illi&1 UKSG (A company limited by guarantee} REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Charity number: 1093946 Company number: 04145775 CONNECTING THE KNOWLEDGE COMMUNITY **UKSG** ## **FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023** |**CONTENTS**|**PAGES**| |---|---| |Trustees' report|1 to 14| |Auditor's report|15 to 17| |Statement of financial activities and income and expenditure account|18| |Balance sheet|19 to 20| |Statement of cash flows|21| |Notes to the financial statements|22 to 32| |**The following page does not form part of the financial statements**|| |Detailed income and expenditure account|33| UKSG TRUSTEES, ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 Section I: Reference and Administrative Details of the Charity, It's Trustees and Advisers a) Charity name: UKSG b) Charity Registration No.: 1093946 Company Registration No.: 04145775 c) Principal and Registered office: Witney Business & Innovation Centre, Windrush House, Windrush Industrial Park, Burford Road, Witney, Oxon, OX29 7DX dl Names of the charity's trustees (who are also direttors of the company) on the date the report was approved: Joanna Ball {re-elected 2020- Chair- second year) Liam Bullingham {elected 2023) Claire Grace (elected 2022) Tasha Mellins-cohen (elected 2022) Rob Johnson (elected 2021- Treasurer- second year) Bethany Logan {elected 2023} Charlie Rapple (re-elected 2019, Vice Chair- second year) Katherine Rose {elected 2022) Josh Sendall (elected 20221 el Names of any others who served as a charity trustee in the financial year in question li.e. during January to December 20231: Dominic Broadhurst (resigned 2023) Gareth Smith {resigned 20231 fj Staff responsible for day-to-day management: Bev Acreman (Executive Director- full timel Vicky Drew (Events Executive- part timel Samira Koelle (Events Assistant- part-time) Elaine Koster (Publications Associate- part time) Brian Lewis {Digital Marketing- part time, contract) g} Other relevant organisations- Bank: The Co-operative Bank plc, 13 New Road, Oxford OXI ILG Accountant: The M Group, 4 Witan Way, Witney, Oxfordshire OX28 6FF Auditor: Just Audit & Assurance Ltd, 37 Market square, Witney, Oxon OX28 6RE Solicitor- Blake Morgan LLP, New Kings Court, Tollgate, Chandler's Ford, Eastleigh 5053 3LG Section 2: Structure, Governance and Management Public Benefit The trustees confirm that they have complied with the requirements of section 4 of the Charities Act 2011 to have due regard to the public benefit guidance published by the Charity Commission for England and Wales. Governing Document UKSG is a company limited by guarantee and not having a share capital. It was incorporated on 23 January 2001 and is governed by its Memorandum and Articles of Association, which were updated and formally adopted in January 2020. UKSG has been registered as a charity with the Charity Commission since 26 September 2002. UKSG is a professional interest group for the information resources community. The objects for which the company was established are laid out in the Memorandum as: The advancement of education in the art and science of librarianship and data recall with particular reference to the management and classification of serials and similar periodicals, both nationally and internationally, and the conduct of research into the said subject, and to publish the useful results of such research. Membership of the organisation is obtained by application to the Executive Director. Most members are corporate/institutional but there are a few memberships held by individuals. At December 31, 2023, there were 425 members each of whom will have been requested to agree to contribute £1 in the event of the charity being wound up. UKSG does not act as an industry pressure group, its main strength being perceived as its unique function of bringing together all parties in the scholarly information communication chain. Organisational Structure The Board of Trustees, which is made up of a maximum of 9 members, administers the charity: Three Honorary Officers- Chair (automatically appointed after a term of two years as Vice Chair), Vice Chair (elected for a term of two years) and Treasurer lappointed from within Trustee membership). Six ordinary members, elected or co-opted. There are a minimum of three meetings per year. Subcommittees are in place to cover Education, Insights, Outreach and Engagement and the Annual Conference. Chairs of these subcommittees are elected from within the membership (with the exception of the Chair of the Conference Subcommittee who is appointed from within the Trustee membership) and are currently- Chair of the Education Subcommittee- Anna Franca Chair of the Insights Editorial Board: Jill Emery Chair of the Outreach and Engagement Subcommittee: Bethany Logan Chair of the Conference Planning Subcommittee: Josh Sendall Staff Structure: all staff report in to Bev Acreman, Executive Director. The organisation relies on bought-in services for the editing and hosting of Insights, and for attracting advertising and sponsorship revenue in connection with the seminars and the annual conference. Recruitment and Appointment of Tru5tee5 Each year all members of UKSG are invited to submit one candidate to stand for election to the Board of Trustees. The relevant information, which includes a fact sheet about the responsibilities of Trustees, is posted to our website and the link emailed to members, together with details of the organisation's AGM, held online in 2023, and at which the newly elected Board members are formally announced. Potential candidates are also discussed at meetings of the Board and on occasion a direct approach will be made to someone who the Board considers will bring to the organisation a particularly valuable range of knowledge, experience or expertise. All Authorised Representatives within member institutions of UKSG are encouraged to cast their votes to elect Board members, a process now conducted securely online. and it is expected that those elected will have been selected for their knowledge of, enthusiasm for and commitment to the information resources industry. Trustee Induction and Training All those on the Board will be working within a sector of the information resources industry, be it in libraries, publishing, intermediate se￿iCe5. database provision. system design or consultancy, and should therefore be well equipped with a good understanding of the general environment in which UKSG operates. New trustees benefit from a informal support from the existing Trustees, and formal induction guidelines and a job description which are intended to help new trustees to feel welcome, to understand the proactive culture of UKSG, and to be able to make a positive contribution to the leadership of the organisation quickly and effectively. Trustees are provided with access to the minutes of the Board meetings held during previous years, as well as useful reference material from the Charity Commission about the duties of Trustees. Apart from attending Board meetings, all Trustees are actively encouraged to become involved in one or more of UKSG'S standard activities, for example sitting on one of the subcommittees or being involved in the planning of major events. Decision Making Significant items that have an impact on UKSG'S governance, budget, overall mission and annual conference are always discussed at a meeting of the full Board of Trustees and, wherever possible, a decision is made based on an overall consensus. With a Board that is highly representative of the membership in terms of the different sectors represented, the Trustees are confident that major decisions are taken with the interests of the full membership as its prime focus. Changes to the Memorandum and Articles of Association are presented to the membership at the Annual General Meeting for discussion and approval, or at an Extraordinary General Meeting. The annual subscription rates for members are also presented to the AGM and approved by those in attendance. Our 2023 AGM was held online in May 2023. 55 members registered to attend. New ideas and developments that are discussed at any of the subcommittee meetings and which are likely to have an impact on any of the factors mentioned in the first paragraph of this section are always referred to the main Board of Trustees for consideration and approval. The strategic vision is available on the UKSG website and reflects a consultation with the membership about the organisation, its values and direction. This informs the organisation's priorities over the next few years. {See also Sections 3, 4 and 6.) A Remuneration Subcommittee, comprising the Chair, Treasurer and Vice Chair, meets once a year to consider the performance and salaries of the organisation's employees and to approve any changes that are felt necessary. Risk Management UKSG reviews annually its Risk Management Policy. The associated Risk Register, managed by the Vice Chair, itemises the major areas of risk facing the organisation in fulfilling its charitable aims. Each risk is accorded a priority rating, based on the likelihood of occurrence and the severity of impact. The appropriate management responsibility and a brief description of how UKSG attempts to mitigate each risk are detailed. The retained net risk is listed, together with any further action required, and a date for review. Each subcommittee also reviews on a regular basis the risks associated with its area of work, with new risks added when the organisation moves into new areas of activity, and risks that have become irrelevant removed. Where appropriate, the financial risk is quantified. The single biggest risk remains the funds committed to UKSG'S Annual Conference ahead of the event. We seek the appropriate insurances to cover the risk, however pandemics are specifically excluded. Section 3: Mission and Strategy The mission of UKSG is: 'To connect the knowledge community and encourage the exchange of ideas on scholarly communication. Our vision comprises four themes- include. connect, innovate and deliver- which reflect UKSG'S role as a meeting point for the scholarly communications community. Include: UKSG will represent the diversity of the global knowledge community To represent all sections of our community in our activities and deliver a road map of change to resolve areas of under-representation To provide a voice for all members of our community from sector leaders to new entrants to our community To share our knowledge and expertise To collaborate internationally and include global perspectives Connect- UKSG will bring together different voices and perspectives To provide a community of practice for professional development, exchanging ideas and sharing expertise, solutions and best practice To value plurality of opinions and practices, and not shy away from challenging topics To encourage and facilitate transparent. meaningful dialogue and constructive, respectful discussions To create a cross-sectoral space to enable understanding of each otherfs values, perspectives and goals Innovate: UKSG will be the forum for creating and nurturing new ideas To enable our members to keep pace with our changing landscape To identify tomorrow's challenges and trends today To act as a catalyst for initiatives that benefit and develop our community To collaborate with other organisations to find solutions to the faultlines within our sector Deliver- UKSG will deliver improvements to the flow of scholarly knowledge To support the delivery of practical solutions and not just ask questions To invest in initiatives and resource projects to enhance and improve our sector To highlight the value of scholarly communications to an enquiring society To be transparent about our governance, operations and finances Conference planning sub-committee The Conference Planning Sub-committee received a significant volume of quality proposals and is on course to deliver a strong programme for the 2024 Annual Conference and Exhibition. Five Plenary Sessions will cover a range of topical sectoral discussions and themes, including Research Integrity, Open Access and Transitional Agreements, Predatory Publishing, Artificial Intelligence, and Perspectives on Leadership. Thirty breakout sessions covering a wide range of subjects will be held twice during the Conference. This year, we are also piloting a series of three Workshops. Running for two hours, Workshops will allow delegates and facilitators to explore topics in more detail, incorporating interactive and practical elements. Conference Planning Sub-committee members will be available to support the UKSG Team during the Conference, e.g., staffing the registration and information desk. The Chair of the Conference Planning Sub-committee and Trustee, Josh Sendall, would like to thank the Planning Sub-committee, UKSG staff and everybody who submitted a proposal. Outreach & Engagement sub-committee The Outreach and Engagement Committee focuses on raising awareness of UKSG activities and member benefits, with a view to supporting current UKSG member interests and attracting new members. The Committee saw a few long serving members stand down in 2023, but membership remains steadily at twelve, with two of the new recruits identifying as early career practitioners. The spread of members remains slightly skewed towards librarians (seven committee members) but is broadly representative of the wider UKSG membership by sector. However, the group is primarily made up of UK based volunteers. Volunteers meet virtually three times per year to discuss ongoing projects. The Merriman and Early Career conference awards for 2023 were successfully managed by the Committee, and to support UKSG'S commitment to diversity and inclusion the number and scope of the awards has been significantly expanded for 2024. In addition to the Merriman award, ten sponsored places are available for early career practitioners, first time attendees, students and those who self-identify as underrepresented within the sector or their organisation. The student roadshow events were revived, with a successful publisher-led session held at Sheffield University in 2023, and two more events planned for 2024. The launch of the podcast was highly successful, 14 episodes have been published and, across the various streaming platforms, are receiving around 100 listens per episode. Education and Events Subcommittee Education and Events Subcommittee In addition to the Annual and One-Day Conferences, the work of the Education and Events Subcommittee is central to UKSG'S objectives of encouraging professional awarenes5 and realising public benefit by providing a programme of affordable seminars and workshops. All seminars during 2023 were run as online events. The events vary from introductory-level seminars aimed at those new to the information community, to intermediate and advanced seminars on specific themes for those who wish to further their professional development. The Subcommittee continues to consider new themes for seminars, in response to demand from both members and non-members as well as developing and evolving current themes. Although the landscape for staff development in terms of both budget and available staff time continues to be challenging, the numbers of delegates registering for our events in 2023 remain strong. This may be due to the reduced costs and time commitment for attendees with events being run online and at a lower cost compared to previous'in-person" seminars. Delivering seminars online increases the reach of the events across the UK regions and from non-UK delegates as well as enabling seminar speakers to be located outside of the UK. As outlined in last yearfs report we have trialled the delivery of a webinar series aimed at the Further Education sector. This proved popular with audiences and we will continue with this format in 2024. Further details of events run in 2023 are outlined in Section 4. The group continues to actively capture and reflect on feedback following events and it uses this information to inform future decisions concerning course development and planning. Based on feedback and the desire for some delegates for face-to-face events, the Committee is exploring the opportunities for re-introducing in-person seminars in 2024. During the course of the year there were a number of changes to the Subcommittee, membership currently stands at 17 with a mix from libraries, publishers and intermediaries. UKSG is also aware of the requirements of its membership beyond the UK and the difficulties of meeting their training needs and a freely available webinar series continues to attract high numbers of registrations from both within and beyond the UK. Based on feedback and the desire for some delegates for face-to-face events, the Subcommittee will be running its Publication to Press seminar as an in-person event in London in 2024. This will be our first face-to-face event since 2019. The Webinar Officer develops a programme of online events on a range of professional topics, working in conjunction with the members of other UKSG Subcommittees to gather ideas for topics and speakers. During 2023 a new Webinar Officer was appointed and is a member of the Board of Trustees. UKSG'S Events Assistant leads the organisation of, and technical support for, the webinar programme. The registration process continues to help the Webinar Officer understand the profile of webinar participants and inform future webinar planning. During the course of 2023 a total of 2138 people attended a UKSG conference or seminar, and an additional 881 people registered for one of our two free webinars. Insights The journal's aim is to disseminate news, information and publications, and raise awareness of services that support the scholarly information sector. Insights is peer-reviewed, open access and offers a mix of research articles, case studies and opinion pieces. The journal is managed by the Insights Editorial Board. The 2023 members of the Board were Bev Acreman {UKSG}, Jonathan Agbenyega {ACSI, Rick Anderson (Brigham Young University), Joanna Ball (Directory of Open Access Journals), Jill Emery (Portland State University), Victoria Gardner (Taylor & Francis), Siobhan Haime (Birkbeck, University of London), Rosie Higman (University of Sheffield), Roy Kaufman (Copyright Clearance Centerl, Sam Nesbit, {University of Sussex) and Charlie Rapple (Kudos) and Lucy Sinclair (Royal College of Surgeons). Lorraine Estelle (COUNTER) and Steve Sharp IShefField Hallam University) are now in their eleventh year as joint editors of Insights. Jessica Edwards {Gale Cengage) stood down in 2023. Insights is a 'diamond' open access journal, which does not charge authors fees and is free to read. Publication costs are paid in full by UKSG. In 2023 a total of 25 articles were published: a mix of research articles, case studies and opinion pieces. Articles continue to be well received and receive good usage, social media comments and an increasing amount of citations. Insights continues to receive an increasing number of unsolicited submissions, which is an indication of the continued success of the journal. UKSG eNews The UKSG eNews member newsletter is published every two weeks and provides up-to-the-minute news of current issues and developments within the global knowledge community, sent to more than 2,986 member contacts. The issues include an editorial. UKSG news. industry news and people news. Section 4: Achievement and performance Joanna Ball is in her second year as chair having been elected as Vice Chair in 2018. The process for electing members to the committee for 2023/2024 saw 6 people stand for election. The appointment of three successful candidates provided a balance of representation of the different UKSG main 'stakeholderf groups/communities: Libraries, Publishers, and Intermediaries. Conferences held in 2023 Annual Conference- 761 delegates attended our annual conference in person in Glasgow from 22 countries November 2023: UKSG November Conference- Enriching Scholarship: how libraries and publishers educate, enhance and inform scholarly works We had a high number of delegates attend - 175 - and excellent feedback on the content and delivery. Seminars and training events held in 2023 We ran seven seminars during 2023, attended by 386 delegates. For all the seminars that were run as online events there was an option to attend on demand rather than live, although the majority attended as live events: February 2023.. Licensing Skills for Librarians June 2023: Publication to press: building trust in research communication July 2023: An Introduction to E-Resources August 2023: An Introduction to E-Resources September 2023: Usage Data for Decision-making October 2023: Open Educational Resources November 2023.. An Introduction to Resource Discovery Webinars held in 2023 We ran a programme of 2 webinars in 2023, including the planned Further Education webinar. Those that had registered were able to either attend the live webinar or watch a recording at a later date: February: FE webinar: Effectively Embedding Blended Learning June: The power of storytelling in diversity & inclusion work A total of over 881 people registered to attend one or more of our webinars in 2023. Recordings for the webinars are available for viewing after the event for registered delegates Membership Support & Member Inclusion UKSG continues to offer a wide range of benefits to its members, for example- UKSG eNews- a fortnightly round-up of our own news, plus that of our members and others in the sector, with guest editorials- sent to over 2900 member contacts Free attendance to our webinar programme Discounted rates for UKSG seminars and events including the annual conference Free student workshops Awards and bursaries to support attendance at various UKSG events. Income received from membership fees and events is used responsibly by UKSG in its not-for-profit capacity for the benefit of the wider knowledge community and future generations of professionals working in scholarly communications. Still proving popular and well attended, the programme of webinars has continued to be run free of charge for everyone in the community. The Outreach and Engagement sub-committee is responsible for increasing UKSG'S connections with its own community. In 2023 we provided 61 free places at our events for those who are unemployed, students, early career and librarians in low-income countries. Member Inclusion We continued to run a series of seminar events throughout 2023 and all seminars were delivered online. Attendance across the seminar series was at similar levels in 2023 to those in 2022, and we continue to receive positive feedback from delegates: "The breakout sessions were excellent and the opportunity to watch more than usual due to the pre- recordings was great., (Annual Conference) 'Excellent introduction to licences and all the considerations around them. Covered a wide range of material, clearly and with examples. The course has given me a lot to think about and practical things to implement too., (Licensing Skills Seminar) "This was one of the best online seminars I've attended - there was a lot of complex information on an unfamiliar and dry subject, but the pacing and delivery was excellent. I thoroughly enjoyed it, which I wasn't expecting to I l) and learnt a lot, and came away with the impression that all the other delegates felt the same., (Licensing Skills Seminar) UKSG continued to offer a programme of webinars in 2023 which allowed us to engage with our members both in the U K and internationally. Sessions aim to cater for all levels, running more practical and information-delivering sessions alongside opinion pieces, and providing a way for practitioners to keep up with new topics. As well as listening live, registrants can listen to a recording of the session later, giving the opportunity to reach an audience regardless of time zone. Annual Conference Our annual conference is the principle driver of our finances (see Section 51. In 2023 we delivered an in- person conference with 761 delegates in total, and a positive response rate of 94% describing the conference as "excellent" or'good" After the summer in 2023, we made all of the conference content freely available. "I think this was one of myfavourite UKSG conferences. The progromme wasfantastic- so much to inform Gnd inspire - and has given me lots to take away and think about. Thank youl" "This is THE conferencefor my orea of work, and if the UKSG didn't exist, someone would have to invent itl Membership benefits remain substantial in terms of discounted attendance at events, communications and more. Previously we have reported that UKSG will embark on greater involvement and inclusion, both of a wider spread of our community and of more people within current member organisations. To that end, we continually monitor and review pricing for events and we have continued our series of webinars that enable greater inclusion, particularly for international members. We are also founder members and on the steering committee for C4Disc- Coalition for Diversity and Inclusion in Scholarly Communication and Think.Check.Submit where we actively promote the education programme aimed at helping researchers find the best outlets for their work. The remainder of this section gives more details on activities in particular areas. To represent the diversity of the global knowledge community UKSG has members in 28 countries. The Joint UKSG/NASIG John Merriman Award was granted to two professionals in non-managerial positions relating to the management of e-resources, allowing them to Vlsit the UKSG Annual Conference and that of our sister organisation, NASIG, in the US. UKSG is grateful to its Merriman Award sponsor, member Taylor & Francis Group, which continues to make a generous contribution toward the costs of travel, accommodation and associated expenses for the UK winner. As part of its strategic vision launched in 2022. UKSG committed to embracing and representing the 10 diversity of the global knowledge community in its activities and addressing areas of under-representation throughout the organisation. During 2023. UKSG worked with a consultant to conduct a Equity, Diversity and Inclusion Audit of its organisation, activities and services to identify areas of existing good practices as well as where changes could be made to enhance inclusion and minimise under-representation across the organisation. The Trustees have agreed a series of recommendations and work to address these will begin in 2024. To provide a community of practice for professional development, exchanging ideas and sharing expertise, solutions and best practice Our wide range of seminars and webinars again saw strong attendance in 2023 building on an overhaul of their content and the processes for marketing them in 2019. We continue to see strong usage of the articles within Insights. Citations of Insights articles continue to grow, which is evidence of value to the wider scholarly information sector. Marketing Our social media presence continues to grow and have impact. The UKSG Linkedln group has 1097 followers, and our Facebook group has 628 followers. Twitter {6,330 followers in 2023) is particularly active and is very busy during the big events with both commentary and practical information which benefits absent colleagues as well as those attending. We have also been utilising social media to promote individual articles published within Insights to great effect. We continue to run surveys following each event to ensure that we are meeting member needs and take any ideas for future activities into consideration. SuNey data shows satisfaction is consistently high. Membership Support and Marketing Marketing activities continue to support UKSG, s main areas of work defined by Education. Insights, Outreach and events, in particular the Annual Conference, One-Day Conference and UKSG Forum. They will also focus on priorities identified by the Trustees such as- Communications that reflect the inclusive, dynamic nature of UKSG and its unique role within the knowledge community Engaging more with our members and publicising member benefits- for example, developments to our members-only newsletter, UKSG eNews A gap analysis to try to encourage new memberships among those organisations that are not UKSG members but that regularly make use of UKSG events and webinars. Section 5 Financial Review Year end overview The post of Treasurer was held in 2023 by Rob Johnson. A strong outturn in 2022 allowed us to continue to invest in UKSG'S mission and strategy during 2023. A significant achievement was the reintroduction of the UKSG Innovation Awards following a three year break due to the COVID-19 pandemic. We were delighted to be able to support the work of EARLL (Early career Academic and Research Librarians in London). the Global Equity Network. Higher Education Library Technology IHELibTechl, the Open Institutional Publishers Association (OIPA) and the development of a new game, Open Science: Wheel of Prosperity. 2023 saw us return to an in-person conference in Glasgow. and re-introduce our in-person Forum in November in Birmingham, while all other events during the year were run online. The Annual Conference represents our largest source of income at £564,647 (2022- £564, 0791 against costs of £329,561 (2022.. £314,834). Conference income fell short of the budget of £622,913 by £58,266 due to lower than expected delegate numbers but as we also made cost savings of £32,895 the net shortfall was only £25,371. Our seminar revenues continued to increase, reaching £39,910 in 2023 (2022: £24,801). Together with some savings on research and computer costs this allowed us to achieve a surplus in 2023 of £75,04812022: £110,482). We continue to spread our financial risk by holding our cash in multiple accounts; at the end of 2023, our cash at bank and in hand was £737.13612022: £791,676). During 2023 we migrated the majority of our cash reserves to the CAF Charity Deposit Platform, provided by Flagstone Investment Management. This provides us with access to 20 banks and building societies, and 80 accounts, through a single platform, enabling us to reduce the administrative overhead of running multiple bank accounts and maximise the interest earned on our cash reserves. We continue to repay our coronavirus bounce back loan, which stood at £24,944 at the end of the year {2022: £34,835). Our plans and timings for repayment of this loan are reviewed on a regular basis. Financial Control and Investment Policy- Our finances are managed in line with our Financial Control and Investment Policy, which was adopted at a Trustees meeting held on the 4 December 2022. The policy codifies our approach to financial management and reflects our primary investment objectives of maintaining liquidity and minimising risk and a secondary objective of minimising the impact of inflation on the value of our cash reserves. Reserves Policy: our Reserves Policy was last updated at a Trustees meeting held on the 17 February 2022 and requires us to hold sufficient reserves to cover 8￿ts of the costs of the annual conference (which amounts to £264K based on the 2023 results) and 35% of our operating costs1£87KI. This requirement was met throughout the year. Section 6: Future Plans UKSG is fortunate to be able to rely on so many willing volunteers. as well as on the dedication of its paid staff - Bev Acreman, UKSG Executive Director, Vicky Drew (Events Executive), Samira Koelle (Events Assistant), Brian Lewis (Digital Communications Associate), Elaine Koster (Publications Associate), and others who carry out specialised tasks for the group. For 2024 the Education and Events Subcommittee plans to: 12 Run a programme of 8 one-day seminars on a range of topics, including those events that have been successful in the past. The majority of seminars will continue to be run as online events but with the plan to run one event in person as a trial for returning to in person events. This will be our Publication to Press seminar which explores how research is communicated and which will take place in London in June. If this is successful then we hope to offer more in-person events in future dependent on costs of venues and enough interest from delegates. Continue with the online format of a series of webinars aimed at the Further Education sector building on the trial in 2023 For 2024 the Insights Editorial Board plans to: Build on our increasing rate of unsolicited submissions to the journal Work with our platform provider to provide Counter-approved usage statistics. For 2024 the Outreach and Engagement Subcommittee plans to". Launch a podcast series aimed at sharing professional experiences across the sector, particularly aimed at ea rly career colleagues Develop a toolkit for jobseekers, to support new entrants/ sideways moves into the scholarly communications sector Conduct a light-touch stakeholder analysis to provide a valuable touchstone resource for strategic planning Get back into Library schools to deliver workshops Section 7: Audit The audit of the 2023 accounts was successfully completed by Just Audit & Assurance Ltd, who are pleased to continue as auditors for the year ended 31 December 2024. 13 Section 8: Statement of Trustees, Responsibilities The charity trustees (who are also the directors of UKSG for the purposes of company lawl are responsible for preparing a trustees, annual report and financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Company law requires the directors to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company as at the balance sheet date and of its incoming resources and application of resources. including the net income or expenditure. for the financial year. In preparing those financial statements, the trustees should follow best practice and.. observe the methods and principles in the Charities SORP state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements make judgements and estimates that are reasonable and prudent; and prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue on that basis. 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 which enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. The trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions. Statement as to disclosure to our auditors In so far as the trustees are aware at the time of approving our trustees, annual report: there is no relevant audit information of which the charitable company's auditor is unaware, and the trustees have each taken all steps that they are obliged to take as a director to make themselves aware of any relevant audit information and to establish that the auditor is aware of that information. By order of the Board of Trustees Ll Chair: Joanna Ball Date: 22 March 2024 14 Independent Auditors, Report to the members of UKSG Opinion We have audited the financial statements of UKSG for the year ended 31 December 2023. which comprise the Statement of Financial Activities, Balance Sheet. Cash Flow Statement and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is United Kingdom Accounting Standards. comprising Charities SORP- FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland, and applicable law (United Kingdom Generally Accepied Accounting Praclice). In our opinion the financial statements.. give a true and fair view of the state of the charitable company's affairs as at 31 December 2023 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended- have been properly prepared in accordance with United Kingdom 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 (UK)) 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 charitable company in accordance with the ethical requirements that are relevant lo our audit of the financial stalements in the UK, including the FRC'S Ethical Standard. and the provisions available for small entities. 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. Concluslons relaiing to golng concem 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 charitable company's ability to conlinue as a going concern for a period of at leasl iwelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report. Other informalK+n The other information comprises the information included in the trustees, report, other than the financial statements and our auditor's report Ihereon. The trustees are responsible for Ihe other information. Our opinion on the financial statements does not cover the other information and. except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion Ihereon. In connection with our audit of the financial statements. 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a malerial misstatement of the other information. 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 Ihis regard. 15 Opinion on other matters prescTil*d by the Companies Ad 2006 In our opinion. based on the work undertaken in the course of the audit= the information given in the trustees. report, which includes the directors. report prepared for the purposes of company law, for the financial year for which the financial statements are prepared is consistent with the financial statements- and the directors, report included within the trustees, report has been prepared in accordance with applicable legal requirements. Matters on which we are required to re￿rt by exceplM)n In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the directors, report included within the trustees, reporL 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 proper accounting records have not been kept, or returns adequale for our audil have not been received from branches not visited by us. or the financial statements are not in agreement with the accounting records and returns- or certain disclosures of trustees, remuneration specrfied by law are not made., or we have not received all the information and explanations we require for our audit.. or the charity has not kept sufficient accounting records- or the trustees were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies, exemptions in preparing the trustees, report and from the requirement to prepare a strategic reporL Responsibililies of trustees As explained more fully in the trustees, responsibilities statement (set out on page 14), Ihe trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements. the Irustees are responsible for assessing ihe charitable company's ability to continue as a going concern, disclosing, as applicable. matters related to going concern and using the going con￿rn basis of accounting unless the trustees eilher intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so. Auditorfs responsibilities for the audii of the financial statements 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 assuran￿ 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. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at.. vp•M.frc.org.uklauditorsresponsibilities. This description forms part of our auditor's report. 16 Extent to which the audit was considered capable of detecting irregularities. including fraud Irregularities. including fraud. are instances of non-compliance with laws and regulations. We design procedures in line with our responsibiltties, outlined above. to detecl material misstatements in respect of irregularities. including fraud. We identified and assessed the risks of material misslatement of the financial stalements from irregularities. whether due to fraud or error. and discussed these between our audit team members. We obtained an understanding of the legal and regulatory frameworks within which the charilable company operates. focusing on those laws and regulations that have a diract effact on the determination of material amounts and disclosures in the financial statements. The lay￿ and regulations we considered in this context were the Companies Act 2006, and the Charities Act logether with the Charities SORP {FRS 102). We assessed the required compliance with these laws and regulations as part of our audit procedures on the related financial statement items. The extent to which our procedures are capable of detecting irregularities. including fraud is detailed below. In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which might be fundamental to the charitable company's abilty to operale or to avoid a material penalty. We also considered the opportunities and incentives that rnay exist within the charitable company for fraud. The laws and regulations wo considered in this conlext were the General Data Protection Regulation (GDPR). Anli-fraud. bribery and comjption legislation, Taxation legislation and Employment legislation. Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the Trustees and other management and inspection of regulatory and legal correspondence, if any. We identified the greatest risk of material impact on the financial statements from irregularities. including fraud. to be within the timing of recognition of conference income and expenditure, and the ove￿Ide of controls by managemenl. Our audit procedures to respond to these risks included enquiries of management, including senior management. sample testing on the posting of entries. including journals, reviewing accounting eslimates for biases. reviewing regulatory correspondence with the Charity Commission. and reading minutes of meetings of those charged with govemance. Owing to the inherent limilations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements. even though we have properly planned and performed our audit in accordance wllh aUdI￿ng s￿ndardS. For example, the further removed non-compliance with labvs and regulations (irregularities) is from the events and transactions reflecled in the financial statements. the less likely the inherently limited procedures required by auditing standards would identify it. In addition, as with any audit. there remained a higher risk of non- detection of irregularities, as these may involve collusion. forgery. intentional omissions, misrepresentations, or ihe overrlae of Internal controls. We are not responsible for preventing non- compliance and cannot be expected to detect non-compliance with all laws and regulations. Use of our report This report is made solely to the Charilable Company's members. as a body. in accordan￿ with Chapter 3 of Part 16 of the Companies Act 2006. Our audit y￿rk has been undertaken so that we might state to the Charitable Company's members and trustees those matters we are required to stste to them in an auditor's report and for no other purpose. To the fullest extent permitted bylaw. we do not ac￿pt or assume responsibility to anyone other than the Charitable C pany. the Charitable Company's members as a body. and the Charitable Company's trus as a body, for our audit work, for this report. or for the opinions we have formed in Wright ( ior Statutory Auditor) n behalf of Just Audit & Assurance Ltd. Statutory Auditor For 37 Markel Square Witney Oxfordshire OX28 6RE 17 UKSG STATEMENT OF FINANCIAL ACTIVITIES AND INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2023 Notes Restricted Unrestricted Total Total Funds 2023 Funds 2022 Funds Funds INCOME Income from grants Income from charitable activities 11,676 11,676 659,901 659,901 645,106 Income from generated funds.. Investment income 13,674 13,674 1,526 Totsl income 11,676 673,575 685,251 646,632 EXPENDITURE Charitable activities 11,676 561,981 573,657 503,092 Governance costs 36,546 36,546 33,058 Total expenditure 11,676 598,527 610,203 536,150 NET INCOME 75,048 75,048 110,482 Reconciliation of funds Total funds brought foNard 16 524.150 524,150 413,668 Total funds carried forward 16 599,198 599,198 524,150 The statement of financial activities indudes all gains and losses recognised in the year. All income and expenditure derive from continuing activities. 18- UKSG BALANCE SHEET AS AT 31 DECEMBER 2023 Notes 2023 2022 FIXED ASSETS Intangible assets 10,568 CURRENT ASSETS Debtors Cash at bank and in hand 10 239.214 737.136 166,139 791,676 17 976.350 957,815 CREDITORS: Amounts falling due within one year 11 372.918 408,721 NET CURRENT ASSETS 603,432 549,094 TOTAL ASSETS LESS CURRENT LIABILITIES 614,000 549,094 CREDITORS: Amounts falling due after more than one year 12 14,802 24,944 NET ASSETS 599,198 524,150 FUNDS OF THE CHARITY: Unrestricted income funds Restricted income funds 15 15 599,198 524,150 599,198 524,150 Registered Company Number." 04145715 19- UKSG BALANCE SHEET AS AT 31 DECEMBER 2023 These accounts have been prepared and delivered in accordance with the special provisions relating to small companies within Part 15 of the Companies Act 2006 and with the Financial Reporting Standard 102 Section 1A smaller entities. The directors acknowledge their responsibilities for ensuring that the company keeps accounting records which comply with section 386 and for preparing accounts which give a true and fair view of the state of affairs of the company as at the end of the financial year and of its surplus or deficit for the financial year in accordance with the requirements of sections 394 and 395 and which othe￿ilSe comply with the requirements of the Companies Act 2006 relating to accounts, so far as applicable to the company. Signed on behalf of the board of trustees Joanna Ball Trustee- Chair Date approved by the board.. 22 March 2024 Registered Company Number." 04145715 -20- UKSG STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2023 Notes 2023 2022 Cash flows from operating activities Net income for the reporting period (as per the SOFA) 75,048 110,482 Movements in working capital (Increase) I decrease in debtors Decrease in creditors (73,0751 (36,0541 16,884 {17,623) Net cash generated by operating activities 1109,1291 {739} Cash flows from investing activities Payments to acquire intangible assets (10,568) Net cash used in investing activities (10,5681 Cash flows from financing activities Repayment of borrowings (9,891) (9,648) Net cash used in financing activities 19,8911 (9,648) Net Idecrease) l increase in cash and cash equivalents (54,540) 100,095 Cash and cash equivalents at the beginning of the year 17 791,676 691,581 Cash and cash equivalents at the end of the year 17 737,136 791,676 21 UKSG NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 GENERAL INFORMATION UKSG is a registered charity and private company limited by guarantee incorporated in England and Wales. Its registered Offi￿ and principal office is= Windrush House Windrush Park Burford Road Oxon OX29 7DX The financial statements are presented in Sterling, which is the functional currency of the charity- The charity has no share capital and in the event of winding-up each member is limited to £1. The charity is a public benefit entity. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of preparation of the financial statements These financial statements have been prepared in accordance with the Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing accounts in accordance with the Financial Reporting Standard 102 Section 1A applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). They also comply with the Companies Act 2006 and Charities Act 2011. Going concern The Trustees consider that there are no material uncertaints-es about the Charity's ability to continue as a going concern nor any significant areas of uncertainty that affect the carrying value of assets held by the charity. Ample reserves are held to meet the minimum funding obligations. -22- UKSG NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 STATEMENT OF ACCOUNTING POLICIES (continued...) Incoming resources Charitable trading activities Income from conference and seminar event admission charges is included in incoming reSoUr￿S in the period in which the relevant event takes pla￿. Income from membership subscriptions is included in incoming resources for the period in which the membership occurs. Grant income Income from donations and grants, including capital grants, is included in incoming resources when these are receivable, except as follows.. When donors specify that donations and grants given to the charity must be used in future accounting periods, the income is deferred until those periods. When donors impose conditions which have to be fulfilled before the charity becomes entitled to use such income, the income is deferred and not included in incoming reSoUr￿S until the pre-conditions for use have been met. When donors specify that donations and grants, including capital grants, are for particular restricted purposes, which do not amount to pre-conditions regarding entitlement, this income is included in incoming resources of restricted funds when receivable. Interest re￿1vable Interest is included when receivable by the charity- Grants The company received total grant income of £11.676. All of this related to income received from Glasgow City Council to support UKSG'S activities in delivery of the Annual Conference. Expenditure All expenditure is recognised when a liability is incurred and has been classified under headings that aggregate all costs related to that heading. They are included in the Statement of Financial Activities on an accruals basis, exclusive of VAT. Costs of charitable activities are expenses directly incurred in achieving the objectives of the charity- Governan￿ costs include those incurred in the governance of the charity and its assets and are primarily associated with constitutional and statutory requirements. -23- UKSG NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 STATEMENT OF ACCOUNTING POLICIES (continued...) Tangible fixed assets Tangible fixed assets are not capitslised and are instead written off through the income and expenditure account. Intangible fixed assets Intangible fixed assets, other than goodwill, are stated at cost less accumulated amortisation and any accumulated impairment losses. Amortisation is calculated on a straight-line basis over their estimated useful economic life, which is generally three years. Financial instruments The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts re￿1vable and payable, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares. Financial assets are measured at cost and are assessed at the end of each reporting period for objective evidence of impairment Where objective eviden￿ of impaimient is found, an impairment loss is recognised in the statement of financial activities. The impairment loss for financial assets measured at cost is measured as the difference belween an asset's carrying amount and the best estimate, which is an approximation, of the amount that the charity would receive for the asset if it were to be sold at the reporting date. Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is an enforceable right to set off the recognised amount and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. Debtors Short term debtors are measured at transaction pri￿, less any impaimenL Creditors Short term trade creditors are measured at the transaction pri￿. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and subsequently at amortised cost. -24- UKSG NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 STATEMENT OF ACCOUNTING POLICIES (continued...) Bank borrowings Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Statement of Financial Activities over the period of the relevant borrowing. Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges. Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reports'ng date. Funds General funds are unrestricted funds which 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. Restricted funds are funds which are to be used in accordan￿ wth specific restrictions imposed by the donors or which have been raised by the charity for particular purposes. Designated funds are funds set aside by the trustees out of unrestricted funds for specific future purposes or projects. Taxation The Charity is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitsble company for UK corporation tax purposes. Accordingly, the Charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitsble purposes. Defined contribution pension obligation A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods. Contributions to defined contribution plans are recognised as an employee benefit expense when they are due. If contribution payments ex￿ed the contribution due for service, the excess is recognised as a prepayment. All pension costs are included in unrestricted expenditure. -25- UKSG NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS The directors have made key assumptions in determining the useful economic life of intangible assets. INCOMING RESOURCES The incoming resources included in the Statement of Financial Activities consist of the following sources of income.. Restricted Unrestricted 2023 Total 2022 Total Funds Funds Income from charitable activities Conference and seminar fees 604,557 52,907 604,557 52,907 11,676 2,437 588,880 55,235 Subscriptions Grants and donations received Other income 11,676 2,437 991 11,676 659,901 671,577 645,106 Investment Income Interest received 13,674 13,674 1,526 Total Income 11,676 673,575 685,251 646,632 -26- UKSG NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 EXPENDITURE The resources expended included in the Statement of Financial Activities consist of the following sources of expenditure.. Restricted Unrestricted 2023 2022 Funds Funds Total Total Charitable activities Conference expenditure Seminars expenditure Administration 11,676 317,885 18,669 225,427 329,561 18,669 225,427 314,834 2,295 185,963 11,676 561,981 573,657 503,092 Governance costs Audit of the financial statements Accountancy, bookkeeping and payroll costs Committee expenses 4,000 30,955 1,591 4,000 30,955 1,591 2,100 30,958 36,546 36,546 33,058 Total expenditure 11,676 598,527 610,203 536,150 INTANGIBLE FIXED ASSETS Website costs Cost Additions 10,568 At 31 December 2023 10,568 Net book value At 31 December 2022 At 31 December 2023 10,568 -27- UKSG NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 EMPLOYEES The average number of persons employed by the charity during the year was: 2023 2022 Average number of employees STAFF COSTS 2023 2022 Staff costs during the year amounted to: Salaries Employer's National Insurance contributions Pension costs 129,667 6,722 5,130 119,981 6,754 5,130 141,519 131,865 No other trustee received any remuneration during the year or received other benefits from an employment with the charity or a related entity. General unpaid volunteers are also used as part of the numerous committees which help with the running of the charity. 4 trustees {2022 - 21 were reimbursed for travel. meeting and accommodation costs and gifts to employees, totalling £2,831 (2022 - £882). 1 member of staff earned in eX￿s5 of £70,000 but less than £80,000 during the year {2022 - 1 in excess of £70,000 but less than £80,000). RELATED PARTY TRANSACTIONS During the year there have been no related paty transactions in the reporting period that require disclosure other than that disclosed in note 8. -28- UKSG NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 10 DEBTORS 2023 2022 Trade debtors 77,281 161,933 82,590 77,374 6,175 Prepayments and accrued income Other debtors 239,214 166,139 11 CREDITORS: amounts falling due within one year 2023 2022 Bank loans and overdrafts Trade creditors Taxation and social security Accruals 10,142 4,890 36,318 11,676 309,892 9,891 43,976 47,385 9,352 298,106 Deferred income Other creditors 372,918 408,721 Included in Bank loans and overdrafts is a loan under the coronavirus Bounce Back Loan Scheme (see Note 12). 12 CREDITORS: amounts falling due after more than one year 2023 2022 Bank loans and overdrafts 14,802 24,944 Included in Bank loans and overdrafts is a loan under the coronavirus Bounce Back Loan Scheme. The loan is underwritten by the government as part of the COVID-19 crisis with fees and first yearfs interest being met by the government as part of that initiative. Interest is fixed at 2.5 %. The final instalment is due on 29 June 2026 and the carrying value at the year end was £24,944 (2022 - £34,835). Interest charged to the financial ststements within the year was £758 (2022 - £1,002). 13 DEFERRED INCOME The provision for deferred income of £309.892 relates to 2024 income received in advance during 2023. In the accounts for the year ended 31 De￿mber 2022, £298,106 was deferred and has been released in the current year. -29- UKSG NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 14 COMMITMENTS Amounts falling due next year under liCen￿S for land and buildings= 2023 2022 Expiring in less than one year 7,628 10,013 7,628 10,013 15 ANALYSIS OF NET ASSETS BETWEEN FUNDS Restricted Unrestricted 2023 2022 Funds Funds Total Total Intangible assets Debtors 10,568 239,214 737,136 (372,918) {14,802) 10,568 239,214 737,136 (372,918) (14,802) 166,139 791,676 {408,721) (24,944) Cash at bank and in hand Current liabilities Non-current liabilities 599,198 599,198 524,150 -30- UKSG NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 16 MOVEMENT IN FUNDS At1 January 2023 Asat31 December 2023 Incoming resources Outgoing resources Transfers Unrestricted funds: General funds 524,150 673,575 (598,527) 599,198 Total unrestricted funds 524,150 673,575 (598,527) 599,198 Restricted funds 11.676 {11,676) Total funds 524,150 685,251 (610,203) 599,198 Movement in funds (previous year) Asat31 December 2022 January 2022 Incoming resources Outgoing resources Transfers Unrestricted funds: General funds 413,668 646.632 (536,150) 524,150 Total unrestricted funds 413,668 646,632 (536,150) 524,150 Restricted funds Total funds 413,668 646,632 (536,150) 524,150 Restricted funds Funds of £11,676 were recieved from Glasgow City Council to support UKSG'S activities in delivery of the Annual Conference. 31 UKSG NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 17 ANALYSIS OF CASH AND CASH EQUIVALENTS 2023 2022 Cash in hand 737,136 791,676 Total cash and cash equivalents 737,136 791,676 -32- **UKSG** ## **DETAILED INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2023** **----- Start of picture text -----**
2023 2022
£ £
INCOME
Conference and seminar fees 604,557 588,880
Subscriptions 52,907 55,235
Other income 2,437 991
Grants 11,676 -
671,577 645,106
Administrative expenses
Insights costs 11,508 9,711
Conference expenditure 329,561 314,834
Seminars expenditure 18,669 2,295
Admin salaries / sundries 141,519 131,865
Committee expenses 1,591 -
Office costs 24,695 15,999
Printing, stationery and office expenses 1,053 1,133
Marketing, research and website 17,693 9,809
Telephone 3,670 3,982
Computer and training 10,245 8,956
Entertainment 343 265
Legal fees 7,525 1,265
Accountancy and bookkeeping fees 30,955 30,958
Auditor's remuneration - audit fees 4,000 2,100
Bank charges 2,540 1,322
Sundry expenses 1,264 393
Bad debt write off 2,614 261
609,445 535,148
Operating surplus 62,132 ` 109,958
Interest receivable
Bank interest 13,674 1,526
Interest payable and similar charges
Bank loan interest 758 1,002
Surplus on ordinary activities 75,048 110,482
Income and expenditure account brought forward 524,150 413,668
INCOME AND EXPENDITURE ACCOUNT CARRIED FORWARD 599,198 524,150
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