REGISTERED COMPANY NUMBER: 05869337 (England and Wales) REGISTERED CHARITY NUMBER: 1117999 Report of the Trustees and Financial Statements for the Year Ended 31 December 2024 THE BRITISH ACADEMY OF MANAGEMENT LIMITED
THE BRITISH ACADEMY OF MANAGEMENT LIMITED Contents of the Financial Statements for the Year Ended 31 December 2024 Page Reference and Administrative Details Report of the Trustees 2 to 12 Report of the Independent Auditors 13 to 16 Statement of Financial Activities 17 Balance Sheet 18 Cash Flow Statement 19 Notes to the Cash Flow Statement 20 Notes to the Financial Statements 21 to 33 Detailed Statement of Financial Activities 34 to 36
THE BRITISH ACADEMY OF MANAGEMENT LIMITED Reference and Administrative Details for the Year Ended 31 December 2024 TRUSTEES Professor K Mason {President) Professor M A Sliwa (resigned 31.12.24) Professor S Decker Professor E L Pary (Chair) Dr R J Glennon Professor A J B Roberts Dr K E Black Professor P Budhwar Professor D B Sarpong Dr C D Thomton (Treasurer} Professor K J Bebbington (resigned 31.12.24) Professor S K Robinson Professor Z J Morrison (appointed 1.1.24) (resigned 16.7.24) Professor E K MacDonald (appointed 1.1.25) Dr E L Yarrow (appointed 1.1.25) REGISTERED OFFICE Five Kings House Queen Street Place London EC4R 1QS REGISTERED COMPANY NUMBER 05869337 (England and Wales) REGISTERED CHARITY NUMBER 1117999 AUDITORS Knox Cropper LLP Chartered Accountants and Statutory Auditors 65 Leadenhall Street London EC3A 2AD CHIEF EXECUTIVE Madeleine E C Barrows (resigned 28.11.24} Jack Harrington (appointed 1.12.24) INVESTMENT MANAGERS Rathbone Investment Management 8 Finsbury Circus London EC2M 7AZ The Co-operative Bank p.l.c. P.0. Box 101 1 Balloon Street Manchester M60 4EP Page 1
THE BRITISH ACADEMY OF MANAGEMENT LIMITED Report of the Trustees for the Year Ended 31 December 2024 The trustees who are also directors of the charity forthe purposes of the Companies Act 2006, presenttheir report with the financial statements of the charity for the year ended 31 December 2024. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) {effective 1 January 2019). OBJECTIVES AND ACTIVITIES Objectives and aims The British Academy of Management (BAM) is the leading authority on the academic field of business and management in the UK, supporting and representing the community of scholars and engaging with international peers. Our main purpose. as set out in our governing document, is to advan education in the disciplines of business and management. In particular. BAM exists to: Promote an interdisciplinary programme of research and collaboration to produce an integrated body of knowledge and to serve as an inter-disciplinary forum for those engaged in an academic examination of all types of organisation and management studies" Further the development of education for both managers and students of organisations in the United Kingdom; Promote the interests of management and business research in relation to outside bodies including funding agencies and other leamed societies Provide services to members. which include training. networking and career development through the life course. BAM aims to provide a welcoming and supportive. pluralistic community of scholarship in the full field of management. In setting BAM'S objectrves and agreeing our main activities, the Trustees have regard to the Charity Commission's general guidance on public benefit. BAM'S objectives are understood as a public benefit in that they strengthen the interests and impact of management and business studies research and teaching. This is a benefit to both a large academic community and to the wider public served by that community. To achieve BAM'S charitable objectives. the Trustees launched a new Strategy for the period 2024-2028. The strategy builds on the success of BAM'S previous four-year strategy. A set of five priorities were developed to meet BAM'S legal charitable objectives in two ways. Firstly, frve strategic priorities enable BAM to tackle major challenges currently facing the business and management studies community, such as impacts on mental health and the disruption caused by Artificial Intelligen. Page 2
THE BRITISH ACADEMY OF MANAGEMENT LIMITED Report of the Trustees for the Year Ended 31 December 2024 OBJECTIVES AND ACTIVITIES Objectives and aims continued These strategic priorities are. to facilitate the impact of business and management research on practice and policy., supporting the sector in addressing the challenges brought by artificial intelligence and digitisation- promoting wellbeing and positive mental health in business and management academics and doctoral researchers., supporting the development of good equality. diversty. inclusivity and respect practice across the sector,. and ensuring sustainability is central to all BAM'S activities. Secondly, BAM'S strategy aims to strengthen our ability to deliver our charitable objectives through a series of supporting priorities. These include.. doubling membership by 2028" strengthening existing partnerships. and creating new partnerships with relevant national and intemational bodies- engaging Council. Fell0v, Companions and Special Interest Group leadership as key elements of the BAM community. in line with our strategic priorities- reviewing the activities of BAM to ensure their long-temi fijture sustainability- developing more effective ways of engaging with our intemal and external communities. BAM'S progress in achieving these strategic priorities is detailed in the Perfomiance section of this report. The Strategy provides longer term purpose and direction for the main activities that BAM undertakes in relation to our charitable purposes. These activities indude= Delivering Academy workshops for research. capacity building and praCti/polIcY engagement, including our Management Knowledge Education (MKE) Teaching Practice Conference Delivering workshops for 24 Special Interest Groups and three Networks Organising and hosting the Academys annual conference Organising and hosting symposia for doctoral students Organising development programmes for a range of career stages and roles, such as Directors of Research. leaders of engagement", and teaching-focused and research-focused mid-career academics Maintaining a Peer Review College to build reviewing capacity and skills Publishing two field-leading joumals and a book series on the impact of business & management research Promoting the findings of academic research to policymakers and the wider public Providing research grants from a competitive process, including in partnership with other learned societies Collaborating with sister academies further our charitable purposes Together these activities enable BAM to serve the interests of business and management studies academics and meet the needs of our members. A key resource BAM makes use of to deliver our activities is the volunteers who serve on BAM'S Executive Committee. Council. Special Interest Groups. Tracks and other groups as well as our journal editors. These are supported by a team of seven full time staff and various part time staff and contractors. Details of their roles and the wider organisational structure are outlined in the Structure. Governance and Management Section. Page 3
THE BRITISH ACADEMY OF MANAGEMENT LIMITED Report of the Trustees for the Year Ended 31 December 2024 STRATEGIC REPORT Achievements and performance: Introduction and summary While we had anticipated a tough environment in 2024. we continued to deliver our main activities. Growth in membership income and over-demand for Conference tickets both point to the continuing popularity of our offering to the community we serve, even in times of unceriainty in the higher education sector. Conference The Annual Conference continues to be in demand and to attract scholars across the UK and globally. The 38th edition of the BAM Conference in September 2024 welcomed over 1,100 delegates from 58 countries. Hosted at Nottingham Business School. Nottingham Trent University. the conference received delegates from 386 institutions. Students comprised 290/0 of delegates. The Doctoral Symposium that precedes the conference continues to grow in popularity. Community events and capacity building Our 24 Special Interest Groups and three Networks are member-led groups. which are central to our efforts in engaging and supporting our community of business and management studies academics. In 2024, we officially launched the newest of these NeOrkS. the Early Career Academic Network. Together these groups produce an impactful programme of events and other activities. In 2024, BAM supported 96 events, that recetved over 4.800 registrations. Most events are online, reflecting sector-wide trends. This blend of online. in-person and hybrid events enables BAM to balance promoting effective neOrkIng with reducing barriers to access for our communty. The provision of development programmes continues to be a key means by which BAM builds capacity across career stages, particularly through the following: Development Programme for Directors of Research (delivered jointly with the Chartered Association of Business Schools (CABS)), Becoming a Research-oriented Professor and the Education Focused Professor. BAM'S support for building capacity in Management Knowledge and Education (MKE) was evidenced through our largest ever MKE Teaching Practice Conferen. This gave participants an opportunity to share innovations in teaching practice. This year, BAM has recruited a fourth cohort to our Peer Review College. The College now has 37 Fellows and 119 Members. The College continues to build a pool of reviewers to support ourjournals. grant-making and annual conference. Awards Recognising excellence and leadership in our communty is essential to our mission. In 2024, we made several awards, including recognition of the outstanding leadership and dedication of our former CEO, Madeleine Barrows who was awarded the inaugural BAM Medal for Communities. Our most senior award, the Richard Whipp Lifetime Achievement Award was awarded to Professor Neal Ashkanasy and Professor William Starbuck. Professor Susan Vinnicombe CBE was given the Cooper Medal for Outstanding Leadership and Contribution., the BAM Medal for Knowledge Development was awarded to Professor Mark Saunders. Professor Arabella Destri Li Mocciaro was awarded the BAM Medal for Leadership. The inaugural BAM Medal for Contribution by Early Career Academics went to Dr Sahar Bakr. Dr Rebecca Beech and Dr Mollie Bryde-Evens. 2024 also marked the launch of the John G. Burgoyne Memorial Prize for Management Leaming. honouring BAM Fellow John Burgoyne. The inaugural winner was Professor Ann Cunltffe. Page 4
THE BRITISH ACADEMY OF MANAGEMENT LIMITED Report of the Trustees for the Year Ended 31 December 2024 We were also delighted to welcome Professor Kevin Lowe (former President of the Australian & New Zealand Academy of Management), Professor Camien Cabello-medina {former President of ACEDE). and Professor Xose Vasquez (President of ACEDE) as Companions of BAM. Ourjournals celebrated their best papers and reviewers, and our annual teaching practice competition once again saw an excellent number of entries. Finally, we honoured three leading members of the BAM community with BAM Fellowships for their significant contributions to BAM and to scholarship= Professors Stephanie Decker. Emmanuella Plakoyiannaki. and Catherine Wang. Publications and grants January 2024 saw the commencement of the new publishing partnership agreement with Wiley, supporting and sustaining ourjournals for another five years. In 2024. thejoumals reiVed over 2,000 submissions and published over 120 articles, with over 1.7m views. The launch of the MKE section of the British Journal of Management is a further example of BAM'S commitment to supporting scholarly excellence in themes that matter to our community. The Management Impact book series. prodUd in partnership with Routledge. continues to identify best practice and set agendas in our field. In 2024, we published 'lmpact in Doctoral Education: Product, Person and Process, by Emma Parry and Colin Pilbeam. A funding call for the Transitions 1 (early career). Transitions 2 (more experienced researchers) and Management Knowledge and Education (MKE) research grant schemes were launched in Autumn 2024. Eligibility for the MKE research grant scheme was opened to applicants without a doctorate but with equivalent research experience. This is an important step in acknowledging the diversity of experience that contributes to effective MKE research. With the Society for the Advancement of Management Studies (SAMS), we also redeveloped the annual grant scheme, following the planned pause for review during 2022. and awarded the new scheme for the first time during 2024. offering £60,000. International collaborative research grants continue to be a vital part of our offering to support our members in our mission to build a thriving pluralistic community. Over the past 12 months, we have supported our community by re-running two collaborative research awards, using our own resources and in partnership with our international sister bodies, the Irish Academy of Management (IAM) and Societa Italiana di Management (SIMA) resulting in the award of two grants for a total of £8,000. Work on the collaborative research project funded in partnership with Australian & New Zealand Academy of Management (ANZAM) in 2023 has continued into 2025. A 2025 funding round for all three partnerships was launched in late 2024. Page 5
THE BRITISH ACADEMY OF MANAGEMENT LIMITED Report of the Trustees for the Year Ended 31 December 2024 STRATEGIC REPORT Achievements and performance Charitable Activities Policy and advocacy We partnered with the Chartered Institute of Personnel and Development (CIPD) to run workshops related to engagement between academics and practitioners and policy-makers at the BAM and CIPD annual conferences in 2024. We will build on the insights drawn from these workshops with further events at these conferences in 2025 and the development of other events designed to bring academics, practitioners and policy-makers together. BAM has shared our views on the Research Excellence Framework (REF) exercise, due in 2029, on equality. diversity and inclusion in academia,. and on open access. To do this. we worked with organisations including the British Academy. the Academy of soal Sciences, the Chartered Association of Business Schools (CABS). and the Society Publishers Coalition. BAM plays a central role in supporting the interests of our members in shaping higher education policy and in highlighting the impact of business and management research. For example, BAM represents the sector on the British Academy Strategic Forum for Social Sciences. Our CEO, Jack Harrington. is a member of the Chartered Association of Business Schools, (CABS) Policy Committee and the Academy of Social Sciences. Policy Working Group. Through these channels, BAM ensures that the priorities of our community are incorporated in wider policy work relating to the social sciences and in engagement with Business Schools. International Partnerships In 2024, a shared membership scheme came into effect following the signing of a memorandum of understanding with our sister academy in Spain. La Asociacion Cientifica de Economia y Direccion de la Empresa (ACEDE). Our CEO, Madeleine BaowS and our President. Professor Katy Mason attended the XXXIII International Conference of ACEDE in València. Our Chair. Professor Emma Parry. attended the 2024 IAM conference in Cork and spoke at the SIMA Festival of Management in Milan. We also welcomed colleagues from IAM, SIMA. ACEDE. the Academy of Management {AOM) and the Australian and New Zealand Academy of Management (ANZAM) to our conference in 2024. The joint grant schemes we ran in 2024. mentioned above. are also a major aspect of our partnerships with our sister academies. The schemes are intended to promote and build capacity for international collaboration in business and management studies. Financial review Financial overview and major risks Continuing uncertainty and financial constraints in the HE sector present a challenge for leamed societies like BAM. This is because much of our income is derived from Higher Education Institutions (HEIS) and their staff. Cuts to training and development budgets create a particulady challenging environment. This can be seen most clearly in the decline in income from workshops from £195K in 2023 to £118K in 2024. Generally, financial risks from our main activities have been mitigated by deliberate efforts in previous years to ensure income is diversffied. Approximately 400/0 of BAM'S income is derived from our Annual Conference. Just over a quarter of income comes from publishing and the remainder comes from workshops and membership fees. Reductions in HEI budgets pose a risk to workshops, memberships and conference attendance. These risks are mitigated by ensuring prices remain competitive and that these activities continue to be relevant for our membership. While many members are se-funded. the ability of HEIS to pay for BAM'S offering remains a key factor in our financial success in the short term. The main other factors affecting our financial performance relate to cost. Some costs have inevitably increased due to inflation. We have seen higher costs for events including the conference. Most other costs have remained relatively stable, such as IT provision. The securing of a new lease has also redUd risks associated with the cost of office space. Page 6
THE BRITISH ACADEMY OF MANAGEMENT LIMITED Report of the Trustees for the Year Ended 31 December 2024 STRATEGIC REPORT Financial review Principal funding sources The Annual Conference is the main source of funding for BAM. Income from the Conference in 2024 was comparable to 2023, at around £370K. though costs were higher. The continuing popularity of the Conference each year makes this a reliable source of income as well as a key way in which we deliver our mission. Publishing income is likely to remain stable in the short temi. For some years, the shift to Open Access has been assumed by many to mean the decline of publishing income in the longer term. BAM has been less exposed to this risk than other leamed societies given that publishing now only contributes a quarter of revenue. While subscription fees are down, OA fees have led to a small increase in publishing income in 2024 which may continue into 2025. Workshop income, principally from Development Programmes. declined noticeabty in 2024. This reflects sector wide cuts to development budgets. BAM has still been able to deliver successful cohorts of major programmes such as the Development Programme for Directors of Research. Becoming a Research Oriented Professor and the Education Focused Professor. Our community's need for these programmes remains strong and BAM is responding to this by ensuring prices remain affordable and that programmes can be delivered. In 2024, we increased membership fees for the first time in several years. The standard fee is now £99, and the student fee is £30. This still makes membership excellent value for money and highly affordable in comparison to similar offerings. At the same time. the price increase provides BAM with the income we need to provide members with the support we strive to provide. Our figures for 2024 and provisional figures for the next period suggest that the revised prices have been accepted. Revenue from membership has increased by just under a fifth. Our investments began the year with a value of £342.532 and closed at £362,752. This reflects continued fluctuations in the market. The yield for 2024 was at 3.4 0/0. With a total retum of 9.60/0. This is above the agreed target of RPl+20/o and an improvement on the performan of our investments in 2023. During early 2024 a new 5-year lease was negotiated at favourable terms. Commencing in November 2024, this will enable the BAM office to remain at Five Kings House. Page 7
THE BRITISH ACADEMY OF MANAGEMENT LIMITED Report of the Trustees for the Year Ended 31 December 2024 STRATEGIC REPORT Financial review Investment policy and objectives Funds for investment comprise the reserve funds not required to support the normal operational cashflow needs (including any operational reserves). BAM'S aims to generate annualised retums of RPI plus 20/0 over the long term, net of fees and expenses. A total return approach is to be adopted. generating the investment return from income and capital gains or losses. BAM invests funds in liquid stock market instruments such as shares and bonds of established govemments. The portFolio is 'medium risk. enabling BAM to benefrt from long term growih. BAM pursues a Socially Responsible Investment policy in line with our values. These include equality of opportunity for cuent and future generations, avoidance of investments in arms making or arms deployment, ortobacco. BAM wants our investments to support companies that promote good social. environmental and govemance policies. BAM asks that our fund managers respect and followthe Charity Commission guidan. The Finance. Investment and Risk Committee has delegated authority to manage the investment funds and the fund manager. The committee follows formal rules which adopt cuent best practice behaviour for BAM'S operation, including how investment decisions are made. how perforrnan is measured in detail and reported, how the fund manager is chosen and monitored. how often meetings are held between the committee and the fund manager, and these rules are always made available to the Trustees (Executive Committee) and, if asked. to the membership at large. The Committee reviews these rules annually. BAM will not change our investment manager viithout first infomiing the Trustees (Executive Committee). We report formally on the perfomiance of the investments to the Executive Committee, and at other times whenever formally asked. and through the Annual General Meeting and the Directors Annual Report to the membership at large. Investments in the year were made in the Rathbones Core Investment Fund for Charities. Reserves policy The Trustees consider that reserves are required to ensure that the Academy has a sufficient level of working capital to enable the smooth operation of the Academy. In addition, they consider that additional reserves are required such that the Academy is in a position to weather a financial shock, whether a reduction in income or an unexpected increase in costs. A sufficient level of reserves would ensure that. if necessary. the Trustees would be able to arrange an orderly winding down of the charity's affairs. whereby all of its financial responsibilities and obligations would be honoured. The Trustees have concluded that net reserves of a value of a minimum of six months of operating costs are sufficient. The cuent level of net reserves is in excess of this amount. The level of reserves at 31 December 2024 consists of restricted funds of £38.000 {2023: Nil) and unrestricted funds of £622.313 (2023.. £653,258). Page 8
THE BRITISH ACADEMY OF MANAGEMENT LIMITED Report of the Trustees for the Year Ended 31 December 2024 STRATEGIC REPORT Future plans The next four years will focus on the delivery of BAM'S current Strategy. We anticipate that the themes of the strategic priorities. such as EDIR, wellbeing and sustainability will continue to raise challenges that our members expect us to address. This year has seen the launch of a number of initiatives relating to our strategic priorities. These include the White Paper Series Al in Business & Management research and education. intended to help academics in our field to navigate their use of these new approaches responsibly and effectively. In subsequent years, we expect these initiatives to become established. gaining furthertraction among key stakeholders, fostering innovations in practice and continuing to address emerging issues in a timely and practical manner. Through our supporting priorities. we expect to further strengthen BAM'S capabilities to deliver its charitable objectives. For example, growing our membership base will put us in a stronger position to represent the sector. Better integration of our Council and Special Interest Groups and closer connections with partner institutions will increase our impact with our community and our ability to represent its interests more widely. Formal partnerships with sister organisations wll also be part of our efforts to continue to build links between the UK and the global community of scholars in business and management studies. More generally. we will continue to welcome academics from around the world to participate in our joumals and events. Our main activities will continue to focus on meeting the needs of our members and our community in a financially sustainable way. Conferences, publications, development programmes and membership will therefore remain our core sources of income. Potential growth will likely be focused on these four areas. STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document The organisation is a charitable company limited by guarantee. incorporated on 7 July 2006 and is registered as charity. The company was established under a Memorandum of Association, which established the objects and powers of the charitable company, and is govemed under its Articles of Association. In the event of the company being wound up members are required to contribute an amount not exceeding £10. Recruitment and appointment of Trustees The Trustees are elected by the general membership biennially. VI Chairs may serve a two year term and may then submit themselves for re-election for a furthertwo yeartemi. The Chair and President, who are also Trustees, should nomially have previously served as Vice Chairs or Chair. and are elected by the membership for a term of two years, after which they may submit themselves for election for a further temi. The Treasurer is appointed by the Council for a term not exceeding 5 years. To provide continuity, elections for President and Chair, and for Vice Chairs are held in alternate years. The Trustees each have a specific area of responsibility such as Equality. Diversity, Inclusivity and Respect (EDIR) or Research and Publications. This involves overseeing and developing content in these areas. Page 9
THE BRITISH ACADEMY OF MANAGEMENT LIMITED Report of the Trustees for the Year Ended 31 December 2024 STRUCTURE, GOVERNANCE AND MANAGEMENT Organisational structure The Trustees are members of an Executive Committee. which govems BAM. It comprises the President, the Chair, the Treasurer and several Vice Chairs. The Trustees are also part of the Council of approximately forty academics whose non-trustee members form sub-committees chaired by the VI Chairs. Most members of the Council are elected for a three-year term by the general membership. Their role is to supervise BAM. They meet at least three times a year. The Council also has the power to co-opt members onto the Council who hold office for one year. Council has several members who serve ex-officio, including the editors of ourjournals and the Dean of the College of Fellows. The BAM Office supports the Trustees by undertaking operational delivery. Day-to-day responsibility for the provision of services rests wth a small office team comprising an average of eight full time staff and four part time contractors in the year under review. The team is led by a CEO. supported by a Head of Operations and Events. staff have functional responsibility for govemance. communications, events. programme and event delivery, publications and grant-making. Induction and training of new trustees On appointment to the Executive Committee new members undergo an induction process, which includes training on Trustee responsibilities. Trustees are informed of their legal obligations under charity law and the Charity Commission guidan on public benefit. This includes discussion of what their responsibilities mean in practice. They are also provided with information about the charity's financial position. main activities and key stakeholders. The induction process combines presentations" information packs" and introductions to relevant staff and committee members. Key management remuneration The trustees receive no remuneration for their services other than the reimbursement of out-of-pocket expenses. The pay of senior staff is reviewed annually. The trustees benchmark salary levels against pay and conditions available from similar organisations of a similar size. run on a voluntary basis. They aim to align with the Universities and Colleges Union salary scale. Changes to personnel In 2024. our annual elections brought five new members to Council: Nicholas Burton. Andrea Caputo. Laura Salciuviene, and Victoria Willis. Mairi Maclean was also re-elected for a second temi. We also bid farewell to Council members Inge Hill. Stephen Linstead, Stephen Procter. and Stefanie Reissner. and thank them for their valuable contributions. At the close of 2024, we extended our sinre gratitude and farewells to Martyna aiiwa, who served as Vice Chair for Equality, Diversity, Inclusivity and Respect. and Jan Bebbington. our Vice Chair for Sustainability. Their leadership and dedication were instrumental in advancing our strategic priorities. Zoe Morrison stepped down as Co-vice Chair for Special Interest Groups in the middle of 2024 due to leaving the higher education sector and taking on a senior role in the public sector. In the BAM Office. early in 2024. we welcomed Justin Brown as Communications and Events Coordinator and Ines Andrade as Membership and Systems Officer. In November. we said farewell to our CEO. Madeleine Barrows. Over the course of seven years in post. Madeleine, our first CEO, played a central role in building our capacity, reach and impact as a learned society. In December 2024. we welcome our new CEO, Dr Jack Harrington. Page 10
THE BRITISH ACADEMY OF MANAGEMENT LIMITED Report of the Trustees for the Year Ended 31 December 2024 STRUCTURE, GOVERNANCE AND MANAGEMENT Risk management The Trustees have a duty to identify and review the risks to which the charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and eThor. A Finance. Investments and Risk Committee. established separately from Council. advises the Trustees on these matters. The Trustees have assessed the major risks to vthich the company is exposed, in particular those related to the operations and finances of the company. and are satisfied that systems and procedures are in pla to mitigate exposure to the major risks. STATEMENT OF TRUSTEES, RESPONSIBILITIES The trustees (who are also the directors of The British Academy of Management Limited for the purposes of company law) are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure. of the charitable company for that period. In preparing those financial statements, the trustees are required to select suitable accounting policies and then apply them consistently. observe the methods and principles in the Charity SORP" make judgements and estimates that are reasonable and prudent" state whether applicable accounting standards have been followed. subject to any material departures disclosed and explained in the financial statements- prepare the financial statements on the going concem basis unless it is inappropriate to presume that the charitable company will continue in business. The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at anytime the financial position of the charitable company and to enable them to ensure thatthe 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. In so far as the trustees are aware" there is no relevant audit information of which the charitable company's auditors are unaware,. and the trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditors are aware of that information. AUDITORS The auditors. Knox Cropper LLP. wll be proposed for re-appointment at the forthcoming Annual General Meeting. Page 11
THE BRITISH ACADEMY OF MANAGEMENT LIMITED Report of the Trustees for the Year Ended 31 December 2024 Report of the truste directors, on . orating a strategic report. approved by order of the board of trustees, as the company and signed on the board's behalf by: Professor E L Pary - Trustee Page 12
Report of the Independent Auditors to the Members of The British Academy of Management Limited Opinion We have audited the financial statements of The British Academy of Management Limited (the 'charitable company.) for the year ended 31 December 2024 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and notes to the financial statements. including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements.. give a true and fair view of the state of the charitable company's affairs as at 31 Dernber 2024 and of its incoming resources and application of resources. including its income and expenditure, forthe yearthen ended" have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and have been prepared in accordance viith the requirements of the Companies Act 2006. Basis for opinion We conducted our audit in accordan with Intemational Standards on Auditing (UK) (ISAS (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors. 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 to our audit of the financial statements in the UK. including the FRC'S Ethical Standard. and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions relating to going concern In auditing the financial statements, we have concluded that the trustees. use of the going concem basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed. we have not identffied any material uncertainties relating to events or conditions that, individually or collectively. may cast significant doubt on the charitable company's ability to continue as a going concem for a period of at least e1ve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the trustees with respect to going concem are described in the relevant sections of this report. other information The trustees are responsible for the other infomiation. The other infomiation comprises the information included in the Annual Report. other than the financial statements and our Report of the Independent Auditors thereon. 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 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 infomiation 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 this gives rise to a material misstatement in the financial statements themselves. If. based on the work we have performed, we conclude that there is a material misstatement of this other information. we are required to report that fact. We have nothing to report in this regard. Page 13
Report of the Independent Auditors to the Members of The British Academy of Management Limited Opinions on other matters prescribed by the Companies Act 2006 In our opinion, based on the work undertaken in the course of the audit: the information given in the Report of the Trustees for the financial year for which the financial statements are prepared is consistent with the financial statements- and the Report of the Trustees has been prepared in accordance with applicable legal requirements. Matters on which we are required to report by exception 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 Report of the Trustees. We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion- adequate accounting records have not been kept or retums adequate for our audit have not been received from branches not visited by us., or the financial statements are not in agreement with the accounting records and retums., or certain disclosures of trustees, remuneration specified by law are not made" or we have not received all the information and explanations we require for our audit. Responsibilities of trustees As explained more fully in the Statement of Trustees. Responsibilities. the 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 grve a true and fair view, and for such intemal 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 eOr. In preparing the financial statements. the trustees are responsible for assessing the charitable company's ability to continue as a going concem, disdosing. as applicable. matters related to going conrn and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations. or have no realistic altemative but to do so. Page 14
Report of the Independent Auditors to the Members of The British Academy of Management Limited Our responsibilities for the audit 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 a Report of the Independent Auditors that includes our opinion. Reasonable assurance is a high level of assurance. but is not a guarantee that an audit conducted in accordance with ISAS (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if. individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. The extent to which our procedures are capable of detecting irregularities, induding fraud is detailed below: We obtained an understanding of the legal and regulatory frameworks that are applicable to the Charitable company and determined that the most significant are the Statement of Recommended Practice 'Accounting and Reporting by Charities. (SORP). in accordance with the Financial Reporting Standard applicable in the UK {FRS 102) and the Charities Act 2011,and the Companies Act 2006. - We gained an understanding of how the Charitable company complied with its legal and regulatory framework, including the requirement to property account for restricted funds. through discussions with management and a review of the documented policies. ProdureS and controls. - The audit team, which is experienced in the audit of charities. considered the Charitable company's susceptibility to material misstatement and howfraud may occur by considering the key risks impacting the financial statements. These included risks associated with Revenue Recognition. and Management Override of Controls. Our approach was to check that the income from donations and investments were properly identified and accurately disclosed. that membership income was recognised in the COeCt accounting period, and that expenditure complied with the control ProdureS and was appropriately charged. We also reviewed journal adjustments and unusual transactions for management override and considered the identification and disclosure of related party transactions. Based on this understanding we designed our audit procedures to identify non-compliance with such laws and regulations. Our procedures involved review of the reporting to the trustees with respect to the application of the documented policies and procedures and review of the financial statements to ensure compliance with the reporting requirements of the charity. There are inherent limitations in the audit procedures described above and. the fijrther removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. The risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error. as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations. or through collusion. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at y.frC.org.UkIaudlt0rsrespOnSlbI1lties. This description forms part of our Report of the Independent Auditors. Page 15
Report of the Independent Auditors to the Members of The British Academy of Management Limited Use of our report This report is made solely to the charitable company's members. as a body. in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an auditors. report and for no other purpose. To the fullest extent permitted by law. we do notaccept orassume responsibility to anyone otherthan the charitable company and the charitable company's members as a body, for our audit work. for this report, or for the opinions we have formed. James Holland-Leader FCA {Senior Statutory Auditor) for and on behalf of Knox Cropper LLP Chartered Accountants and Statutory Auditors 65 Leadenhall Street London EC3A 2AD Date.. Page 16
THE BRITISH ACADEMY OF MANAGEMENT LIMITED Statement of Financial Activities (Incorporating an Income and Expenditure Account) for the Year Ended 31 December 2024 2024 Total funds 2023 Total funds Unrestricted fund Restricted funds Notes INCOME AND ENDOWMENTS FROM Donations and legacies 42,000 42,000 Charitable activities Charitable 880,931 52,000 932,931 954.587 other trading activities Investment income 20,831 13,247 20,831 13,247 19.630 13.973 Total 915,009 94,000 1.009,009 988.190 EXPENDITURE ON Raising funds 22.988 4,000 26,988 29,574 Charitable activities Charitable 946,148 52,000 998,148 938.704 Total 969,136 56,000 1.025,136 968.278 Net gains on investments 23,182 23,182 7,041 NET INCOMEI(EXPENDITURE) {30,945) 38,000 7,055 26.953 RECONCILIATION OF FUNDS Total funds brought forward 653,258 653,258 626.305 TOTAL FUNDS CARRIED FORWARD 622,313 38,000 660,313 653.258 CONTINUING OPERATIONS All income and expenditure has arisen from continuing activities. The notes fonn part of these financial statements Page 17
THE BRITISH ACADEMY OF MANAGEMENT LIMITED Balance Sheet 31 December 2024 2024 Total funds 2023 Total funds Unrestricted fund Restricted funds Notes FIXED ASSETS Tangible assets Investments 16 17 5,844 362,752 12.153 342.532 362.752 368,596 368.596 354,685 CURRENT ASSETS Debtors Cash at bank and in hand 18 205,280 220,735 205,280 258,735 238.498 287.232 38,000 426,015 38.000 464.015 525,730 CREDITORS Amounts falling due within one year 19 (172,298) (172,298) (227.157) NET CURRENT ASSETS 253,717 38,000 291,717 298.573 TOTAL ASSETS LESS CURRENT LIABILITIES 622.313 38,000 660,313 653.258 NET ASSETS 622,313 38,000 660,313 653,258 FUNDS Unrestricted funds Restricted funds 21 622,313 38,000 653.258 TOTAL FUNDS 660,313 653.258 The financial statements were approved by the Board of Trustees and authorised for issue on of:o2.2025.... ... .. .. and were signed on its behalf by: E L Parry - Trustee K Mason - Trustee The notes fonn part of these financial statements Page 18
THE BRITISH ACADEMY OF MANAGEMENT LIMITED Cash Flow Statement for the Year Ended 31 December 2024 2024 2023 Notes Cash flows from operating activities Cash generated from operations 39.245) 148.811) Net cash used in operating activities 39.245) 148.811) Cash flows from investing activities Purchase of tangible fixed assets Purchase of fixed asset investments Sale of fixed asset investments Interest received Dividends received Movement in cash at investment manager (2.499) (2,653) (144) 1.110 3,959 9,288 2.962 4,768 9,205 39,633 Net cash provided byl{used in) investing activities 8.896 128.457) Change in cash and cash equivalents in the reporting period Cash and cash equivalents at the beginning of the reporting period (30.349) (77.268) 289.276 324,867 Cash and cash equivalents at the end of the reporting period 258,927 289,276 The notes fonn part of these financial statements Page 19
THE BRITISH ACADEMY OF MANAGEMENT LIMITED Notes to the Cash Flow Statement for the Year Ended 31 December 2024 RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES 2024 2023 Net income for the reporting period (as per the Statement of Financial Activities) Adjustments for: Depreciation charges Gain on investments Interest received Dividends received Investment management fees Decreasel(increase) in debtors (Decrease)lincrease in creditors 7,055 26,953 8,808 (23,182) {3.959) {9.288) 2.962 33,218 54,859 10,673 (6,897) (4,768) (9,205) 2,808 (80,447) 12,072 Net cash used in operations 39.245) (48.811) ANALYSIS OF CASH AND CASH EQUIVALENTS 2024 2023 Cash at bank and in hand Cash held by investment manager 258,735 192 287,232 2.044 258,927 289,276 ANALYSIS OF CHANGES IN NET FUNDS At 1.1.24 Cash flow At 31.12.24 Net cash Cash at bank and in hand 289.276 30.349 258,927 289.276 30.349) 258,927 Total 289.276 30.349 258,927 The notes fonn part of these financial statements Page 20
THE BRITISH ACADEMY OF MANAGEMENT LIMITED Notes to the Financial Statements for the Year Ended 31 December 2024 COMPANY STATUS The charity is a private company incorporated in England and Wales. which is limited by guarantee and consequently does not have a share capital. Each of the members is liable to contribute an amount not exceeding £10 towards the assets of the company in the event of liquidation. The principal place of Business is as disclosed in the Report of the Trustees on page 1. ACCOUNTING POLICIES Basis of preparing the financial statements The financial statements of the charitable company. which is a public benefit entity under FRS 102. have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 102) (effective 1 January 2019),, Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland. and the Companies Act 2006. The financial statements have been prepared under the historical cost convention. with the exception of investments which are included at market value. as modified by the revaluation of certain assets. The financial statements are prepared in sterling. which is the functional currency of the Charitable Company. Monetary amounts in these financial statements are rounded to the nearest £. The Trustees consider that there are no uncertainties about the Charitable Company's ability to continue as a going concem. Critical accounting judgements and key sources of estimation uncertainty The basis for establishing income received in advance in connection with members, subscriptions is judgemental. and is calculated based upon the month that the subscription is purchased. At the reporting date, the balance is deferred over the remaining term of the subscription. On the basis that subscriptions are on an annual basis. the Trustees are confident that this does not provide a material level of estimation uncertainty. The Trustees have considered the risk of estimation uncertainty causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year. and consider there to be no further significant accounting estimates and assumptions. Income Income is recognised and included in the accounts when all of the following criteria are met.. -the Academy has entitlement to the funds -any perfomiance conditions attached to the income have been met or are fully within the control of the Academy -there is sufficient certainty that reIpl of the income is probable -the amount can be measured reliably Page 21 continued...
THE BRITISH ACADEMY OF MANAGEMENT LIMITED Notes to the Financial Statements - continued for the Year Ended 31 December 2024 ACCOUNTING POLICIES - continued Expenditure Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be dIreCY attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources. Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure. Allocation and apportionment of costs Support costs are those functions that assist the work of the charity but do not directly undertake charitable activities. Support costs include back office costs, finance, personnel, payroll and govemance costs which support the ACadeMS programmes and activities. These costs have all been allocated to expenditure on charitable activities. The bases on which support costs have been allocated are set out in note 7. Tangible fixed assets Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful lrfe. Improvements to property Fixtures and fittings Computer equipment 200/0 on cost 200/0 on cost 25Vo on cost Taxation The charity is exempt from corporation tax on its charitable activities. Fund accounting Unrestricted funds represent a general fund held for the overall objects of the Academy's work. There are currently no restricted funds which would require to be allocated to specific activities. Investments Investments are a form of basic financial investment and are initially recognised at their transaction value and subsequently measured at fair value as at the balance sheet date using the closing quoted market price. The statement of financial activities indudes the net gains and losses arising on revaluations and disposals throughout the year. Realised gains and losses on investments are calculated as the difference between sales proceeds and their opening carrying value or their purchase value rf acquired subsequent to the first day of the financial year. Unrealised gains and losses are calculated as the difference between the fair value at the year end and their carrying value. Pension costs and other post-retirement benefits The charitable company operates a defined contribution pension scheme. Contributions payable to the charitable companvs pension scheme are charged to the Statement of Financial Activities in the period to which they relate. Page 22 continued...
THE BRITISH ACADEMY OF MANAGEMENT LIMITED Notes to the Financial Statements - continued for the Year Ended 31 December 2024 ACCOUNTING POLICIES - continued Pension costs and other post-retirement benefits Debtors Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid after taking account of any trade discounts due. Cash at Bank and in Hand Cash at bank and in hand indudes cash and short temi highly liquid investments viith a short maturity of three months or less. Creditors Creditors and provisions are recognised where the Academy has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discount due. Financial instruments The charity only has financial assets and financial liabilities of a kind that qualrfy as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method. DONATIONS AND LEGACIES 2024 2023 Donations Legacies 2,000 40,000 42,000 OTHER TRADING ACTIVITIES 2024 2023 Fundraising events 20,831 19,630 Page 23 continued...
THE BRITISH ACADEMY OF MANAGEMENT LIMITED Notes to the Financial Statements - continued for the Year Ended 31 December 2024 INVESTMENT INCOME 2024 2023 Investment income Interest receivable 9,288 3,959 9.205 4.768 13,247 13,973 INCOME FROM CHARITABLE ACTIVITIES 2024 2023 Activity Charitable Charitable Charitable Charitable Charitable Charitable Charitable Charitable Grants Members. subscriptions Journal subscriptions Annual conference Workshop income Journal publishing income Special interest groups Other income 57,100 128,752 2,890 370,228 117,967 254,923 981 90 57.822 107.318 2,650 369.655 195.060 220.559 1,523 932,931 954,587 Grants received. included in the above. are as follows: 2024 2023 Society for the Advancement of Management Studies Australian and New Zealand Academy of Management Chartered Association of Business Schools Academy of Social Sciences 50,000 58,989 (1,167) 2,000 5,100 57,100 57,822 Page 24 continued...
THE BRITISH ACADEMY OF MANAGEMENT LIMITED Notes to the Financial Statements - continued for the Year Ended 31 December 2024 RAISING FUNDS other trading activities 2024 2023 Purchases 24,026 26,766 Investment management costs 2024 2023 Portfolio management 2,962 2.808 Aggregate amounts 26,988 29,574 CHARITABLE ACTIVITIES COSTS Grant fijnding of activities (see note Support costs (see note 10) Direct Costs 9) Totals Charitable 453,075 59,002 486,071 998,148 GRANTS PAYABLE 2024 2023 Charitable 59,002 88,507 Page 25 continued...
THE BRITISH ACADEMY OF MANAGEMENT LIMITED Notes to the Financial Statements - continued for the Year Ended 31 December 2024 GRANTS PAYABLE - continued The total grants paid to institutions during the year was as follows= 2024 2023 Middlesex University of London Loughborough University Brunel University Northumbria University University of Manchester University of West England University of Waikato Cranfield University Edinburgh Napier University University of Kent Cardiff University Aston University Queen Mary University of London University of Suffolk University of Essex Royal Holloway University of London University of Hull UNICANT Universita degli Studi Gabriele d'Annunzio 26,669 32,320 1257) 3.989 (1,676) 50,000 (2.100) (388) (878) (215) (1.182) 3.999 4.000 4.000 3.975 3.997 3.986 3.505 3,789 5,984 3,992 59,002 88,507 During the year Waikato repaid £2.100. Cardrff Universty repaid £1,182. Edinburgh Napier University repaid £878, Cranfield University repaid £388, and University of Kent repaid £215 in respect of unused funds from grants made in prior years. 10. SUPPORT COSTS InfoThation technology Governance costs Management Finance Totals Charitable 358,478 66,898 33,440 27,255 486.071 Page 26 continued...
THE BRITISH ACADEMY OF MANAGEMENT LIMITED Notes to the Financial Statements - continued for the Year Ended 31 December 2024 NET INCOMEI(EXPENDITURE) Net incomel{expenditure} is stated after chargingl(crediting): 2024 2023 Depreciation - owned assets 8,808 10,673 12. AUDITORS. REMUNERATION 2024 2023 Fees payable to the charity's auditors and their associates for the audit of the charivs finanal statements Non-audit remuneration 9,500 350 4.750 13. TRUSTEES. REMUNERATION AND BENEFITS There were no trustees. remuneration or other benefits for the year ended 31 December 2024 nor for the year ended 31 December 2023. Trustees. expenses Expenses reimbursed to 7 Trustees {2023: 8) during the year amounted to £2,984 (2023: £5.002). Expenses reimbursed to Council members during the year amounted to £2,966 (2023: £1.232). These reimbursements consist of travel and accommodation expenses. 14. STAFF COSTS 2024 2023 Wages and salaries Social security costs Other pension costs 316,611 28,650 31,277 294,215 24,601 28,727 376,538 347.543 The average monthly number of employees during the year was as foll0v. 2024 2023 Administration Page 27 continued...
THE BRITISH ACADEMY OF MANAGEMENT LIMITED Notes to the Financial Statements - continued for the Year Ended 31 December 2024 14. STAFF COSTS - continued The number of employees vthose employee benefits (excluding employer pension costs) exceeded £60,000 was.. 2024 2023 £70.001- £80.000 The key management personnel of the charity comprise the trustees and the Chief Executive Officer. The total remuneration of key management personnel during the year was £84,749 {2023: £88,552). 15. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES Unrestricted fijnd Restricted funds Total funds INCOME AND ENDOWMENTS FROM Charitable activities Charitable 895.598 58.989 954.587 Other trading activities Investment income 19.630 13.973 19,630 13.973 Total 929.201 58.989 988.190 EXPENDITURE ON Raising funds 29.574 29.574 Charitable activities Charitable 879.715 58.989 938.704 Total 909.289 58.989 968.278 Net gains on investments 7.041 7.041 NET INCOME 26.953 26.953 RECONCILIATION OF FUNDS Total funds brought forward 626.305 626.305 TOTAL FUNDS CARRIED FORWARD 653.258 653,258 Page 28 continued...
THE BRITISH ACADEMY OF MANAGEMENT LIMITED Notes to the Financial Statements - continued for the Year Ended 31 December 2024 16. TANGIBLE FIXED ASSETS Improvements to propety Fixtures and fittings Computer equipment Totals COST At 1 January 2024 Additions 25,519 8,865 34,071 2,499 68,455 2,499 At 31 December 2024 25.519 8,865 36,570 70,954 DEPRECIATION At 1 January 2024 Charge for year 20,417 5.102 8,096 542 27,789 3,164 56,302 8,808 At 31 December 2024 25,519 8,638 30,953 65,110 NET BOOK VALUE At 31 December 2024 227 5,617 5,844 At 31 December 2023 5.102 769 6.282 12.153 17. FIXED ASSET INVESTMENTS Listed investments MARKET VALUE At 1 January 2024 Disposals Movement on cash held by investment manager Unrealised gainsl{losses) 342,532 (1,110) (1,852) 23,182 At 31 December 2024 362,752 NET BOOK VALUE At 31 December 2024 362,752 At 31 December 2023 342.532 There were no investment assets outside the UK. Page 29 continued...
THE BRITISH ACADEMY OF MANAGEMENT LIMITED Notes to the Financial Statements - continued for the Year Ended 31 December 2024 17. FIXED ASSET INVESTMENTS - continued Cost or valuation at 31 December 2024 is represented by: Listed investments Valuation in 2020 Valuation in 2021 Valuation in 2022 Valuation in 2023 Valuation in 2024 Cost 16.416 28,772 {41,694) 6,897 23.182 329.179 362.752 18. DEBTORS: AMOUNTS FALLING DUE wrrHIN ONE YEAR 2024 2023 Trade debtors Other debtors Prepayments and accrued income 11.925 4.000 201.280 226,573 205,280 238.498 19. CREDITORS: AMOUNTS FALLING DUE THIN ONE YEAR 2024 2023 Trade creditors Social security and other taxes VAT Other creditors Deferred income Accrued expenses 1,284 9,341 1,472 47,586 61,630 50,985 39,191 7.895 1.533 87,276 47,997 43,265 172,298 227,157 Deferred income comprises membership subscriptions which run from the renewal date. The amount defeed relates to the term of the subscription relating to the next financial year. Deferred income also relates to ticket sales for events occurring after the year end. Page 30 continued...
THE BRITISH ACADEMY OF MANAGEMENT LIMITED Notes to the Financial Statements - continued for the Year Ended 31 December 2024 20. LEASING AGREEMENTS Minimum lease payments under non-cancellable operating leases fall due as follows: 2024 2023 Within one year Beeen one and fwe years 15,938 127.875 34,077 143,813 34.077 Lease payments recognised as an expense in the year amounted to £37,670. 21. MOVEMENT IN FUNDS Net movement in funds At 31.12.24 At 1.1.24 Unrestricted funds General fund 653,258 (30,945) 622.313 Restricted funds John Burgoyne Prize Fund 38,000 38.000 TOTAL FUNDS 653,258 7,055 660.313 Net movement in funds, induded in the above are as foll0v. Incoming resources Resources expended Gains and losses Movement in funds Unrestricted funds General fund 915,009 (969.136) 23,182 (30,945) Restricted funds Society for the Advancement of Management studies John Burgoyne Prize Fund JWS Prize Fund Chartered Association of Business Schools 50.000 40,000 2.000 (50,000) (2.000) (2.000) 38.000 2.000 2.000) 94.000 56.000 38,000 TOTAL FUNDS 1.009,009 1.025,136) 23,182 7.055 Page 31 continued...
THE BRITISH ACADEMY OF MANAGEMENT LIMITED Notes to the Financial Statements - continued for the Year Ended 31 December 2024 21. MOVEMENT IN FUNDS - continued Comparatives for movement in funds Net movement in funds At 31.12.23 At 1.1.23 Unrestricted funds General fund 626.305 26.953 653,258 TOTAL FUNDS 626.305 26.953 653,258 Comparative net movement in funds. included in the above are as follows: Incoming resources Resources expended Gains and losses Movement in funds Unrestricted funds General fund 929.201 (909.289) 7,041 26,953 Restricted funds Society for the Advancement of Management Studies 58.989 (58.989) TOTAL FUNDS 988.190 968,278) 7.041 26,953 ANZAMIBAM Collaborative Research Fund: We run a number of research grant schemes to provide greater funding opportunities to our community. Some of these are run in partnership with sister bodies in the UK and internationally. With the AustralianlNew Zealand Academy of Management (ANZAM). Societa Italiana di Management (SIMA), and with the Irish Academy of Management (IAM) we use our greater administrative capacity to run small grants to encourage international collaboration. Society for the Advancement of Management Studies: On behalf of the Society for the Advancement of Management Studies (SAMS) we administer a larger grant scheme to support innovative and societal relevant research. Irish Academy of Management The purpose of this Scheme is to support and advance intemational research collaborations between management researchers in Ireland and the UK. The scheme is based on a partnership between British Academy of Management (BAM) and the Irish Academy of Management (IAM). John Burgoyne Prize Fund This fund was created from donations and legacies for the purpose of The John Burgoyne Prize. which is awarded by the British Academy of Management in memory of Professor John G. Burgoyne. It's an annual award of £2,000 recognises outstanding contributions to management learning over a sustained period. Page 32 continued...
THE BRITISH ACADEMY OF MANAGEMENT LIMITED Notes to the Financial Statements - continued for the Year Ended 31 December 2024 21. MOVEMENT IN FUNDS - continued JWS Prize Fund This fund was created from a donation for the purpose of The JWS Prize, Chartered Association of Business Schools This was created from grant funding for the provision of a freelance administrator. fijnded by CABS. 22. RELATED PARTY DISCLOSURES There were no related party transactions for the year ended 31 December 2024. Page 33
THE BRITISH ACADEMY OF MANAGEMENT LIMITED Detailed Statement of Financial Activities for the Year Ended 31 December 2024 2024 2023 INCOME AND ENDOWMENTS Donations and legacies Donations Legacies 2,000 40,000 42.000 other trading activities Fundraising events 20,831 19.630 Investment income Investment income Interest receivable 9,288 3,959 9.205 4.768 13.247 13,973 Charitable activities Grants Members. subscriptions Joumal subscriptions Annual conference Workshop income Joumal publishing income Special interest groups other income 57,100 128,752 2,890 370,228 117,967 254,923 981 90 57.822 107.318 2,650 369.655 195.060 220.559 1,523 932.931 954,587 Total incoming resources 1.009,009 988.190 EXPENDITURE other trading activities Gala dinner costs 24,026 26.766 Investment management costs Portfolio management 2,962 2,808 Charitable activities Annual conference Wages Carried forward 105,933 105,933 110.052 110.052 This page does not forn part of the statutory financial statements Page 34
THE BRITISH ACADEMY OF MANAGEMENT LIMITED Detailed Statement of Financial Activities for the Year Ended 31 December 2024 2024 2023 Charitable activities Brought forward Annual conference social security Annual conference pensions Joumal editorial costs Workshops expenditure Annual conference costs Special interest group costs VAT Expense Intemational community events MH Project Peer review college Grants to institutions 105,933 11,491 10,401 39,035 81,923 162,119 10,592 27,759 3,822 110.052 10.954 10.658 49.933 73.858 143.285 5,652 24.576 6,180 829 88.507 59,002 512.077 524.484 Support costs Management Wages Social security Pensions Premises expenses Insurance Professional fees Website and stationery Bank charges Sundries Executive and Council expenses Sub-contractors VAT expense Marketing Improvements to property Depn of fixtures and fittings 210,678 17,159 20,876 29,821 1,630 14,986 15,239 3,044 11,012 4,987 11,240 11,935 225 5,104 542 184.163 13.647 18.069 34.729 1,417 640 14.225 3,266 7,105 5.281 1.898 6,035 490 5,104 1,173 358.478 297.242 Finance Premises expenses Insurance Website and stationery Sundries Bank charges Sub-contractors Carried forward 7,455 1,630 15,239 2,753 3,044 34,051 64,172 8,682 1,417 14.225 1.776 3.266 26.595 55.961 This page does not forn part of the statutory financial statements Page 35
THE BRITISH ACADEMY OF MANAGEMENT LIMITED Detailed Statement of Financial Activities for the Year Ended 31 December 2024 2024 2023 Finance Brought forward VAT Expense 64,172 2,726 55.961 4,484 66.898 60.445 Inforniation technology Premises expenses Insurance Bank charges Website and stationery VAT Expense Computer equipment 7,455 1,630 3,044 15,239 2,908 3,164 8.682 1.417 3.266 14.225 2.705 4,396 33.440 34.691 Governance costs Auditors, remuneration Bank charges Sundries Independent Examination fees Accountancy fees Executive and council expenses VAT Expense 9,500 3,044 2,753 3,266 1,776 4,500 250 10.562 1,488 350 9,974 1,634 27.255 21,842 Total resources expended 1.025,136 968.278 Net (expenditure)lincome before gains and losses (16,127) 19.912 Realised recognised gains and losses Realised gainsl(losses) on fixed asset investments 16 Net (expenditure)lincome 16,111) 19.912 This page does not forn part of the statutory financial statements Page 36