Company registration number: 06407985 Charity registration number: 1123940
The Social Research Association
(A company limited by guarantee)
Annual Report and Financial Statements
for the Year Ended 31 July 2024
Field Sullivan Limited 9 Hare & Billet Road London
The Social Research Association
SE3 0RB
| SE3 0RB | ||
|---|---|---|
| Contents | ||
| Reference and Administratve Details | 1 | |
| Trustees' Report | 2 to 11 | |
| Independent Examiner's Report | 12 to 13 | |
| Statement of Financial Actvites | 14 | |
| Balance Sheet | 15 | |
| Statement of Cash Flows | 16 | |
| Notes to the Financial Statements | 17 to 25 |
The Social Research Association
Reference and Administrative Details
Chairman Diarmid Campbell-Jack Edward Dunn Ailbhe McNabola Trustees Jennifer Brooks Diarmid Campbell-Jack Lee Chan Daniel Clay Naomi Day Edward Dunn Kirstie Hewlett Rachel Hughes Martina Lewis Rosie McLeod Ailbhe McNabola Beth Moon Gillian Prior Daniel Stunell Secretary Graham Farrant Tina Haux Charity Registration Number 1123940 Company Registration Number 06407985 Registered Office 70 Hillside Avenue Canterbury England CT2 8HA Independent Examiner Field Sullivan Limited 9 Hare & Billet Road London SE3 0RB
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Bankers
Barclays Bank plc
Co-operative Bank plc Bank of Scotland plc The annual report together with the financial statements and auditors' report of the charitable company for the year ended 31 July 2024 have been prepared in compliance with current statutory requirements, Companies Act 2006, the Charities SORP (FRS 102) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland and the Charities Act 2011; and with the charity's governing document, its Memorandum and Articles of Association.
- SRA Annual Report for August 2023 July 2024
The Social Research Association is an educational charity, whose purpose is to uphold high standards in the conduct, development, and application of social research for the benefit of the public interest, and to advance knowledge and professional practice in the social research field.
Social research aims to provide the public, the government, and a wide range of public and charitable bodies with reliable information about key aspects of life in the UK, under a range of topic headings: education, health and wellbeing, employment, housing, transport, and many more.
To support the social research industry in meeting these aims, the SRA undertakes three main activities:
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Providing training courses on a wide range of research-related topics, so that researchers and research users are equipped to apply high standards in their professional work.
Providing guidance on, for example, the ethical standards to apply in the conduct of research, such as ensuring that when members of the public participate in research projects, their rights are upheld and their data is protected.
Providing publications and events, so that researchers and research users can share good practice and learn about new developments in the field.
The trustees of the SRA have had regard to the guidance issued by the Charity Commission on public benefit.
The SRA is a company limited by guarantee, and the governing document is the Memorandum and Articles of Association.
Chairs’ report – Ed Dunn
This fnancial year has been one of change as I took over as the new Chair of Trustees and we welcomed our new Chief Executive, Tina Haux. We have also begun to implement a new phase of operations for the SRA as we begin to invest in several exciting initiatives which will pave the way for new future offerings and the onward growth of the charity.
The Treasurer report provides full details of the financial position, showing the SRA finishing the financial year with a deficit of just under £46,000.
This was a planned deficit and the SRA’s financial position remains strong, underpinned by prudent management and a commitment to reinvest surplus funds in activities that benefit the social research community.
Key achievements this year include:
• Capacity Building: Increased investment in staffing and governance has strengthened the SRA’s operational resilience and positioned it for future growth.
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Programme Diversification: Focused investment in initiatives focused on equality, diversity and inclusion
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reflects our commitment to inclusivity and long-term value creation.
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Sustainable Financial Planning: The planned reduction in reserves aligns with the SRA’s policy, ensuring
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that surplus funds are reinvested to support its mission.
As in previous years, our training and membership offer remains popular. The dedication and commitment of our trainers continues and some of our new training offering – in particular related to AI – proved to be the most popular ever! Our membership has increased, rising from 1,329 in July last year to 1,405 this July.
Our SRA Conference took place in June 2024, once again at the Royal College of Physicians, London, and in the midst of the pre-election period causing a few last-minute changes! The conference garnered positive feedback from participants after a full day of talks and discussions. A date is already secured for 2025 – the 12th July!
We continue to drive diversity, and promote inclusion, in social research. There is always more we can do within the EDI space and I am hugely grateful for the Trustee sponsors and volunteers in this area. Our Autumn series of webinars on inclusive social research were well attended and received. Achieving meaningful impact is not easy or quick and we are determined to carry on with making our incremental but meaningful improvements.
Looking ahead
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Looking ahead to 2024/25, we will publish a strategy refreshing our organisational objectives and setting out our key areas of ambition for the coming years. The SRA will celebrate 50 years in 2028 and I am keen we articulate to you all the kind of organisation we want to be. Meanwhile, the Board and I remain committed to monitoring the economic conditions within which we operate and adjusting plans as needed to ensure the SRA continues to balance growth with sustainability. Operationally, we have improved our approach to risk management which has highlighted our over-reliance on training and membership as our key sources of income. We will look to diversify over the coming years.
Finally, a huge thanks to the SRA staff and volunteers, with their hard work and dedication being the foundation for the strength of the organisation. Extra thanks are due to two trustees who stood down as co-chairs in 2023/24: Ailbhe McNabola and Diarmid Campbell-Jack. In 2024/25 Ailbhe and a few others will step down as Trustees, having reached the end of their terms. We will look forward to thanking them for their contribution, whilst also welcoming new colleagues to the Board. My final words are reserved for Graham Farrant, who retired as our Chief Executive in June 2024 after more than a decade in the role. We are a better organisation for his diligence, and efforts.
Treasurer’s report: Financial Year 2023/24 (Kirstie Hewlett)
The 2023/24 financial year has been one of both consolidation and strategic investment for the SRA, resulting in a deficit of £45,547 at year end. Reporting a deficit signals a new phase of operations for the SRA, enabled by the significant surpluses generated in 2020-22 owing to the shift to online delivery during the pandemic (see Figure 1). This new operating model led to a situation where the SRA held more funds in reserve than required. As a result, in addition to expanding the staff team to meet new levels of demand, we ringfenced around £150200k in designated funds to spend on special projects that will incubate new services and improve the operations of the charity, in the following areas: equality, diversity and inclusion, and community building. Over the next 2- 3 years, we expect the SRA will continue to report a deficit while we deliver these projects, which aim to broaden the range of benefits for our members and the social research profession, and diversify our income streams.
The SRA’s financial performance in 2023/24 indicates that the growth seen during the pandemic has now levelled off. While income decreased modestly to £643,862 (from £683,532 in 2022/23), overall income and expenditure from business-as-usual continue to generate a small surplus, leaving the SRA in a strong and sustainable financial position. The 2023/24 deficit arose from designated funds spending, plus costs incurred during a period of considerable organisational change (ie the recruitment of a new Chief Executive and Chair, overlapping salaries during periods of handover). In the sections below, we describe these trends in more detail.
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Income and Expenditure Overview
The SRA’s key income streams – membership, training, events, advertising and ethics appraisal – continue to perform well overall (see Figure 2), though with some notable shifts:
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Membership: Membership income has shown steady growth, increasing slightly from £99,752 in
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• 2022/23 to £100,109 in 2023/24. This consistency reflects the ongoing value members place on SRA’s offerings and services.
Training and Events: Training courses remain the SRA’s largest income stream, contributing £490,128. However, this represents a decline from £524,957 in 2022/23, driven by reduced trainer availability and a slightly lower number of courses delivered. Events income also declined, dropping to £33,678 • from £39,004, though this was offset by increased participation in smaller, regionally focused events. Expenditure on training fell proportionately to £249,364 from £290,365, ensuring that the surplus generated from this activity remained stable. Meanwhile, inflationary pressures significantly impacted the annual conference, contributing to an increase in events costs to £51,511 from £45,989.
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Advertising: Advertising income from the jobs board continued its downward trend, falling from
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• £15,491 in 2022/23 to £8,418 in 2023/24. This reflects broader challenges in the recruitment sector and highlights the importance of exploring alternative revenue streams in this area.
Ethics appraisal: The ethics appraisal service was introduced in 2022-23. Income from the ethics • appraisal service has almost tripled this year, rising from £3,800 in 2022/23 to £10,774 in 2023/24. Growing this service further will be an area of focus for the SRA in 2024/25.
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Investments: The SRA makes a small amount of money each year from investments (£755 in
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• 2023/24); however, we feel this is an underutilised source of income generation, and will be looking to expand our investments next year.
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We have taken several steps this year to mitigate risks around income, particularly training. This includes looking at cost efficiencies in our training offer, as well as conducting a review of training course fees (which have not been updated since 2022), with a modest price increase in line with inflation scheduled for January 2025. The sustainability of our income from membership will also be addressed through designated funds spending on community building projects; and we have made the diversification of income streams a strategic priority in our strategy development, including but not limited to investments, the jobs board and ethics appraisal service.
Expenditure during 2023/24 was shaped by the SRA’s strategic priorities and external economic factors.
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Staffing: Inflation-linked salary adjustments and transitional staffing costs—including the recruitment
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of a new Chief Executive and Chair—drove staff costs up to £248,318 (from £216,204).
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Governance: Governance costs were particularly high in 2023/24 (£41,440), on account of one-off
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• investment in a review of governance and recruitment costs for the Chief Executive and Chair.
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Digital Infrastructure: The SRA increased its spending on IT and website services, with costs rising to
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£32,887 from £23,758. This reflects both inflation-driven cost increases and one-off investments in our website.
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Designated Funds: The SRA utilised £9,821 from designated funds during 2023/24 to advance
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• projects aligned with its strategic goals. These included the development and delivery of EDI-related training for staff and investment in new training course development, which will launch in early 2025.
Reserves Management
The SRA’s financial stability is underscored by its strong reserves position. At the close of 2023/24, the SRA carried forwards £441,520 – comfortably within the range required by the SRA’s reserves policy (9-12 months of operating expenses, which equates to £269,765–£359,686). £314,725 will be retained as reserves; and £126,795 allocated to designated funds projects, supporting further investment in EDI and community-building initiatives.
Strategic Reflections
Despite a planned deficit, the SRA’s financial position remains strong, underpinned by prudent management and a commitment to reinvest surplus funds in activities that benefit the social research community.
Key achievements include:
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Capacity Building: Increased investment in staffing and governance has strengthened the SRA’s
-
operational resilience and positioned it for future growth.
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Programme Diversification: Focused investment in EDI initiatives reflects the SRA’s commitment to
-
inclusivity and long-term value creation.
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• Sustainable Financial Planning: The planned reduction in reserves aligns with the SRA’s policy, ensuring that surplus funds are reinvested to support its mission.
Looking ahead to 2024/25, the Trustees remain committed to monitoring economic conditions and adjusting plans as needed to ensure the SRA continues to balance growth with sustainability.
Training - Beth Moon and Dan Clay
The SRA’s training courses are a significant means to fulfilling the organisation’s aim of promoting excellence and innovation in social research. They are also an important source of revenue for the organisation.
In this financial year we ran slightly fewer courses than in 22/23 (148 courses compared with 156) but attracted approx. 2050 bookings compared with approx. 1900 in 22/23. We have continued to run the majority of our courses online to meet the needs of the SRA audience, who typically prefer this method, but continue to provide a smaller offering of in-person courses to ensure we cater for diversity in preferred approaches.
The SRA aims to offer courses that cutting edge and relevant and were pleased to introduce new courses on AIAssisted Qualitative Data Analysis and Depth Interviewing. developed by Dr Christina Silver and ran in May and June, selling out both dates. Demand continues to be strong. Following a successful in-house pilot, we plan to introduce a new course on Inclusive Social Research Practice. In 2025 we will also be running new courses on trauma-informed and inclusive research as well as behavioural science.
Our success in delivering high-quality training to members and the wider profession this year is due to the hard work and dedication of the trainers, who have continued to innovate to find new ways to ensure course delivery remains engaging and inclusive. Huge thanks also to our previous training manager Lindsay Adams for her hard work and dedication to the SRA and a warm welcome to our new training manager Patricia Cornell who has taken over the organisation and support for the courses and is already making an impressive contribution. Our success in delivering training to members and the wider profession this year is due to the hard work and dedication of the trainers, who have continued to innovate to find new ways to ensure online course delivery remains engaging.
Membership - Gillian Prior
SRA membership is open to all individuals in the UK and elsewhere, and members are found in a wide range of sectors and organisations, including central and local government and other public bodies, research agencies and institutes, charities, academia, and independent consultants. The varied nature of the membership in terms of employment sector is seen by trustees as a strength of the SRA, providing services to researchers across a wide range of settings.
We were pleased to see another increase in members this year, from 1,405 in July 22/23 to 1,676 this 23/24. Thanks are due to Gabrielle Elward, membership administrator, for her continued dedication. This increase was due to in part to a large group membership from a UK university – the first of its kind for the SRA and evidence of the SRA’s appeal to academic/educational audiences as well as practised professionals.
The SRA has continued to prioritise expanding its membership offering and facilitating community within the social research profession.
For example, focus groups in May 2023 identified a potential opportunity for the SRA to utilise the collective buying power of its membership to negotiate discounts on key products. This idea was delivered as a membership benefit in late 2023, with discounts negotiated on key software packages including Quirkos, MaxQDA and Indeemo, as well as on fundamental services such as Public Liability Insurance.
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Behind the scenes, substantial work has been done to explore ambitious projects to enhance the SRA membership community, including the development of a digital community platform and a pilot of a mentoring scheme, both of which are expected to come to fruition in 24/25.
Research Matters, the SRA magazine, has been freely available since the pandemic. It provides reflections on methodological innovations, EDI and working practices as well as more general updates from and for the social research community. Research Matters could not function without its excellent volunteers: Andrew Phelps (editor), Imogen Birch, Malen Davies, Ella Forder, Justine Karpusheff, Jasmeet Phagoora, Line Knudsen, Eileen Irvin and Laura Robertson.
The SRA blog has been published (almost) every week. Highlights from this year include: Many thanks to the excellent editor Cath Elliot and the team of volunteers Joanna Barry, Sally Abernethy, Patten Smith, Sally McManus, Joanna Barry, Princess Akin-Olugbade, Rounaq Nayak, Fiona Weir, Rebecca Harrocks, Rebecca Gossage-Worrall, Nadia von Benzon and Nysha Givans.
Our internal culture
The SRA has continued to promote and support diversity and inclusion within the UK social research sector and to share the latest thinking on inclusive research practice.
Our EDI action plan, set out by The Social Investment Consultancy (TSIC) following a rigorous audit reporting, provided us with a clear improvement programme to follow. Some of our achievements are outlined below under the five headings TSIC’s report used as a structure:
The SRA Diversity and Inclusion work group continued to meet regularly working with senior staff to ensure EDI considerations are embedded throughout what we do.
Staff have all received EDI training and we draw on good working practices.
To ensure delivery of the action plan, an SRA Diversity and Inclusion work group was created, comprised of SRA trustees and senior staff. Work on delivering these actions is underway and will continue into 2024 and beyond.
One particular areas of the plan which is well progressed is in our commissioning of an expert training provider to deliver foundational training on inclusive working practices and inclusive communications. This course has been delivered to SRA staff.
External partnerships
We continue to work with external partners to achieve joint aims as we are stronger and better together. For example, we sit on the Market Research Society EDI council and are able to contribute towards the great work it does through its interest groups, as well as offer the SRA as a platform for that work.
We continued to amplify the work of Social Researchers of Colour and this culminated in a special panel session at our annual conference which was attended by a wide range of attendees, and we will be inviting them back for July 2025.
The SRA works closely with the Social Research Apprenticeship partners to support this ambitious endeavour. The social research apprenticeships are aimed at young people who would not have the chance to go to university. The apprentice progamme is delivered by the University of Kent and the first cohort started in September 2024.
Communications
We took on board the recommendations in the TSIC report on how improve the inclusivity and diverse representation of our online content. We have completed a review of imagery used across our website, agreed
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the principles for choosing imagery and made the necessary changes. We have also redoubled efforts feature a wider cross-section of researchers in our blogs and to feature more articles on inclusive research and EDI in the workplace. We are happy to have curated a series of blogs by the global community, Colour of Research (CoRe) and look forward to extending that partnership.
Our service offering
One particular area of the plan which has slipped slightly is to develop and deliver an Inclusive Social Research Practice course by Nena Foster (Circle) and Hannah Simon (Common Collective). The good news is that after delays in the development of the course, it was piloted in November 2024 and received great feedback. It will be optimised and ready to launch in March 2025.
We will be continuing our free inclusive research webinar series next year, having had a great response to the series of four we put on this autumn which shared the experiences of researchers using a range of different methods to achieve better inclusivity in their work. Whilst these webinars were delivered after the end of the 23/24 financial year, plans were well underway immediately after our annual conference in June.In addition to this, we commit to making all our educational resources as accessible as possible.
Our EDI vision
We have successfully developed an EDI vision which will be incorporated within our new strategy and organisational objectives. Work currently in motion and all the work slated to happen (such as the mentoring scheme) reflect that the SRA is committed to creating and nurturing an inclusive and diverse network of social researchers and to helping them achieve research excellence.
To 2028, our 50th birthday
There is always more to do in the EDI space, it is not always easy and very rarely quick. We are determined to carry on with making our incremental but meaningful improvements. We look forward to working with a fresh crop of trustees and volunteers and with potential new partners and other individuals who can support us on our EDI journey.
Research ethics – Martina Vojtkova
The SRA’s Ethics Appraisal Service launched in 2022, with the aim of giving organisations and individuals who wish to have an independent ethical review of their research proposals, and can't access this another way. A small team of knowledgeable researchers (who are also volunteers on the SRA Ethics Forum) form ad-hoc committees to review project plans. This is not a REC (Research Ethics Committee) and it doesn’t formally ‘approve’ research proposals. But it can offer a ‘favourable opinion’ or make suggestions for improvement. The appraisers are paid, so there is a charge to use the service.
The Ethics Appraisal Service forms part of SRA’s wider work to enhance the ethical awareness and conduct of social research and complements the SRA’s other ethics services, including our freely available guidance and the ethics forum for members.
We would like to thank the forum members for their time and expertise, providing a vital service to the SRA and the social research community: Ron Iphofen (chair), Allison Allam, Jane Evans, Bernie Graham, Carrie Heitmeyer, Helen Kara, Yulia Kartalova, Rosemary Lamport, Cecile Morales and Martin Tolich.
Events - Rosie McLeod
We went back to the Royal College of Physicians in central London for the 2024 conference. One of the key benefits of the venue is that it is very accessible and we were able to hire extra rooms as prayer and quiet spaces. It was a very successful event with over 250 delegates from across the UK and beyond. The announcement of
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the general election in July 2024 meant that the conference took place during the time of election purdah, i.e. where civil servants are not allowed to be engaged in any activity that could be regarded as political. This affected the number of presentations as well as some of the content. The keynote talks were given by Stian Westlake (Executive Chair of the Economic and Social Research Council), the Polly Curtis from Demos and Reema Patel from Ipsos, Christina Silver from CAQDAS and Steve Wright from the University of Central Lancashire), and keynote talks from Catherine Hutchinson (UK government Evaluation Task Force), Robert Cuffe (BBC), Ralph Scott (University of Manchester) and Johnathan Van-Tam from the University of Nottingham.
In November 2023 the annual Rogel Jowell memorial lecture was given by Professor Robert Ford from the University of Manchester on the topic of ‘Are immigrants changing and does this matter?’. The event was chaired by Stian Westlake, the Executive Chair of the Economic and Social Research Council (ESRC). The events is a collaboration of NatCen Social Research, City University and the SRA.
We are very grateful to SRA staff member Monica Wright for her work on these events, and to the events group volunteers who help to plan the major ones: Caroline Smith, Sarah Cheesbrough, George Holt, Jane Simmonds, Jen Jones, and Sophie Wilson.
SRA NORTH
SRA north organised two events that were very well atended. These were:
SRA North Seminar: Inclusive Research Design & Commissioning - 17 May 2024
Presentations by Naseem Allmomen (Magenta Research) , Skye Curtis (MEL Research) , Andrea Barry (Youth Futures Foundation) , Alison McIntyre (Youth Futures Foundation) and Ema Thornhill (Scope) .
SRA North Seminar: Routes into Research: Social research career options - 22 November 2023
Presentation by Amelia Clayton (Young Foundation) , Olivia Brown (HMRC) , Simon Maydew (Verian) , Skye Curtis (MEL Research) and Peter Traynor (Youth Futures Foundation)
Trustee attendance in 2023/24
| Trustee | Number of meetngs atended / total number of meetngs |
|---|---|
| Lee Chan | 4/6 |
| Dan Clay | 4/6 |
| Dan Stunell | 3/6 |
| Gillian Prior | 3/6 |
| Jenni Brooks | 4/6 |
| Ailbhe McNabola | 4/6 |
| Diarmid Campbell Jack | 5/6 |
| Martna Vojtkova | 3/6 |
| Rosie McLeod | 4/6 |
| Rachel Hughes | 3/6 |
| Ed Dunn | 4/4 |
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Trustees and officers
The trustees and officers serving during the year and since the year end were as follows: Trustees: Jennifer Brooks Diarmid Campbell-Jack Lee Chan Daniel Clay Naomi Day Edward Dunn (appointed 16 January 2024) Kirstie Hewlett Rachel Hughes Martina Lewis Rosie McLeod Ailbhe McNabola Beth Moon Gillian Prior Daniel Stunell Chairman: Diarmid Campbell-Jack Edward Dunn (appointed 16 January 2024) Ailbhe McNabola Secretary: Graham Farrant Tina Haux (appointed 1 July 2024)
Statement of Responsibilities
The trustees (who are also the directors of The Social Research Association for the purposes of company law) are responsible for preparing the trustees' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland".
Company law requires the trustees to prepare financial statements for each financial year. Under company law the trustees must not approve the financial statements unless they are satisfied that they 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 its income and expenditure, of the charitable company for that period. In preparing these financial statements, the trustees are required to:
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select suitable accounting policies and apply them consistently;
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observe the methods and principles in the Charities SORP;
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make judgements and estimates that are reasonable and prudent;
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state whether applicable accounting standards, comprising FRS 102 have been followed, subject to any material departures disclosed and explained in the financial statements; and
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business.
The trustees are responsible for keeping proper accounting records that can disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company's website. Legislation governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
Small companies provision statement
This report has been prepared in accordance with the small companies regime under the Companies Act 2006.
The annual report was approved by the trustees of the charity on 26 February 2025 and signed on its behalf by:
.......... .............. ...................................... Diarmid Campbell-Jack Edward Dunn Ailbhe Co-Chair of trustees until Chair of trustees from McNabola January 2024 January 2024 Co-Chair of trustees until January 2024
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Independent Examiner's Report to the trustees of The Social Research Association ('the Company')
I report to the charity trustees (who are also Directors for the purpose of company law) on my examination of the accounts of the The Social Research Association (‘the charitable company’) for the year ended 31 July 2024 which comprise the Statement of Financial Activities, the Balance Sheet and related notes 14 to 25.
This report is made solely to the charity’s trustees, as a body, in accordance with section 145 of the Charities Act 2011. My work has been undertaken so that I might state to the charity’s trustees those matters I am required to state to them in this report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the charity and the charity’s trustees as a body, for my work, for this report, or for the opinions I have formed.
Respective responsibilities of trustees and examiner
As the charity’s trustees of The Social Research Association you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 (‘the 2006 Act’).
Having satisfied myself that the accounts of The Social Research Association are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity’s accounts as carried out under section 145 of the Charities Act 2011 (‘the 2011 Act’). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
An independent examination does not involve gathering all the evidence that would be required in an audit and consequently does not cover all the matters that an auditor considers in giving their opinion on the financial statements. The planning and conduct of an audit goes beyond the limited assurance that an independent examination can provide. Consequently I express no opinion as to whether the financial statements present a ‘true and fair’ view and my report is limited to those specific matters set out in the independent examiner’s statement.
Independent examiner’s statement
Since The Social Research Association's gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of ICAEW, which is one of the listed bodies.
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:
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accounting records were not kept in respect of The Social Research Association as required by section 386 of the 2006 Act; or
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the accounts do not accord with those records; or
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the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a ‘true and fair view' which is not a matter considered as part of an independent examination; or
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- the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).
Independent Examiner's Report to the trustees of The Social Research Association ('the Company')
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
...................................... Tim Sullivan FCA Field Sullivan Limited 9 Hare & Billet Road London SE3 0RB
26 February 2025
The notes on pages 17 to 25 form an integral part of these financial statements. Page 14
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Statement of Financial Activities for the Year Ended 31 July 2024 (Including Income and Expenditure Account and Statement of Total Recognised Gains and Losses)
| Losses) | |||||
|---|---|---|---|---|---|
| Total | Total | ||||
| Unrestricted | 2024 | Unrestricted | 2023 | ||
| Note | £ | £ | £ | £ | |
| Income and Endowments from: | |||||
| Voluntary income | 3 | 100,109 | 100,109 | 99,752 | 99,752 |
| Charitable activities | 4 | 542,998 | 542,998 | 583,252 | 583,252 |
| Investment income | 5 | 755 | 755 | 528 | 528 |
| Total income | |||||
| Expenditure on: | |||||
| Charitable activities | 6 | (689,409) | (689,409) | (653,146) | (653,146) |
| Total expenditure | |||||
| Net movement in funds | (45,547) | (45,547) | 30,386 | 30,386 | |
| Reconciliation of funds | |||||
| Total funds brought forward | 643,862 ( 89 409) 487,067 |
643,862 ( 89 409) 487,067 |
683,532 ( 5 146) 456,681 |
683,532 ( 5 146) 456,681 |
|
| 441,520 | 441,520 | 487,067 | 487,067 | ||
| Total funds carried forward | 16 |
All of the charity's activities derive from continuing operations during the above two periods.
The funds breakdown for 2023 is shown in note 16.
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| 2024 | £ | |||
|---|---|---|---|---|
| Note | £ | |||
| Fixed assets | ||||
| Tangible assets | 12 | 3,158 | 994 | |
| Current assets | The Social Research Association | |||
| Debtors | 13 | 50,347 | 35,751 | |
| Cash at bank and in hand | 14 | 500,143 | 551,213 | |
| 550,490 | 586,964 | |||
| Creditors: Amounts falling due within one year | 15 | (112,128) | (100,891) | |
| (Registration number: 06407985) | ||||
| Balance Sheet as at 31 July 2024 | ||||
| 438,362 | 486,073 | |||
| Net current assets | ||||
| 441,520 | 487,067 | |||
| Net assets | ||||
| Funds of the charity: | ||||
| Unrestricted income funds | ||||
| Unrestricted funds | 441,520 | 487,067 | ||
| Total funds | 16 | 441,520 | 487,067 |
For the financial year ending 31 July 2024 the charity was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
-
The members have not required the charity to obtain an audit of its accounts for the year in question in accordance with section 476; and
-
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
The financial statements on pages 14 to 25 were approved by the trustees, and authorised for issue on 26 February 2025 and signed on their behalf by:
................................. Diarmid Campbell-Jack Co-Chair of trustees until January 2024
................... Lh |_ omen Ailbhe McNabola ......................... Edward Dunn Co-Chair of trustees until January 2024 Chair and Trustee from January 2024 onwards
£
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Note
Cash flows from operating activities
The notes on pages 17 to 25 form an integral part of these financial statements.
Page 16
The Social Research Association
Notes to the Financial Statements for the Year Ended 31 July 2024
| Net cash (expenditure)/income | (45,547) | 30,386 | |
|---|---|---|---|
| Adjustments to cash flows from non-cash items | |||
| Depreciation | 684 | 1,146 | |
| Investment income | (755) | (528) | |
| (45,618) | 31,004 | ||
| Working capital adjustments | |||
| (Increase)/decrease in debtors | 13 | (14,594) | 6,794 |
| Increase/(decrease) in creditors | 15 | 1,697 | (1,772) |
| Increase/(decrease) in deferred income | 9,540 | (11,792) | |
| Net cash flows from operating activities | |||
| Cash flows from investing activities | |||
| Interest received | 755 | 528 | |
| Acquisitions of tangible assets | (2,850) | (1,343) | |
| Net cash flows from investing activities | |||
| Net (decrease)/increase in cash and cash equivalents | (51,070) | 23,419 | |
| Cash and cash equivalents at 1 August | 551,213 | 527,794 | |
| Cash and cash equivalents at 31 July | 500,143 | 551,213 | |
| Statement of Cash Flows for the Year Ended 31 July 2024 | (48,975) (2 09 |
24,234 (815) |
|
| All of the cash flows are derived from continuing operations during the | |||
| above two periods. |
1 Charity status
The charity is limited by guarantee, incorporated in , and consequently does not have share capital. Each of the members is liable to contribute an amount not exceeding £1 towards the assets of the charity in the event of liquidation.
The address of its registered office is: 70 Hillside Avenue
Canterbury England CT2 8HA
These financial statements were authorised for issue by the trustees on 26 February 2025.
2 Accounting policies
Page 17
The Social Research Association
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
The financial statements have been prepared in accordance with 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) (Charities SORP (FRS 102) - Second edition October 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). They also comply with the Companies Act 2006 and Charities Act 2011.
Basis of preparation
The Social Research Association meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy notes.
Going concern
The trustees consider that there are no material uncertainties about the charity's ability to continue as a going concern nor any significant areas of uncertainty that affect the carrying value of assets held by the charity.
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the periods in which the estimate is revised where revisions affects only that period, or in the period of the revision and future periods where the revisions affects both current and future periods.
The notes on pages 17 to 25 form an integral part of these financial statements. Page 18
The Social Research Association
Notes to the Financial Statements for the Year Ended 31 July 2024
Income and endowments
All income is recognised once the charity has entitlement to the income, it is probable that the income will be received and the amount of the income receivable can be measured reliably.
Deferred income
Deferred income represents amounts received for future periods and is released to incoming resources in the period for which, it has been received. Such income is only deferred when:
- The donor specifies that the grant or donation must only be used in future accounting periods; or - The donor has imposed conditions which must be met before the charity has unconditional entitlement.
Investment income
Dividends are recognised once the dividend has been declared and notification has been received of the dividend due.
Expenditure
All expenditure is recognised once there is a legal or constructive obligation to that expenditure, it is probable settlement is required and the amount can be measured reliably. All costs are allocated to the applicable expenditure heading that aggregate similar costs to that category. Where costs cannot be directly attributed to particular headings they have been allocated on a basis consistent with the use of resources, with central staff costs allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use. Other support costs are allocated based on the spread of staff costs.
Charitable activities
Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.
Support costs
Support costs include central functions and have been allocated to activity cost categories on a basis consistent with the use of resources, for example, allocating property costs by floor areas, or per capita, staff costs by the time spent and other costs by their usage.
Taxation
The charity is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.
Page 19
The Social Research Association
Notes to the Financial Statements for the Year Ended 31 July 2024
Tangible fixed assets
Individual fixed assets costing £500 or more are initially recorded at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation and amortisation
Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:
Asset class Depreciation method and rate Office equiupment, furniture and fittings 25% straight line basis IT equipment 33% straight line basis
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the charity will not be able to collect all amounts due according to the original terms of the receivables.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the charity does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Fund structure
Unrestricted income funds are general funds that are available for use at the trustees discretion in furtherance of the objectives of the charity.
Foreign exchange
Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the balance sheet date are reported at the rates of exchange prevailing at that date.
Page 20
The Social Research Association
Notes to the Financial Statements for the Year Ended 31 July 2024
The results of overseas operations are translated at the average rates of exchange during the period and their balance sheets at the rates ruling at the balance sheet date. Exchange differences arising on translation of the opening net assets and results of overseas operations are reported in other comprehensive income and accumulated in equity (attributed to non-controlling interests as appropriate).
Other exchange differences are recognised in the Statement of Financial Activities in the period in which they arise except for:
-
1) exchange differences on transactions entered into to hedge certain foreign currency risks (see above);
-
2) exchange differences arising on gains or losses on non-monetary items which are recognised in other comprehensive income; and
-
3) in the case of the consolidated financial statements, exchange differences on monetary items receivable from or payable to a foreign operation for which settlement is neither planned nor likely to occur (therefore forming part of the net investment in the foreign operation), which are recognised in other comprehensive income and reported under equity.
-
3 Voluntary income
Unrestricted
| Total | Total | ||
|---|---|---|---|
| General | 2024 | 2023 | |
| £ | £ | £ | |
| 100,109 | 100,109 | 99,752 | |
| Membership | 100,109 | 100,109 | 99,752 |
| 4 Income from charitable activities |
| Unrestricted | ||||
|---|---|---|---|---|
| Total | Total | |||
| General | 2024 | 2023 | ||
| £ | £ | £ | ||
| Events | 33,678 | 33,678 | 39,004 | |
| Ethics appraisals | 10,774 | 10,774 | 3,800 | |
| Training courses | 490,128 | 490,128 | 524,957 | |
| Advertising | 8,418 | 8,418 | 15,491 | |
| 542,998 | 542,998 | 583,252 | ||
| 5 Investment income | 5 Investment income | |||
| Unrestricted | ||||
| funds | Total | Total | ||
| General | 2024 | 2023 |
Page 21
The Social Research Association
Notes to the Financial Statements for the Year Ended 31 July 2024
| £ | £ | £ | |
|---|---|---|---|
| Interest receivable and similar income; | |||
| Interest receivable on bank deposits | 755 | 755 | 528 |
| 6 Expenditure on charitable activities | |||
| Total | Total | ||
| 2024 | 2023 | ||
| Note | £ | £ | |
| Staff costs | 10 | 248,318 | 216,204 |
| Office and administration | 845 | 1,148 | |
| Charitable donations | - | 1,050 | |
| Cost of trustee meetings | 41,440 | 5,745 | |
| Travel and subscriptions | 5,375 | 5,601 | |
| Consultancy fees | 10,300 | 30,850 | |
| Foreign currency (gains)/losses | 431 | 299 | |
| Support costs | 9 | 382,700 | 392,249 |
| ~~689,409~~ | 653,146 |
In addition to the expenditure analysed above, there are also support costs of £382,700 (2023 - £392,249) which relate directly to charitable activities. See note 9 for further details.
7 Taxation
The charity is a registered charity and is therefore exempt from taxation.
8 Trustees remuneration and expenses
During the year the charity made the following transactions with trustees:
£2,819 (2023: £697) of expenses were reimbursed to the trustees for travel expenses during the year.
No trustees, nor any persons connected with them, have received any remuneration from the charity during the year.
No trustees have received any other benefits from the charity during the year.
9 Analysis of support costs
Page 22
The Social Research Association
Notes to the Financial Statements for the Year Ended 31 July 2024
Support costs
| Support costs | ||
|---|---|---|
| Total | Total | |
| 2024 | 2023 | |
| £ | £ | |
| Training | 253,221 | 290,365 |
| Insurance | 1,419 | 1,710 |
| Events | 55,237 | 45,989 |
| IT and website | 32,887 | 23,758 |
| Printing, postage and stationery | 396 | 6 |
| Membership costs | 3,517 | 2,449 |
| Sundries | 5,886 | 1,144 |
| Newsletters and Journal | 16,594 | 14,005 |
| Staff entertaining (allowable for tax) | 1,230 | 885 |
| Bookkeeping | 614 | 568 |
| Accountancy | 1,010 | 1,108 |
| Independent examination | 2,988 | 2,898 |
| Bank charges | 7,017 | 6,220 |
| Depreciation of office equipment | 684 | 1,144 |
| 382,700 | 392,249 |
10 Staff costs
The aggregate payroll costs were as follows:
| The aggregate payroll costs were as follows: | ||
|---|---|---|
| 2024 | 2023 | |
| £ | £ | |
| Staff costs during the year were: | ||
| Wages and salaries | 223,872 | 197,938 |
| Staff NIC (Employers) | 20,709 | 15,190 |
| Staff pensions (Defined contribution) | 3,737 | 3,076 |
| 248,318 | 216,204 |
The monthly average number of persons (including senior management / leadership team) employed by the charity during the year expressed as full time equivalents was as follows:
| 2024 | 2023 | |||
|---|---|---|---|---|
| No | No | |||
| Charitable activities | 5 | 5 |
4 (2023 - 4) of the above employees participated in the Defined Contribution Pension Schemes.
Page 23
The Social Research Association
Notes to the Financial Statements for the Year Ended 31 July 2024
No employee received emoluments of more than £60,000 during the year.
11 Pension and other schemes
Defined contribution pension scheme
The charity operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the charity to the scheme and amounted to £2,288 (2023 - £2,069).
| Furniture and | ||
|---|---|---|
| equipment £ | Total | |
| £ | ||
| Cost | ||
| At 1 August 2023 | 6,505 | 6,505 |
| Additions | 2,850 | 2,850 |
| Disposals | (691) | (691) |
| 8,664 | ||
| At 31 July 2024 | 8,664 | |
| Depreciation | ||
| At 1 August 2023 | 5,513 | 5,513 |
| Charge for the year | 684 | 684 |
| Eliminated on disposals | (691) | (691) |
| At 31 July 2024 | 5,506 | 5,506 |
| Net book value | ||
| 3,158 | 3,158 | |
| At 31 July 2024 | ||
| 992 | ||
| At 31 July 2023 | 992 | |
| Debtors | ||
| £ | £ | |
| Trade debtors | 32,476 | 19,906 |
| Prepayments | 17,871 | 15,845 |
Page 24
The Social Research Association
Notes to the Financial Statements for the Year Ended 31 July 2024
| 50,347 | 35,751 | ||
|---|---|---|---|
| 12 | Tangible fxed assets |
Page 25
The Social Research Association
Notes to the Financial Statements for the Year Ended 31 July 2024
| 14 Cash and cash equivalents | |||||
|---|---|---|---|---|---|
| 2024 | 2023 | ||||
| £ | £ | ||||
| Cash on hand | 100 | 100 | |||
| 500,043 | 551,113 | ||||
| Cash at bank | 500,143 | 551,213 | |||
| 15 Creditors: amounts falling due within one year | 15 Creditors: amounts falling due within one year | ||||
| 2024 | 2023 | ||||
| £ | £ | ||||
| Trade creditors | 3,278 | 1,770 | |||
| Other taxation and social security | 5,077 | 5,131 | |||
| Other creditors | 762 | 609 | |||
| Accruals | 2,988 | 2,898 | |||
| 100,023 | |||||
| Deferred income | 112,128 | 100,891 | 90,483 | ||
| 16 Funds | |||||
| Balance at 1 | Incoming | Resources | Balance at 31 | Balance at 31 | |
| August 2023 | resources | expended | July 2024 | ||
| £ | £ | £ | £ | ||
| Unrestricted | |||||
| General | 487,067 | 643,862 | (689,409) | 441,520 | |
| Balance at 1 | Incoming | Resources | Balance at 31 | Balance at 31 | |
| August 2022 | resources | expended | July 2023 | ||
| £ | £ | £ | £ | ||
| Unrestricted | |||||
| General | 456,681 | 683,532 | (653,146) | 487,067 |
Page 26
The Social Research Association
Notes to the Financial Statements for the Year Ended 31 July 2024
17 Analysis of net assets between funds
Current year
| Current year | |||
|---|---|---|---|
| Unrestricted | Total funds at | ||
| funds | 31 | July | |
| General | £ | ||
| £ | |||
| Tangible fxed assets | 3,158 | 3,158 | |
| Current assets | 550,490 | 550,490 | |
| Current liabilites | (112,128) | (112,128) | |
| Total net assets | 441,520 | 441,520 | |
| Prior year | |||
| Unrestricted | Total funds at | ||
| funds | 31 | July | |
| General | £ | ||
| £ | |||
| Tangible fxed assets | 994 | 994 | |
| Current assets | 586,964 | 586,964 | |
| Current liabilites | (100,891) | (100,891) | |
| Total net assets | 487,067 | 487,067 |
Page 27