European Diabetology
A COMPANY LIMITED BY GUARANTEE
TRUSTEES’ REPORT AND UNAUDITED FINANCIAL STATEMENTS
For the year ended 31 August 2020
Company Registration No 08652560
Charity No 1156725
European Diabetology (A company limited by guarantee) LEGAL AND ADMINISTRATIVE INFORMATION
TRUSTEES AND MANAGEMENT COMMITTEE
Prof A L Gloyn Prof F Gribble Prof M Blüher Dr M K Rutter Dr K Gillespie Mrs S Tweddell Prof B Ahren
COMPANY NUMBER
08652560
REGISTERED CHARITY NUMBER 1156725
REGISTERED OFFICE
Hartwell House 55-61 Victoria Street Bristol BS1 6AD
PRINCIPAL OFFICE
Level 3 Learning & Research Building Southmead Hospital Southmead Road Westbury-On-Trym Bristol BS10 5NB
BANKERS
Barclays Bank Plc 15 Queen Square Bristol BS1 4NP
1
European Diabetology (A company limited by guarantee) TRUSTEES’ REPORT
The trustees present their report and unaudited financial statements for the year ended 31 August 2020.
The financial statements have been prepared in accordance with the accounting policies set out in the notes to the accounts and comply with the charity’s governing document, the Charities Act 2011 and 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 (FRS102) second edition – October 2019. The accounts have been prepared to give a ‘true and fair’ view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to give a true and fair view.
STRUCTURE, GOVERNANCE AND MANAGEMENT
European Diabetology is a company limited by guarantee (Company Registration No 08652560) with charitable status (Charity No 1156725). The company was registered with Companies House on 15 August 2013. The governing document of the organisation is its Memorandum and Articles of Association dated August 2013 and modified in March 2014.
The trustees, who are also the directors for the purposes of company law, who held office during the year and up to the date of signature of the financial statements were as follows:
Prof A L Gloyn Prof F Gribble Prof M Blüher Dr M K Rutter (Chairman) Dr K Gillespie Mrs S Tweddell (Appointed 15 November 2019) Prof B Ahren (Appointed 17 July 2020)
The day to day management of the charity is carried out by the trustees, who are appointed by a resolution of the trustees from a candidate or candidates nominated in writing by the European Association for the Study of Diabetes. The number of trustees shall not be less than three but shall not be subject to any maximum. The trustees hold office for three years and are then eligible for reappointment for a further three years. The induction process for any newly appointed Trustee comprises an initial meeting with the Chairman and the Board, followed by a series of short meetings regarding powers and responsibilities of the Trustee Board.
OBJECTIVES AND ACTIVITIES
The charity's objects are specifically restricted to advancing the education of the public in general (and particularly among scientists and healthcare professionals) on the subject of diabetology. This is to be achieved by, but not limited to, the promotion of research for the public benefit in all aspects of that subject and to publish the useful results.
The trustees confirm that they have complied with the duty in section 4 of the Charities Act 2011 to have due regard to public benefit guidance published by the Charity Commission.
ACHIEVEMENTS AND PERFORMANCE
The charity has supported the advancement of education on the subject of diabetes by supporting the publication of the journal Diabetologia and the website Diapedia, in particular by funding their editorial activities.
The Trustees have referred to the guidance contained in the Charity Commission’s general guidance on public benefit when reviewing the aims and objectives and in planning the future activities of the Charity.
FINANCIAL REVIEW
Total income for the financial year was £908,487 (2019: £843,089). Outgoings and other gains/losses for the same year were £652,515 (2019: £677,287) creating an annual surplus of £255,972 (2019: £165,802). Total funds carried forward into the new financial year are £1,238,545 (2019: £982,573).
2
European Diabetology (A company limited by guarantee) TRUSTEES, REPORT INVESTMENT POLICY During the year, the charity mainlain8d a mulli-assel fund wth SchrodeTS. As the charity's Investment advisors, they are Instructed lo invest lo maximise lolal return within the constraints of a lower level risk prjrtfolio. The investment brief is broadly definod, but investments in compani8S that have positive social, 8nvironm8nt and ethical consK1eralions are held or pursued. RESERVES The trustaas axaminad tha raquiramènts lor frae reserves in November 2016 and agr•ed that. giv8n the nature of OLJr work and current OLJtstandir*g decisions on expenditure, this should ba approximately £450,000. This includes the equivalent of 6 months, running costs ol Diabetologia to allow lor an orderly wind-dDwn of the activities of the journal in the event of interruption of income froTll Springer. It alsD provides a contingency 8g8inst changes in th6 terrns agreed wrth the University of Bristol in relation lo the hostlng of Diabetologia as a result of ongoing negotiations and allows the charity to fund Diapedla for a furth8r 12 month5 if this is the decision ol Ihg trust88s basgd on thè r9vièw agraad at tho meeting ol trustees on April 11th 2014. It a150 9ives adequate working capital lo support quality Smprovomenl In Diebelologia. The Iruslees heve decided to earmark Ihèsts funds to 8 88P8rale d&8ignated fund lor clarity within the finanual slatemanls. The res8rv8s as 0131 Augusl 2020 are £1,238.545 12019= £982,573). PLANS FOR FUTURE PERIODS Th8 charity plans to continuo supporting th• aclivi1188 ol Diabalologia and lo fund quallty improvement aGlivitie5 when lund5 permll. RISK MANAGEMENT The trustees conslder th& maln rlsk to the lulure of the charlty lo be the funding provld8d, wilhoul Ihls the charity would not ba abla lo provido SUPPOrt for the publication ol thè jtyurnal Diabèlologia and thè website Diapedia. The trustees have a publlshlng agreement in pla¢e with Sprlnger lor ihls fundlng and work c106ely wilh the funding corrmittee lo ensure thi$ futur8 funding is saeuréd. COVID-19 Thg Trustaas considar Ihg volatility of the global markèt as 8 result of tha COVID-19 pandemic to be a rfsk to the Invèstments h8ld by the charfly. However, this risk is not gxpecled lo rnalerially impact the running ol the ch8rity, 88 invèstmènt income is considered a small pr¢p¢rtion of ovar811 income for the charity. SMALL COMPANY PROVISIONS This r&port has been prepared in aGtt>rdan¢6 wlth th& provlslons oppIIcoblg tg Gompanie¥ entitled to thé SMAII companies, exemption. On behalf of the btsaid of Truslegs Dr M K Rutter TRUSTEE Daté..
European Diabetology (A company limited by guarantee) STATEMENT OF TRUSTEES’ RESPONSIBILITIES
The trustees (who are also the directors of European Diabetology for the purposes of company law) are responsible for preparing the Trustees' Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including income and expenditure, of the charitable company for that period. In preparing these financial statements, the Trustees are required to:
-
select suitable accounting policies and then apply them consistently;
-
observe the methods and principles in the Charities SORP;
-
make judgments and estimates that are reasonable and prudent;
-
state whether applicable UK accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
-
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.
The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity 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 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 in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
The trustees confirm they have complied with the duty in the Charities Act 2011 to have due regard to the Charity Commission’s general guidance on public benefit. When reviewing the aims and objectives of the charitable company and in planning its future activities the trustees refer to the guidance and consider, in particular, how planned activities will contribute to the aims and objectives they have set.
4
INDEPENDENT EXAMINER'S REPORT TO ThE TRUSTEES OF EUROPEAN DIABETOLOGY I report to the trustees my examlliation of the Count$ of Eurcyan Diabdology for the year ended 31 August 2020. which are sel out on pages 6 to 16. Responslbllltl08 and basis of report As Ihg truste9s of the company (and 8180 its dirt01$ for the purp059s of company w) you are responsible for the preparation of the accounts in &corda[e wtth the requirements of the Companies Act 20C6 (Yhe 2006 Art). Having satisfied myselfthat the accounts of the ccffipany are not required to be audrf(ed under Part 16 of the 20C6 Act and are digble for independent examination, l port in respect of my examination of your charity's accounts as er out undèr Secti 145 of the Charities Act 2011 {'the 2011 Act,). In arrying out my examination I have folkywed thg diwthS gNen by the Charity Commission under section 145 {5llb) of the 2011 ACL An independent examination does not involve gathering all the evidenee that Vuild be required in an audit and cOnsequenY does ncl cover all the matters that an audrtor considers in giwng their c¥)inion on the accounts. The nIng and ndl1 of an audit goes teyond the limited assurance that an independent examination can prowde. Consequendy. l express no opinion as lo whether the accounts present a'true arKI fair aNJ my report B liniigd to those spacffic mattors set out in the independent examinerfs statemenL Indepgndgnt gxaminefs statement Since the company's gross inc(#ne exceeded £250,000 your examiner musl be a nber of a bTray listed in section 145 of the 2011 ACL I confirm that l am quali to undertake the examinatÈon because l am a member of The InstriLrte crf Chartered AcCntants in England and Wales, which is one of the listed bodies. I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination gNing me reasonable cause to believe that in any material respect.. accounting records were nd kept in reSpt of the coryany as required by section 386 of the 2006 A¢1 or the accounts do not accorrj wth those recuds.. or the accounts do not eomp]y with the acttsjnting requirements of section 3 of the 20C6 A Iher than any requirement that the accounts gNe a Irue and fair view which not a matter considered as part of an independent examinatK)n.' the accounts have not been prepared in accordance with th& Jrntht>ds and principles of the Slalement of Recommended Prne.. Accounting and Reporting by Charf(ies applicable to harities preparing their accounts in xcordance with the Financbal Rewting Standard applicab in the UK and Ireland {FRS 1021. I have no concems and have ecthè ross other mattws in conn&ti¢)n with the examination to which attention should be drawn in this report in ¢)rder lo enable a proper understanding of the aoUnts to be reach. FRANCES MILLAR AG4 The Institute of Chartered Accwntsnts in England and Vls Chartered Aecounlant ON BEHALF OF RSM UK TAX AND AccouKnNG LIMITED Chartered Accountants Highfield C¢)Ltrt Tollg*e Chandlers Ford Eastleigh S053 3rY FolxLWy aoa I
European Diabetology (A company limited by guarantee) UNAUDITED STATEMENT OF FINANCIAL ACTIVITIES
(including an Income and Expenditure Account) for the year ended 31 August 2020
| Unrestricted | Total | Total | ||
|---|---|---|---|---|
| funds | funds | funds | ||
| Year ended | Year ended | Year ended | ||
| 31 August | 31 August | 31 August | ||
| 2020 | 2020 | 2019 | ||
| £ | £ | £ | ||
| INCOME FROM: | ||||
| Note | ||||
| Charitable activities | 2 | 891,699 | 891,699 | 827,010 |
| Investments | 16,788 | 16,788 | 16,079 | |
| TOTAL | 908,487 | 908,487 | 843,089 | |
| EXPENDITURE ON: | ||||
| Charitable activities | 3 | (642,386) | (642,386) | (678,510) |
| TOTAL | (642,386) | (642,386) | (678,510) | |
| Net gains / (losses) on investments | 5 | (1,770) | (1,770) | (8,113) |
| NET INCOME | 264,331 | 264,331 | 156,466 | |
| Other recognised gains | 5 | (8,359) | (8,359) | 9,336 |
| NET MOVEMENT IN FUNDS | 255,972 | 255,972 | 165,802 | |
| RECONCILIATION OF FUNDS | ||||
| Total funds brought forward at 1 September | 982,573 | 982,573 | 816,771 | |
| TOTAL FUNDS CARRIED FORWARD AT 31 AUGUST |
1,238,545 | 1,238,545 | 982,573 |
All activities are classed as continuing and were unrestricted in the current and previous year.
6
Company Reglstration No. 08652560 European Diabetology (A company limited by guarantee) UNAUDITED BALANCE SHEET as at 31 August 2020 2020 2019 Not8 FIXED ASSETS Inv8stmants 451,903 436,685 451,903 438,885 CURRENT ASSETS Debtors C8$h at bank and in hand 126.360 998,447 134,369 1,153.009 1,124.807 1,287,378 CREDITORS.. Amounts falling duo wlthln one year 10 1338,1651 1741,6901 NET CURRENT ASSETS 786,642 545,688 NET ASSETS 1,238,545 982,573 FUNDS.. Unre8lricled funds Deslgnat¢d funds 12 12 788,545 450,000 532,573 450,000 1,238,545 982,573 'For the year ended 31 August 2020 the company was enlilled lo exemption from audit under section 477 01 the Companies Act 2006 relating lo small companigs 8nd its membtsrs have not required the company to have an auditof its financial statements forthe period in question in 8ccordanc8 With section 476. The dlreclors acknowledge their r8sponsibilities for o)mplying with the requirements ol the Act wlth r88p•ct lo accounting rècord8 and the preparation of finencial slatemenls. These financial statomenl$ h8ve been prepared in accordance with the provision8 applicable lo companies subject to the small Companles. rggimg. Thè Inancial statsments on pe$ 6 10 16 were approved and authorised for i55ue by the offic8ts on and signed on their behaff by.. Dr M K Ruiter TRUSTEE
Company Registration No. 08652560
European Diabetology (A company limited by guarantee) UNAUDITED STATEMENT OF CASHFLOWS as at 31 August 2020
| Notes | 2020 | 2019 | |
|---|---|---|---|
| £ | £ | ||
| Cash generated /(used) by operating activities | 14 | (154,562) | 557,241 |
| Cash flows from investing activities | |||
| Dividends from investments | - | - | |
| Total cash flows from investing activities | - | - | |
| Increase in cash in the year | (154,562) | 557,241 | |
| __ | __ | ||
| Total cash brought forward | 1,153,009 | 595,768 | |
| __ | __ | ||
| Total cash carried forward | 998,447 | 1,153,009 |
8
European Diabetology (A company limited by guarantee) NOTES TO THE UNAUDITED FINANCIAL STATEMENTS (continued) for the year ending 31 August 2020
1 ACCOUNTING POLICIES
CHARITY INFORMATION
European Diabetology is a private company limited by guarantee and incorporated in England and Wales. The registered office is Hartwell House, 55 – 61 Victoria Street, Bristol, BS1 6AD.
European Diabetology meets the definition of a public benefit entity under section 34 of FRS 102.
The principal objectives of the charity are detailed in the Trustees report found on page 2 of these financial statements.
The charity is a company limited by guarantee. The members of the company are the trustees named on page 1. In the event of the charity being wound up, the liability in respect of the guarantee is limited to £1 per member of the entity.
ACCOUNTING CONVENTION
The accounts have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) second edition – October 2019 issued on 16 July 2014 and Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011 and UK Generally Accepted Practice as it applies from 1 January 2019. The accounting policies as disclosed have been applied consistently throughout the current and preceding year.
The charity has adopted the Charities SORP (FRS 102) issued in October 2019 rather than applying the Charities 2005 SORP which has been withdrawn but is still referred to in the extant Charities (Accounts and Reports) Regulations 2008. This departure has been necessary for the financial statements to show a true and fair view in accordance with United Kingdom Generally Accepted Accounting Practice effective for accounting periods beginning on or after 1 January 2015.
The accounts are prepared under the historical cost convention with the exception of fixed asset investments which are held at fair value.
The financial statements presented in sterling which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
GOING CONCERN
The trustees have reviewed the expected cash outflows for the charity against expected cash inflows and assets held for 12 months from the approval of these financial statements. The trustees consider that there are no material uncertainties about the charity’s ability to continue as a going concern, and therefore have concluded that it is appropriate to use the going concern basis in the preparation of these accounts. In making this assessment the trustees have taken account of the ongoing COVID-19 situation and the associated uncertainties in financial markets.
FUND ACCOUNTING
Unrestricted funds are available for use at the discretion of the trustees in furtherance of the general objectives of the charity and have not been restricted for other purposes. Designated funds are set aside by the trustees to be spent on specific purposes as its own discretion. The designated funds currently in the financial statements relate to approximately 6 months’ running costs of Diabetologia.
9
European Diabetology (A company limited by guarantee) NOTES TO THE UNAUDITED FINANCIAL STATEMENTS (continued) for the year ending 31 August 2020
INCOME
Incoming resources are recognised as incoming resources when the charity is entitled to the income, the value can be measured with sufficient reliability and it is probable the funds will be received.
EXPENDITURE
Liabilities are recognised as resources expended as soon as there is a legal or constructive obligation committing the charity to the expenditure. All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category.
Charitable expenditure comprises costs incurred by the charity in delivery of its activities and objectives. It includes both costs directly attributable to activities and indirect costs necessary to support them.
Governance costs include those costs associated with meeting the constitutional and statutory requirements of the charity and include independent examination fees and costs linked to the strategic management of the charity.
Grants payable for each year, as agreed by the trustees are included in the accounts of that year.
Commitments to pay grants to specific research projects in future years are conditional on annual reviews of programme and are therefore not provided for until such payments are due. Such commitments are not binding and will be charged against the income of the year in which they are paid.
GAINS AND LOSSES
All gains and losses are taken to the statement of financial activities as they arise. Realised gains and losses on investments are calculated as the difference between sales proceeds and their opening carrying value or their purchase value if acquired subsequent to the first day of the financial year.
Unrealised gains and losses are calculated as the difference between the fair value at the year end and their carrying value. Realised and unrealised investment gains and losses are combined in the statement of financial activities.
INVESTMENTS
Investments are a form of basic financial instrument and are initially measured at their transaction value and subsequently measured at their fair value as at the balance sheet date using the closing quoted price. The statement of financial activities includes the net gains and losses arising on revaluation and disposals throughout the year.
The market value of investments held in the portfolios are represented within unrestricted funds and the income portfolio is included within the unrestricted distribution fund accordingly.
FINANCIAL INSTRUMENTS
As the charity only has basic financial instruments it has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ of FRS 102, to all of its financial instruments.
Financial instruments are recognised when the charity becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
10
European Diabetology (A company limited by guarantee) NOTES TO THE UNAUDITED FINANCIAL STATEMENTS (continued) for the year ending 31 August 2020
FINANCIAL INSTRUMENTS (continued)
Basic financial assets
Basic financial assets, which include trade and other receivables and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing
transaction, where the financial asset is measured at the present value of the future receipts discounted at market rate of interest.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including trade and other payables are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of future payments discounted at a market rate of interest.
TAXATION
The charity meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the charity is partially exempt from taxation in respect of income or capital gains to the extent that such income or gains are applied exclusively to charitable purposes.
FOREIGN CURRENCIES
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the net income for the year.
11
European Diabetology (A company limited by guarantee) NOTES TO THE UNAUDITED FINANCIAL STATEMENTS (continued) for the year ending 31 August 2020
2 INCOME FROM CHARITABLE ACTIVITIES
| Unrestricted funds Year ended 31 August 2020 £ Year Promotion of medical research 891,699 891,699 |
Total funds ended 31 August 2020 £ Total funds Year ended 31 August 2019 £ 891,699 827,010 891,699 827,010 |
|---|---|
During the current and prior year all the income from charitable activities was required from markets outside the UK but within Europe.
3 ANALYSIS OF CHARITABLE EXPENDITURE
| Unrestricted | Unrestricted | Total | Total | |
|---|---|---|---|---|
| funds | funds | funds | funds | |
| Activities | Support | |||
| undertaken | costs | |||
| directly | (Note 4) | |||
| Year ended | Year ended | Year ended | Year ended | |
| 31 August | 31 August | 31 August | 31 August | |
| 2020 | 2020 | 2020 | 2019 | |
| £ | £ | £ | £ | |
| Promotion of medical research | 631,802 | 10,584 |
642,386 |
678,510 |
| 631,802 | 10,584 | 642,386 | 678,510 |
12
European Diabetology (A company limited by guarantee) NOTES TO THE UNAUDITED FINANCIAL STATEMENTS (continued) for the year ending 31 August 2020
4 ALLOCATION OF SUPPORT AND GOVERNANCE COSTS
| Support | Governance | Total | Total | |||
|---|---|---|---|---|---|---|
| costs | costs | |||||
| Year ended | Year ended | Year ended | Year ended | |||
| 31 August | 31 August | 31 August | 31 | August | ||
| 2020 | 2020 | 2020 | 2019 | |||
| £ | £ | £ | £ | |||
| Travel & subsistence | 440 | - | 440 | 1,372 | ||
| Accountancy costs | 8,143 | - | 8,143 | 7,625 | ||
| Bank charges | 601 | - | 601 | 697 | ||
| Independent examination fees | - |
1,400 |
1,400 |
1,400 |
||
| 9,184 | 1,400 | 10,584 | 11,094 | |||
RECOGNISED GAINS/(LOSSES) |
||||||
| Unrestricted | Total | Total | ||||
| funds | funds | funds | ||||
| Year ended | Year ended | Year | ended | |||
| 31 August | 31 August | 31 August | ||||
| 2020 | 2020 | 2019 | ||||
| £ | £ | £ | ||||
| Unrealised gains/(losses) on investments (note 8) | (1,770) | (1,770) |
(8,113) |
|||
| (1,770) | (1,770) | (8,113) | ||||
| Foreign exchange gains/(losses) | (8,359) | (8,359) |
9,336 |
|||
| (8,359) | (8,359) | 9,336 |
5 RECOGNISED GAINS/(LOSSES)
6 TRUSTEES
The trustees neither received nor waived any emoluments from the charity during the year (2019: £nil). Two trustees received payments totalling £440 (2019: four trustees received £928) in respect of travel costs reimbursed. The trustees are considered to be the key management personnel of the charity.
7 EMPLOYEES
European Diabetology has no employees. The personnel are employed by The University of Bristol, who recharge these costs to the charity.
13
European Diabetology (A company limited by guarantee) NOTES TO THE UNAUDITED FINANCIAL STATEMENTS (continued) for the year ending 31 August 2020
8 INVESTMENTS
| Valuation at 1 September Additions Unrealised gain/(loss) on investments Valuation at 31 August The charity holds investments in a multi-asset fund with Schroders. 9 DEBTORS Prepayments and accrued income Other debtors 10 CREDITORS: Amounts falling due within one year Trade creditors Accruals and deferred income |
2020 £ 436,885 16,788 (1,770) 451,903 2020 £ 95,998 30,362 126,360 2020 £ 71,820 266,343 338,163 |
2019 £ 428,919 16,079 (8,113) 436,885 2019 £ 102,910 31,459 134,369 2019 £ 463,612 278,078 741,690 |
|---|---|---|
Included in the above is £191,521 (2019: £205,497) of deferred income. This is in relation to the remaining annual amount due from the publishing agreement. All deferred income from 2019 has been released to the statement of financial activities in the current year.
11 FINANCIAL INSTRUMENTS
| 2020 | 2019 | |
|---|---|---|
| £ | £ | |
| Equity instruments measured at fair value | 451,903 | 436,885 |
| Financial liabilities measured at amortised cost | (146,642) | (536,193) |
14
European Diabetology (A company limited by guarantee) NOTES TO THE UNAUDITED FINANCIAL STATEMENTS (continued) for the year ending 31 August 2020
12 MOVEMENTS IN FUNDS
| At 1 September 2019 £ Unrestricted funds 532,573 Designated funds 450,000 982,573 At 1 September 2018 £ Unrestricted funds 366,771 Designated funds 450,000 816,771 |
Income £ Expenditure £ Net gains (losses) on investments £ Other gains/ (losses) and transfers £ At 31 August 2020 £ 908,487 (642,386) (1,770) (8,359) 788,545 - - - - 450,000 908,487 (642,386) (1,770) (8,359) 1,238,545 Income £ Expenditure £ Net gains (losses) on investments £ Other gains/ (losses) and transfers £ At 31 August 2019 £ 843,089 (678,510) (8,113) 9,336 532,573 - - - - 450,000 843,089 (678,510) (8,113) 9,336 982,573 |
At 31 August 2020 £ 788,545 450,000 |
|---|---|---|
| At 31 August 2019 £ 532,573 450,000 |
||
| 982,573 |
No restricted funds were received in the year.
The trustees have decided to designate approximately 6 months’ running costs of Diabetologia. This would allow for an orderly wind-down of the activities of the journal in the event of interruption of income from Springer. The funds remain unrestricted and can be spent at the trustees’ discretion.
13 ANALYSIS OF NET ASSETS BETWEEN FUNDS
| NALYSIS OF NET ASSETS BETWEEN FUNDS | ||
|---|---|---|
| Total | Total | |
| Unrestricted | Unrestricted | |
| Funds | Funds | |
| Year ended | Year ended | |
| 31 August | 31 August | |
| 2020 | 2019 | |
| £ | £ | |
| Fund balances at 31 August are represented by: | ||
| Fixed assets | 451,903 | 436,885 |
| Current assets | 1,124,807 | 1,287,378 |
| Creditors: amounts falling due within one year | (338,165) | (741,690) |
| 1,238,545 | 982,573 |
15
European Diabetology (A company limited by guarantee) NOTES TO THE UNAUDITED FINANCIAL STATEMENTS (continued) for the year ending 31 August 2020
14 RECONCILIATION OF NET MOVEMENT IN FUNDS TO NET CASHFLOW FROM OPERATING ACTIVITIES
| 2020 | 2019 | |
|---|---|---|
| £ | £ | |
| Net income | 255,972 | 165,802 |
| Loss/(gain) on investments | 1,770 | 8,113 |
| Dividends from investments | (16,788) | (16,079) |
| (Increase)/decrease in debtors | 8,009 | (2,300) |
| Increase/(decrease) in creditors | (403,525) | 401,705 |
| _ | _ | |
| Cash generated /(used) by operating activities | (154,562) | 557,241 |
15 ANALYSIS OF CHANGES IN NET FUNDS
Cash at bank and in hand |
At 1 September 2019 £ 1,153,009 1,153,009 |
Cash flows £ (154,562) (154,562) |
At 31 August 2020 £ 998,447 |
|---|---|---|---|
| 998,447 |
16 RELATED PARTIES
The University of Bristol are the employer of some of the trustees of European Diabetology. Expenses of £647,830 were incurred in relation to the University of Bristol during the year (2019: £615,033). No interest is due if payment is received 30 days from the invoice date. The following balance sheet items relate to amounts due to/ from the University of Bristol.
| 2020 | 2019 | |
|---|---|---|
| £ | £ | |
| Prepayments and accrued income | 95,760 | 102,749 |
| Trade creditors | 71,820 | 462,908 |
| Accruals | 69,253 | 51,374 |
16