llll&l UKSG (A company limited by guarantee) REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Charity number: 1093946 Company number: 04145775 CONNECTING THE KNOWLEDGE COMMUNITY
UKSG FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 CONTENTS PAGES Truste8s' report 1 to14 Auditor's report 15to17 Statement of financial activities and income and expenditure account 18 Balance sheet 19to20 Statement of cash flows 21 Notes to the financial statements 22to32
UKSG TRUSTEES, ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 Section I: Reference and Administrative Details of the Charity, Its Trustees and Advisers a) Charlty name: UKSG b) Charity Registratlon No.. 1093946 Company Registratlon No.: 04145775 c) Principal and Registered office: Witney Business & Innovation Centre. Windrush House, Windrush Industrial Park, Burford Road, Wltney, Oxon, OX29 7DX d) Names of the charity's trustees (who are also directors of the company) on the date the report was approved: Charlie Rapple {re*lected 2019, Chair- first year) Jennifer Bayjoo (elected 2024) Liam Bullingham (elected 2023) Rob Johnson (elected 2021,. Vice Chair-first year) Tasha Mellins-cohen {elected 2023; Treasurer-first year) Bethany Logan (elected 2023) Katherine Rose (elected 2022) Josh Sendall (elected 2022) Magaly Taylor (elected 2024 el Names of any others who served as a charity trustee in the financial year in question li.e. duringjanuary to December 2024): Joanna Ball (resigned 2024) Claire Grace {resigned 2024)
fj Staff responsible for day-to-day management: Bev Acreman (Executive Director- full time) Vicky Drew (Events Executive- part time) Elaine Koster (Publications A5sociate- part timel Brian Lewls {Digltal Marketing- part time, contract) gl Other relevant organisations: Bank: The Co-operative Bank plc, 13 New Road. Oxford OXI ILG Accountant: The M Group, 4 Witan Way, Witneyi Oxfordshire OX28 6FF Auditor: Just Audit & Assurance Ltd, 37 Market Square, Wltney, Oxon OX28 6RE
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 20DI and is governed by its Memorandum and Articles of Association, which were updated and formallv adopted in November 2024. UKSG has been registered a5 a charity with the Charity Commission Sin 26 September 2002. UKSG is a professional interest group for the information resources community. The objects for which the companywas 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, 2024, there were 425 members (December 31" 2023: 425) each of whom wlll have been requested to agree to contrlbute £1 in the event of the charity being wound up, UK5G 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 communlcation 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 (appointed from within Trustee membership). Six ordinary members, elected or co-opted. There are a minimum of three meetings per year. Subcommittees are in pla to cover Education. Insight5, 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 Insight5 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 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 Trustees 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'5 AGM, held online in 2024, 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 whom the Board considers will bring to the organisation a particularly valuable range of knowledge, experience or expertise. All Authori5ed 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 worklng within a sector of the information resources indu5tryi be it in libraries, publishin& intermediate services, database provision, system design or consultancy, and should therefore be well equipped with a good understanding of the general environment in whlch UKSG operate5. New trustees benefit from informal support from the exlstlng Trustees, and formal induction guidelines and a job descrlptlon whlch 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 provlded 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 actlvely 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 conferen are always discussed at a meeting of the full Board of Trustees and, wherever p055ible, 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 2024 AGM was held onllne in March 2024, 34 members registered to attend12023: 55 members). 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 thls section are always referred to the main Board of Trustees for consideration and approval. The strateglc vision is available on the UKSG website and reflects a consultation with the membership about the organisation, Its values and direction. Thls Infoms the organisation's prioritles over the next few years. (See also Sections 3, 4 and 6.) A Remuneration Subcommlttee, comprising the Chalr, Treasurer and Vice Chalr, meets once a year to considerthe performance and salaries of the organisation's employees and to approve any changes that are felt necessary. Risk Management UKSG reviews it5 Risk Management Policy annually. The associated Risk Register, managed by the Vice Chair, itemises the major areas of risk facing the organisation in fulfilling its charitable aim5. Each risk is accorded a priority ratin& 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 rlsk is listed, together with any further action required, and a date for review. Each Subcommittee also reviews on a regular basis the risks associated wlth its area of work. with new risks added when the organisatlon moves into new areas of activity, and risks that have become irrelevant removed. Where appropriate, the financial risk Is quantlfied. The single blggest risk remains the funds committed to UKSG'S Annual Conference ahead of the event. We seek the appropriate Insurances to coverthe 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 communty To represent all sections of our community in our activities and deliver a road map of change to resolve areas of under-repre5entation To provide a voice for all members of our communityfrom sector leaders to new entrant5 to our community To share our knowledge and expertise To collaborate internationally and include global perspectives Connect: UKSG will bring together different voices and perspectlves To provlde a community of prartice for professional development, exchanging Idea5 and sharing expertise, solutions and best practi To value plurality of opinions and practlce5, and not shy away from challenging toplcs To encourage and facilitate transparent, meaningful dialogue and construttive, respectful discussions
To create a cross-sectoral space to enable understanding of each otherfs values, perspettives and goals Innovate. UKSG will be the forum for creating and nurturing new ideas To enable our members to keep pace with our changlng landscape To identify tomorrow's challenges and trends today To act as a catalyst for initiatives that benefit and develop our community To collaborate wSth other organlsatlons to find solutions to the faultlines within our sector Deliver: UKSG will deliver Improvements to the flow of scholarly knowledge To support the dellvery of practlcal solutlons 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 transp3nt about our governance, operations and fInanS Conference planning sub-committee The Conference Plannlng Sub-commlttee received a significant quantity of high44uality proposals and is on course to deliver another strong programme for the 2025 Annual Conference and Exhibition in Brighton. Five Plenary Sessions will cover topical thematic areas, Including Artificial Intelligence, Cyber Security, Empowering Neurodivergent Staff, Gender Equitable Research Culture, and Open Access. Thirty breakout sessions covering a wide range of subject5 will be held twice during the Conference. In 2024, we delivered a Workshop pilot. Workshops ran fortwo hours, enabling delegates and facilitators to explore topics in more detail, incorporating interactive and practical elements. Following the pilot's success and positive delegate feedback, we will run another series of Workshops at our 2025 Conference. This year, Conference Planning Sub-committee members wlll support Breakout sessions as moderators and microphone runners,. this will improve the accessibility of our programme. We are committed to fostering a welcoming atmosphere for all delegates. Therefore, we are also exploring mechanlsms to Increase the visibility of this group and encouraglng them to reach out to any delegates who may appear to be isolated land who are not displaying a red 'no contact, badge). e.g** during intervals and the social elements of the Conference. 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 oUta¢h and Engagement Committee focuses on raising awareness of UKSG activities and member beneflts, with a view to supporting current UKSG member interests and attracting new members. The Committee is currently made up of ten members; half of those volunteers represent libraries with the other half representing publishers and intermediaries. There is a proposal to recruit two additional volunteer5 Wlth a particularfocus on identifying individuals who are early career professionals. Volunteer5 meet virtually three times per yearto discuss ongoing projects. The Merriman and Early Career conference awards for 2024 were successfully managed by the Committee, and to support UKSG'S commitment to diversity and incluslon the number and scope of the awards was significantly expanded. In addition to the Merriman award, ten sponsored places were available for early career practitioners, first time attendees, students and those who self-identify as underrepresented within the sector or their organisation. This has been continued for the 2025 sponsored places.
The committee continues to explore opportunities to work with universities to deliver roadshow events showcasing the myriad career pathways the sector can offer. The podcast remains successful, with over 20 pub115hed episodes slnce its launch in 2023 and extremely positive feedback from listeners. Education and Events Subcommittee In addition to the Annual and One-Day Conference5, the work of the Educatlon and Events Subcommittee Is central to UKSG'S objectives of encouraging professional awareness and realising public benefit by providing a programme of affordable seminars and workshops. All seminars during 2024 took place as online events. The events vary from introductory-level seminars aimed at those new to the information communityi to intermediate and adVand seminars on specific themes for those who wish to further their professional development. The Subcommittee continue5 to consider newthemes forseminars. in response to demand from both members and non-members a5 well as developing and evolving current themes. For exarnple, during 2024 we introduced a new seminarfocused on understanding data visualisation in response to delegate feedback. 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 2024 remained strong. Thi5 may be due to the reduced costs and time commitment for attendees wlth events being run online and at a lower cost compared to prevlous°In-person" seminars. Deliverlng 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. We have also continued wlth the delivery of a webinar serles aimed at the Further Education sector and have plans to expand this further for 2025. Further details of events run In 2024 are outlined in Sectlon 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. Following feedback from members we explored opportunities for re-lntroducing one of our seminars as an in-person event in 2024. Unfortunately, take up was very low and thefOre we have decided that all events during 2025 will continue to be online. During the course of the yearthere were a number of changes to the Subcommittee membership. which currently stands at 18 with a mix of representatives from libraries, publishers and intermediaries. UKSG is a150 aware of the requirements of its membership beyond the UK and the difficulties of meeting their training needs and a freely available webinar series continue5 to attract high numbers of registrations from both within and beyond the UK. The Webinar Officer develops a programme of online events on a range of professional topics, working in conjunction with the member5 of other UKSG Subcommittees to gather ideas for topics and speakers. UKSG leads the organisation of, and technical support for. the webinar programme. The registration process continues to help the Webinar Officer understsnd the profile of webinar participants and inform future webinar planning. Durlng the course of 2024 a total of 1,500 people attended a UKSG conference or seminar, and an additional 1,093 people registered for one of our three free webinar5.
Insights Thejournal'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 2024 members of the Board were Bev Acreman IUKSG}. Jonathan Agbenyega IACSI, Rick Anderson (Brigham Young University), Joanna Ball {Directory of Open Access Journals), Jill Emery {Portland State University), Victoria Gardner (Wiley), Siobhan Haime (Birkbeck, University of London). Rosie Higman (The London School of Economics and Political Science), Roy Kaufman (Copyright Clearance Center), Sam Nesbit, (University of Sussexl, Beth Montague-Hellen (The Francis Crick Institute) and Charlie Rapple (Kudosl. After twelve years as joint editors of Insights with Steve Sharp (Sheffield Hallam University), Lorraine Estelle Ilnformation Powerl has announced her retirement. The Editorial Board extend their heartfelt thanks to Lorraine for her Invaluable contributions to Inslghts and wish her all the best in her future endeavours. Insights is a 'diamond' open acce55 journal, which does not charge author5 fee5 and is free to read. Publication costs are paid in full by UKSG. While Insights only published 19 articles in 202412023: 251, the articles published had some of the highest readership and downloads in the past few years. Articles continue to be well-received and with good usage, Social media comments and an 5ncreasing 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 3,010 member ontacts. The issues include an editorial, UKSG news, industry news and people news. Section 4: Achievement and performance Charlie Rapple is in her first year as chair having been elected as Vice Chair in 2022. The process for electing members to the committee for 2024/2025 saw 7 people stand for election {2023: 6). The appointment of two successful candidates provided a balance of representation of the different UKSG main'stakeholderf group5/communities: Libraries, Publishers, and Intermedlaries. Conferences held in 2024 Annual Conference- 759 delegates attended our annual conference in person in Glasgow from 26 countries 12023: 761 delegates from 22 countries). November 2024: UKSG November Conference-"Cybersecurity and Censorship While the number of delegates attending- 121- represented a fall on the prevlous year {2023: 175 delegates) we had excellent feedback on the content and delivery.
UKSG Forum--Our profession In 2030: publishing, sharlng and curating content now and in the future". This is an in-person event for UKSG members (non-members pay a small fee) - 164 delegates {2023: 176) Seminars and training events held in 2024 We ran slx seminars during 2024, attended by 457 delegates (2023: 386}. 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: Licensing skills for librarians June: An introduttion to e-resources July: 8rldging the divide between the media and research August: An introduction to open a¢SS November.. Usage data for decision-making November: Understanding data visualisation Webinars held in 2024 We ran a programme of three webinars in 202412023: two webinars), includlng presentations on metadata, educatlon transitions and open access funding. Those that had registered were able to either attend the live weblnar or watch a recording at a later date.. October.. Getting out from the back of the sofa." Or. how can we achieve sustainable fundlng for Open Access books? November: Further Education Webinar Series: The next step." How FE and HE librarles can work together to improve the transition of students from one to the other December: MarcEdlt through the lens of a Metsdata Librarian working for a publisher A total of over 1,569 {2023.. 881) people registered to attend one or more of our webinars In 2024. Recordings for the webinars are available for viewing after the event for registered delegates Membership Support & Member Inclusion UKSG continues to offer a wlde range of benefits to its members, for example.. UKSG eNews- a fortnightly round-up of our own news, plus that of our member5 and others In the sector, with guest edltorials - sent to 3,010 member contacts (2023.. 2,986 member contracts). 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 capaclty for the benefit of the wider knowledge community and future generatlons of profe5slonals working In scholarlycommunications. Still provlng popular and well attended, the programme of webinars has continued to be run free of charge for everyone in the communlty. The Outreach and Engagement sub-committee is responsible for increasing UKSG'S connections with its own community.
In 2024 we provided 389 free places12023.. 61) 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 2024 and all seminars were delivered online. Attendance across the seminar serie5 was higher in 2024 than in 2023, and we continue to receive positive feedbackfrom delegates: "It was good to see many L7ttendeesfrom other countries, as it widens perspectives and there Is a sense that issues and potential solutions need tofactor the publishing landscape in more widely, i.e. cannot be Just UK- centric., (Annual Conference) "As o team we were delighted with what we leurnt who we met ond the meetings we had with providers. It was very well organised. The arrangements forfood ond drink were very well planned and executed." (Annual Conference) UKSG continued to offer a programme of webinars In 2024 which allowed us to engage with our members both in the UK and internationally. Sessions aim to cater for all levels, running more practical and information-dellverlng se55ions alongside opinion pieces, and providing a way for practitloners to keep up with new topics. As well as listening live, registrants can listen to a recordlng of the session later, giving the opportunity to reach an audience regardless of time zone. Annual Conference Our annual conference is the princlpal driver of our finances (see Sectlon 5). In 2024 we delivered an in- person conference wlth 759 delegates in total (2023: 761 delegates), and a posltive response rate of 96% describing the conference as "excellenv or"good" (2023: 94%>. Afterthe summer in 2024, we made all of the conference content freely available. "I thought thi5 year's conference wosfantastic... topical and relevont content, great venue, brilliant spe(7ker5 and delegates and excellent entertainment andfoo "I want to thank the organizing committee agoinfor an excellent conftrence,, l alwoys enjoy the UKSG meetings ond it is a good opportunity to start the renegotlotion talks with publisher5, leorn about all kind of developments in our area and talk to muny colleagues. A big opplausefor Bev and all the other colleagues for this annuol eventr, Membership benefits remain substantial in terms of discounted attendance at events, communications and more. Prevlously 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 event5 and we have continued our serie5 of free webinars that enable greater inclusion, particularly for international and underfunded members. We are also founder members and on the steering commlttee for C4Disc- Coalitlon for Diversity and Incluslon In Scholarly Communication and Think.Check.Submit where we actlvely promote the education programme aimed at helping researchers find the best outlets for their work, The remainder of this section gives more details on activlties in partlcular areas, 10
To represent the diversity of the global knowledge community UKSG has members in 32 countries (2023.. 28 countries). The Joint UKSG/NASIG John Merrlman Award was granted to two professlonals in non-managerial positions relatlng to the management of e-resources, allowing them to visit the UKSG Annual Conference and that of our sister organisation, NASIG, in the US. UKSG IS Erateful to its Merriman Award sponsor, member Taylor & Francis Group, which continues to make a generous contrlbution toward the costs of travel. accommodation and associated expenses for the UK winner. As part of its strategic vision launched in 2022, UKSG commrtted to embracing and representing the 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 a5 well as where changes could be made to enhance inclusion and minimise under-representation across the organisation. A new UKSG EDI working group will be launched in 2025 with membership from across under- represented groups and allies, and librarie5* publishers and vendors who wlll lead on progressing these EDI recommendations. Next steps include revlsiting the collection of relevant EDI data and using this to inform the diversification of the Board and committees through a talent pipeline. To provide a community of practice for professional development, exchanging ideas and sharing expertise, solutions and best practice Our wlde range of seminars and webinars agaln saw strong attendance in 2024. We continue to see strong usage of the articles within Insights. Citations of Insights articles continue to grow, which is evldence of value to the wider scholarly information sector. Marketing Our social media presence continues to grow and have impact. The UKSG Linkedln group has 1,496 followers (2023,, 1,0971, and our Facebook group has 643 followers (2023., 628). Twitter {6,102 followers in 2024, compared with 6,330 in 20231 remains a key communication mechanlsm for UKSG but we also established a presence on Bluesky in 2024, acquiring 1.300 followers. We have continued 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 attivities into consideration. Survey data shows satisfaction is conslstently high. Membership Support and Marketing Marketing activities continue to support UKSG'S main area5 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 prloritie5 identlfied by the Trustees such a5: Communicatlons that reflect the Inclusive, dynamic nature of UK5G and Its unique role within the knowledge communlty. Engaging more with our members and publicising member benefits- for example, developments to our 11
member5-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 January to April 2024 by Rob Johnson, and from April until December 2024 by Tasha Mellins-cohen. A strong outturn in 2023 allowed us to contlnue to invest in UKSG'S mission and strategy during 2024. Including support for the free, in-per50n Forum which supports our long-term relevante by engaging those who are earller In their careers. The Annual Conference was once again held in Glasgow in 2024, repre5entinE our largest source of income at £552,070 {2023.. £564,647) against costs of £362,065 (2023: £329,561). Conference income is under pressure as institutions and publishers cut costs to manage difficult financial circumstance5, With some UKSG members reporting reduction or removal of conference registration fees and associated travel costs from their institutional budgets. At the same time, inflationary pressures pushed up our costs. This left UKSG with a Conference surplus of £190,306 in 2024, £44,780 less than the £235,086 surplus realised in 2023. Our seminar revenues were similarly affected, falling to £33,114 in 202412023: £39,910). Careful financial management, however, allowed us to achieve a Surplus in 2024 of £19,765 {2023: £75.048). We continue to spread our financlal risk by holding our cash in multiple accounts,. at the end of 2024, our cash at bank and in hand was £805,02212023: £737,136). The majority of our cash reserves are held in the CAF Charity Deposit Platform, provided by Flagstone Investment Management, whlch reduces the administrative overhead of running multiple bank accounts and maximises the interest earned on our cash reserves. In 2024 we paid off the balance of our coronavirus bounce back loan12023: £24,944). Financial Control and Investment Policy: Our finance5 are managed irb 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 sufficlent reserves to cover 80% of the cost5 of the annual conference1£289,652 based on 2024 outcomes) and 35% of our operating costs {£228,7201. This requlrement was met throughout the year. 12
Section 6: Future Plans UKSG 15 fortunate to be able to rely on 50 many wllling volunteers, as well as on the dedication of its paid staff - Bev Acreman, UKSG Executive Director, Vicky Drew (Events Executive). Brian Lewis {Digital Communicatlons A550Ctate), Elaine Koster (Publication5 Associate), and others who carry out specialised tasks for the group. For 2025 the Education and Events Subcommittee plans to: Run a programme of seven one-day seminars on a range of topics, including those events that have been successful In the past. All seminars will continue as online events. Continue with the online format of a series of webinars aimed at the Further Education sector. For 2025 the Inslghts Editorial Board plans to: Engage an equrtable process to find a new co-editor to onboard, with Lorraine Estelle stepping down as Co-Edltor. Continue to develop our Intemal Publicatlons Manual to help with onboarding of new editorial board. Members. Build on our increasing rate of unsolicited submisslons to the journal. For 2024 the Outreach and Engagement Subcommittee plans to: Expand the scope of the podcast to bring in more mid-career voices with a focus on collaborative worklng and leaming from peers. Explore hybrid delivery options for roadshow events, enabling multiple Library and Publishing cohorts to engage with sessions. Recruit more volunteers that represent our early career membership Section 7: Audit The audlt of the 2024 accounts was successfully completed by Just Audit & Assurance Ltd, who are pleased to continue as auditors for the year ended 31 December 2025. 13
Section 8: Statement of Trustees, Responsibilities The charitytrustees {who are also the directors of UKSG forthe purposes of company law) 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 resource5, 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 estimate5 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 basls. The trustees are responslble 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 fortaking 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 di55emination of financial statements may differ from legislation in other jurisdictions. Statement as to disclosure to our auditors In $0 far as the trustees are aware atthe time of approving ourtrustees, annual report: there is no relevant audlt 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 Chair: Charlie Rapple Date: 2 May 2025 14
Independent Auditors, Report to the members of UKSG Oplnion We have audit8d the financial statements of UKSG for the year ended 31 December 2024. which comprfse the Statement of Flnancial Activlties, Balance Sheet, Cash Flow Statement and the r81ated notes, including a summary of significant accounting pollcies. The financial reporting framework that has been applied in their preparalion 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 A¢pted Accounting Praclice). In our opinion the financial statements-. give a true and fair view of the state of the charitable company'5 affairs as at 31 December 2024 and of its incoming resources and application of resources, including its income and expenditure. for the year then ended" have been properly ppared in accordance with United Kingdom Generally Acceoed Accounting Practice., and have been prepared in accordance with the requirements of the Companies Act 21)06. Basis for opinion We conducted our audit in accordance with Intemational Standards on Auditing (UK) (ISAS (UK)) and applicable law. Our responsibilities under those standards are further described in the Audiior's responsibilities for the audit of the financial statements section of our report. We are ind8pendent of the charitable company in accordance with the 8thical r8quirem8nts that are relevant to our audit of th8 financial statements in the UK, including the FRC'S Ethical Standard. an(J the provisions available for small entities, and we have fuffiiied our other gthlcal responsiblllties In accordance wilh these requirements. We believe that th8 audit evidence we have obtained is sUff18nt and appropriate to provide a basis for our opinion. Condusions relatlng to going coneem In auditing the financial statements, we have concluded that the trustees us8 of the golng concern basis of accounting In the preparation of the financial statements is appropriate. Based on the work we have p8rfomied. V have not identified any material uncertainties relating to events or conditions that. indivldually or collectively, may cast significant doubt on the charitable company's ability to Continue as 8 going COnM 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. Other information The other informalion comprises the information included in the trustee5' report, other than the financial statements and our auditorfs report thereon. The tnjstees are responsible for the other infomiation. 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. 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 malerially inconsistent with the financial statements or our knowledge obtained in the audit or othernise 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 ststements or a material misstatement of the other information. If. based on the work we have perfomied, we conclude that there is a material misststement of this other information, we are required to report that fact. We hav8 nothing io report in this regard. 15
Oplnion on other matters pr8scribed by the Companies Act 2006 In our opinion, based on Ihe work undertaken in the course of the audit.. the infomiation given in th8 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 ststements- and the directors, report included wlthln Ihe Iruslees, report has been prepared in accordance with applicable legal requir8m8nts. Matter8 on which we are requlred to report by exception In the light of the knowledge and understanding of the charitable company and its 8nvironment obtained in the course of the audit, we have not identified material misststements In the directors, report Included within the trustees. report. We have nothing to report in r8SP8Ct 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 adequate for our audit have not been receSved from branches not visited by us., or the flnanclal statements are not in agreement with the accounting records and returns. or certain dlsclosures of trustees, remuneration specified by law are not made,. or we have not received all the Information and explanations we require for our audil.; or the charity has not kept sufflclent accounling records. or the trustees were not entltled to prepare the financial staternents in accordance with th8 small companies regime and take 8dvanlage of the small companies, exempiions in preparing the trustees, report and from the requirement to ppare a strategic report. ResFK>nsibilitles of trustees s explained more fully in the trustees. responsibililies ststement (set out on page 15). the trust8es {wl)o are also Ihe directors of the charitable company for the purF)os8s of company law) are responsible for the preparallon of Ihe financial statements and for being satisfied that they giv8 a true and fair view. and for such intern81 control as the trustees detemine is necessary to enable the preparatlon of tlnancial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the charilable mpany's ability to continue as a going concem, disclosing, as applicable. matters related to going ncem and using the going concern basls of accounting unless the trustees either intend to liquidate the charitable company or to C88s8 operations, or have no realistic altemative but to do so. Auditorfs responslbllltles for the audSt of the financial slatements Our objectives are to obtain reasonable assurance aboirt whether the financial ststements as a whole 8re free from material misstatement, whether due to fraud or error, and to issue an auditorfs report that includes our opinion. Reasonable assurance is a high18vel of assurance but is not a guarantee thal an audit conducted in accordance with ISAS IUK} will always detect a material misststement 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 d8cisions of us8rs taken on the basis of these fin8n¢ial statements. A furlher descripiion of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uklauditorsresponslbllltles. Thls description foms part of our auditor's report. 16
Extent to which the audit was considered capable of detectlng irregularit188, including fraud Irregularities. Including fraud, are instances of non-Mplianc8 with laws and regulations. W8 design procedures in line with our responsibilities. outlined above. to detect material misstatemenls in respect of irregularities, Including fraud. We identified and assessed the risks of materlal misslatement of the financlal statements from irregularlties, whether due to fraud or error, and discussed these between our audit team members. We obtained an urKlerstanding of the18gal and regulatory frameworks within which the charitable company operaies, focusing on those laws and regulations that have a dlrect effect on the detemiination of material amounts and disclosures in the financial statem8nts. The laws and regulations we considered in this context were the Companies Act 2006, and the Charities Act together with the Charities SORP (FRS 102>. We assessed the qUired compliance wlth these laws and regulatlons 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 detalled below. In addition, w8 Considered provisions of other laws and regulalions that do not have a dlrect effect on the financial statements but compliance wlth which might be fundamental to the charitab18 company's ability to op8rate or to avold a material penalty. We also considered the opportunities and incentives that may exlst within the charitable company for fraud. The laws and regulations we considered in this context were the General Dala Prolection Regulation (GDPR), Antl-fraud. bribery and comjption legislatlon, Taxation legislalion and Employment legislation. Auditing standards limit the required audit procedures to identify non-compllance with these laws and regulations to enquiry of the Truslees and other management and inspection of regulatory and legal correspondence, if any. We identified the greatest risk of material impact on the financial ststements from irregularttles, including fraud. to be within the liming of recognition of conference income and expenditure, and the override of controls by management. Our audit procedures to respond to these risks included enquiries of management, including senior management, S8mp18 testing on the posting of entries. includlng journals, reviewing accounting estimates for biases, reviewing regulatory correspondence with the Charity Commission, 8nd readlng minutes of meetings of those charged with govemance. Owing to the inherent limllations of an audit, there is an unavoidable risk that we may not have d8tected some material misstatements in the finan¢ial ststements, even though we hava properly planned and pérformed our audit in accordance with audlting standards. For example, the further removed non-cornpliance with laws and regulations (irregularities) is from the events and transactions reflected In the financial statements, the less likely the Inherently limited procedures requlred by auditing standards would identify it, In addltion, as with any audit, there remained a higher risk of non- detection of irregularities, as these may involve collusion. forgery, intentional omissions. misrepresentatlons, or the override of internal controls. We are not responsible for preventing non- compliance and cannot be expected lo detect non-compllance with 811 laws and regulatlons. 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 ofthe Companies Act 2006. Our audit work has been undertaken so that we might state to th8 Charitable Company's members and Irustees those matt8rs we are required to state to them in an auditorfs report and for no other purpose. To th@ fullest extent permitted by law, we do not a¢pt or assum8 responsibility to anyone other than the Charltable C Company's tru mpany, the Charitable Company's members as a body, and the Charitable as a body, for our audit work, for Ihls report, or for th8 opinions we h8ve fomied Wrighl (Senior Statutory Audltor) For aThn on behalf of Just Audit & Assurance Ltd, Statutory Auditc 37 Market Square Wltney Oxfordshire OX28 6RE 17
UKSG STATEMENT OF FINANCIAL ACTIVITIES AND INCOME AND EXPENDrruRE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2024 Notes Restricted Funds Unrestrfcted Funds Total Tolal Funds 2024 Funds 2023 INCOME Incorne from grants Income from Gharitable aclivilies 12.000 12.000 643.973 11.676 659,901 643,973 Income from generated funds: Investment income 17,717 17,717 13,674 Total Income 12,000 661,690 673.690 685,251 EXPENDITURE Charitable activib'es 12.000 603,542 615,542 573,657 Governance costs 38.383 38.383 36,546 Total expenditure 12.000 641.925 653.925 610,203 NET INCOME 19,765 19,765 75.048 Reconclllatlon of funds Total funds brought forward 16 599,198 599.198 524,150 Total funds carried forward 16 618,963 818,963 599,198 Th8 ststem8nt of financial activities includes all gain8 and losses recognlsed In the year. JI income and expenditure derive from continuing activiti8S. 18
UKSG BAIANCE SHEET AS AT 31 DECEMBER 2024 Notgs 2024 2023 FIXED ASSETS Intangible assets 25,423 10.568 CURRENT ASSETS Debtors Cash at b8nk and in hand 10 17 224,011 805,022 239,214 737.136 1,029,033 976.350 CREDITORS.. Amounts falling due within one year 11 435.493 372,918 NETCURRENT ASSETS 593.540 603,432 TOTAL ASSETS LESS CURRENT LIABILITIES 618.963 614,000 CREDITORS: Amounts falling due after more than one year 12 14.802 NET ASSETS 618.963 599,198 FUNDS OF THE CHARITY: Unrestricted income funds Restricted income funds 15&16 15&16 618.963 599,198 618.963 599,198 Registered Company Number.. 04145775 19-
UKSG BALANCE SHEET AS AT 31 DECEMBER 2024 These accounts have been prepared and delivered in accordance with the special provisions relating to small companies within Part 15 of the Companles Act 2006 and with the Financial Reporting Stan(lard 102 S8Ction 1A smaller entities. The directors acknowledge their responsibilities for ensuring that the wmpany keeps accountlng records which comply with 5eclion 386 and for preparing accounts which give a true and fair view of the stste 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 otherwise compty with the requirements of the CDmpanies Act 2006 relating to accounts. so far as applicable to the company. Signed on behalf of the board of trustees Charlle Rapple Trustee - Chair Date approved by the board: 2 May 2025 Regisiered Company Numbfjr. 04145775
UKSG STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2024 Notes 2024 2023 Cash flows from operating actlvitles N8t income for the reporting p8riod (as per the SOFA) 19,765 75,048 Movements in working capital Decrease l {incre85e) in debtors InCaSe l (decrease) in creditors Amortisation of intangible assets 15.203 72,717 1,494 (73.075) (36.054) Net cash generated by operating activit18S 89,414 (109.129) Cash flows from Investing actlvities Payments to acquire intangible assets {16.349> (10.568) Net cash used in investing activities (16,349) (10,568) Cash flows from flnancing actlvilles Repayment of borrowlngs (24.944) (9.891) Net cash used In financlng activities {24,944) (9.891) Net Iner•ase l (docrease) In cash and cash equivalents 67.886 (54,540) Cash and cash equlvalents at the beginnlng of the year 17 737,136 791,676 Cash and cash equival•nts at the end of th• year 17 805,022 737.136 21
UKSG NOTES TO THE HNANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 GENERAL INFORMATION UKSG is a registered charity and private company limited by guarantee incorporated in England and Wales. Ils gIStered office and principal offic8 IS: Windrush House Windrush Park Burford Road Oxon OX29 7DX The financial statements are presented In Sterllng. whlch is the functional currency of the charty. The charity has rlo share capitsl and in the event of viinding-up each memb8r is limit8d to £1. The charity is a public benefit entity. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of preparatlon of the financial statements These financial statements have been prepared in ac¢ordanc8 With the Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing accounts in accordance with the Financial Reporting Standard 102 Sectlon 1A applicable in the UK and Republic of Ir81and (FRS 102) (effective 1 January 2019) - {Charities SORP (FRS 102)}, the Flnancial Roporting Standard applicabl8 in th8 UK and Republic of Ireland IFRS 102). They also comply with the Companles Act 2006 and Charities Act 2011. Going concern The Trustees Consider that there are no material uncertainties about the Charlty's ability to continue as a going concern nor any significant ar8as of uncertainty that affect the ¢arrying valu8 of assets held by th8 charty. Ample r8S8rv8s are held to meet the minimum funding obligations. -22-
UKSG NOTES TO THE FINANCIAL STATEMENTS FOR THEYEAR ENDED 31 DECEMBER2024 STATEMENT OF ACCOUNTING POLICIES (continued...) Incomlng resources Chan'table trading activthes Income from conference and semlnar event admlssion charges Is Included in Incoming resources in the period in which the relevant event takès place. 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 capitsl grants. is included In incorning resources when these are receivable, except as follows: When donors specify that donations and grants gNen to th8 charty 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 entrued to use such income. the income is deferred and not included in incoming resources until the pre-conditions for use have been met. When donors specwfy that donations and grants. including capital grants, are for parti(xJlar restricted purposes. which do not amount to preindItionS regarding entitlement. this income is included in incoming resources of restricted funds when receivable. Interest receivable Interest Is included when receivabl8 by the charity. Grants The company received total grant income of £12.000. All of this related to income r8¢eived from Glasgow City Council lo support UKSG'S activities in delivery of the Annual Conference. Expendlture All expendlture is recognised when a liablllty is incurred and has been classified under headings that aggregat8 all costs r81ated to that heading. They are included in the Statement of Financial A¢tlvities on an accruals basis, exclusive of VAT. Costs of charitable activities are expenses directly Incurred in achieving the objectives of the charlty. Govemanc8 costs include those Incurred in the governanc8 of the Charity and Its assets and are primarily associated with Constitutional and statutory requlrements. -23-
UKSG NOTES TO THE FINANCIAL STATEM ENTS FOR THE YEAR ENDED 31 DECEMBER 2024 STATEMENT OF ACCOUNTING POLICIES {continued...) Tangible red assets Tangible fixed assets are not capitalised and are instead wrltten off through the income and exp&nditure account. Intangible fixed assets Intangible fixed assets. other than goodwill, are stated at Gost less accumulated amorti5ation and any accumulated impairment losses. Amortisation is calculated cffl a straight-line basis over their estimated useful 8conomic life, which is generally three years. Included in intangible fixed assets is the website. It has a remaining amortisaiton period of Iwo years and ten months and the arnortisation is included under the heading for charitable activit8s in unrestricted funds. Financial Instruments The company only 8nt8rs into basic financial instruments transactions that result In the recognition of finan¢lal assets and liabilities like trade and other accounts receivable arKI 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 ewdence of impairment. Where objective evidence of impairment is found, an irnpairment loss is recognis8d in the statement of financial activities. The impairm8nt loss for financial assets measurad at cost is measured as the difference between an asset'5 carrying amount and the best estimate, which is an approximation, of th8 amount that the charitywould receive for the asset if it were to be sold at the reporting date. Financial assets and liabilities ar8 offs8t and the net amount reported in the balance sheet when there is an enforceable right to set off the recognised amount and there 18 an intention to settle on a net basis or to reallse the asset and settle the Ilability simultaneously. Debtors Short term d8btors are measured at transaction price, less any ImpaSrment. Croditors Short temi trade creditors are measured at the transaction price. Other financial Ilabilities, including bank loans, are measured initially at falr value. net of transaction costs, and subsequently at amortised cost. -24-
UKSG NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 STATEMENT OF ACCOUNTING POLICIES (contlnuod...) Bank borrowings Interest-bearing borrowings are initially recorded at falr value. net of transaction costs. Int8rest-bearing borrowings are subsequently carried at amortised cost, with the difference baeen the proceeds, net of transaction costs. and the amount due on redemption being recognised as a charge to the Statement of Financial Activitles over the period of the relevant borrowing. Interest expense is recogni88d on the basis of the effectlve interest method and is includ8d in Inte$1 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 reporting date. Funds Géneral funds are unrestrlded funds whrch are availab18 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 accordance with Specif restrictions imposed by the donors or vthich have been ralsed by the charity for particular purposes. Designated fijnds 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 Finan Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly. the Charlty is potentially exempt from taxation In respect of income or capital gains received wlthin categories COV8red 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 appli8d exclusivety to charitable purposes. Definod contributlon pension obllgatlon A defined contribution plan is a pension plan under which ftxed contributions are paid into a pension fund and the company haB no legal or constructive obligation to pay further contributions even if the fund does not hold sufficierrt assets to pay all employees the banefits relating to employee service in the current and prior periods. Contributions to defined contributlon plans are recognised as an employee benefit expens8 when they are due. If contribution payments exceed the contribution due for servic8, the excess is recognised as a prepayTnent. All pension costs are included in unrestricted exp8nditure. -25-
UKSG NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS The directors have made key assumptions in determining the useful economic lrfe of intangible assets. INCOMING RESOURCES The incorning resources included in the Statement of Financial Activities consist of th8 following Sources of income: Restrlcted Funds Unrestricted Funds 2024 Total 2023 Total Income from charitable activitles Conference and seminar fees Subscriptions Grants and donations received other income 585,185 56,363 585,185 56,363 12,000 2,425 604.557 52.907 11.676 2,437 12,000 2,425 12.000 643,973 655,973 671,577 Investmont income Int8r8St received 17.717 17,717 13,674 Total Income 12,000 661,690 673,690 685.251 -26-
UKSG NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 EXPENDITURE The resources expended included in the Statement of Flnancial Activities consist of the following sources of expenditure.. Restrlcted Funds Unrestricted Funds 2024 Total 2023 Total Charitable acllvlties Conference expendlture Seminars expendlture Administration 12,000 350.065 21,030 232,447 362,065 21,030 232,447 329,561 18,669 225,427 12.000 603,542 615,542 573,657 Govèrnance ¢ost$ Audlt of the financial Statements Accountsncy. bookkeeping and payroll costs Committee expenses 3,750 31,228 3.405 3.750 31.228 3,405 4,000 30,955 1,591 38,383 38.383 36.546 Total expenditur• 12.000 641,925 653,925 610.203 INTANGIBLE FIXED ASSETS Webslte costs Cost At 1 January 2024 10,568 Additions 16,349 At 31 December 2024 26,917 Accumulatod amounts wrltten off Charge for year 1,494 At 31 December 2024 1,494 Net book value At 1 January 2024 10,568 At 31 Decemb8r 2024 25,423 -27-
UKSG NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 EMPLOYEES The average number of persons employed by the charity during the year was: 2024 2023 Average number of employ88S STAFF COSTS 2024 2023 Stsff costs during th8 y8ar amounted to: Salaries Employerfs National Insurance contributions Pension costs 129,105 6,833 4,918 129.667 6.722 5,130 140,856 141.519 No other trustee re¢eived any remuneration during the year or recelved 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 Nnning of the charity. 7 trustees (2023 - 4> were reimbursed for travel, meeting and accommodatlon costs and gifts to employees, totalling £2.512 (2023- £2,831). 1 member of staff earned in excess of £70,000 but less than £80,000 during the year (2023 - 1 in excess of £70.000 but less than £80,000). RELATED PARTY TRANSACTIONS Durlng the year there have been no related party transactions In the reporting period that r8quire disclosure other than that disclosed in note 8. -28-
UKSG NOTES TO THE FINANCIAL STATEMEKrs FOR THE YEAR ENDED 31 DECEMBER 2024 10 DEBTORS 2024 2023 Trade debtors Prepayments and accru8d income Other debtors 71,224 152,611 176 77,281 161,933 224,011 239,214 Included withln prepayments and accrued Income are amounts considered to be due after more than one year of £11.272 {2023 - £27,750) in relation to conference venue deposits. 11 CREDITORS: arnounts falling due within one year 2024 2023 Bank loans and overdrafts Trade creditors Taxation and soclal security Accruals Deferred income 10,142 4.890 36,318 11.676 309,892 74,298 34.744 11.669 314.782 435,493 372.918 Included in Bank k)ans and overdrafts Is a loan under the coronavirus Boun Back Loan Scherne (see Note 12). 12 CREDITORS: amounts falling due after more than one year 2024 2023 Bank loans and overdrafts 14,802 Included in Bank loans and overdrafts is a loan under the coronavlrus Bounce Back Loan Scheme. The loan is underwrltten by the Government as part of Ihe CQVID-19 crisls with fees and first yearfs interest being met by the Government a5 part of that initiative. Interest is fixed at 2.5°h. The loan balance was settled on 8 OCtor 2024 so that the carrwng value at the year end was nil (2023 - £24,944). Interest charged to the financial statements within the year was £438 (2023 - £758}. 13 DEFERRED INCOME The provision for deferred income of £314,782 is for incom8 relating to 2025 received in 2024. In the accounts for the year ended 31 Decemb8r 2023, £309.892 was deferred and has been released in the current year. -29-
UKSG NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 14 COMMrrMENT8 Amounts falling due next year under licences for land and buildings: 2024 2023 Expiring in less than one year 7,420 7,628 7.420 7.628 Lease payments of £11.388 (2023 - £13.826) In relatlon to Ilcences for land and buildings have been recognised as an expense in the stalement of financial activites in the year. 15 ANALYSIS OF NET ASSETS BETWEEN FUNDS Restricted Funds Unrestricted Funds 2024 Total 2023 Total Intangible ass8ts Debtors Cash at bank and in hand Current liabilities Non-current liabilities 25,423 224,011 805,022 (435,493) 25,423 224,011 805,022 (435,493) 10,568 239,214 737,136 (372,918) (14,802) 618,963 618,963 599.198 -30-
UKSG NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 16 MOVEMENT IN FUNDS Asat31 DKember 2024 January 2024 Incoming resources Outgoing resources Transfers Unrnstrlcted funds: General funds 599,198 661,690 (641,925) 618.963 Total unrestricted funds 599,198 661,690 (641.925) 618.963 Restricted funds 12.000 (12,000) Total funds 599,198 673,690 (653,925) 618.963 Movement In funds (previous year) At1 January 2023 Asat31 December 2023 Incomlng resources Outgolng resour$ Transfers Unrestrleted funds: General funds 524.150 673,575 {598,527) 599.198 Total unrestricted fvjnds 524.150 673.575 (598.527) 599.198 Restricted funds 11,676 (11.676) Totsl funds 524,150 685,251 (610,203) 599,198 Restricled funds Funds of £12.000 were recieved from Glasgow City Council to support UKSG'S actfvltles In dellvery of the Annual Conference. 31
UKSG NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 17 ANALYSIS OF CASH AND CASH EQUIVALENTS 2024 2023 Cash in hand 805.022 737,136 Totsl Gash and cash equivalents 805,022 737,136 -32-