Registered Charity Number: 1111861 Company registration number: 05174289
Millennium Publishing House
Company Limited by Guarantee
Financial Statements
30 November 2022
Millennium Publishing House Company Limited by Guarantee Financial Statements from 1 December 2021 until 30 November 2022
| Page | |
|---|---|
| Charity Information | 1 |
| Trustees' annual report (incorporating the directors' report) | 2 |
| Independent Examiner's Report to the Trustees of Millennium Publishing House | 6 |
| Statement of Financial Activities (including income and expenditure account) | 7 |
| Statement of financial position | 8 |
| Notes to the financial statements | 9 |
Millennium Publishing House Company Limited by Guarantee Charity Information
The trustees, who are also the directors for the purposes of company law, present their report and financial statements of the charity for the year ended 30 November 2022.
Reference and administrative details
Registered charity name Millennium Publishing House Charity registration number 1111861 Company registration number 05174289 Principal and Registered office Centre Building, Houghton Street, London, England, WC2A 2AE
Trustees
The trustees in office on the date the report was approved were:
MJ Hoffman Prof. CJ Brown Dr. Y Yao A Zachariades (appointed 1 November 2021) A Cullell-Cano (appointed 1 December 2022) Dr K Dalacoura (appointed 1 December 2022) EL Sorensen (appointed 1 December 2022)
The trustees in office in the period were:
J Basu-Mellish (resigned 1 December 2022) O Nantermoz-Gonin (resigned 1 December 2022) KE Smith (resigned 1 December 2022)
Secretary and business manager
The secretary and business manager in office on the date the report was approved was:
C Bowman (appointed 16 August 2021)
The secretaries and business managers in office during the period were:
E Christaki-Hedrick (resigned 16 August 2021)
Bankers
Barclays, 366 Strand, West End, London WC2R 0JF
Solicitors
Russell-Cooke Solicitors, 2 Putney Hill, London, SW15 6AB
1
Millennium Publishing House Company Limited by Guarantee Trustees' Annual Report (incorporating the Directors' Report) from 1 December 2021 until 30 November 2022
Objectives and activities
The objects for which the Charity is established are:
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To promote all or any of the following purposes in such ways as the Trustees shall from time to time determine and in particular by: -
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a) the preparation and publication of a not for profit learned journal; and
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b) the promotion, organisation and sponsorship of conferences, lectures and other academic events in the field of international studies;
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c) the advancement of education and scholarship in international studies;
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d) the promotion of original research in the field of international studies by graduate students, young academics and established scholars and the publication of the useful results of such research.
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The promotion of such other purposes being exclusively charitable according to the law of England and Wales as the trustees may from time to time determine.
The main activities undertaken in relation to the charity's objectives in the year
The charity compiles and publishes an academic journal called Millennium: Journal of International Studies. In the period, the charity published volume 50 (issues 2 and 3) of the Journal. The charity also organised and hosted the annual Millennium Conference, titled ‘From Empires to Nation States? : Enduring Legacies and Historical Disjucntures.' The charity also held a weekly editorial board meeting during term time for MSc and PhD students at the LSE and wider University of London institution.
The main activities undertaken during the year to further the charity's purpose for the public benefit
The trustees confirm that they have complied with the duty in section 17(5) of the Charities Act 2011 to have due regard to the public benefit guidance of the Charity Commission in determining the activities undertaken by the charity. Members of the public benefit from the activities of the charity because of the ability to engage with critical and boundary pushing articles from the International Relations discipline. The public is able to engage with these articles through submissions to the Journal, open access to the Journal’s content online and attendance at the annual Millennium conference.
The difference the charity's performance has made to the beneficiaries of the charity and the degree to which the achievements during the period have benefited wider society
The beneficiaries of the charity are authors whose work the charity publishes in Millennium: Journal of International Studies and the Journal’s readers. Millennium: Journal of International Studies aims to publish critical, theoretical, and boundary-pushing articles from the discipline of International Relations (IR), as well as original thinking from elsewhere in the social sciences with a global dimension. Millennium welcomes challenging and innovative contributions that articulate alternative theoretical perspectives and that explore subject areas with which IR has had little or no serious engagement. Authors have benefitted from having their challenging and innovating work published in a major International Relations journal, which has contributed to the discipline’s intellectual pluralism and diversity.
2
Millennium Publishing House Company Limited by Guarantee
Trustees' Annual Report (incorporating the Directors' Report) (continued) from 1 December 2021 until 30 November 2022
Achievements and performance
The period November 2021 to November 2022 comprised the full tenure of the Millennium Volume 51 Team and the partial tenure of the Millennium Volume 52 Team (November 2022 onwards).
Millennium Volume 51 Team comprised Jack Basu Mellish and Alexandros Zachariades.
The Journal attended the International Studies Association event in Nashville, USA and European International Studies Association event in Athens, Greece; connecting with its long time contributors to the journal and hosting a stall to encourage further contributions in collaboration with the journal's publisher, SAGE Publications.
The Volume 51 Team had the following achievements:
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‾ Volume 51 organised the annual Millennium Conference, returning to an in person format for the first time post-COVID.
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The Millennium Conference was held between 19 – 20 October 2022. The conference
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‾ was delivered entirely in person, with a shift in focus to a smaller number of polished contributions delivered over a more intensely collaborative set of sessions. These The editors hosted the weekly editorial board meeting of masters and PhD students
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‾ during the academic year. The EB was held hybridly, both in person and online. The editors increased participation in the EB from the wider University of London.
More information on the ongoing activities of the charity can be found on the website http://millenniumjournal.org
Structure, governance and management
Methods used to recruit and appoint new charity trustees
The Board of Trustees consists of at least four Appointed Trustees being:
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a) Two Editor Trustees (being incumbent Editors) nominated by the Editorial Board each of whom hold office for a period of one year from the date of appointment;
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b) One Associate Editor Trustee (being an Associate Editor) nominated by the Editorial Board who holds office for a period of one year from the date of appointment;
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c) One other Trustee (who must be a full-time member of the teaching staff of the Department of International Relations of the London School of Economics and Political Science) nominated by the Editorial Board, holds office for a period of one year from the date of appointment and is eligible for re-appointment for further periods (without limitation).
Up to three additional Trustees may be appointed by the Board at any time either at a Board meeting or by way of a written resolution of the Board and each shall serve for a period of three years unless he or she ceases to be a Trustees in accordance with the charity's Articles of Association. Such trustees are eligible for further re-appointment by the Board and there is no limit on the number of times they can be re-appointed.
Policies and procedures for the induction and training of trustees
Trustees are provided with the trustees guide supplied by the Charity Commission and advised to follow the guidance for trustees on the Charity Commission website.
3
Millennium Publishing House Company Limited by Guarantee Trustees' Annual Report (incorporating the Directors' Report) (continued) from 1 December 2021 until 30 November 2022
Risk management policy
The trustees have a duty to identify and regularly review the major risks to which the charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error. A risk assessment is carried out annually. The trustees are satisfied that the controls in place are sufficient to meet its requirements at the present time.
Financial Review
The trustees consider the financial performance of the charity during the year to have been satisfactory and are keen to ensure that the long-term financial security of the Charity and its beneficiaries are maintained. The principal funding source of the charity is royalties from the sale of the Millennium Journal.
The financial position of the charity at 30 November 2022 and comparatives for the prior period, as more fully detailed in the accounts, can be summarised as:
| 2022 | 2021 | |
|---|---|---|
| £ | £ | |
| Net (deficit)income and net movement in funds | (34,280) | 10,207 |
| Unrestricted funds available for the use of the charity | 179,174 | 213,454 |
Investment policy
The charity holds its surplus cash with Barclays Bank Plc.
Reserves policy
The trustees have examined the requirement for free reserves and they have affirmed that, having regard to the nature of the activities of the charity, the level of free reserves should be approximately £140,000 which is broadly equivalent to 12 months ordinary expenditure.
4
Millennium Publishing House Company Limited by Guarantee
Trustees' Annual Report (incorporating the Directors' Report) (continued) from 1 December 2021 until 30 November 2022
The charity's organisation structure
The Board of Trustees meets regularly to discuss ongoing matters from the publication of the journal and the organisation of the annual conference. The business manager/company secretary has no editorial function and is responsible for management support. The following matters require board approval:
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‾
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The annual budget
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‾ Reserves policy
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‾ Investment policy
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‾ Risk assessment
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‾ Annual financial statements
Statement of Trustees' Responsibilities
Charity Law requires the Board of Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity as at the end of the financial year and of the surplus or deficit of the charity. In preparing those financial statements the trustees are required to:-
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‾ select suitable accounting policies and then apply them consistently;
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‾ make judgements and estimates that are reasonable and prudent; and
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prepare the financial statements on the going concern basis unless it is inappropriate to
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‾ presume that the charity will continue in business;
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‾ observe the methods and principles in the applicable Charities SORP.
The Trustees are also responsible for maintaining adequate accounting records which disclose with reasonable accuracy at any time the financial position of the charity and which are sufficient to show and explain the charity's transactions and enable them to ensure that the financial statements comply with regulations made under the Companies Act 2006 and the Charities Act 2011. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Small company provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies' exemption.
The trustees' annual report was approved on 31 May 2023 and signed on behalf of the board of trustees by:
…………………………………………………
~~Dr K Dalacoura~~ Trustee Katerina Dalacoura (Jun 2, 2023, 8:46am)
Mark Hoffman
…………………………………………………
MJ Hoffman Mark Hoffman (Jun 2, 2023, 8:27am) Trustee
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Millennium Publishing House Company Limited by Guarantee from 1 December 2021 until 30 November 2022
Independent Examiner's Report to the Trustees of Millennium Publishing House
I report to the trustees on my examination of the financial statements of the Millennium Publishing House ('the charity') for the year ended 30 November 2022.
Responsibilities and basis of report
As the charity's trustees (and also its directors for the purposes of company law), you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act').
Having satisfied myself that the accounts of the company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of the charity's accounts as carried out under section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
Independent examiner's statement
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:
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1) accounting records were not kept in respect of the charity as required by section 386 of the 2006 Act; or
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2) the financial statements do not accord with the accounting records; or
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3) the financial statements do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a 'true and fair' view which is not a matter considered as part of an independent examination; or
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4) the financial statements have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
TA Mair BA Chartered Accountant Independent Examiner 12 CoppedHall Drive Camberley GU15 1NP 31 May 2023
6
Millennium Publishing House Company Limited by Guarantee Statement of Financial Activities (including income and expenditure account) from 1 December 2021 until 30 November 2022
| Unrestricted | Total | Total | ||
|---|---|---|---|---|
| Funds | Funds | Funds | ||
| Notes | 2022 | 2022 | 2021 | |
| £ | £ | £ | ||
| Income and endowments | ||||
| Charitable activities | 79,800 | 79,800 | 97,017 | |
| Total income | 79,800 | 79,800 | 97,017 | |
| Expenditure on charitable activities | 4,5 | 114,080 | 114,080 | 86,810 |
| 114,080 | 114,080 | 86,810 | ||
| Net (expenditure)/income and net movement in funds | (34,280) | (34,280) | 10,207 | |
| Reconciliation of funds | ||||
| Total funds brought forward | 213,454 | 213,454 | 203,247 | |
| Current period (deficit)/surplus | (34,280) | (34,280) | 10,207 | |
| Total Funds carried forward | 8 | 179,174 | 179,174 | 213,454 |
The statement of financial activities includes all gains and losses recognised in the year. All activities derive from continuing operations.
The notes on pages 9 to 11 form part of these financial statements
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Millennium Publishing House Company Limited by Guarantee Statement of Financial Position 30 November 2022
| Notes Current assets Debtors 6 Cash at bank and in hand Creditors: amounts falling due within one year 7 Net current assets Net assets Funds of the charity Unrestricted funds 8 Total charity funds |
2022 £ 235 181,325 181,560 2,386 |
2022 £ 179,174 179,174 179,174 179,174 |
2021 £ 3,811 301,372 305,183 91,729 |
2021 £ 213,454 213,454 213,454 213,454 |
|---|---|---|---|---|
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared in accordance with the special provisions applicable to companies subject to the small companies regime.
Approved by the board of trustees on 31 May 2023 and signed on its behalf:
…………………………………………………
Dr K Dalacoura
Trustee Katerina Dalacoura (Jun 2, 2023, 8:46am)
Mark Hoffman
…………………………………………………
~~MJ Hoffman~~ Mark Hoffman (Jun 2, 2023, 8:27am) Trustee
The notes on pages 9 to 11 form part of these financial statements
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Millennium Publishing House Company Limited by Guarantee Notes to the Accounts
from 1 December 2021 until 30 November 2022
1 General information
The charity is a public benefit entity and a private company limited by guarantee in England and Wales and is under the control of its legal members. It is a registered charity in England and Wales.
2 Statement of compliance
The financial statements have been prepared in accordance with FRS 102 Section 1a small entities, and all other applicable accounting standards, as modified by the Statement of Recommended Practice for Accounting and Reporting issued by the Charity Commissioners for England & Wales.
The charity has taken advantage of the exemption in the FRS 102 Section 1a from the requirement to produce a cash flow statement.
3 Accounting policies
Basis of preparation
The financial statements are prepared on a going concern basis, under the historical cost convention and in sterling which is the functional currency of the entity.
Going concern
There are no material uncertainties about the charity's ability to continue.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors including expectations of future events that are believed to be reasonable under the circumstances.
Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. The key assumptions and other sources of estimation uncertainty that have significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year have been considered by the trustees.
Fund accounting
Unrestricted funds are available for use at the discretion of the trustees to further the charity's purposes. Designated funds are unrestricted funds earmarked by the trustees for particular future project or commitment.
Restricted funds are subjected to restrictions on their expenditure declared by the donor or through the terms of an appeal and fall into one of two sub-classes; restricted income funds or endowment funds.
Incoming Resources
All incoming resources are included in the statement of financial activities when entitlement has passed to the charity; it is probable that the economic benefits associated with the transaction will flow to the charity and the amount can be reliably measured.
Resources Expended
Expenditure is recognised on an accruals basis at the time when an obligation to make a payment is incurred. Resources expended include attributable VAT which cannot be recovered.
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Millennium Publishing House Company Limited by Guarantee Notes to the Accounts from 1 December 2021 until 30 November 2022
4 Expenditure on charitable activities by fund type
| Unrestricted Funds 2022 £ Charitable activities 95,145 Support costs 18,935 114,080 5 Analysis of support costs Business managers Office supplies and hospitality APTOS/LSE recharges Removal and storage costs Sundry expenses Payroll Independent examination fee Accountancy Legal & professional Bank interest Bank charges 6 Debtors Accrued income Other debtors 7 Accruals Deferred income Pensions Other taxes and social security costs Other creditors Creditors: amounts falling due within 1 year |
Total Funds 2022 £ 95,145 18,935 114,080 |
Unrestricted Funds 2021 £ 76,389 10,421 86,810 2022 £ 8,117 1,526 1,427 3,600 79 1,119 300 1,856 606 3 302 18,935 - 2022 £ - 235 235 2022 £ 1,000 1,218 21 - 147 2,386 |
Total Funds 2021 £ 76,389 10,421 86,810 2021 £ 4,193 777 588 2,554 70 785 300 886 13 - 255 10,421 2021 £ 3,777 34 3,811 2021 £ 1,000 - - 90,729 - 91,729 |
|---|---|---|---|
10
Millennium Publishing House Company Limited by Guarantee Notes to the Accounts from 1 December 2021 until 30 November 2022
8 Analysis of charitable funds
| Unrestricted funds | At 1 December 2021 £ 213,454 |
Income £ 79,800 |
Expenditure £ (114,080) |
At 30 November 2022 £ 179,174 |
|---|---|---|---|---|
9 Trustee remuneration and expenses
During the year salaries of £25,905 (2021 £20,508) were paid to trustees. Expenses of £13,012 (2021: £646) were reimbursed to trustees. All payments made to trustees were in their capacity as editors.
11
Issuer Treetops Chartered Accountants Document generated Thu, 1st Jun 2023 17:23:44 BST Document fingerprint ccf8d67867aaa8ea0bc76351450c5677
Parties involved with this document
Document processed Party + Fingerprint Fri, 2nd Jun 2023 8:27:36 BST Mark Hoffman - Signer (37b6a9b31ca25994d5c28b71255d287c) Fri, 2nd Jun 2023 8:46:31 BST Katerina Dalacoura - Signer (fcdc790c3b975de5bd008045c2590537)
Audit history log
Date
Action
Fri, 2nd Jun 2023 8:46:31 BST The envelope has been signed by all parties. (86.150.238.5) Fri, 2nd Jun 2023 8:46:31 BST Katerina Dalacoura signed the envelope. (86.150.238.5) Fri, 2nd Jun 2023 8:44:54 BST Katerina Dalacoura viewed the envelope. (86.150.238.5) Fri, 2nd Jun 2023 8:28:02 BST Mark Hoffman viewed the envelope. (5.64.11.135) Fri, 2nd Jun 2023 8:27:38 BST Mark Hoffman viewed the envelope. (5.64.11.135) Fri, 2nd Jun 2023 8:27:37 BST Document emailed to k.dalacoura@lse.ac.uk (18.134.241.32) Fri, 2nd Jun 2023 8:27:36 BST Sent the envelope to Katerina Dalacoura (k.dalacoura@lse.ac.uk) for signing. (5.64.11.135) Fri, 2nd Jun 2023 8:27:36 BST Mark Hoffman signed the envelope. (5.64.11.135) Fri, 2nd Jun 2023 8:23:16 BST Mark Hoffman viewed the envelope. (5.64.11.135) Thu, 1st Jun 2023 17:28:07 BST Document emailed to M.Hoffman@lse.ac.uk (18.169.189.148) Thu, 1st Jun 2023 17:28:06 BST Sent the envelope to Mark Hoffman (M.Hoffman@lse.ac.uk) for signing (82.22.136.2) Thu, 1st Jun 2023 17:27:12 BST Automatic reminders for this envelope have been set to occur every 7 days (82.22.136.2) Thu, 1st Jun 2023 17:27:08 BST Katerina Dalacoura has been assigned to this envelope (82.22.136.2) Thu, 1st Jun 2023 17:27:08 BST Mark Hoffman has been assigned to this envelope (82.22.136.2) Thu, 1st Jun 2023 17:24:16 BST Document generated with fingerprint ccf8d67867aaa8ea0bc76351450c5677 (82.22.136.2) Thu, 1st Jun 2023 17:23:44 BST Envelope generated by Tracy Mair (82.22.136.2)