expenditure on charitable activities includes all direct and support costs incurred in attracting membership, subscriptions and conference income. Irrecoverable VAT is charged as an expense against the activity for which the expenditure arose. Support costs allocation Support costs are those that assist the work of the charity but do not directly represent charitable activities and include office costs, governance costs, and administrative costs. They are incurred directly in support ofexpenditure on the objects of the charity. 25 THE BRITISH SOCIOLOGICAL ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS (Continued) FOR THE YEAR ENDED 31 DECEMBER 2024 Tangible fixed assets and depreciation Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses. Cost includes directly attributable to making the asset capable of operating as intended. Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost, less estimated residual value, of each asset on a systematic basis over its expected useful life as follows.. Long leasehold IT Equipment Office equipment 50 years straight line 3 years straight line 5 years straight line Development and so￿are costs are written off on acquisition. The trustees have reviewed the value of the property at the year end and believe that the current net book value in line with the market value of the property. Investment properties Investment praperties are measured at fair value at each reporting date with changes in fair value recognised in 'net gains 1 {losses) on investments, in the Statement of Financial Activities. 1.10 Investments Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value with changes recognised in 'net gainsl(losses) on investments, in the Statement of Financial Activities if the shares are publicly traded or their fair value can otherwise be measured reliably. 1.11 Debtors and creditors receivable I payable within one year Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in expenditure. 1.12 Leases Rentals payable and receivable under operating leases are charged to the Statement of Financial Activities on a straight line basis over the period of the lease. 1.13 Employee benefits BSA operates two pension schemes both held with The Pension Trust,. a defined contribution scheme relating to series 4 and a defined benefit scheme relating to Series 1, 2 and 3. The charity operates a defined contribution plan for the benefit of its employees. Contributions are expensed as they become payable. The charity operates a defined benefit plan for the benefit of its employees. The Plan is a multi-employer scheme where the assets are co-mingled for investment purposes, and benefits are paid out of the plan's total assets. Accordingly, due to the nature of the plan, the liability recognised for the period under FRS 102 represents the present value of the contributions payable arising from the deficit recovery agreement. 26 THE BRITISH SOCIOLOGICAL ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS (Continuedj FOR THE YEAR ENDED 31 DECEMBER 2024 1.14 Tax The charity is an exempt charity within the meaning of schedule 3 of the Charities Act 2011 and is considered to pass the tests set out in Paragraph 1 Schedule 6 Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. 1.15 Judgements and key sources of estimation uncertainty In the application of the accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods. There are no significant accounting estimates which are considered to materially impact the financial statements. 27 THE BRITISH SOCIOLOGICAL ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS (Continued) FOR THE YEAR ENDED 31 DECEMBER 2024 Financial performance of the charity The Consolidated Statement of Financial Activities includes the results of the wholly owned subsidiary. The summary financial performance of the charity alone is., 2024 2023 Income Gift aid from subsidiary company 512,740 316,893 803,028 411,060 829,633 1,214,088 1847,518) (1,035,902) 142,423) 12,603 Expenditure Net gainslllosses) on investments Net incomel(expenditure) (60,308) 190,789 Income from donations 2024 2023 other donations Income from charitable activities 2024 2023 Membership income Conference income BSA Annual Conference Medical Sociological Conference WES Conference Other study group income 194,971 219,616 68,OS7 82,381 6,430 31,617 179,655 114,302 104,950 61,887 383,466 680,410 Investment income 2024 2023 Bank interest Dividends received 3,879 10,494 20,639 20,639 14,373 28 THE BRITISH SOCIOLOGICAL ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS (Continued) FOR THE YEAR ENDED 31 DECEMBER 2024 Other trading income 2024 2023 Publications Rental income Donations 508,611 46,667 35 518,067 27,972 555,313 546,039 Analysis of expenditure 7.1 Analysis of expenditure on charitable activities Conferencel Support Events Costs Membership 2024 2023 Staff costs Travel and subsistence Office costs Support fund Supplying Network to members Philip Abrahams prize Venue costs Study group expenditure Recruitment and training costs Special interest groups Marketing Pre Tertiary Support Subscriptions Legal and professional Public relations Depreciation Irrecoverable VAT Bank charges Governance 335,171 4,778 275,397 29,593 364,764 4,778 275,397 5,406 747 485,651 228 223,430 2,717 5,078 5,406 747 29,545 3,195 29,545 3,195 12,175 42,607 2,609 2,232 3,845 11,202 29,549 34,405 6,399 8,624 10,041 113,666 1,000 19,880 48,307 2,356 12,175 42,607 2,609 2,232 3,845 11,202 29,549 34,405 6,399 8,624 10,041 4,344 18,444 24,394 34,727 12,132 15,515 17,362 615,345 62,333 169,841 847,518 1,029,231 29 THE BRITISH SOCIOLOGICAL ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS (Continued) FOR THE YEAR ENDED 31 DECEMBER 2024 7.2 Analysis of expenditure on other trading activities 2024 2023 Staff costs Committee meetings and travel Direct purchase of member capies Office costs IT costs Legal and professional fees Other costs 122,628 6,415 147 1,633 19,529 696 2,648 106,504 10,177 96 1,037 18,811 4,203 3,019 153,696 143,847 7.3 Governance costs 2024 2023 Trustee expenses Audit Non-audit fees 4,492 7,200 5,670 7,200 2,841 10,041 17,362 Net income for the year Net income is stated after charging(crediting}- 2024 2023 Depreciation of tangible fixed assets (Gainllloss on fair value movement in investments 34,405 42,423 34,727 112,603} Auditor's rernuneration 2024 2023 Fees payable to the charity's auditors for the audit of the charity's annual accounts 10,041 12,870 30 THE BRITISH SOCIOLOGICAL ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS (Continued) FOR THE YEAR ENDED 31 DECEMBER 2024 10. Trustees. and key management personnel remuneration and expenses No remuneration was paid to any person as a director during the period12023 none) The key management personnel of the parent charity comprise the trustees, the Chief Executive and the Company Secretary. The total employee benefits of the key management personnel of the charity were £179,954 (2023 £175,966) The reimbursement of trustee expenses was as follows.. 2024 Number 2023 Number 2024 2023 Travel 14 13 1,230 4,491 Staff costs and employee benefits The average number of employees and full time equivalents IFTE} during the period was as follows.. 2024 Number 2023 FTE 2024 Number 2023 FTE Charitable activities Other trading activities 11 11 10 The total staff costs and employee benefits was as follows.. 2024 2023 Wages and salaries Social security costs Pension costs 374,679 43,242 47,241 366,044 38,672 41,266 465,162 445, 982 One employee had employee benefits in excess of £60,00012023 - £60,000). 31 THE BRITISH SOCIOLOGICAL ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS (Continued) FOR THE YEAR ENDED 31 DECEMBER 2024 12. Tangible fixed assets Group Long Leasehold Equipment Total Cost At 1 January 2024 Additions Disposals 777,077 297,934 14,020 1,075,010 14,020 At 31 December 2024 777,077 311,954 1,089,031 Depreciation At 1 January 2024 Charge for the period Depreciation on disposal 199,371 14,894 273,739 19,512 473,110 34,405 At 31 December 2024 214,265 293,251 507,515 Net Book Values At 31 December 2024 562,812 17,969 580,781 At 31 December 2023 577,705 24,195 601,900 32 THE BRITISH SOCIOLOGICAL ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS (Continued) FOR THE YEAR ENDED 31 DECEMBER 2024 12. Tangible fixed assets (continued) Charity Long Leasehold Equipment Total Cost At 1 January 2024 Additions Disposals 777,077 290,041 14,020 1,067,117 14,020 At 31 December 2024 777,077 304,061 1,081,137 Depreciation At fj January 2024 Charge for the period Depreciation on disposal 199,371 14,894 265,846 19,512 465,217 34,405 At 31 December 2024 214,265 284,527 498,789 Net Book Values At 31 December 2024 562,812 17,969 580,781 At 31 December 2023 577,705 24,195 601,900 33 THE BRITISH SOCIOLOGICAL ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS (Continued) FOR THE YEAR ENDED 31 DECEMBER 2024 13. Fixed asset investments Group and Company 2024 2023 Investment properties Listed investments Cash held with investment managers 526,000 885,267 550,000 871,468 32,222 1,411,267 1,453,690 Listed investments Investment properties Market value 1 January 2024 Additions Disposals 871,468 395,768 {363,546) 550,000 Net unrealised gain (18,4231 (24,000) Market value 31 December 2024 885,267 526,000 Historical cost 31 December 2024 908,073 550,000 Listed investments Equity investments that are traded on a quoted market are held at fair value determined by reference to the quoted price for identical assets in an active market at the balance sheet date. Most holdings are not held in quoted companies, and these are held at cost, or the sterling equivalent where cost is in a foreign currency, less impairment on the basis that they represent shares in equities that are not publicly traded, and the fair value cannot otherwise be measured reliably. Where such companies have been traded at arms length the valuation is stuck at the last transaction. Investment property In December 2017, the charity purchased offices for their own use. Part of the property is tenanted and so a portion of the propety value is shown as an investment property. The property has been initially shown at cost and subsequently revalued to fair value. Company The charity has one wholly owned trading subsidiary which is registered in England and Wales, BSA Publications Limited (Company Number 01245771). 34 THE BRITISH SOCIOLOGICAL ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS (Continuedj FOR THE YEAR ENDED 31 DECEMBER 2024 13. Fixed asset investments (continued) A summary of the trading results is shown below. Financial statements will be filed with the Registrar of Companies. 2024 2023 Turnover Costs Other operating income Interest receivable 508,611 518,067 {198,516) (201,209) Profit for the financial year 310,095 316,858 Gift aid payment to parent 316,858 411,060 Net assets 349,820 356,582 14. Debtors Group 2023 Charity 2023 2024 2024 Trade debtors Prepayments and accrued income Other debtors 30,074 273,879 5,075 1,843 304,275 8,680 29,202 63,024 6,061 1,367 78,009 8,770 309,028 314,798 98,287 88,146 15. Creditors: Amounts falling due within one year Group 2023 Charity 2023 2024 2024 Trade creditors Accruals and deferred income Taxation and social security costs Other creditors Amounts due from subsidiary 41,019 127,853 13,655 15,455 40,298 87,716 9,487 20,272 41,969 124,998 13,655 4,862 142,858 40,296 85,216 9,487 4,862 141,317 197,982 158,773 328,342 281,178 35 THE BRITISH SOCIOLOGICAL ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS (Continued) FOR THE YEAR ENDED 31 DECEMBER 2024 15. Creditors: Amounts falling due within one year (continuedj Deferred Income At 1 January 2024 Released Deferred income from new sources 65,969 165,969} 116,472 At 31 December 2024 116,472 16. Defined benefit pension liability Group 2023 Charity 2023 2024 2024 Pension liability 3,402 1,698 3,402 1,698 17. Pension assets and liabilities BSA operates two pension schemes both held with The Pension Trust., a defined contribution scheme relating ta Series 4 and a defined benefit scheme relating to Series 1, 2 and 3. Defined contribution scheme The charity operates a defined contribution plan for its employees. The amount recognised as an expense in the period was £1,609 {2023 - £1,609). Defined benefit scheme The company participates in the scheme, a multi-employer scheme which provides benefits to some 521 non- associated participating employers. The scheme is a defined benefit scheme in the UK. It is not possible for the company to obtain sufficient information to enable it to account for the scheme as a defined benefit scheme. Therefore it accounts for the scheme as a defined contribution scheme. The scheme is subject to the funding legislation outlined in the Pensions Act 2004 which came into force on 30 December 2005. This, together with documents issued by the Pensions Regulator and Technical Actuarial Standards issued by the Financial Reporting Council, set out the framework for funding defined benefit occupational pension schemes in the UK. The scheme is classified as a 'last-man standing arrangement,. Therefore the company is potentially liable for other participating employers, obligations if those employers are unable to meet their share of the scheme deficit following withdrawal from the scheme. Participating employers are legally required to meet their share of the scheme deficit on an annuity purchase basis on withdrawal from the scheme. A full actuarial valuation for the scheme was carried out at 30 September 2023. This valuation showed assets of £514.9m, liabilities of £531.Om and a deficit of £16.1 m. To eliminate this funding shortfall, the Trustee has asked the participating employers to pay additional contributions to the scheme as follows.. 36 THE BRITISH SOCIOLOGICAL ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS (Continued) FOR THE YEAR ENDED 31 DECEMBER 2024 17. Pension assets and liabilities (continued) Deficit contributions From 1 April 2025 to 31 January 2028.. £2.1 m per annum {payable monthly) Unless a concession has been agreed with the Trustee the term to 31 March 2028 applies. Note that the scheme's previous valuation was carried out with an effective date of 30 September 2020. This valuation showed assets of £800.3m, liabilities of £831.9m and a deficit of £31.6m. To eliminate this funding shortfall, the Trustee asked the participating employers to pay additional contributions to the scheme as follows.. Deficit contributions From 1 April 2012 to 31 January 2025= £3.312m per annum The recovery plan contributions are allocated to each participating employer in line with their estimated share of the Series 1 and Series 2 scheme liabilities. Where the scheme is in deficit and where the company has agreed to a deficit funding arrangement the company recognises a liability for this obligation. The amount recognised is the net present value of the deficit reduction contributions payable under the agreement that relates to the deficit. The present value is calculated using the discount rate detailed in these disclosures. The unwinding of the discount rate is recognised as a finance cost. Present values of provisions 31 December 2024 31 December 2023 31 December 2022 Present value of provision 3,402 1,698 3,194 Reconciliation of opening and closing provisions Period Ending Period Ending 31 December 2024 31 December 2023 Provision at start of period Unwinding of the discount factor (interest expense) Deficit contribution paid Remeasurements - impact of any change in assumptions Remeasurements - amendments to the contribution schedule 1,698 48 (1,069) 21 3,244 3,084 116 11,0691 (433) Provision at end of period 3,402 1,698 37 THE BRITISH SOCIOLOGICAL ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS (Continued) FOR THE YEAR ENDED 31 DECEMBER 2024 17. Pension assets and liabilities (continued) Income and expenditure impact Period Ending Period Ending 31 December 2024 31 December 2023 Interest expense Remeasurements - impact of any change in assumptions Remeasurements - amendments to the contribution schedule 48 21 3,244 116 (433) Assumptions 31 December 2024 31 December 2023 31 December 2022 /0 per annurn /0 per annum /0 per annum Rate of discount 4.90 5.31 4.56 The discount rates shown above are the equivalent single discount rates which, when used to discount the future recovery plan contributions due, would give the same results as using a full AA corporate bond yield curve to discount the same recovery plan contributions. 18. Statement of funds Year ended 31 December 2024 Balance at 1 January 2024 Transferl Balance at Investment 31 December Income Expenditure (loss)Igain 2024 Unrestricted funds Designated funds 1,405,024 1,563,534 844,201 132,751 (843,547) (200,475) 12,556 {12,5561 1,418,235 1,483,250 2,968,558 976,952 (1,044,022) 2,901,486 Year ended 31 December 2023 Balance at 1 January 2023 Transferl Balance at Investment 31 December Income Expenditure (loss)Igain 2023 Unrestricted funds Designated funds 1,401,447 1,470,524 979,518 284,214 {907,724) (272,025) {68,2171 80,000 1,405,024 1,563,534 2,871,971 1,263,733 (1,179,749) 12,603 2,968,558 38 THE BRITISH SOCIOLOGICAL ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS (Continued) FOR THE YEAR ENDED 31 DECEMBER 2024 18. statement of funds (continued) Desi nated funds breakdovm Balance at 1 January 2024 Transferl Balance at Investment 31 December Income Expenditure (loss)Igain 2024 Study groups Ageing, Body & Saciety Animal/Human Auto Biography Bourdieu Study Group Childhood Citizenship Climate Change Consumption Digital Sociology Disability Disapora, Migration, Transnationalism Education Emotions Family and Relationships Food Gender Study Group Happiness Historical and Comparative Sociology HLJman Reproduction Leisure & Recreation Medical Sociological (Main) Medical Sociological (Bristol & South West) Medical Sociological (London) Medical Sociological (Mental Health) Medical Sociological (North East) Medical Sociological (East Midlands) Medical Sociological (North Westi Medical Sociological (Wales) Medical Sociological (West Midlands) Medical Sociological Iyorkshirel Medical Sociological (Scotlandl Medical Sociological (South Coast) Medical Sociological (Environmental & Health) 989 Medical Sociological (Deconstruction Donation) 2,802 Medical Sociological (Applied Qualitative Health Research} Media Sociological, Psychoanalysis & Psychosocial 3,267 1,245 7,724 19,766 151 3,267 1,365 2,230 12,701 151 120 11,119 2,343 116,6131 (9,4081 1,588 70 467 76 835 1,352 558 505 10,534 456 1,238 205 2,249 410 77,467 394 (200) 1,388 70 467 76 835 1,352 615 363 10,534 456 1,238 205 971 410 72,381 247 57 {1431 1,243 (2,5211 96,129 735 (101,215) (882) 1,043 253 394 1,043 253 394 494 1,211 1,687 494 1,211 1,687 989 2,802 368 763 368 651 (112} 2,993 2,993 Balance carried forward 143,554 111,603 1130,951) 124,206 39 THE BRITISH SOCIOLOGICAL ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS (Continued) FOR THE YEAR ENDED 31 DECEMBER 2024 18. Statement of funds (continued) Balance at 1 January 2024 Transferl Balance at Investment 31 December Income Expenditure (loss)Igain 2024 Balance brought forward 143,554 111,603 (130,951) 124,206 Post Colonial and Decolonial Transformations Race and Ethnicity Religion New Materialisms Risk Science and Technology Studies Scottish Studies Sexual Division Slavery and modern slavery studies Sociology of the Arts Sociology of Rights Social Aspects of Death, Dying & Bereavement Social Network Analysis Study Group (SNAG) Sociology of Alcohol Sociology of Elites Sport Social Class Theory CITIES Violence and Society Violence against Women Visual Study Group Work Employment & Economic Life Youth Social Statistics Weber WES Conference 207 603 29,932 100 160 119 161 207 603 27,486 202 160 119 161 17,429 495 {19,875) (393) 200 165 200 165 4,413 282 1,667 215 1,328 227 525 78 23 1,546 209 366 1,558 200 415 (1,106) 3,723 282 892 215 1,328 227 523 78 23 1,546 209 366 1,558 200 395 (1,170) (3) 31,704 1,270 (635) 32,341 219,542 132,751 (154,1461 197,799 Property fund - London 265,655 Property fund - Durham 858,333 Digital content to promote the discipline 40,000 Mapping exercise- where sociologists are in HE 30,000 Website and CRM systems development 150,000 17,494) (31,400) 258,509 826,933 40,000 25,035 134,974 (2,609) (15,026) {2,356) Total designated funds 1,563,530 132,751 {210,6751 (2,356) 1,483,250 40 THE BRITISH SOCIOLOGICAL ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS (Continued) FOR THE YEAR ENDED 31 DECEMBER 2024 23. Comparative Statement of Financial Activities Notes Unrestricted Designated Funds Funds 2023 2022 Income from: Donations Charitable activities Other trading activities Investments Other 25 386,894 656,087 5,489 6,815 399,271 546,039 14,373 19,835 281,139 680,410 548,039 14,373 22,911 3,076 Total income 979,518 284,215 1,263,733 1,055,290 Expenditure on: Raising funds Investment management costs Other trading activities Charitable activities 6,671 143,847 757,206 6,671 143,847 272,025 1,029,231 6.515 148,593 734,879 Total expenditure 907,724 272,025 1,179,749 889,987 Net incomel{expenditure) before gainl(loss) on investment 71,794 12,190 83,984 165,303 Transfers between funds 18 (5,820) 5,820 Gain on investment property 75,000 75,000 Net gainl(losses) on investments (62,397) {62,397) 19,436 Net incomel (expenditure) 3,577 93,010 96,587 184,739 Net movement in funds 3,577 93,010 96,587 184,739 Reconciliation of funds: Total funds brought forward 1,401,447 1,470,524 2,871,971 2,687,232 Total funds carried forward 1,405,024 1,563,534 2,968,558 2,871,971 THE BRITISH SOCIOLOGICAL ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS (Continued) FOR THE YEAR ENDED 31 DECEMBER 2024 22. Reconciliation of net income to net cash inflow from operating activities 2024 2023 Net income for period Dividends received Interest receivable Depreciation of tangible fixed assets Profit on disposal of tangible assets Revaluation of investment property (Gains)Ilosses on investments (Increase)Idecrease in debtors I ncreaselldecrease) in creditors {67,076) 96,591 (3,879) {10,494} 34,729 (20,639) 34,405 24,000 18,423 5,771 41,655 (75,000) 70,831 133,235 (1,0571 Net cash flow from operating activities 36,539 244,956 43 THE BRITISH SOCIOLOGICAL ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS (Continued) FOR THE YEAR ENDED 31 DECEMBER 2024 19. Analysis of net assets between funds {continued) Year ended 31 December 2023 Unrestricted Funds Designated Funds Total Tangible fixed assets Investments Net current assets 24,195 903,690 478,837 577,705 550,000 435,829 601,900 1,453,690 914,666 Creditors due more than one year 11,698) (1,698) 1,405,024 1,563,534 2,968,558 20. Commitments under operating leases Lessee.. Total future minimum lease payments under non-cancellable operating leases are as follows.. other 2024 2024 Not later than one year Later than one and not later than five years 1,195 3,584 4,779 Lessor.. Total future minimum lease payments under non-cancellable operating leases are as follows.. 2024 2023 Not later than one year Later than one and not later than five years 4,779 5,974 4,779 5,974 21. Related party transactions There have been no related party transactions during the period. 42 THE BRITISH SOCIOLOGICAL ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS (Continued) FOR THE YEAR ENDED 31 DECEMBER 2024 18. statement of funds (continued) Study groups The BSA currently operates a ne￿Ork of more than 50 varied study groups, each focusing on a specific area of interest within Sociology. They provide members the opportunity to get together and share ideas whether it be for feedback on research or simply looking to engage with like minded individuals. Property fund - London The value of the fund is equal to the net book value of the London property. Property fund - Durham The value of the fund is equal to the net book value of the Durham property. Digital Content Amounts for the commissioning of professional digital content to promote the discipline. Mapping exercise Amounts for the commissioning of a professional researcher to produce a map of where sociologists are based within universities (which departments or schools) to inform future membership strategy. Website and CRM Funds towards the cost of the next iteration of the Association's website and CRM which are expected to reach end of life within the next 5 years. 19. Analysis of net assets between funds Year ended 31 December 2024 Unrestricted Funds Designated Funds Total Tangible fixed assets Investments Net current assets 17,969 885,267 518,401 562,812 526,000 394,438 580,781 1,411,267 912,840 Creditors due more than one year {3,402) (3,402) 1,418,235 1,483,250 2,901,486 41