Registered Charity No. 1168330
Report of the Trustees and Unaudited Financial Statements for the Year Ended 31 December 2021
for The Palaeontological Association
Corfield Accountancy Limited Chartered Accountants Myrick House Hendomen Montgomery Powys SY15 6EZ
On the Web: < http://www.palass.org/>
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THE PALAEONTOLOGICAL ASSOCIATION
Contents of the Financial Statements for the Year Ended 31 December 2021
| Page | |
|---|---|
| Report of the Trustees | 1 – 7 |
| Independent Examiner’s Report | 8 |
| Statement of Financial Activities | 9 |
| Balance Sheet | 10 |
| Notes to the Financial Statements | 11 – 17 |
| Detailed Statement of Financial Activities | 18 |
| Investment Portfolio 2021 | 19 |
Accounts 2021 1
THE PALAEONTOLOGICAL ASSOCIATION
Annual Report of the Trustees for the Year Ended 31 December 2021
The Trustees present their report with the financial statements of the charity for the year ended 31 December 2021. The Trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2015).
1. OBJECTIVES AND ACTIVITIES
1.1 Aims and objectives: The objects of the Association are to advance education for the public benefit in Palaeontology and its allied sciences by: a) promoting research and publishing the useful results thereof; b) holding public meetings for the reading of original papers and the delivery of lectures; c) extending knowledge of the science through demonstration and publication; awarding grants and bursaries; and d) by such other means as the Council of charity Trustees may determine.
1.2 General statement about the COVID-19 pandemic: The coronavirus pandemic had a significant impact on Association activities in 2021, particularly on in-person meetings, which continued to be held online ( e.g. Council meetings, Annual Meeting, Progressive Palaeontology) or were re-arranged at short notice from in-person to remote.
1.3 Grants-in-aid for meetings and workshops: The Association provided funds to support the following meetings and workshops in 2021, totalling £4,250: B.J. Allen (University of Leeds, UK), GSA session ‘New perspectives on Phanerozoic mass extinctions and environmental perturbations’; Prof. P.M. Barrett (Natural History Museum, London, UK), ‘Fossils, phylogenies, genomes, embryos and the evolution of the deuterostomes’ meeting; Dr H.G. Ferrón (University of Bristol, UK), 3rd Palaeontological Virtual Congress; Dr S.M. Kawano (The George Washington University, USA), ‘Evolutionary conservation and diversity in a key vertebrate behavior: “walking” as a model system meeting’.
1.4 Public meetings: Two public online meetings were held in 2021, and the Association extends its thanks to the organizers of these meetings.
65th Annual Meeting. The Association’s Annual Meeting is its flagship meeting and this year was an online event held 17th – 20th December, hosted by the University of Manchester, UK. The meeting was organized by Dr R.S. Sansom and colleagues, and included a pre-conference workshop: ‘Social justice in palaeontology: case studies and future actions’ hosted by Dr E.M. Dunne and N.B. Raja. A symposium entitled ‘The Problem with Problematica’, and The Palaeovision Fossil Contest 2021 were both held on 18th December 2021. There were 310 registrants. The Annual Address was given by Prof. E.J. Rayfield (University of Bristol, UK), entitled ‘Decoding the evolution of form and function in the fossil record: why are animals shaped the way they are?’. President’s Prizes for best 15-minute oral presentations by early career researchers were awarded to C. Stockey (University of Leicester, UK), K.A. Turk (Vanderbilt University, USA), J.M. Mulqueeney (University of Southampton, UK). Council Poster Prizes for best poster presentations by early-career researchers were presented to E.S.E. Hunt (Natural History Museum, London, UK), N. Barnes (University of Bristol, UK), and
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C. Bird (University of Birmingham, UK). Palaeovision 2021 was won by the International Masters in Paleobiology programme at Friedrich-Alexander-Universität Erlangen-Nürnberg (FAU), Germany, with their entry ‘Bele-mighty’.
Progressive Palaeontology. This is an annual, open meeting for research students in Palaeontology and its allied sciences to present their work to an audience of their peers. The 2021 meeting was organized by M. Kouvari (co-chair), C.S.C. Nicholl (co-chair) and colleagues at University College London (UCL), UK and held online 17th – 19th June, with over 240 virtual delegates.
1.5 Publications: The journals Palaeontology and Papers in Palaeontology are produced by Wiley. During 2021, the following volumes were published: Palaeontology volume 64, comprising six issues; and Papers in Palaeontology volume 7, comprising four issues. The Palaeontology Newsletter consisting of three issues, was also published in 2021. Council thanks Mr N. Stroud for assistance with the typesetting and production of the Palaeontology Newsletter .
1.6 Research Grants: A total of 20 valid applications for Palaeontological Association Research Grants were received. Three were recommended for funding in 2021, totalling £18,776, and were awarded to: Dr S. Lautenschlager (University of Birmingham, UK), ‘Changes in functional morphology during ontogeny – a case study in ornithischian dinosaurs’; Dr V.A. Korasidis (Smithsonian Institute, USA), ‘Montane refugia – a key to plant survival during the PaleoceneEocene Thermal Maximum?’; and Prof. D.P.G. Bond (University of Hull, UK), ‘Environmental change, evolution and extinction in the Triassic of northwest Pangaea’.
1.7 Small Grants Scheme: The scheme received 19 applications, of which eight were recommended for funding in 2021, totalling £10,548. Council agreed that the following applicants should receive Sylvester-Bradley awards: A.P. Kaur (Indian Institutes of Science Education and Research, India), ‘Palaeoecological reconstruction of Quaternary herbivore communities in Siwalik Hills using ecomorphological approaches’; I. Leonhard (University of Warsaw, Poland), ‘Holocene growth time series for the giant goby in the Adriatic Sea’; Dr L. Pandolfi (Università degli Studi di Firenze, Italy), ‘Taxonomy and phylogeny of enigmatic taxa from the late Miocene of Tuscany’; and G. Serafini (University of Modena and Reggio Emilia, Italy), ‘Pelagic deadfalls from Northern Italy: a comparative study on Mesozoic vertebrate taphonomy’. The Whittington Award was awarded to S. Smart (University of Lincoln, UK), ‘Scaling relationships between measurements of the foramen magnum and body mass in Neornithes’; Stan Wood awards were made to Dr Giulia Bosio (Università degli Studi di Milano Bicocca, Italy) ‘Petrography, mineralogy and geochemistry of fossil mammal bones from Mio-Pliocene marine depositional settings’; and Dr Chien-Hsiang Lin (Academia Sinica, Taiwan ROC), ‘A diverse early Pleistocene shark teeth assemblage from southern Taiwan’. The Collomon Award was made to B.F. King (Imperial College London, UK), ‘Body size change in burrowing decapods through the Cenomanian–Turonian boundary event’.
1.8 Undergraduate Research Bursary Scheme: The scheme attracted eight applications, of which six were recommended for funding in 2021, totalling £14,033.25. The awardees were as follows: E. Campbell, University College London, UK, supervised by Dr J.R. Thompson, ‘Palaeobiodiversity analyses of late Palaeozoic and early Mesozoic echinoids’; M. Derème, University of Bristol, UK, supervised by Prof. M.J. Benton, ‘Microvertebrates from the Middle Jurassic of Hornsleasow, Gloucestershire’; E.M. Kritikos, University College London, UK, supervised by Dr P.D. Mannion, ‘A new crocodylomorph specimen from the early Eocene of Morocco and the phylogenetic relationships of Dyrosauridae’; A. Olaru, Vanderbilt University, USA, supervised by Dr S.A.F. Darroch, ‘Exploring
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Tribrachidium heraldicum and the late Ediacaran rise of suspension feeding’; F. Warren, Durham University, UK, supervised by Dr M.R. Smith, ‘Using δ[13] Corg to improve the timeline of the Cambrian explosion’; and M. Wasko, Harvard University, USA, supervised by Dr J. Ortega-Hernández, ‘Quantifying rates of pyritization through experimental decay and computed tomography’.
1.9 Publicity, outreach and engagement: The Association continues to promote Palaeontology and its allied sciences to print and online media, radio and television. The Association is a major financial supporter of the Lyme Regis Fossil Festival and the Yorkshire Fossil Festival. Face-to-face engagement activities were prevented during 2021 by the coronavirus pandemic. The Lyme Regis Fossil Festival took place as an online event. The Public Engagement Group (PEG), consisting of the Outreach Officer, Education Officer, Publicity Officer, Executive Officer, President and Treasurer, decided on expenditure of the group budget (£19,000 for 2021), supporting recurring festival activities and Engagement Grants.
1.10 Engagement Grants: The scheme received a total of seven applications in 2021, of which three were recommended for funding, totalling £15,210. These were awarded to: F.M. Lynch (Electric Voice Theatre, UK), ‘Voices for the future: Mary Anning’; Dr A.M. Ghilardi (Universidade Federal do Rio Grande do Norte, Brazil), ‘A journey into Brazil’s deep time’; and Dr C.E.S. Kuhn (Universidade Estadual Paulista, Brazil), ‘Fossils go to school’.
1.11 Diversity Group: The Diversity Group continues to implement the recommendations of the Diversity Study completed by Parigen Ltd in 2018, led by the Diversity Officer. In 2021, the Diversity Group issued a statement of support for palaeontologists living in zones of economic, social and political crises. The year 2021 will be excluded from the eligibility period of our grants and awards for those living in such zones, in addition to early-career researchers and people with caring responsibilities. The mentoring scheme has continued to be developed. Diversity continues to be covered in the Palaeontology Newsletter , particularly in the section ‘Spotlight on Diversity’. Membership fees to the Association will be waived for people from low-income countries (as designated by the World Bank), starting in the summer of 2022. In 2021, the Association Council introduced a new grant scheme, the Career Development Grant. This grant aims to financially support early-career palaeontologists transitioning from a PhD to a palaeontological career. Furthermore, in 2021 the Diversity Group started working on a general code of conduct for members of the Association.
1.12 Palaeontological Association Exceptional Lecturer scheme: Dr E.G. Mitchell (University of Cambridge, UK) was selected in a competitive process to become the Palaeontological Association Exceptional Lecturer for 2021/2022. Under the Innovations in Palaeontology Lecture Series, Dr Mitchell agreed to deliver a talk entitled ‘Using ecology to unlock the secrets of early animal evolution’ at six institutions: University of Plymouth, UK; University of Leicester, UK; Yale University, USA; University College London, UK; University of Leeds, UK; and Athénée Saint Joseph Antsirabe, Madagascar.
1.13 Online activities: The Association continues to be the sole host for the online-only journal Palaeontologia Electronica and support Carnets Geol. , as well as continuing to host websites for other societies (The Palaeontographical Society, International Organisation of Palaeobotany), palaeontological online resources (EDNA fossil insect database, the Kent Fossil Database, SPIERS Software), palaeontological networking sites (European Coalfield Conservation Opportunities) and online outreach projects (Palaeontology [Online]). The listserver PaleoNet also continues to be
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hosted. The Association continues to run its Internet activities on cloud-based services provided by AWS, located on EU-based servers, whilst e-mail, file hosting and internal e-mail lists are operated on GoogleWorkspace through its non-profit provision, and code versioning is achieved through GitHub non-profit provision.
1.14 Awards: The Lapworth Medal, awarded to people who have made a significant contribution to the science by means of a substantial body of research, was presented to Dr Angela C. Milner (Natural History Museum, London, UK). The President’s Medal, awarded to a palaeontologist within 15 to 25 years of their PhD in recognition of outstanding contributions in their earlier career, coupled with an expectation that they will continue to contribute significantly to the subject in their further work, was presented to Professor Anjali Goswami (Natural History Museum, London, UK). The Hodson Award, for a palaeontologist within ten years of award of their PhD who has made an outstanding contribution to the science through a portfolio of original published research, was awarded to Dr Russell J. Garwood (The University of Manchester, UK). The Mary Anning Award, for an outstanding contribution by an amateur palaeontologist, was made to Mr Peter R. Tarrant (Shropshire, UK). Honorary Life Membership was awarded to Professor George D. Sevastopulo. The 2020 Best Paper Awards in Palaeontology and Papers in Palaeontology were given respectively to ‘Recognizing pulses of extinction from clusters of last occurrences’ by J.B. Zimmt and colleagues, and ‘Redescription and phylogenetic affinities of the caimanine Eocaiman cavernensis (Crocodylia, Alligatoroidea) from the Eocene of Argentina’ by Dr P.L. Godoy and colleagues. Council also awards undergraduate prizes to outstanding students in university departments worldwide where Palaeontology is taught beyond Level 1; a total of 14 were awarded throughout the year.
1.15 Forthcoming plans: The Association will continue to make substantial donations from General and Designated funds to promote the charitable aims of the Association. Resources will be made available to continue a similar programme of grants, meetings, outreach and public engagement activities. The 2022 Progressive Palaeontology meeting will be hosted by the University of Lincoln, UK, in June and the 66th Annual Meeting will be hosted by University College Cork, Ireland, in July 2022 – both are planned as in-person meetings. The Diversity Group will continue to implement the recommendations of the Diversity Study, removing barriers to participation and increasing access to palaeontology for under-represented groups. Upcoming surveys of the membership will aid with monitoring progress.
1.16 Public benefit: The Trustees confirm that they have referred to the Charity Commission’s guidance on public benefit when reviewing the charity’s aims and objectives, in planning future activities and setting the grant-making policy for the year.
2. ACHIEVEMENTS AND PERFORMANCE
2.1 Meetings support: During 2021, the Association agreed to support a total of four palaeontological meetings, symposia or workshops worldwide. Due to the majority of meetings being held virtually in 2021, no applications for the Postgraduate Travel Fund were received in 2021. The Association’s support enabled the worldwide dissemination of research to the benefit of the global palaeontological community.
2.2 Publications: During 2021, the final ‘traditional’ issues of both the Association’s journals were published in November 2021. From January 2022 onwards, an issue will close every two months (for both journals) and include all articles published since the last issue was closed. Volume 64 of
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Palaeontology included 47 papers. Volume 7 of Papers in Palaeontology was artificially inflated by including all of the accumulated backlog of Early View papers and, as such, comprised 93 papers. Each volume included 19 Gold Open Access articles.
2.3 Support for research: In 2021 the Association agreed to fund the research activities of 19 earlycareer researchers and undergraduates. Apart from directly benefiting the career development of the individuals concerned, the Association’s funds continue to enable more palaeontological research to be undertaken worldwide than would otherwise be the case. Compared to 2020, applications for Research Grants decreased from 22 to 20, and thus the success rate increased from 13% to 15%. The applications to the Small Grants Scheme increased (from 15 to 19), and the success rate consequently decreased from 47% to 42%. In 2021 three Career Development Grants were awarded from a total of 26 applications. Applications to the Undergraduate Research Bursary Scheme decreased slightly in 2021 compared to 2020 (from eight to seven applications) and the success rate increased to 85% from 75%.
2.4 Mentoring scheme for early-career palaeontologists: In 2017 the Association established a mentoring scheme. Priority areas were identified and in the first instance the focus was on the transition from postdoctoral positions to permanent jobs, but the scheme was expanded in 2020 to also cover postgraduate researchers studying for a PhD. In 2021 a total of 21 palaeontologists in permanent positions offered to act as mentors and, to date, 33 early-career palaeontologists have either been enrolled, or have taken part, in the scheme (26 currently). The Association mentoring scheme is via direct mentoring, via e-mail, video call or other forms of communication with the scheduling and nature of these meetings at the discretion of the paired mentor/mentee.
2.5 Outreach, education and public engagement: During 2021, the Association provided £3,000 to support the online Lyme Regis Fossil Festival and £3,000 to the hybrid Yorkshire Fossil Festival. Both were very successful events. In 2021, PEG awarded three Engagement Grants (see 1.10). The Association’s Twitter and Facebook accounts continue to enable engagement with wider audiences, and rapid dissemination of news about research, events and palaeontology outside the academic world. The Association’s YouTube channel (accessible at < https://www.youtube.com/ thepalaeontologicalassociation >) hosts videos for a general audience as well as recordings of talks from this year’s PalAss Exceptional Lecturer. At the end of 2021 members of the Association Facebook group numbered 2,397 and the Facebook page had 636 followers. The Association Twitter account had 8,563 followers.
3. FINANCIAL REVIEW
3.1 Reserves: As of 31st December 2021, the Association holds reserves of £991,870 in General Funds, which enable the Association to generate additional revenue through investments, and thus to keep subscriptions to individuals at a low level, whilst still permitting a full programme of meetings to be held, publications to be produced, and the award of research grants and Grantsin-aid. They also act as a buffer to enable the normal programme to be followed in years in which expenditure exceeds income, and allow new initiatives to be pursued. The Association holds £123,701 in Designated Funds, which contribute interest towards the funding of the SylvesterBradley, Hodson, Callomon, Whittington and Stan Wood awards and towards the Jones-Fenleigh Fund. Total funds carried forward to 2022 totalled £1,115,571.
Accounts 2021 6
3.2 Reserves policy: The Association maintains a minimum of General Fund reserves at a level sufficient to fund at least one year’s expenditure, based on a three-year average of expenditure, in addition to Designated Fund reserves. This policy is reviewed and approved annually by the Trustees.
3.3 Summary of expenditure: Total charitable expenditure, through grants to support research, scientific meetings and workshops in 2021 was £299,120. Governance costs were £9,462. Total resources expended were £346,402. The Association continues its membership of the International Palaeontological Association and remains a Tier 1 sponsor of Palaeontologia Electronica , and the Treatise on Invertebrate Paleontology .
4. STRUCTURE, GOVERNANCE AND MANAGEMENT
4.1 Nature of the governing document: The Palaeontological Association was originally formed on 27th February 1957 as an unincorporated association, which was established as a registered charity (number 276369) on 21st August 1978. At an Extraordinary General Meeting on 16th March 2016, the membership voted in favour of the Association becoming a charitable incorporated organization (CIO) under the Charities Act 2011. All contracts and assets were transferred to the new organization on 1st January 2017. As a CIO the charity is an independent legal entity and, in the unlikely event of its being wound up, the members (including the Trustees) will have no liability for any outstanding contractual debts that the CIO cannot meet. However, the Trustees will continue to have the normal trustee liability for negligence or fraudulence in managing the charity’s affairs. The charitable objectives of the Association remain unchanged. The change in legal status means that there has been a different registration number (1168330) and constitution since 2017. The governing document of the Palaeontological Association is the Constitution adopted at the AGM on 15th December 2016 and updated 17th December 2020.
4.2 Management: The Association is managed by a Council of up to 20 Trustees, which is led by the President. The Association employs an Executive Officer and a Publications Officer who serve on Council but are not Trustees. The Trustees are elected by vote of the Membership at the Annual General Meeting, following guidelines set out in the Constitution.
4.3 Membership: Membership on 31st December 2021 totalled 1,183. Of these, 584 were Ordinary Members, 188 Retired Members, 19 Honorary Members and 392 Student Members.
4.4 Risk. The Trustees consider that the Association is in a sound financial position. Membership numbers and revenues from publications remain strong.
5. REFERENCE AND ADMINISTRATION
5.1 Name and Charity Number: The Palaeontological Association is a Charity registered in England and Wales, Charity Number 1168330.
5.2 Address: The contact address of the Association is The Palaeontological Association, Alport House, 35 Old Elvet, Durham, DH1 3HN, UK.
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5.3 Trustees: The following members were elected at the AGM on 17th December 2020 to serve as Trustees in 2021:
| stees in 2021: | |
|---|---|
| Dr P.J. Orr | President |
| Dr F.L. Gill | Vice President |
| Prof. R.J. Butler | Vice President |
| Dr C.T.S. Little | Secretary |
| Dr M. Sakamoto | Treasurer |
| Prof. M.A. Purnell | Chair of the Editorial Board |
| Prof. N.J. Butterfeld | Editor Trustee |
| Dr S.C.R. Maidment | Editor Trustee |
| Dr R. Garwood | Internet Ofcer |
| Dr E.B. Jarochowska | Newsletter Editor |
| Dr T.G. Clements | Book Review Editor |
| Ms Z.E. Hughes | Outreach Ofcer |
| Dr S.J. Lydon | Publicity Ofcer |
| Mrs E.C. Sinclair | Education Ofcer |
| Dr F. Saleh | Diversity Ofcer |
| Dr U. Balthasar | Meetings Coordinator |
| Dr S. Giles | Ordinary Member |
| Dr T.H.P. Harvey | Ordinary Member |
| Dr E.A. Hide | Ordinary Member |
| Mr R.J. Theodore | Ordinary Member |
5.4 Professional services: The Association’s Bankers are NatWest, 42 High Street, Sheffield S1 2GE. The Association’s Independent Examiner is Ms M.R. Corfield ACA ACMA, Corfield Accountancy Ltd., Myrick House, Hendomen, Montgomery, Powys SY15 6EZ. The Association’s investment portfolio is managed by Quilter Cheviot Investment Management, Senator House, 85 Queen Victoria Street, London EC4V 4AB.
Approved by order of the Board of Trustees on 28th June 2022 and signed on its behalf by:
Dr Manabu Sakamoto – Trustee
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Independent Examiner’s Report to the Trustees of The Palaeontological Association
Independent examiner’s report to the Trustees of The Palaeontological Association (‘the Charity’)
I report to the Charity Trustees on my examination of the accounts of the above charity for the year ended 31 December 2021 set out on pages 9 to 17.
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 an Independent Examiner’s 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 or for this report.
Responsibilities and basis of report
As the Charity’s Trustees, you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (“the Act”). You are satisfied that the accounts of the Charity are not required by charity law to be audited and have chosen instead to have an independent examination.
I report in respect of my examination of the charity’s accounts as carried out under section 145 of the Charities Act 2011 (‘the 2011 Act’). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5) (b) of the 2011 Act.
Independent examiner’s statement
The charity’s gross income exceeded £250,000 and I am qualified to undertake the examination by being a qualified member of the Institute of Chartered Accountants in England and Wales (ICAEW) and the Chartered Institute of Management Accountants (CIMA), which are two 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:
-
accounting records were not kept in respect of the Charity as required by section 130 of the 2011 Act; or
-
the accounts do not accord with those records; 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 (FRS102)) and the 2011 Act.
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.
Ms M. R. Corfield ACA ACMA Corfield Accountancy Limited Chartered Accountants Myrick House Hendomen Montgomery Powys SY15 6EZ
Date: 28 June 2022.
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THE PALAEONTOLOGICAL ASSOCIATION
Statement of Financial Activities for the Year Ended 31 December 2021
| 31.12.21 Unrestricted Designated Total funds funds funds Notes £ £ £ INCOME AND ENDOWMENTS FROM Donations and legacies 33,135 2,121 35,256 Charitable activities Public Meetings 31,284 — 31,284 Publications 317,787 — 317,787 Investment income 2 13,266 1,510 14,736 Total 395,432 3,631 399,063 EXPENDITURE ON Raising funds 3 37,820 — 37,820 Charitable activities Public Meetings 22,100 — 22,100 Grants & Awards 23,034 5,283 28,317 Administration 51,652 — 51,652 Publications 197,051 — 197,051 Governance Costs 9,462 — 9,462 Total 341,119 5,283 346,402 Net gains on investments 79,350 — 79,350 NET INCOME/(EXPENDITURE) 133,663 (1,652) 132,011 RECONCILIATION OF FUNDS Total funds brought forward 858,207 125,353 983,560 TOTAL FUNDS CARRIED FORWARD 991,870 123,701 1,115,571 |
31.12.20 Total funds £ 57,080 10,730 325,339 12,214 405,363 32,445 17,597 30,616 48,052 219,392 13,131 |
|---|---|
| 361,233 25,466 |
|
| 69,596 913,964 |
|
| 983,560 |
The notes form part of these financial statements.
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THE PALAEONTOLOGICAL ASSOCIATION
Balance Sheet
31 December 2021
| Unrestricted Designated funds funds Notes £ £ FIXED ASSETS Investments 6 670,374 123,701 CURRENT ASSETS Debtors 7 190,472 — Cash at bank 147,113 — 337,585 — CREDITORS Amounts falling due within one year 8 (16,089) — NET CURRENT ASSETS 321,496 — TOTAL ASSETS LESS CURRENT LIABILITIES 991,870 123,701 NET ASSETS 991,870 123,701 FUNDS Unrestricted funds 9 TOTAL FUNDS |
31.12.21 31.12.20 Total Total funds funds £ £ 794,075 708,724 190,472 190,350 147,113 101,384 337,585 291,734 (16,089) (16,898) 321,496 274,836 1,115,571 983,560 1,115,571 983,560 1,115,571 983,560 1,115,571 983,560 |
31.12.21 31.12.20 Total Total funds funds £ £ 794,075 708,724 190,472 190,350 147,113 101,384 337,585 291,734 (16,089) (16,898) 321,496 274,836 1,115,571 983,560 1,115,571 983,560 1,115,571 983,560 1,115,571 983,560 |
|---|---|---|
| 291,734 (16,898) |
||
| 274,836 | ||
| 983,560 | ||
| 983,560 | ||
| 983,560 | ||
| 983,560 |
The notes form part of these financial statements.
The financial statements were approved by the Board of Trustees and authorised for issue on 28th June 2022, and were signed on its behalf by Dr M. Sakamoto – Trustee.
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THE PALAEONTOLOGICAL ASSOCIATION
Notes to the Financial Statements for the Year Ended 31 December 2021
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
The financial statements have been prepared in accordance with the Charities SORP (FRS 102) ‘Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)’, Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ and the Charities Act 2011.
The Palaeontological Association meets the definition of a public benefit entity under FRS102. Assets and liabilities are initially recognized at historical cost or transaction value unless otherwise stated in the relevant accounting policy.
Income
The charity’s income principally comprises subscriptions from individuals and institutions which relate to the period under review, and sales of scientific publications.
All income is recognized in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
Expenditure
Liabilities are recognized as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
Allocation and apportionment of costs
Administrative costs have been allocated to the various cost headings based on estimates of the time and costs spent thereon.
Taxation
The charity is exempt from corporation tax on its charitable activities.
Fund accounting
General Funds are unrestricted funds which are available for use at the discretion of the Council in furtherance of the general objectives of the charity and which have not been designated for other purposes.
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THE PALAEONTOLOGICAL ASSOCIATION
Notes to the Financial Statements – continued for the Year Ended 31 December 2021
1. ACCOUNTING POLICIES – continued
Designated funds comprise unrestricted funds that have been set aside by Council for particular purposes. The aim of each designated fund is as follows:
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Sylvester-Bradley Fund: Grants made to permit palaeontological research.
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Jones-Fenleigh Fund: Grants to permit one or more delegates annually to attend the Symposium of Vertebrate Palaeontology and Comparative Anatomy (SVPCA) meeting.
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Hodson Fund: Awards made in recognition of the palaeontological achievements of a researcher within ten years of the award of their PhD.
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Callomon Fund: Grants made to permit palaeontological research with a strong fieldwork element.
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Whittington Fund: Grants made to permit palaeontological research with an element of study in museum collections.
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Stan Wood Fund: Grants in the area of vertebrate palaeontology ideally involving fieldwork, due to generous donations in memory of the Scottish fossil collector Mr Stan Wood.
2. INVESTMENT INCOME
| Deposit account interest Investment Income |
31.12.21 £ 16 14,720 14,736 |
31.12.20 £ 123 12,091 12,214 |
|---|---|---|
3. RAISING FUNDS
| 3. RAISING FUNDS | ||
|---|---|---|
| Voluntary Income Costs: Administration Investment Management Costs: Stockbroker Fees |
31.12.21 £ 32,870 4,950 37,820 |
31.12.20 £ 30,578 1,867 |
| 32,445 |
4. TRUSTEES’ REMUNERATION AND BENEFITS
There were no Trustees’ remuneration or other benefits for the year ended 31 December 2021 nor for the year ended 31 December 2020.
Trustees’ expenses
The total travelling expenses reimbursed to 20 Members of Council (2020:20) was £71 (2020: £3,799).
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THE PALAEONTOLOGICAL ASSOCIATION
Notes to the Financial Statements – continued for the Year Ended 31 December 2021
5. STAFF COSTS
Analysis of Staff Costs and Remuneration
| Salaries Social Security Costs Pension Costs Total |
£ 2021 93,536 6,467 9,354 109,357 |
£ 2020 89,956 5,998 8,996 |
|---|---|---|
| 104,950 |
The average monthly number of employees during the year was as follows:
| 2021 | 2020 | |
|---|---|---|
| Publications | 1 | 1 |
| Administration | 1 | 1 |
| 2 | 2 |
No employees received emoluments in excess of £60,000.
6. FIXED ASSET INVESTMENTS
Investments are initially recognized at their transaction value and subsequently measured at their fair value as at the balance sheet date. The statement of financial activities includes the net gains and losses arising on revaluation and disposals throughout the year.
7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
| Sundry Debtors | 31.12.21 31.12.20 £ £ 190,472 190,350 |
|---|---|
8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
| 31.12.21 | 31.12.20 | |
|---|---|---|
| £ | £ | |
| Trade creditors | 6,294 | 5,475 |
| Subscriptions in advance | 9,795 | 11,423 |
| 16,089 | 16,898 |
Accounts 2021 14
THE PALAEONTOLOGICAL ASSOCIATION
Notes to the Financial Statements – continued for the Year Ended 31 December 2021
9. MOVEMENT IN FUNDS
| Net movement At 1.1.21 in funds £ £ Unrestricted funds General fund 858,207 133,663 Sylvester-Bradley 14,586 (2,169) Jones-Fenleigh 28,403 477 Hodson 112 — Callomon 1,322 287 Whittington 15,982 (965) Stan Wood 64,948 718 TOTAL FUNDS 983,560 132,011 |
At 31.12.21 £ 991,870 12,417 28,880 112 1,609 15,017 65,666 1,115,571 |
|---|---|
Net movement in funds included in the above are as follows:
| Incoming resources £ Unrestricted funds General fund 395,432 Sylvester-Bradley 514 Jones-Fenleigh 477 Hodson 112 Callomon 287 Whittington 535 Stan Wood 1,818 TOTAL FUNDS 399,063 |
Resources Gains and Movement expended losses in funds £ £ £ (341,119) 79,350 133,663 (2,683) — (2,169) — — 477 — — 112 — — 287 (1,500) — (965) (1,100) — 718 (346,402) 79,350 132,011 |
|---|---|
Accounts 2021 15
THE PALAEONTOLOGICAL ASSOCIATION
Notes to the Financial Statements – continued for the Year Ended 31 December 2021
9. MOVEMENT IN FUNDS — continued…
Comparatives for movement in funds:
| Net movement Transfers At 1.1.20 in funds between funds £ £ £ Unrestricted Funds General fund 783,352 74,672 183 Sylvester-Bradley 17,608 (3,022) — Jones-Fenleigh 28,376 27 — Hodson 295 — (183) Callomon 2,433 (1,111) — Whittington 15,823 159 — Stan Wood 66,077 (1,129) — TOTAL FUNDS 913,964 69,596 — |
At 31.12.21 £ 858,207 14,586 28,403 112 1,322 15,982 64,948 983,560 |
|---|---|
Comparative net movement in funds included in the above are as follows:
| Incoming resources £ Unrestricted funds General fund 401,923 Sylvester-Bradley 600 Jones-Fenleigh 27 Hodson — Callomon 344 Whittington 598 Stan Wood 1,871 TOTAL FUNDS 405,363 |
Resources expended £ (352,717) (3,622) — — (1,455) (439) (3,000) (361,233) |
Gains and Movement losses in funds £ £ 25,466 74,672 — (3,022) — 27 — — — (1,111) — 159 — (1,129) 25,466 69,596 |
|---|---|---|
Accounts 2021 16
THE PALAEONTOLOGICAL ASSOCIATION
Notes to the Financial Statements – continued for the Year Ended 31 December 2021
9. MOVEMENT IN FUNDS — continued…
A current year 12 months and prior year 12 months combined position is as follows:
| Unrestricted funds General fund Sylvester-Bradley Jones-Fenleigh Hodson Callomon Whittington Stan Wood TOTAL FUNDS |
Net movement Transfers At 1.1.20 in funds between funds £ £ £ 783,352 208,335 183 17,608 (5,191) — 28,376 504 — 295 — (183) 2,433 (824) — 15,823 (806) — 66,077 (411) — 913,964 201,607 — |
At 31.12.21 £ 991,870 12,417 28,880 112 1,609 15,017 65,666 1,115,571 |
|---|---|---|
A current year 12 months and prior year 12 months combined net movement in funds included in the above are as follows:
| Incoming resources £ Unrestricted funds General fund 797,355 Sylvester-Bradley 1,114 Jones-Fenleigh 504 Hodson — Callomon 631 Whittington 1,133 Stan Wood 3,689 TOTAL FUNDS 804,426 |
Resources expended £ (688,886) (6,305) — — (1,455) (1,939) (4,100) (702,685) |
Gains and losses £ 99,866 — — — — — — 99,866 |
Movement in funds £ 208,335 (5,191) 504 — (824) (806) (411) 201,607 |
|---|---|---|---|
Accounts 2021 17
THE PALAEONTOLOGICAL ASSOCIATION
Notes to the Financial Statements – continued for the Year Ended 31 December 2021
10. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 31 December 2021.
11. INVESTMENT GAINS AND LOSSES
All gains and losses are taken to the Statement of Financial Activities as they arise. Realized 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.
Unrealized gains and losses are calculated as the difference between the fair value at the year end and their carrying value. Realized and unrealized investment gains and losses are combined in the Statement of Financial Activities.
| nt of Financial Activities. | ||
|---|---|---|
| Investment Gains/Losses | 31st December 2021 31st December 2020 | |
| £ | £ | |
| Realized Gain/(Loss) | 18,839 | (26,637) |
| Unrealized Gain/(Loss) | 60,511 | 52,103 |
| Total per Statement of Financial Activities | 79,350 | 25,466 |
Accounts 2021 18
Detailed Statement of Financial Activities for the Year Ended 31 December 2021
| for the Year Ended 31 | December 2021 | |
|---|---|---|
| 31.12.21 | 31.12.20 | |
| Unrestricted funds | Total funds | |
| £ | £ | |
| INCOME AND ENDOWMENTS | ||
| Donations and legacies | ||
| Donations | 2,307 | 4,636 |
| Subscriptions | 32,949 | 52,444 |
| 35,256 | 57,080 | |
| Investment income | ||
| Deposit account interest | 16 | 123 |
| Investment Income | 14,720 | 12,091 |
| 14,736 | 12,214 | |
| Charitable activities | ||
| Scientifc Journals | 308,307 | 319,314 |
| Special Papers | 416 | 298 |
| Field Guides | 8,391 | 5,346 |
| Distribution | 673 | 381 |
| Scientifc Meetings | 31,284 | 10,730 |
| 349,071 | 336,069 | |
| Total incoming resources | 399,063 | 405,363 |
| EXPENDITURE | ||
| Raising donations and legacies | ||
| Administration | 32,870 | 30,578 |
| Investment management costs | ||
| Stockbroker Fees | 4,950 | 1,867 |
| Charitable activities | ||
| Scientifc Journals | 48,520 | 61,721 |
| Field Guides | — | 11,390 |
| Newsletters | 20,060 | 19,540 |
| Marketing | 215 | 600 |
| Publication Costs | 84,205 | 85,769 |
| Editorial Costs | 44,051 | 40,372 |
| Public Meetings & Costs | 22,100 | 17,597 |
| Grants & Awards | 9,541 | 21,309 |
| Research Grants | 18,776 | 9,307 |
| Administration | 51,652 | 48,052 |
| 299,120 | 315,657 | |
| Support costs | ||
| Governance costs | ||
| Trustees’ expenses | 71 | 3,799 |
| Accountancy and legal fees | 595 | 595 |
| Administration | 8,796 | 8,737 |
| 9,462 | 13,131 | |
| Total resources expended | **346,402 ** | 361,233 |
| Net income before gains and losses | 52,661 | 44,130 |
| Realized recognized gains and losses | ||
| Realized gains/(losses) on fxed asset investments | 79,350 | 25,466 |
| Net income | 132,011 | 69,596 |
This page does not form part of the statutory financial statements.
Accounts 2021 19
INVESTMENT PORTFOLIO 2021
In July 2020 the Association investments held with Quilter Cheviot Ltd were transferred to their Global Income and Growth Fund for Charities launched early in 2020. The funds held by Quilter Cheviot represent approximately 60 % of the Association’s investment portfolio. The remaining 40 % of invested assets are with CCLA Investment Management and of these approximately 20 % are held in a COIF Charities Fixed Interest Fund and the remaining 80 % were transferred in July 2021 to their COIF Charities Ethical Investment Fund. The combined portfolio movements are shown below.
| Opening balance 01.01.2021 Purchases Sales Gains/(losses) Stockbroker fees Balance at 31.12.2021 |
£ 708,723.51 240,844.37 (229,892.37) 79,350.00 (4,950.00) |
|---|---|
| 794,075.51 |
This page does not form part of the statutory financial statements.
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