REGISTERED COMPANY NUMBER.. 06410445 IEngland and Wales) REGISTERED CHARITY NUMBER.. 1121817 rt f the Trustees and Financial Slalemenls for the Ye2r Ended 31 December 2023 lor British Journal Of Anaesthesia Acom an LiTnrted b Guarantee
British Journal Of Anaeslhesia Contents of the Financial Slalemenls for the Year Ended 31 December 2023 Page Reference and Adminislralive Details Report of the Trustees Report of the Independent ALJdilors 12 10 15 Statement of Financial Activities 16 Balance Sheet Cash Flow Statement 18 Notes lo the Cash Flow Statement 19 Notes to the Financial Statements 20 10 29 Detailed Stalernenl of Financial Activities 30 to 31
British Journal 01 Anaesthesia Reference and Adminislralive Detai15 for the Yeai Ended 31 December 2023 TRUSTEES M Brown Ir&signed 24111120231 Professor H F Galley Dr S J Howell Director lappoinled 31112120231 Professor D G Lambert (resigned 31112120231 Professor D J Rowbolham Professor M M R F Slruys A R Absalom Treasurer COMPANY SECRETARY Professor H F Galley REGISTERED OFFICE 3rd Floor 56 Wellinglon Street Leeds West Yorkshire LS1 2EE REGISTERED COMPANY NUMBER 06410445 (England and Walesl REGISTERED CHARITY NUMBER 1121817 AUDITORS Thomas Coombs Limited 3365 The Pentagon Cenluryway Leeds LS15 8ZB Page 1
Brillsh Journal Of Anaeslhesia Re rt of the Trustees for the Year Ended 31 December 2023 The Trustees present their annual report together with the audited financial slalemenls of the British JoLJrnal ol Anaesthesia company Ihereinafter BJA Company I for the period 1 January 2023 to 31 December 2023. The Trustees confirm that the Annual Report and financial slalemenls of the company ¢omply wilh the current statutory requirements, the requirements ol the company's governing document and the provisions of the Statement of Recommended Practice ISORPI, applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Irdand IFRS 1021 leffeclive 1 January 20151 as amended by Update Bulletin 1 leffeclive 1 January 20151_ Since the BJA company qualifies as small under seGlion 383, the strategic report required of mediLJm and large companies under The Companies A¢t 2006 Islrategic Report and Director's Report) Regulations 2013 15 not required. OBJECTIVES AND ACTIVITIES Objectives and aims The principal aim of the company as sel out in rts Memorandum of Association is lo advance and improve theoretical and practical knowledge and skills in all branches of anaesthesia, crrtical care and pain medicine and related topics. Through this aim the BJA Company promotes the health, safely and welfare of all persons by Improving and disseminating knowledge and skills of anaesthesia. ¢riti¢al care and pain medicine and thereby reducing the suffering and dangers of anaesthesia and Surgery, by procuring the publication and disseminatitsn In any suitable media of a journal In the above fields ol the best available quality from any legitimate source. The journals I the Journals") published by the charity are called Brrtish Journal of Anaeslhesia l BJA I, BJA Education, and BJA Open. BJA and BJA Open publish peer reviewed reports ol clinical and labgratory investigations, reviews of other papers, exp0511ion of scientific theory, case studies and editoiials. BJA Education principally publishes invited educational articles, The journals are maintained by voluntary subscriptions andlor article processing charges and by such revenue as may from time lo time accrLJe to the Journals from the publication of a journal. The objects of the company are lo apply ils property. dire¢ted by the Iruslees 81 the discretion of the company members. to the advancement and improvement of education of the public In anaesthesia and the diffusion of kno¥edge ol new and improved methods of leaching and practising anaesthesia in all rts bran¢hes. The BJA company aims to publish and disseminate high quality research in anaesthesia and Ils related subjects of acute and chronic pain and intensive care. It also aims lo educate anaesthelisls In all grades of training and at the specialist level in recent developments within the speciality. It contributes to P051graduale e(Iuc8tion in anaeslhesia by organising scientific symposia and by the publication of BJA Education As a charity. rt aims to encourage and stimulate erudite research within the speciality by awarding research grants. Page 2
British Journal Of Anaesthesia Re ort of the Trustees for the Year Ended 31 December 2023 OBJECTIVES AND ACTIVITIES Significant activities and outcomes The principal activity of the BJA company is the publicats'on of the three journals.. BJA, BJA Education and BJA Open. They generate Income frorn one or more of. personal subscriptions. institutional subscriptions and inclusion in the publisher Elsevier's packages of Journals sold on subscription to libraries, article processing charges lall articles in BJA Open, and article5 in the BJA for which the authors choose open acces5 publicalionl, and payments from affiliated organisations. The BJA is the highest ranked anaesthesia journal in the world by Journal Impact Factor19.1 in 20241, and by 5-year impact factor. Impact factors are the most widely used impact metric for Scientif journals. and are the basis for rankings ol journals in the Journal Citation Report published annualty by Clarivate Analytics. In 2023, there wère 2112 submissions, second only to the peak of 2482 in 2020 due lo COVID-19, bul 9010 higher than in 2022 119291. Submissions were from 68 dTfferenl countries, with China, USA, UK, France and India leading. A lolal of 365 articles were accepted for publication in 2023. The countries with the highest numbers of articles a¢¢epled were USA, UK. China, Australia and Canada. There were two special issues in 2023. on Thoarcic Aneslhe5iology and respiratory Physiology and on Memory and Aw8ienÈss in Anaesthesia. The BJA editorial team. under the gLJidan¢è of Professor Hemmings has maintained Ils excellent performance. with an overall time lo first decision of -9 days. The trustees wish to congratulate him on the high quality of manus¢ripts and reviews contained in the Journal and for his work along wlh that ol the whole editorial team. There were 10 other members of the Editorial team in 2023, four from the UK. three from Australia, and one each from France, Gemiany, and Japan. The Iruslees also wish lo thank Leanne Webb and Paula Jones from the EMD team lor their valuable secretarial and adminislralive as515tance. both with this move and the day-to-day running of the journal. Dr Tom Abbott IBJA social media editor 51nce September 20211, has continued lo work with members of the Board lo expand the active presence on of the BJA on Twitter and other forms of social media. 11 is a measure of the succe55 of Ihis work that the BJA had >35,000 XITwitterl followers In 2023. The BJA also delivers online webinars in collaboration with the Royal College of Anaesthelists. These are effective means of bringing key research findings lo a wider audience and are popul81 Wlth authors. researchers and elinicians. An archive of BJA webinars was established in 2021 to ensure that these valuable resources remain easily accessible. BJA Education wa5 3Gcepled lor in¢lusion in Pubmed CenlTal IPMCI in 2021, with indexing of all issues published after January 2018. 11 wa5 included in the Journal Citation Reports ol Impact laclors from 2023. BJA Education is also indexed In Crtescore, an 8tternative jOLJmal metric calculated by Clarivate. Both metrics havè improved In the last Nvo years, with an impact factor of 1.7 and a Crtescore of 3.5 for 2023. Forty-five Inslilulions had online access lo BJA Educatitsn Ihrough Consortia and r8lat&d arrangements in 2023. Inclusion in Elseviar's ClinicalKey plattorm accounted for approximately half ol the incornè generated by BJA Education in 2022. Usage of 8JA Education continues lo illciea5e year on year, wrylh full text arti¢le downloads increasing from 699.337 in 2020 to over 2.072,773 In 2023. The Board wishes lo thank the edilor-in-chief If BJA Education, Professor Jonathan Thompson, and his èditorial board for their work in maintaining the high quality of the journal and Improving rts international profile and readership. BJA Open an Open Access journal was added lo the stable ol BJA jouinals in 2021. Professor Philip Hopkins was appointed as its Editor-in-chief in September 2021. and the first BJA Open editorial was published In December 2021. Full text usage (downloads of &ither pdf or HTML versions of articles) during 2023 in¢reased to 124.855 (from 34,209 during 20221. The Board w15he5 to thank the Professor Hopkins lor his work in growing thi5 journal. The BJA Company received income tsf £995,402 from its publication activrties during 2023. This ine1uded payments via Elsevier of £818,199. Over 20,000 Fellows of The Royal College of Anaeslhetisls received acces5 to the BJA and BJA EduGation during 2023 and The College paid £198.236 to support this. In addition more than 1000 Fellows of the College of Anaeslhetisls of Ireland and the Hong Kong College of Anaestheti515 received access to the BJA and BJA Education during 2023, for which their colleges wll pay £27.810. Additional cos15 of publication and distribution were absorbed within the Eisevier publication budget. Page 3
British Journal 01 Anaesthesia Re ort of the Trustees for the Year Ended 31 December 2023 OBJECTIVES AND ACTIVITIES An Important secondary activity Is the support of educational and academic activrties. As mentioned the BJA Company supported the provision of the BJA and BJA Education to Fellows of the Royal College ol Anaesthelists. the College of Anaeslhetisls of Ireland and the Hong Kong College of Anaesthelisls. Atthough the Colleges paid agreed amounts for each Fellow receiving the journals. the BJA subsidised the difference behNeen this and Ihe individual subscription costs for the journals for all Fellows. As with all the activrty of the company, our work with this partner supports medical education and impacts on improving patient care. Support of other educational aclivties continued during 2023. The 8JA company sponsoreij panels al Anaesthesia 2023 in May (Birminghaml, Euioanaeslhesia 2023 in June (Glasgowl, and the PoslGraduale Assembly in Aneslhesiology in December (New York). The BJA continued ils support and sponsorship of the Anae51helic Research Society Spring Scienlili¢ Meeting in June Imanchesterl. The total spend on symposia in 2023 was £27,118. The third objective and a¢livily of the BJA company is lo provide financial support lor research, education and clinical irnprovemenl In anaesthesia. During 2023, the BJA company supported two rounds of awards of "RCOAIBJA grants" 8dminislered by the National Inslilule of Academ Anaeslhesia INiAAI. For the first round the NIAA Grants Commrttee made one awards wrth a value of £98,993, to Scott Bowen and co-workers from th& University of Leèds, for a project enlitled 'Abnormal calcium homeostasis as a mechanism of acute diaphragm weakness In sepsis" For the second round the NIA4 evaluated 8ppli¢ations lor PhD grants and (only this yearl special Centenary Grants. The PhD grants awarded were 11 Professor Shafaq Sikandar. Peripheral opioid modulation of acute and persislenl posloperalive pain, Funded to the requested sum of £106.866 and 21 Dr Michael Wilson, Mechanisms of early maciophage aclivalion and sensitisalion during VILI. funded to the requested sum of £116,514. The two Centenary grants awarded were.. 11 Dr Tom Abbott, A major n8tion81 platfortn trial to improve outcomes after surgery and increase diversity in surgical research - the PROTECT project. Funded lo the requested sum of £299.853 and 21 Dr Henrike Janssen, PRECARB mechanistic randomised placebo-conlrolled trial investigating the ellect of carbohydrate preloading on perioperative inflammation and organ injury. Funded to the requested sum of £299,993. Since 2020 the BJA Company has contributed lo joint 6JA-ESAIC (European Society of Anaesthesiology and intensive Carel grants. This developed from the collaboration between ESAIC and the British Journal of Anae51hesia Charity lo enhance clinical practice in the field of Anaeslhesia. The rules are that applicants should have received their highest degree IPhD, MD, DMD, DVM, or U1ValentI no more than 5 years (basic scientist- clinitianl bèfore 1 January in thè year the Grant was awarded. For clinicians holding more than one qualifying degree le.g. MD PhDI or with a clinical specialist degreelboard ¢ertifi¢ation, the limè since thè first dègree may not exceed ten years before 1 January in the year the Grant was awarded. Awards are funded on a 50150 basis by the BJA company and ESAIC. During 2023. grants of É60 000 ea¢h were awarded to 11 Pascal Smuld8rs, Analgesic Effects of Dexamelhasone In Regional Anaeslhesia.. Back lo the Eleclrophysiological Basics in a Human-lnduced Pluripotent Stem Cell Model. University Amsterdam. The Netherlands and 21 Christoph Dibiasi. Is anli-faclor Xa activity associated with venou5 Ihromboemboli events in critically ill patients receiving enoxaparin lor pharmacological thrDmboprophylaxis? University Vienna, Austria. These were ioing grants and so the c05t lo BJA was É30.000 each. As in previous years. du11ng 2023. the BJA company funded 10 John Snow Anaeslhesia Inleicalaled Awards each with a value of £2.000. some ol which had been accounted for in 2022. Finally the BJA Company also made donations lo support research in the departmen15 hosting the edrtors of the BJA, the editors-in4hief of the BJA, BJA Education and BJA Open. and the chair, adminislralion and financial Iruslees of the charity. Page 4
British Journal Of Anae5thesia Re ort ol the Trustees for the Year Ended 31 Decernber 2023 OBJECTIVES AND ACTIVITIES The charity Continues lo have an agreement with the Medical Research Council to fund up lo two Clinical Research Training Fellowship5 ICTRFI annually, with the Costs shared equally beeen the MRCIBJA. These prestigious awards support research training fellowship and PhD program for trainee ¢linical academics who are identified as having the potential to become academic leaders of the future. These are handled vi8 usual MRC mechanisms but one ol the Trustees participate5 in the final interview process. No awards were made during 2023. Taken together the lolal amount of funding awards for research and clinicai infraslruclure for 2023 was £919.842. Awarded funds are only paid once the inslilulions ol the applicants have submitted a valid Invoice. This figure Is after an adiuslment in 2023 for a grant previously awarded where the study then did not take place, as disclosed in the notes lo the financial slalements leading lo a negative figure of £85.026. The Charitable adivities of the BJA Company have wide ranging Impacts. The support that the Bharily provides for the production and distribution of the BJA and BJA Edu¢ation enhances the practice of anaesthetists both in the UK and across the world, SD improving care for patients. The charity has an Inlegraled approach lo providing 5UPPOrt lor research in anaesthesia that has an impact al all levels. The project grants awarded by the charity ensure that funding Is available lor specific prqecls of direct benefrt to anaesthesia and related specialties. The charity supports research fellc>wships jointly funded with the Medi¢al Research Council and from lime to lime make5 joint awards with other funders. This allows us to make larger awards than would otherwise be possible, effectively doubling the availab funds foi these awards. Finally. the charity makes a direct contribution lo supporting iesearch infraslru¢lure in anaesthesia both through support lor proie¢ls such as the National Institute of AcadeTNiC Anaeslhesia, the UK Perioperative Clinical Trials Network and the BJA Research Forum. The tru51ees confirm that due consideration was and is paid to the advice of the charities commission on public benefrt, Policy and ProGe55 for thfr Award of Grants These are governed by the BJA Company Grants Committee. The Grants Cornmrttee is currently chaired by Profèssor Mi¢hel Struys. To ensure that 9Tant award5 do not reduce funds for publication of the BJA. BJA Education and BJA Open. which is the core objective of the charity. grant awards are funded frorn the Investment surplus of the company. Project gran15 and 3-year PhD sludenlships are offered. PhD awards are paid as a single inslalmenl so that these do not incur grant liabilities extending over several years. During 2023 the BJA Company also supported a collaborative grant with the ESAIC (European Society of Anaesthesiology and Intensive Caie Medicine). Grants made by Ibe Charty are advertised within the structure of the National Institute of Academi¢ Anaesthesia INIA41 on whi¢h the BJA Company has representation at both the NIAA Board and Resèarch Council. BJA Company liaisés wffch th6 NIAA over the advertisement of all BJA Companygrants. Mernbers of the BJA Editorial Board serve on the NIAA Grants Committee as appropriate. The NIAA process used by the BJA Company uses Internal and external assessors for Its grant applications, and the forms, as with all the gfanls, are designed and the awards executed, according lo the standards sel by national grant awarding bodies such as the MRC and Wellcome Trust. Grants awarded by the BJA Company are eligible IDr National Institute for Health Research Portfolio status due to the independence and rigoi of Ihtt grant review and awards process. Significantly. the BJA Company is membei of the Association of Medical Research Charities. The Joint BJA - ESAIC Inlerrialion81 grant 15 governed by a steering committee comprising 2 BJA comp3ny Trustees l¢hair and the Grant Director) and two members of the ESAIC Board (President and the Chair Re5eaich Committee Chair). Applications are managed by ESAIC staff at their headquarters in Brussels. Two roLJnd of peer review (first short application, folSowed by full application for the best 10 appliGationsl using both internal and external reviewers guarantee high-level and objective judgment of the grant quality. Page 5
British Journal 01 Anaeslhesia Re rt of the Trustees for the Year Ended 31 December 2023 OBJECTIVES AND ACTIVITIES Volunteers The production ol the BJA. BJA Education and BJA Open depends heavily on the acttvty of a numbei of commilled volunteers recruited from academic departments ol anaeslhesia and health serVe$ in the UK and the rest of the world15ee Editorial Board mèmbership). Honoraria ale paid lo the editors of the BJA and the editor-in-chiel and associate edilor-in-chief of BJA Education. The rest of the editorial board contributes on a voluntary basis withoLJt remuneration. The work of the editorial board is supported by a laiger inlernatitsnal group of reviewer5 who contribute to the high academic standing of the BJA by their voluniary work_ FINANCIAL REVIEW Investment performance During the year. the investment portfolio increased in value frorn £ 22,439,229 at 31 December 2022 to E 23.81D,585 al 31 December 2023. Income from investments was £779,539 in 2023 as compared with £651.515 in 2022. The inve51menl income of the charity 15 used lo fund the research grants awarded by the charty. Any surplus above expenditure on grants remains available for reinveslmenl and our investment managers Evelyn Partners have been reqLJesled lo Continue lo grow the investment income. Powers of Investment and Investment Policy In accordance with the terms of the company's constilulion, the Iruslees invest and hold lo the order of the ¢Dmpany. monies al its disP05al in accordance with advice from the company's investment advisors. For ethical reasons, the Iruslees have Instructed Evelyn Partners lo avoid Investment In loba¢¢o companies. alcohol, and arm8men15 companies. Reserves policy There are two main facets to this policy. i. The charity's reserves policy Is to maintain a sufficient level of resÈNes to enablè opèrating activities lo be mainlained, taking a¢¢ount of potential risks and ctsntingencies that may occasionally arise. The PDIicy Is reviewed annually by the Iruslees. BJA Company has no restricted reserves. The charity's lolal unreslricled reserves include rts investments in Bank of Scotland and HSBC, and a portfolio of investments managed on behalf of the trustees by Evelyn Partners at their Glasgow office. The reserves are sel aside to meet financial risks associated wrth conlingen¢ies and uncertainties ielaling lo its operating activities according lo ils charitable objectives. The risks include. the continued publication ol BJA for al least 3 years in the event of a ¢ollapse in subsGribei income," the provision for an orderly windino-down of operations in the event of a significant adverse event that is outside the control Df the charty". the funding of any legal Gall on the charity which is outside the sum of our insurance. ii. The reserves als) take a¢¢ount ol the ¢ompanl5 aim lo provide educational activities and charrtable resear¢h grants on an annual basis. The current reserves held by the BJA Company are deemed by the Trustees lo be sufficient lo meet the obligations of the ¢harity and to mitigate the risks noted above. During the COVID-19 yèars 12020 - 20231 the Company spent less than Intended on research grants. To make up for this the BJA Company increased it's spend on Charitable activities during 2023, with a total spend of £1,592.099,. which inclL)ded £919,842 on research grants and awards. Ttte BJA Company expects lo maintain direct spending on anaeslhelic research grants and related activities consistent with available investment income in the Coming year Page 6
British Journal Of Anaesthesia Re rt of the Trustees lor the Year Ended 31 December 2023 FUTURE PLANS The primary mean5 by which the charity deliver5 on Ils aims is the publication of the BJA, BJA Education and BJA Open. These journals disseminates knowledge. skills ancl research findings which are Central to the delivery ol safe care for the patients of today and advance of clinical practice In the years lo come. The Iruslees and board will work to maintain the impacl factor of the BJA and modify Ihe strategy of the journal as necessary lo achieve these aim5. There is a link between high impact factoi and quality of submissions and quality of eventual publications drives readership citation and further increases in impact fa¢lor. The academic reputation of the BJA supports and fosters an academic community of board members, authors and reviewers that collaborate on research. disseminate Important findings and provide leadership in the development of the speciaty. The journals also provide opportunities for continuing medical education ICMEI and continuing professional development ICPDI, which helps ¢lini¢ians lo maintain their registration and ievalidation with their professional regulators. BJA Education produces lesl material lrnulliple choice questions) lo accompany every main article PLJblished in the BJA. Clini¢ians who read an article and complete the lesl su¢cessfully. accompanied by sell-reflection, can claim CMEICPD creLlils (awarded by the RCOAI. In addition lo Ihis the BJA Education has been awarded a¢credilalion by UEMS-EACCME, the a¢¢rediling bY for medical education recogn15ed by most European countries and by the USA and Canada. This has increased the international appeal of the journal. supports our educational mission and SLJPPOrt OLJr aclivrties and materials used lo prorllole ourjournals. A major effort was madè to celebrate 2024 as the cèntenary year of the BJA. During the current accounting year a centenary task force designed an exciting suite of activities that align wrth our charitsble objects. There will be enhanced conlenl in the journal with associated ehanced social media activty. In addition there will be a SLJite of Gentenary sessions at main anaesthesia meetings and an exciting webinar programme. As Teported above, we funded (wo centenary career development grants with a combined value 01 £600k. We are keen to support the next generation of rising stars and this initiative complements our funding ethos from medGial school lo senior re5earGh aGlive academics and clinicians. We will work more closely wlch our affiliated partners.. RCOA. CAI and HKCA as we believe collaboration brings bènefits that far exceed individual charitable a¢tivrty. We will, of ¢ourse, retain our individuality in line with our objects. Specific inilialives will be educational and support of mutually beneficial research activity. Our partners are listed but we can increase our appeal by further partnering activity and we will look to other European contries and their so¢ieliÈs during the ¢oming year. As noted previously we are reviewing our procedures for the appointment of Trustees. We are addressing challenges wrth our abilty to appoint new Tiuslees lo ensure and that opportunities for Trusteeship ale available lo colleagues across the Boards of all the BJA JouTnals whilst rnaintaining the high callibre of these appointments. STRUCTURE, GOVERNANCE AND MANAGEMENT Govèrning document The Gharily is controlled by ils governing document, a deed of Irusl. and Conslitules a limrted company, limited by guarantee, as defined by the Companies Act 2006. Charity constitution Constitution Brrtish Journal of Anaesthesia is a company limited by guarantee which was incorporated on 26 October 2007 number 6410445 and its governing documènt is its Mémorandum and Articles of Association. The Articles were updated In 2018. The company was recogn15ed as a charity by the Charity Commission on 4 December 2007 and allocated th8 charily nLJmber 1121817. The Company has also registered with the Office of the Scottish Charity Regulator and was recognised as a Scottish charity by them on 27 August 2008, nurnber SC 039825. Page 7
British Journal Of Anaeslhesia ort of the Tru51ees foi the Year Ended 31 Dember 2023 STRUCTURE. GOVERNANCE AND MANAGEMENT Appointment of trustees The Charity may by Ordinary Resolution in General Meeting appoint an Ordinary Member lo be a Iruslee, provided that the nLJmber of Iruslees would nol exceed the maximum permitted of six Ichair, finance trustee, adminislralion Iruslee. Iruslee responsible lor business developrnenl and marketin9, and Iru51ee responsible for governance. The revised Arti¢les of Association 2018 slate that there will be an exlemal nc>n-execLJlive trustee. A company member is any person who is a member ol the Charity of any class. The classes of membership in 2023 were.. Ordinary Members and Affiliated Collegelsociely membeis. The Trustees who served during the year were.. Dr S J Howell (Chairl Professor H F Galley IAdminislralion Trusleel Professor A R Absalom IFin8nce Trustee) Professor D J Rowbolham (Governance Trusleel Professor MMF Struys (Business Davelopmenl and Marketing Trustee) The non*xeculive Iruslee position held by Mr. Brown became vacant on his appointment as chief executive officer on 1 March 2D22. The position for an external non-executive trustee remains va¢ant. Advertisements placed during 2020 and 2021 failed to identify suitable candidates. No advertisement5 were placed during 2023 pending the outcome of a governance review. The board plans lo re-advertise in 2024 and 2025. Company administratSon The chief executive officer Mr. Michael Brown has responsibility for the day-taY adminislralion of the ctsmpany. CLA Evelyn Partners Limited are the company's a¢countants and Mr Matthèw Barton of Evelyn Partnèrs is the named company accountant. We are most grateful Mr Barton for his work and advice during 2023. The Company purchased financial and administrative support from the Event Management Direct I'EMD") Ltd. Named staff ol EMD received and piocessed invoices on behalf of the BJA company. named member ol EMD staff provided administrative support to the Governance Trustee and iecoided the minutes of meetings of the charity. The BJA Company thanks EMD for the support that il provides. Induction and training of new trustees The company ha5 six Iruslees who are eommitted to seNing the charity to the best of their ability. The trustees receive regular training on the Charity Acts and the requirements of the Charty Commission. Our acGounlanl allends Trustee meetings as required and the Finance Trustee meets wlh him more regularly. He advises and guides the trustees on ¢h8nges in the requirements for disclosure and compliance with the legislation and on the inlerprelalion of the accounts lo newly appointed Iiustees. The trugteeg 0130 meet twice yéarly wrth the eompany invèstmènt advisors (Evèlyn Partnèrgl who ars alBo readily available to advisè on thè investment policy ol the company. Our accountant also attend5 these meetings as needed. Finally, the company's audit()rs, Thomas Coombs Ltd. also advised on the Induction and training of the trustees and provide relevant COLJrses lo the company as their client. Page 8
Br(cish Journal Of Anaeslhesia rt DI the Trustees for the Year Ended 31 December 2023 STRUCTURE, GOVERNANCE AND MANAGEMENT Key management remuneratlon None Df the Iwslees are remunerated. Mr. Michael Brown provides his services through his own company, Michael Brown Consulting Ltd. and Is paid quarterly, on submission ol an invoice. Professor Hugh Hemmings is the current editor-in-chief ol the BJA. Professor Jonathan Thompson is the ¢LJrrent editor-in-chief of the BJA Education and Profe550r Philip Hopkins Is the edilor-in-chiel of the BJA Open. The edilors-in-chief of BJA, BJA Education and BJA Open, and editors of the BJA receive remuneration, which is paid quarterly on provision of an invoice. Professor Hemmings provides his services through his company, Hemmings Consullin9, and Professor Thompson through his corllpany Weslerby House Editing Ltd. None of the individuals receiving remuneration ale Iruslees ol Ihe Company. The BJA. BJA Education and BJA Open editorial team receive administrative assistance from EMD and eill Gornell Medieal College (supporting Professor Hemmingsl. The company funds thi5 SUPPOrt. Risk management The BJA Company maintains a risk register. One of the Iruslees. Prolessor D.J. Rowbolham lakes responsibility for ensuiing that this is regularly reviewed and updated by the tiustees. The Iruslees rUl3Y review the risks lo which the company may be éxposèd and the Chair and finance Iruslee liaise with its insurance brokers, Circle Insurance Services Ltd, lo ensure appropriate insurance cover is in place. The main risk identified is that ol libel although cases brought are extremely rare for monthly s¢ientifi¢ journals such as the BJA. However, lo cover SLSch an eventuality. the company holds professional indemnity insurance for the SLJM of £5 million lo cover worldwide risks. The company also mainiains cover for public and products liability, employers, liability. management liability and crisis conlainmenl. In addition to this cover. the trustees maintain al least £1 m of the company assets in a form that may be readily realised lo meet any higher Claims should they arise. It is also the policy of the trustees to hold assets of at least £Sm lo maintain production of the journals for 3 years in the event that income ceases. The 8JA Company recognises the need to maintain funding for an orderly wnding-down of opeialions in the event of a signrficanl adverse event that is outside the control of the charity or the funding ol any *al call on the BJA which is outside the sum of our Insurance such that we would be able to meet these ¢ontin9encies frDrn the available reserves. A 5ignifi¢ant risk Currently identified is that the present BJA regulations arè beginning 10 affect our ability lo recruit new direclor511ruslees. Vve are working towards. and making progress with, a revised appointment procedure that will resolve this issue. Most of the risks identifièd in the last report have been downgraded In severity. although we still regard fluclualion in financial markets as significant. BJA operates according lo a suite of internal procedures, regulations and policies which are reviewed regular. Page 9
British Journal 01 Anaesthesia Re ort of the Trustees for the Year Ended 31 December 2023 STRUCTURE, GOVERNANCE AND MANAGEMENT Affiliation5 i. The Royal College of Anaesthelisls IRCOAI. The RCc>A is the largest aff Ilialed partner ol the BJA company. Bc)th charf(ies aim lo mutually support ongoing education and training of anaesthetisls who are Fellows & Members ol this College_ The BJA benefits from the increased circulation obtained from providing the journal (to > 20.DOO fellows in 20231 and association with an internationally highly respected anaeslhesia organisalion. This relationship musl be viewed against the international aims of the BJA to educate an8esthelisls throughout the world. The RCOA also undertakes international activities but ils primary focus Is as the professional body responsible for anaeslhesia in the United Kingdom. The tNo ¢harrf(ies are independent bul work together whenever appropriate to encourage research and education In anaeslhesia lor instance by the awarding of joint BJIVRCOA research grants funded in full by thè BJA Company. To facilitate inleralions the RCOA has appointed an affiliated College member to the BJA company and the BJA Company Chair is Co-opted to the RCOA Council. ii. The College of Anaeslhesiologisls ol Ireland ICAII, The College (>f Anaesthèsiologists of Ireland became an affiliated partner of the BJA Company in May 2013. Vvhilsl some members of the CAI are members of the RCOA, many are not and this affiliation resulted In full acces5 to BJA and BJA Education for 787 anaesthetic colleagues In Ireland during 2023. iii. The Hong Kong College ol Anaesthesiologisls. The Hong Kong College of Anaeslhesiologists became an alfilialed partner ol the BJA Company al th& bèginning of 2015. This affiliation resulted in lull acce55 to BJA and BJA Education for 616 anaeslhelic colleagues in Hong Kong during 2023. iv. The Facutty of Pain Medicine IFPMI of the UK. The FPM is a partner organisation of the BJA company and a facutty of the RCOA. It is the professional body responsible for the training, assessment. practice and ¢onlinLJing professional development of specialist mediGal pra¢lilioners in the management of pain in the UK. It supports a multidisciplinary approach lo pain Tnanagement informed by evidence-based practice and research. Members of the FPM receive a subscripliDn lo BJA Education. Facurty of Intensive Care M&di¢ine IFICMI of the UK Like the FPM, the FICM Is a partner organisation of the BJA company and a lacully of the RCOA. 11 is the professional and stslutory body lor the speCiaY ol intensive care medicine, and includes critical care doctors. advanced critical Gare pra¢litioners, and critical care phamiacisls as members, who recèive a SLJbscriplion lo BJA Educatitsn. The FICM works to promote edLJcation and standards. influence and deline national policy, and improve Dulcomes for our critically ill patients and their families. vi. Th& South African Society of Anaesthesiology ISASAI SASA is a society partner for BJA Education and SASA is provided with 500 free subscriptions lo BJA Education, lo support anaesthelisls working in rural areas. Page 10
Brf(ish Journal Of Anaeslhesia ort of the Trustees for the Year Endèd 31 December 2023 TRUSTEES. RESPONSIBILITY STATEMENT The Trustees (who are also director5 of BJA Company for the purposes of company lawl are responsible for preparing the trustees, report and the financial st31emenls in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practicè). Cornpany law requires the Iruslees to prepare financial stalements for each financial year. Under company law the Trustee must not approve the financial 51alemenls unles5 they are satisfied that they give a true and fair view of the slate Df affairs of the charitable company and of the incoming resources and applicalion of re8QLJr¢es, including the income and expenditure, of the charitable company for that period. In preparing these financial slalemenls, the Iruslee is required lo.. o select suitable a¢¢ounting policies and then apply them consislenlly", o observe the methods and principles in the Charities SORP, o make judgments and accounting estimates that ale reasonable and piudent, o prepare the financial statements on the going con¢ern basis unless il is Inappropriate lo presume that Ihe chairtable company will continue in operation. The Iruslees are responsible for keeping adequate accounling records that are suffieienl lo show explain the charilabl& company's Iransaclion5 and disclose with reasonable accuracy at any lime the rinancial position ol the charitable ¢ompany and enable the finance director to ensure that the financial statements comply with the Companies Act 2006. The finance and governance directors are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps lor the prevention and dete¢tion of fraud and tslher irregularities. STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS So far as the trustees are aware. there is no relevant information las defined by Section 418 of the Companies Act 20061 of which the charitable company's auditors are unaware, and each trustee has taken all the steps that they OLJghl to have taken as a trustee In order to make them aware of any audit information anol lo establish that the charrtable company's auditors are aware of that Information. All the current trustees have taken all the steps that they ought lo have taken lo make themselves aware of any information needed by the company's auditors for the purpose of their audit and lo establish that the auditors are aware of that information. so far 89 th8t trustee is 8W8re, there is no relevant audit information of which the charitable companls auditors are unaware and that the trtjslees have taken all Ihe steps that ought lo have been tsken as a Tiuslee in order lo be aware of any relevant audit information 8nd to establish that the charitable company's audilois are aware of that information. AUDITORS Following a tendering process conducted in late 2022. Thomas Ccx)mbs Ltd were appointed as auditors by the board during lor the year ended 31 December 2023. In preparing this r&port the trustees have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006. This report has been prepared In accordance with the special provisions of Part 15 of thè Companies Act 2006 relating to small Companies. Approved by order of the board of IIuslee5 on 15 October 2024 and signed on ils behalf by.. A R Absalom - Trustee Page11
Re rtofthe Inde ndenl Auditors lo the Members of British Journal Of Anaesthesia Opinion We have audited the finan¢i81 statements of British Journal Of Anaeslhesia Ilhe 'charilable compan511 for the year ended 31 December 2023 which comprise the Statement ol Financial Activities, the Balance Shéet, the Cash Flow Slalemenl and notes to the financial slalemenls, including a summary of significant accounting policies. The financial reporting framework that has beèn applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Acceptèd Accounting Practice). In our opinion the financial stalements. give a true and fair view of the stale of the charrtable companls affairs as at 31 December 2021 and of Its income and expenditure, for the year then ended, have been properly prepared in accordance wrth United Kingdom Generally Accepted Accounting Practice., and have been prepared in accordance with the requirements of the Companies Act 2006. Basis for opinion Vve conducted our audit in accordance with International Standards on Auditing IUKI IISAS IUKII and applicable 18w. Our responsibilities under those $18ndards are further described in the Auditors. responsibilities for the audit Df the financial slalemenls section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant lo our audit of the financial 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 lo provide a basis lor our opinion. Conclusions relating to going concern In auditing the financial slalemenls, we have concluded that the trustees, use of the going concern basis of accounting in the preparation Df Ihe financial statements is appropriate. Based on the work we have performed, we have not Identilied any material uncertainties rdating to events or conditions that, individualty or collectively, may cast significant doubt on the charitable Company'5 ability tts continue as a going concern for a period of al least twelve months from when the financial statements are aulhorised for issue. Our responsibilities and the responsibilities of the Iruslees with respect lo going concern are described In the relevant sections of this report. Other infomiation The Iruslees are responsible for the other information. The other information Gompri5es the inforrnalion includèd in the Annual Report. other than the financial statements and our Report of the Independent Audf(ors Ihereon. Our opinion on the financial slatemenls does not cover the other Information and. except to the extent olhepNise explicitly staled in our report, we do not express any form of assurance conclusion thereon. In connection with our audit ol the financial statements. our responsibility Is to rèad the other information and. in doing so, consider whether the other inlDrmation Is materially inconsistent with the financial statement5 or our knowledge obtained in the audit or otherwise appears lo be materially misstated. If we identify such material inconsistencies or apparent material misslalements. we are required lo determine whether this gives rise lo a material mi5slalemenl in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstalemenl ol Ihis other information. we are r&quired to report that fact. Vve have nothing to ptsrt in this regard. Oplnlons on other matters prescrlbed by the Companies Act 2006 In our opinion, based on the work undertaken in the ¢our5e of the audit. the Information given in the Report ol the Trustees for the linan¢ial year for which the financial 51alemenls are prepared 15 COnSiStenl with the financial slalemenls". and the Report of the Trustees has been prepared in accordance with applicable legal requirements. P3ge12
Re ort of the Inde ndenl Auditors lo the Members of British Journal Of Anaeslhesia Matters on which we are requirèd to rèport by exception In the ligttt ol the knowledge and understanding of the charrtable company and rts enwronmenl obtained In the course of the audit, we have not identified material misstalemen15 In the Report of the Trustees. We have nothing lo report in respect of the following matters where the Companies Act 2006 requires us lo report to you if, in our opinion. adequate accounting records have not been kept or returns adequate for tsur audit have not been received from branches not visited by us.. or the financial statemen15 are not in agreement with the accounting record5 and relurn5', or certain disclosures of IrLJslees' remuneration spe¢ified by law are not made.. or we have not received all the infoimalion and explanations we require for our audit", or the trustees were not enlilled lo lake advantage ol the small companies exemption from the requirement lo prepare a Strategic Report or in preparing the Report of the Trustees. Responsibilities of tru$le*$ As explained more fully in the Trustees, Responsibilities Stalemeril, the Iru51ees (who are also the directors ol the charitable Company for the purposes of ¢ompany lawl are responsible for the prèparation of the financial slalemenls and lor being satisfied that they give a true and fair view, and lor such Internal control as the trustees determine is necessary lo enable the preparation of financial slalemenls that are free from material misslalemenl, whether due lo fraud or error. In preparing the financial statements, the trustees aTe responsible for assessing the charrtable company's ability lo continue as a going concern, disclosing, as applicable, matters related lo going concern and using the going concern basis of accounting unless the Iruslees either Intend lo liquidate the charitable company or lo ce35e operations, or have no reali51ic alleinalive bul to do 50. Page 13
Re rt ol the Inde ndenl Auditors lo the Members of British Journal Of Anaeslhesia Our responsibilitie$ for the audit of the financial Statements Our objectives are lo obtain reasonable assurance about whether the financial slalemenls as 8 whole are free from material misslalement, whether due lo fraud or error. and lo issue a Report of the Independent Auditors that includes our opinion. Reasonable assurance is a high level of assurancé, bul is not a guarantee that an audit conducted in accordance with ISAS IUKI will always delecl a material misslalemenl when rt &X151s. Misslalemenls can arise from fraud or error and are considered material if, individually or in the aggregate. they ¢ould reasonably be expected to influence the e¢onomic decision5 of users taken on the basis of these financial slalements. The extent lo which our procedures are Capab ol detecting irregularities, Includi fraud is detailed below Irregularities, including fraud, are instances of non-compliance with laws and regUlatn$. We design procedures in line wrth our responsibilities, outlined above, to delecl material misslalements in respect of irregularities, including fraud. The extent to which our procedures are capab of detecting itregularilies, including fraud is detailed below". Based on our understanding of the entity and industries in which il operates, we idenlifth the principal risks of non-compliance with laws and regulations related to anti-bribery. ¢orruplion and fraud. We also considered those law5 and reGulalions that have a direct Impact on the preparation of the financial slalemenls such as the Companies Act 20Q6, tsx legislation snd the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021. We assessed the su5ceplibility of the company's financial 51alemenls lo material mis51alemenl and how fraud might oecur, including through discussions with the directors and discussions wrthin our audit team planning meeting. We determined the principal risks wèré rèlated to posb'ng journal entries to manipulate profits. and management bias in accounting estimates, especially prepayments and accruals. To address the risk of fraud through management bias and override of controls. we.. PertDrmed analsrtical procedu$ to Identify any unusu81 ¢ir unexpected r&l81ionships Identified and lesled Journal entries and identified any signrficant transactions that were unusual oi outside the normal course of busines5. Investigated the rationale behind significant or unusual transactions. Challenged assumptions and judgements made by management in determining significant ac¢oLJnting estimates. in particular in relation lo piepaymenls and accruals. In response lo the risk of irregularities and non-compliance with laws and regulabons, we desgned audit proc8dures which included, but were not limited lo.. Agrèèing financial statements dis¢losvres lo underlying supporting docurnenlalion. Discussions with management of known or suspected Inst8n¢es of non-compliance wrth laws and regulations. At the completion stage of the audit. the engagement partner's review included ensuring that the team had approached their work with appropriate professional sceplicism and thus the ¢apa¢ity lo identify non-complian¢e with laws and regulations and fraud. There are Inherent limitations In the audit procedures described above and the further removèd non-compliance ol laws and règuSations is from the events and transactions reflected in the financial slalement5, the less likely we would become aware of It. Also. the risk of not d8tecting a material misslatemenl relating to fraud is higher than the risk ol not dete¢ting one resutting from error. as fraud may involve deliberate concealment. A further des¢ripliL)n of our responsibilitie5 lor the audit of the financial 51alements Is located on the Financial Reporting Council's website at ww.frc.org.uklauditorsresponsibilities. Tnis description forms part of our Report of the Independent Audilois. Page 14
ort of the Inde ndenl Auditors lo the Members of Brrtish Journal Of Anaeslhesia Usg ofour report This report Is made solely to the charitable company's members, as a body, in accordance wlh Chapter 3 of Part 16 of the Cornpanies Act 2006. Our audit work has been undertaken so that we might state lo the charrtablè company's members those matters we are required lo slate lo them in an auditor5, report and for no other purpose. To the fullest &xtent permilled by law, we do not accept or assume responsibility lo anyone other than the charitable company and the charitable company's members as a tx)dy. for our audit work, for this report, or for the opinions we have forrned. Christopher Datwin FCA Isenior Slatulory Audilorl for and on behalf of Thomas Coombs Limited 3365 The Pentagon Century Vvay Leeds LS15 8ZB Date.. IÉ" Ocklr- 2LI2 ? Page 15
British Journal Of Anaesthesia Slalemenl of Financial Activities Incor oralin an Income and Ex nditure Ac¢ounl for the Year Ended 31 December 2023 2023 Unreslri¢led fLJnds 2022 Total funds Note5 INCOME AND ENDOWMENTS FROM Charitable activities charitable activities 995.402 1,171.276 Inveslrnenl Income 779,538 651,515 Total 1,774,940 1,822,791 EXPENDITURE ON Raising fLJnds 62.902 70.095 Charitable a¢tlvltles Charitable activities 1.592,099 1,418.525 Total 1.655,001 1,488,620 Nel gainsll105ses1 on investments 1.101,593 11,322,582) NET INCOMEIIEXPENDITUREI 1,221,532 1988,4111 RECONCILIATION OF FUNDS Total funds brought fopNard 22.299,241 23.287,652 TOTAL FUNDS CARRIED FORWARD 23,520.773 22,299.241 The notes fom part of these financial statements Page 16
British Journal Of Anaeslhesia Balance Sheet 31 Oecember 2023 2023 Unreslri¢ted funds 2022 Tol31 funds Notes FIXED ASSETS Investments 14 23,810.585 22,439,229 CURRENT ASSETS Debtor5 Cash at bank 15 440,831 1,629.299 399,585 1,340,982 2,070.130 1,740,567 CREDITORS Amounts falling due within one year 16 12.359,9421 11,880,555) NET CURRENT ASSETS 1289,8121 1139.9881 TOTAL ASSETS LESS CURRENT LIABILITIES 23,520,773 22,299,241 NET ASSETS 23,520.773 22,299,241 FUNDS Unreslricled funds 17 23,520,773 22.299,241 TOTAL FUNDS 23.520,773 22,299.241 These financial sl8temenls have been piepared in accordance with the provisions applicable lo charitable companies subject lo the small companies regime. The financial slalements werè approved by the Board of Truslees and aulhorised for issue on 15 Octot>er 2024 and were signed on its behalf by". /yt. A R Absalom - Trust&8 The notes form part of these financial stslernenls Page 17
British Journal Of Anaeslhesia Cash Flow Ststement for the Year Ended 31 December 2023 2023 2022 Notes Cash flows from operating activities Cash generated from operations 1222.0361 1361,3471 Nel cash used in operating activities 1222.0361 1361.3471 Cash flows from investing activities Purchase of fixed assèt invèstménts Sale of fixed asset investments Interest received Dividends received 11,495,212) 1,226.027 223.113 556.425 12,901.5361 2,026,628 118.138 533,377 Nel cash provided byllused Inl Investing aclivilios 510.353 1223.3931 Change in cash and cash equivalents in the reporting period Cash and cash equivalents at thè beginning of thè rgportlng period 288,317 1584.7401 1.340,982 1.925,722 Cash and ¢ash equivalents at the end of the reporting period 1,629,299 1,34D,982 The notes form part ol these financial slalemenls Page 18
British Journal Of Anaeslhesia Notes lo the Cash Flow Slalement for the Year Ended 31 December 2023 RECONCILIATION OF NET INCOMEIIEXPENDITUREI TO NET CASH FLOW FROM OPERATING ACTIVITIES 2023 2022 N&t incomellexpenditvrel for the reporting period las per the Statement of Flnancial Activities1 Adjustments for: IGainlAosses on investments Interest received Dividends received Equalisalion on Investments Investment adjustment lo opening cost Increase In debtors In¢r&ase in Creditors 1,221,532 1988,4111 11,101,593) 1223,1131 1556,4251 18881 310 141,2461 479,387 1,322,582 1118,1381 1533.3771 16,3351 1269,7751 232,107 Net cash used in operations 1222,0361 1361,3471 ANALYSIS OF CHANGES IN NET FUNDS Al 111123 Cash flow Al 31112123 Net cash Cash al bank 1,340,982 288.317 1,629.299 1,340,982 288,317 1,629.299 Total 1,340,982 288,317 1,629,299 The notes form part ol these financial statements Page 19
Birtish Journal Of Anae5thesia Notes lo the Financial Slalemenls for the Year Ended 31 De¢ember 2023 GENERAL INFORMATION British Journal of Anaeslhesia 15 a public benefit entity incorporated in the UK, and registered England and Wales al 3rd Floor, 56 Wellinglon Street, Leeds, LS1 2EE under company registered number 06410445. charity registered number 1121817 and Scottish ch8rty number SC039828. STATEMENT OF COMPLIANCE The financial slalements ol The British Journal of Anaesthesia have been prepared in compliance with United Kingdom Accounting Standards, including Financial Reporting Standard 102, 'The Financial Reporting Standard applicable in the United Kingdom and the RepLJblic of Ireland, I'FRS 102,1, SORP IFRS 1021 and the Companies Act 2006. The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires managernent lo exercise judgement in applying the char((able company's accounting policies. The following principal accounting policies have been applièd. ACCOUNTING POLICIES Basis of preparing tho financial statement5 The financial slalemenls of the ¢harrtable company. which is a public benef51 enltfy under FRS 102, have been prepared in accordance with the Charities SORP IFRS 1021 'Accounling and Reporting by Charities.. Slalemenl of Recommended Practice applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Rèpublic ol Ireland IFRS 1021 (effective l January 20191,, 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 whieh are included at rnarkel value, as modified by the revaluation of certain assets. Critical accounting judgements and key sources of estimation uncertainty There were no material judgements and key sources of estimation in the preparation of the financial statements. Income Income from investment assets Dwidends are Included in the Statement of Financial Activities on an accrual basis. Bank interest Is included gross of lax on a receivable bas1S. Income - contributions from The Royal College of An•esthetist$ and other colleges Contributions from ColleS and other associations are accounted for on an accrual basis in the period for which they are due. Income - royalties Roy811ies ieteived are accounted foi on a receipt basis. With rgardS lo the income of the charitable company. following the move lo Elsewer. BJA now receives a royalty payment from Elsevier at a sel amount and the Income generated and costs incurred by Elsevier do nDI impaGt on the BJA thereafter. Incomo - legacy For legacies, enlillemenl is taken as the earlier of the dale on which either the charitable company is aware that probate has been granted, the estate has been finalised and nolificalion has been made by the execulorls) lo the Trust that a distribution will be made, or when a distribution is received from the eslale. Receipt of 8 leyacy, in whole or in part. is only considered probable when the amount ca be measured reliably and the charitable company has been notified ol the executor's intention lo make a distribution. Page 20
Brrtish Journal Of Anaeslhesia Notes lo the Financial Slalements - continued for the Year Ended 31 December 2023 ACCOUNTING POLICIES- Continued General expenditure, project grants and research fellowships The total of project grants and research fellowships is recognised in the financial slalements from the date the awards are made. Costs of generating funds are CDSts incurred in attracting voluntary income, and those incurred in trading activities that iaise funds. Charrtable activities and Governance Costs are ¢osts incurred on the charitable companls educational operations, including support costs and costs relating lo the govemance of the charitable company apportioned lo charrtable aclivilies. Liabilities are recognised as expendilure as soon as there is a legal or ¢onslru¢tive obligation committing the Journal to the expenditure. All expenditure is accounted lor on an acciual basis and ha5 been classrfied under a heading that aggregate all cos15 related lo that category. Grants offeied subject lo conditions which have not been mel al the year end dale are noted as a cDmmilmenl but not a¢¢rued as expenditure. Taxation The charity is exempt from corporation lax on ils charitable activities. Fund accounting Unreslricled funds can be used in accordance with the charrtable objectives al the discreknon ol the trustèès. Reslricled funds can only be used for particular reslricled purposes within the objects ol the charity. Restrictions arise when specrfied by the donor or when funds are raised for particular restricted purposes. Further explanation of the nature and purpose of each fund is included in the notes lo the financial Statement5. Tangiblè fixèd assets Tangible fixed assets under the cost rnodel are slated al historical cost less a¢¢umulated depreciation and any accumulated impairment losses. Historical c05t includes expenditure that is directly attributable lo bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. Depreciation is charged 50 as lo allocate the c051 of assets les5 their residual value over their estimated useful lives. using the slraight-line method. Depreciation is provided on the following basis.. Computer Equipment 330/. The assets, residual values, useful lives and depreeialion methods are reviewed, and adjusteil prospectively if appropriate. or il there is an indication of a significant change since the last reporting dale. Gains and losses on disposals are determined by ¢omparing the proceeds with the carrying amount and are recognised in the Slalemenl of Financial Aclivilies. Valuatlon of invèstmenl assets Page 21
British Journal Of An8esthesia Notes lo the Financial Statements- continued for the Year Ended 31 December 2023 ACCOUNTING POLICIES- continued Investments held as fixed assets are staled at market value. Gains and losses on realisalion are calculated by reference to cost ff bought during in the year and by reference to markèt valLJe al the beginning of the year if held al that lime. Increases and decreases In market value againsl cost or market value al the beginning of the year (if held at that timel are Ireated as unrealised gains and losses for Ihe year. and are erediledlcharged to the Slalemenl ol Financial Activities. Debtors Trade and other debtors are recognised al the settlement amount after any Irade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due. Cash and Cash equivalents Cash at bank and in hand includes cash short lerrn highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the dgposrt or similar account. Creditors and provisions Creditors and provision5 are recognised where the charity has 2 present obligation resulling frorn a past event that will probably result in the transfer of funds to 8 third party and the amount due lo settle the obligation can be measured or estimated reliably. Creditors and proVisnS are normally recognised al their selllemenl amount after allo)wing for any trade discoun15 due. Finan¢lal Instruments The charitable company only has financial assets and linan¢ial li8bililies of a kind that qualify as basic financial instruentS. Basic financial instruments are initially recognised al transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cr)sl using the effective interest welhod. INVESTMENT INCOME 2023 2022 Dividend income Depos(t account interest Preference share interest 556425 12.029 211.084 533,377 1,613 116,525 779.538 651,S15 INCOME FROM CHARITABLE ACTIVITIES 2023 2022 Activity Charrtable activities Charitable activities Charitable activities Subscriptions RCOA SLJbvenlion Elsevièr royally income 121,0331 198,238 818,199 50,526 516,271 604,479 995.402 1,171,276 The negative figure on Subscriptions arises from the correction of an overestimation in a prior year. Page 22
British Journal Of Anaeslhesia Notes ID the Financial Slalemenls continued for the Year Ended 31 December 2023 RAISING FUNDS Inve$tment management C05t5 2023 2022 Ixveslmenl management fees 62,902 70,095 CHARITABLE ACTIVITIES COSTS Grant funding of a¢tivrties (see note 81 Direct Costs (see note 71 Support costs Isee note 91 Totals Charitable activities 590,325 919,842 81,932 1,592,099 DIRECT COSTS OF CHARITABLE ACTIVITIES 2023 2022 EIC eosls Insurance General expenses 124 893 13,189 5,929 2,020 1.587 810 11,435 128,085 12,510 6,385 17,980 1.364 8,721 2,005 83 10,696 9,147 8,936 29,831 93,582 2,800 10,911 113 993 40,817 46,492 3.100 Bank chaige5 Irrecoverable VAT Membership subscriptions Edrtorial board meetings BJA Education board rneeting5 ESA expenses Annual retreats Edilorial office costs Edrtors, honoraria Secretaries, honoraria NIAA Infraslruclure Overseas meetings IAUAI Website costs Consultancy Edrtorial board travel Symposia and workshops 19,155 64,784 159461 5,483 1,674 52,762 100,225 27.118 590,325 434,551 Page 23
British Journal Of Anaeslhe5ia Notes lo the Financial Slalemenls continued lor the Year Ended 31 December 2023 GRANTS PAYABLE 2023 2022 Charrtable activities 919.842 881.685 The lolal grants paid lo institutions during the year was as follows. 2D23 2022 International 9ranls Project grants PhD grants Donations Jon Snow grants Grants specifically relating lo Covid 19 MRC joint awaids Grants returned 42,272 289.993 203,457 61.957 806.334 116.514 20.001 8.000 19.958 264,047 52.019 183.0261 919.842 881.684 SUPPORT COSTS Governance costs Charrtable activities 81,932 Support costs, included in the above, are as follows.. Governance costs 3023 Charitable aclivilies 2022 Total activities Auditors, remuneration Legal fees Travel - board meetings Travel . other meetings 17,OCIO 61.447 3.485 8,700 77,014 15.553 1,022 81.932 102.289 10. AUDITORS. REMUNERATION 2023 2022 Fees payable lo the charity's auditors for the audit ol the charity's financial slalemenls 17,000 8,700 2023 auditors, remuneration comprises £8,500 curTent year rernuneialion and £8.500 respect of prioi year. Page 24
British Journal Of Anaesthesia Notes to the Financial Statements continued for the Year Ended 31 December 2023 11. TRUSTEES. REMUNERATION AND BENEFITS Expensès of £1.772 12022.. £3.1501 were reimbursed lo Trustees in respe¢t of 10181 costs associated with allending meetings throughout the year There were no related paty transactions. Charrty Trustee Indemnity Insurance cover has been incurred by the Charrtable company al a cost ol £1.406 12022 £1,406) for the year. In addition, the Editors-in-chief of the bNo journals IBJA and BJA Education) who are the other 3 key personnel. received remuneration of £124.693 12022. £128,085>. Trustfje$' gxpgnses There were no Iruslees, expenses paid for the year ended 31 December 2023 nor for the year ended 31 December 2022. 12. STAFF COSTS There were no employee staff costs paid for the year ended 31 sl December 2023 noi for the year ended 31 December 2022. During Ihe year ended 31 December 2023, £61.100 12022". £40,8171 was paid lo Michael Brown Consulting LILI, a company in which Michael Brown is a diredor. Payments were in relation lo services provided lo the Charitable company by Michael Brown in his rolè as CEO of the Charity. The key rnanagement pefsonnel of the Charitable company include the Iruslees and the Edilors-in-chief DI the three journals IBJA, BJA Education and BJA Openl. Total costs to the Charitable company ol the key management personnel during the year was £127,196 12022" £149.5061. The average monthly number of employees during the year was as follows". 2023 2022 Dirgclors No employees received emolurnents in excess of £60,000. 13. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES Unrestricted funds INCOME AND ENOOWMENTS FROM Charitable activities Charrtable activities 1,171.276 Investment income 651,515 Totsl 1,822,791 EXPENDITURE ON Raising funds 70,095 Charitable activities Char(tabSe activities 1.418,525 Total 1.488,620 Page 25
British Journal Of Anae51hesia Notes lo the Financial Statements continued for the Year Ended 31 DeGeThber 2023 13. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES- continued Unrestricted funds Nel gainslllossesl on investments 11,322,582) NET INCOMEIIEXPENDITUREI 1988.4111 RECONCILIATION OF FUNDS Total funds brought forward 23,287,652 TOTAL FUNDS CARRIED FORWARD 22,299,241 14. FIXED ASSET INVESTMENTS 2023 2022 Shares Profèssor M8pleson Legacy port folio 23,668,348 22,300.866 142,237 138,363 23,810,585 22,439,229 Additional infoTmalion 35 follows. General portfolio MARKET VALUE Al 1 January 2023 Additions Disposa15 Revaluations 22.300.866 1.495.212 11,226,027) 1.098.297 Al 31 December 2023 23,668,348 NET BOOK VALUE Al 31 December 2023 23,668,348 Al 31 December 2022 ,300,886 The investments are wholly held in a portfolio managed by Evetyn Partners, fomierly known a5Tilney in the UK. Within that holding there are non UK shares held. Pagè 26
British Journal Of Anaeslhesia Notes lo the Financial Statements - continued for the Year Ended 31 Decembèr 2023 14. FIXED ASSET INVESTMENTS- continued Investments (neither listed nor unlisledl were as follows". 2023 2022 Profe550r Mapleson Legacy Cost Mapleson Legacy additions Professor Mapleson revaluation 138.363 138.363 3.874 142.237 138.383 Al 31 De¢embei 2023, no inclividual investment represented more than 5010 of the lolal investment portfolio. All invèstments are carried al their fair value. Investment in equities and fixed Interest securities are all traded in quoted public mark&ls, prirN8rily the London Stock Exchange. Asset $al&s and purchases are recognised at the dale of trade al cost Ilhal is their transaction value). The significance of financial instrumen15 to the ongoing financial sustainability of the Charty Is considered in the financial review and investment policy and performance sections of the Trustees, Annual Report. The main risk lo the Charity from finan¢ial inslrLJmenls arises from uncertain investment markets resulting in variable income and Gapilal ielurns from the portfolio of assets. Currency IranslaliDn risks rna1n for those companies and bonds that are exposed lo overseas earnings and asselg. Liquidity risk is anlicipaled to be low as all assets are traded on recognised exchanges with good liquidity and high trading volumes. The Charrty's portfolio has no material investment holdings in markets subject lo exchange contro15 or trading restrictions. The Charity manages investment risk by appointing professional investment managers and operating an investmént policy that provides for a high degree of diversification of holdings wrthin investment asset classes that are qLJOted on recognised stock exchanges. The Chaiily does not make use of deiivalives and similar complex financial instruments as it takes the view that Investments are held for their longer term lolal return. Whilst some level of volatility can reasonably be expected, historic studies ol quoted financial instruments have shown that volatility in any partrular five year period will normally be corrected. 15. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2023 2022 Trade debtors Other debtors VAT Prepayments and ec¢rued income 15.0681 81 20.108 425.809 26.665 372.859 440,831 399.585 Page 27
British Journal Of Anaeslhesia Notes to the Financial Statements - continued for the Year Ended 31 December 2023 16. CREDITORS". AMOUNTS FALLING DUE WITHIN ONE YEAR 2023 2022 Trade creditors Project. PhD and career development grants awarded not yet paid Accruals and deferred income 79,524 1,845.207 435,211 85.953 1,336.857 457.745 2,359.942 1,880.555 The movements on outstanding grants was as follows". 2023 2022 Opening liability obligation Grants awarded in year Paid in year 1.336,857 919.842 1411,4921 1,357,606 881.685 1902,434) C105ing liability obligation 1.845.207 1.336.857 17. MOVEMENT IN FUNDS Net movement in funds Al 31112123 Al 111123 Unre$triGted funds General fund Professor Mapleson Fund 22.160.878 138363 1,217.658 23,378.536 3.874 142.237 22,299,241 1,221,532 23,520,773 TOTAL FUNDS 22,299,241 1.221,532 23,520.773 Net movement in funds, included in the above are as follows". Incoming resources Resources expended Gains and losses Movement In funds Unrestri¢ted funds General fund Proles50r Mapleson Fund 1.774.940 11.655,0011 1,097.719 3.874 1,217,658 3,874 1,774.940 11,855.0011 1,101.593 1,221.532 TOTAL FUNDS 1,774.940 11,655,001) 1.101,593 1,221,532 Page 28
British Journal Of Ana slhesia Notes lo the Financial Statements- continued for the Year Ended 31 December 2023 17. MOVEMENT IN FUNDS - continued Comparatives for movemènt in funds Net movement in fLJnds Al 31112122 Al 111122 Unr8Strict8d funds General fund Professor mapsOn Fund 23,148,977 138,675 1988,0991 22,16J,878 13121 138,363 23,287,652 1988,4111 22,299,241 TOTAL FUNDS 23,287,652 1988,4111 22,299.241 Comparative nel movemenl in funds, included in the above are as follows.. In¢oming resource5 Resources expend&d Gains and losses Movement in funds Unrestrlcted fund$ General fund Professor Mspleson Fund 1.822,791 11.488.620) 11.322,2701 13121 1988.0991 13121 1.822,791 11.488.620) 11,322,582) 1988.4111 TOTAL FUNDS 1.822,791 11.488,6201 11.322,5821 1988.4111 The Professor Mapleson Fund represents funds very gratefully re¢eived by the charitable company from the eslale of Professor Mapleson. The Iruslees have invested the legacy with a view to funding an annual Mapleson lecturer lo present al a major meeting. 18. RELATED PARTY DISCLOSURES The Charrty is undei the control of the Trustees as sel out on page 1. Included within Project grants is an amount ol £Nil12022. £91,000) which was awarded to univei$ilies al which Trustees work. There was no personal benefrt to the Trustees of these grants and they had no input In the decision lo make the awards Other than the transactions disclosed in nole 11 and 12 there were no further transactions with any related parties during the year. Page 29