Charlty Reglstratlon No. 1179467 BRITISH SOCIETY FOR GEOMORPHOLOGY ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021 Lentells Chartered Certified Accounianis BRITISH SOCIETY FOR GEOMORPHOLOGY LEGAL AND ADMINISTRATIVE INFORMATION Tw$t•¢$ Dr. Richard Williams Miss Kathryn Kemble Dr Richard Jeffn"es PTof HeatheT Viles ProlAndrew Russell Dr Eli Lazarus Dr Fiona Clubb Dr Hannah Williams Dr Matilda Biddulph Dr Louise Callard (Appointed 15 September 20211 (Appointed 15 September 20211 (Appointed 15 September 20211 (Appointed 15 September 20211 (Appointed 15 September 20211 Dr Matthew Westoby Dr Elizabeth Dingle Dr Lucy Clarke Dr Hywel Grffiths Charity number 1179467 Independent examiner Lentells Limited Ash House Cook Way Bindon Road Taunton Somerset TA2 6BJ BRITISH SOCIETY FOR GEOMORPHOLOGY CONTENTS Page Committee report Independent examine¢s report ststemenl of financial 8¢tiwties Balance sheet 11 statement of cash flows 10 Notes to the finanual statements 12-19 BRITISH SOCIETY FOR GEOMORPHOLOGY COMMirrEE REPORT FOR THE YEAR ENDED 31 DECEMBER 2021 Thè Trustaès pr8sent their annual reKK)rt and financial statements for the year ended 31 Decembèr 2021. The financial stslemenls have been prepared in accordan￿ with the accounting policies set out in note 1 to the financial ststemenls and comply with the tharitys Igoveming documenti, the Charities Act 2011 and "Accounting Reporting by Charities.. Stslerllenl of Recommended Pradice applicable to Gharilies preparing their accounts in 8c¢ordan¢e wrth the Finan¢i81 Reports"ng Star￿ard applicable in the UK and Republic of I￿land IFRS 1021 (effective 1 January 20191. Objectives and activities The charity Is established to a¢jVan￿ research. educakn.on and professional practice in the ￿le￿￿ of geomorphology, in particular.. through the promotion of research.. by the formation of working parties dealing with co- operakn've projscls.. by the publication of Ihe results of such research.. by the holding of meetings.. and by cooperating with kindred organisations. The trustees Confirm that they have refe￿e￿ to the guidance contained in the Charity Commission general guidance on public benefit when reviewing the ¢harity's aims and objectives and in setting the grant making policy for the year. The charity's missions are lo suppK)rt scientific excellen￿ in geomorphology through.. fostering excellence and increased investment and sUPPOrt for geomorphology., developing applied geomorphological research- having a major impact on environmental policy and practi￿ and providing a public benefit., disseminating new geomorphological research and policy agendas- and developing a new generation of geomorphologisls equipped to address inlerdi5ciplinary challenge5. The charity achieves these missions through the award of small granls. primarily to poslgraduales, earfy career researchers, and other higher education and professional practitioners., through support for organisation of and attendance at, scientific and educational meetings, through sponsorship of working groups,. through the publication of the results of research in books including the online Geomorphological Techniques and, especially, through its Journal, Earth Surface Processes and Landfonns published in as%)ciation with Wiley- and through the maintenance of an open access website. These actiwties are overseen by five Sub-comrnittees of the Executive Committee. Grants are awarded on an open competits.ve basis twi￿ a year. Recipients of grants are required to report on the rneelings supported or the research carried out and these reports are published on the Society's web51te. The Charity is in the fom of a Society open for membership to anyone wrth an interest in geomorpholtyJy. The Trustees have paid due regard to guidan￿ issued by the Charity Commission in deciding what activities the charity should undertake. Achlevemants and parformance Actimties in the preceding calendar year (20201 were signthcanuy affected by the CoMd-19 crisis, but income from membership subscriptions and grant and royalty payments remained largely unaffected. This led lo an underspend and growth of the Society's reserves. Al the end of calendar year 2021 the Society continued to exceed ils largel reserves bul the pa￿ at which income exceeds expenditure has slowed, primarily because the Society was able to disburse more research grants this year as the ability of members to undertake fieldwork and other scholarly activities began to improve. Looking forward. we aim for substantial diSbU￿eInenI in calendar years 2022 onward (by awarding more grants and incurring signtficanl spend on initiatives such as re-building the Society's website, and heavily subsidising the Annual Meetsngl. with a view lo reversing growth of our resetves. BRITISH SOCIETY FOR GEOMORPHOLOGY COMMirrEE REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021 Thé Annual Gén8ral M8&ting For the second year running. an in-person Annual Meeting was rK)stponed. and a virtual event was hosted, with most planning c04)rdinated by the Souety's PGR Fonjm. The meeting was free for attendees, and Award Winner Lectures were given by Prof. Lynne Frostick (David Linton Award), Dr. Bethan Davies (Gordon Warwick Award) and Dr. Alvise Finotello IDick Chodey Medal}. Olivia Sleinemann won the Mike Kirkby Award, and Marina Correas- Gonzalez, Olivia Verplancke and Sarah Walton won the Bemie Smiih Award. As it was an online event, the conference cosls were limited to cosis associaled with purchasing a licence to use the Gather Town online platform for evenl hosling 1£1,820.251 and pr￿uCtiOn of various ¢e￿riCateS and medals 1£260.101, leaving a total of £7,919.65 remaining out of the allocated budget of £10,0(M). Grant Dffsbursement and Awards One of the main a¢tivities of the BSG consists of provi(ling grants to support ￿search and facilitate Conferen attendan¢e, especially to postgraduate and eady career ￿$earther$. The BSG also provides funding to support geomorphol￿1¢81 sessions at s¢ientifi¢ ¢onferen¢e in the UK and abroad, and tt has awarded prizes to individLJals to mark particular achievements. Grants and awards are competitive, with the selection process bèing overseen by the relevant sL1￿comMIttees le.g., Research sulKommittee for research grants). Due lo Covid-19, many conferences and research activities have been can￿lled, leading lo a very low number of applicab'ons to all grant schemes. An ovetview of grant disbursement is found in the 'Financial review, section of this report. Postgraduate Development The BSG'S main Postgraduate Development activity is the De￿mber Windsor workshop. which consists of a series of training courses aimed al new poslgraduale ￿Sear¢herS_ The workshop is subsidised by the BSG. The Windsor workshop was ¢an¢elled due lo ¢hallenges posed by the Covid-19 pandemi¢. but the Poslgraduale Forum has been extremely a¢tive during the year. organising a series of innovative virtual events that were well-attended and received excellent feedback. We are extremely grateful to the Postgraduate Forum for reinforcing a sense of commLJnity within postgraduates at a time where they needed il most. A summary of costs incurred due to the 2021 workshop are SLJmmarised under the 'Financial review., Erthancing the ￿pulatIOn of the BSG The Society continues to develop its inlemational profile through sponsorship and co-sponsorship of sessions al ¢onferen¢es, in¢luding those hosted by the European Geosuen¢es Union IEGUI. The BSG, with the Royal Geographical So¢iety (with the Institute of British Ge(xJraphersl. has an avenue for members lo become Chartered G8omorphologists, CGèog (Geomorphl. This is thè professional status qualifieAtion for tho$8 Wlth ¢omp8t8ncès, &XP8riènce and profèssionalism in thè field. BRITISH SOCIETY FOR GEOMORPHOLOGY COMMirrEE REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021 Flnanclal rovlèw The aclivities oudined above are wssible thanks to membership subscriptions and the annual Wiley grant and royalty payments in relation lo the Society's academic joumal Earth surfa￿ Processes and Landfom?s, whose title is joinuy owned with the BSG. The Society continues to incur a minimal operaling cost, primarily due to the commitment of unpaid committee members. We employ a financial and administrative assistant part-time. In 2021, all executive and subcommittee meetings were virtual, thereby limiting costs of attendance for committee members, and helping lo reduce the Sooety's cart)on footprint. The provision of efficient virtual communication tools during the pandemic has been beneficial, and we propose to keep committee and sub-committee meetings virtual for the foreseeable future. Annual surplus and cash flow Total income in the year was £85,750.25 and the expenditure was £78.320.65. giving a signrficant surplus income of £7,429.60 (reduced from a surplus income of £43.825 in 2020). At the end of the 2021 financial year, there was £102,202.37 in the Society's current account and £29.254.55 in the Society's PayPal account. Totsl cash reserves were therefore £131.456.92. compared to £124.027.32 at the end of 2020. As mentioned above. whilst the Society generated 8 surplus in 2021. this was much reduced relab.ve lo 2020. mostly due to increased grant di5bursemenl. This hopefully sign81s 8 fin8n¢ial tuming point which. with signtfiG8nt spend in 2022 8nd beyond. will see il gr8dually du￿ il's sutplus to bring il doser to its largel reserve level. Subscription income ex¢luding registration to Windsor Workshop was £8,331.16 in 2021, representing a negligible drop from £8,500 in 2020. However, it should be noted that membership ¢osts were decreased by 25Q/o in 2021 to 8ncourag8 nèw mèmbers to join thè Socièty, and for existing members to renèw. This is a relatively low income compared to pre-covid levels, and, same as last year, is likely because we did not generate the usual boost to subscriptions that we normally we in Augusvseptember as people become new members to benefit from reduced registration rates at the Annual Meeting {SIn￿ this meeting was free in 20211. Income from Wiley in Ihe fomi of a grant, and royalties attached to the Society's joumal Earth Surface Processes and Landforms remaining largely stable in 2021. amounbng to £72.430.31 compared to £73,614.80 in 2020. The costs of running the society in 2021 were £11,229.11 Idown from £12,808 in 20201. These running costs include committee expenses, employment of the financial and administrative assistant, and additional miscellaneous expenses (liability insurance, accounting costs. bank fees, e-mail provider)., they amount to 14 /0 of the Society's income116 /0 in 2020, 19 /0 in 20191. In 2021, the Society disbursed £49,643.06 lup from £20.496 in 2020) lo suptx)rt research, attendance at scientific conferences, working groups and workshops. mostly to postgraduates and earfy career researchers. This represents a return lo levels of grant disbursement that were seen in prtrcowd years and is very encouraging. Reserve and InvestmentAccounts The value of our Jupiter Ecology Fund Investment was £41.696.29 at the end of 2021, representing a subslanlial increase from £30,392.25 at the end of 2020. This is primarily due to the economic rebound associated with the global easing of Covid restrictions and a general slowng of the impact of the pandemic. Investment powers and resewe policies At the end of 2021, the Society's available fijnds stood at £173.153.21 (£154,419.57 in 20201, including £131,456.92 in cash and cash equivalent, and £41.696.29 in investments. The Society has accrued a surplus of £84,048.21 above its planned reserves of £89.105. The increase in surplus remains a legacy effect of the Covid-19 crisis, but the pa￿ at which income is growing has slowed and we anti￿pate a reversal in 2022 or shortly thereafter (see 'Forecast income and expenditure 2022 and beyond'l. Risk managementpolicy The Executive Committee has reviewed and keeps under review the risks faang the Soaety and has in pla￿ the necessary poliaes to mits'gate those risks. BRITISH SOCIETY FOR GEOMORPHOLOGY COMMirrEE REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021 Foracast incom8 and expénditure 2022 and bayond The Society retains a significant surplus that it needs to spend. and at the time of writing the impact of the Covid-19 pandemic on the Society's ability to disburse grants and finanaally support various other activities appears to have diminished. Whilst we obseNe an even greater surplus at the end of 2021 than 2020, the pace at which the Society's income is exceeding its expenditure has slowed subslantialty and is planned to reverse during 2022-2024. The Execulive Commiltee has decided to keep most 2021 budgeis al the 2020 level bul has introduced flexibility lo budgets where necessary in order to encourage spending via which lo draw down its resetves. For example, 11 the Research Sub-commiltee has access to additional discrelionary budgel beyond its current allocalion of £43,000, should the number of quality research grant applications meriting support exceed its current budget and 21 the budget of £10,000 to support the Annual Meeling has been temporarily increased to £20,000 and will be used to, for example, heavily subsidise registration rates and directly support PDStgraduate attendance. A significant item of forecasted expenditure in 2022 is associated with redesign of the Swety's website, which will likely incur a cost of -£1 S,000- 20,000. The BSG will continue to subside the Windsor Postgraduate Workshop by £6.000. The Outreach Committee budget will remain as £2,500. The Publications Committee budget will remain at £3,500, and the current budget of the Professional Committee £3,000 will likely rise lo accommodate increase activity. As mentioned above, all sub- committees will be welcome to submit proposals to spend the addrtional -disbursernenl fund-. The Society is largely dependent on Wiley and ourjournal. Earth Surface Processes and Landfom?s, for its income. Following the announcement 8nd implemenlalion of an agreement wth Jisc in 2020 Iwhich reduced the likelihood of future lost income fro￿ this source), income from Wiley in the fo¥m of a grant and royalty payments has remained 18rgely stable at £72.430_31_ Income from Wiley is supplemented by annual subs¢ripts"ons. The value of membership of the Society to individu81s ¢ontinues lo in¢rease as the pri¢e of membership has de¢reased, most notably through in¢reases in the value of grants to individuals and groups, as well as support for ¢onferen¢es, ne¢work-building, and a growing range of means lo promot8 and advancè géomorphology through res8arth, education and thè dissèmination of knowledge. We retain a positive OLJUook for 2022. We exped income stream to largely remain stable, whilst expenditure will increase and hopefully allow us to reverse the recent trend of income ex￿edIng expenditure. Structure. govemance and management The BSG is a ¢haritable incorporated organisalion registered on 6 August 2018 under ¢harity number 1179467. The governing document is the charity's Constitution registered on the same date. Its address is do Royal Geographical Society Iwith IBG}, 1 Kensington Gore, London SW7 2AR. BRITISH SOCIETY FOR GEOMORPHOLOGY COMMirrEE REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021 Thè Trustaès who served during the year and to the date of signatsjre of thè financial statèments werè.. Dr. Richard Williams Miss Kathryn Kemble Dr Richard Jeffries ProfAnne Mather Dr Mikael Attal Dr Marco Van de Wiel Dr Tom Holt Dr Chris Skinner Prof Heather Viles Pmf Andrew Russell Dr Eli Lazarus Dr Fiona Clubb Dr Hannah Williams Dr Matilda BiddLJlph Dr Louise Callard Dr Matthew Wesloby Dr Elizabeth Dingle Dr Lucy Clarke Dr Hywel Grffiths {Resigned 15 September 20211 {Resigned 15 September 20211 IRe5igned 15 September 20211 {Resigned 15 September 20211 {Resigned 15 September 2021) {Appointed 15 Seplember 2021) {Appoinled 15 September 2021) {Appointed 15 September 2021} {Appointed 15 September 2021} {Appoirrted 15 September 2021} There must be between eight and fourteen charity tnjslees. The trustees retire by rotation. Al every annual generdl meeting of the members of the BSG, on&third of the charity Irustees shall retire from office. If the number of charity trustees is not three or a multiple of three, then Ihe number nearest to on&lhird shall retire from office, but if there is only one charity twslee. he or she shall retire. The charity Iruslees to retire by rotation shall be those who have been longest in office since their last appointment or reappointment. If any trustees were last appointed or reappointed on the same day those to retire shall (unless they otherwise agree among themselves) be delemiined by lot. Va￿nCle5 are advertised by the BSG in advance of each annual general meeting. The vacancies are filled by the decision of the members at the annual general meeting.. any vacarhcies not filled at the annual general meeting may be filled followng the procedure specffied below. The charity trustees may at any time decide to appoint a new Charity trustee. whether in place of a charity trustee who has retired or been ￿MoVed, or as an additional Charity trustee. provided that the number of charity trustees does not exceed fourteen. Any person who retires as a charity tmstee by rotation or by giving notice is eligible for reappointment. A charity trustee who has served for three consecutive temis may not be ￿appoInted for a fourth consecutive term but may be reappointed after an interval of at least three years. The charity trustees will make available to each new charity trustee. on or before their first appointment.. lal A copy of Ihis conslitution and any amendments made to it. Ibl A copy of Ihe BSG'S latest annual report and statement of accounts. Icl Access to the BSG'S 'GoVernan￿, Drive which includes role descriptors and handover guidance (containing all relevant infomiation for the gojd perfornian￿ of each trustee's ftjnctionsl. Retiring trustees are expected to brief the newly appointed trustees al the handover. BRITISH SOCIETY FOR GEOMORPHOLOGY COMMirrEE REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021 Thè BSG is administer8d by an ex8CUtive committee (see ￿loW for membèrship at timè of submission) and fivè sub-committees, plus a forum of postgraduate student representatives . and an administrative assistant. BSG Ex•eutlv• Commltt Professor Heather Viles ProfessorAndrew Russell Miss Kathryn Kemble Dr Richard Jeffries Dr Louise Callard Dr Richard Williams Dr Matthew Westoby Dr Lucy Clarke Dr Fiona Clubb Dr Hywel Grrfilhs Dr Hannah Williams Dr Eli Lazarus Dr Elizabeth Dingle Dr Matilda Biddulph Dr Eleanor Miles Dr Gez Foster Ms Marina Ruiz Sanchez-oro DrAnne B8ar Dr Susan Conway President Chair Senior Deputy Chair1112 position) Senior Deputy Chair1112 position) Junior Depuly Chair Honorary Secretary Honorary Treasurer VC Research SC OS Research SC VC Outreach and Education SC OS Outreach and Education SC VC Communications and Publicalions SC OS Communications and Publications SC VC Professional Geomorphology SC OS Professional Geomorphology SC1112 position) OS Professional Geomorphology SC (112 position) Poslgraduale Forum - Chair Membership Secretary IAG Represenlab"ve The various addition81 sub-commrttees are.. Research Sub-¢¢mmittee Cammunlcatlons and Publl¢atlons Sub-¢ommltle¢ Outreach and Educatlon Sub11, FRS 102 "The Financial Reporbng Siandard applicable in the UK and Republic of Ireland" I'FRS 102.1 and the Charities SORP "Accounting and Rewrbng by Charilies.. Statement of Recommended Practice applicable to charities preparing Iheir accounis in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 102)" (effective 1 January 20191. The tharity is a Public Benefil Entity as defined by FRS 102. The financial ststements have departe¢J from the Charities (Accounts and Reports) Regulations 2008 only to the extent reqUI￿d to provide a true and fair view. This departure has involved following the Ststement of Recommended Pra¢ti¢e for ¢harities applying FRS 102 rather than the version of the Ststement of Recommended Pra¢ti¢e which is referred to in the Regulations bul which has since been withdrawn. The financial ststements are prepared in sterfing, which is the functional cU￿encY of the charity. Monetsry amounts in these financial stslements are rounde(I lo the nearest £. The financial statements have been prepared under the historical cost convention, modified to include the revaluation of investments at fair value. The prinupal accounling poliaes adopted are set out below. 1.2 Going concern At the time of approving the finarrial slatements, the Trustees have a reasonable expectation that the charity has adequate resources to continue in operational existen￿ for the foreseeable future. Thus the Trustees continue lo adopt the going con￿rn basis of accounting in preparing the financial statements. 1.3 Charitable funds Unrestricted funds are available for use at the (liscretion of the Trustees in furtherance of their ¢haritsble objectives. 1.4 Income Incorne is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably. and it is probable thal income wll be received. Membership and other income is recognised a5 income in the year of receipt. as are other donations and fees. Dividends, Bank and Building Society interest are apportioned between funds with ￿ference to the balance on each fund al the beginning of the year. 12- BRITISH SOCIETY FOR GEOMORPHOLOGY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021 Accounting policies (Continued) 1.5 Expenditure Expenditure is recognised On￿ there is a legal or construclive obligation to transfer econornic benefit to a third party, 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 classified by activity. The costs of each aclivity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated direcuy to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those aclivits.es on a basis consistent with the use of resources. Central stsff costs are allocated on the basis of lime spent. and dep￿ciall0n Charges are 8IIoc8led on the wrtion of the 8ssel's use_ Expenditu￿ and irrecoverable VAT Grants paid a￿ all induded in the SOFA when the grant is approved and paid. rf the award Creates a binding obligation. All other expenditure on charitsble activities is generally recognised when it is incurred as is a¢¢ounted for gross. 1.6 Flxed ass8t Snvestments Fixed asset investments are inttially measure(J at transaction Pri￿ excluding transaction costs, and are subsequently measured al fair value at each rewrting date. Changes in fair value are recognised in nel incomellexpendilurel for the year. Transaction costs are expensed as incu￿ed. Investments held for long lemi capital growth are dasstfied as Fixed Asset Investrnenls, and are shown on the balance sheet al market value al the year end. Investment income is accounted for in the year in which the charity Is entitled lo the re￿ipl. 1.7 Cash and cash equivalents Cash and cash equivalents include cash in hand. deposits held at call with banks, other short-temi liquid investments with original maturities of three months or less. and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities. 1.8 Flnan¢ial instruments The charity has elected to apply the provisions of Section 11 'Basic Finanual Instruments, and Section 12 'Other Financial Instnjments Issues, of FRS 102 to all of ils financial instnjments. Financial instruments are recognised in the chariWs balan￿ sheet when the charity becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, wth the net amounts presented in the finanaal statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to setue on a net basis or to realise the asset and settle the liability simullaneously. Basic financial assèts Basic financial assets, which include deblors 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 constitules a Iinanung Iransaction. where the transaction is measured at the present value of the fvture re￿iptS discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised. 13- BRITISH SOCIETY FOR GEOMORPHOLOGY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021 Accounting policies (Continued) Basic financial liabilitlgs Basic financial liabilities, including creditors and bank loans are initially recognised at transaction pri￿ unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payrllents discounted at a markel rate of interest. Financial liabilities classified as payable within one year are not amortised. Debt instruments are subsequenlly carried at amortised cost, using the effective interest rale method. Trade creditors are obligations lo pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are dasstfied as current liabilities rf payment is due within one year or less. If not, they are presented as non-current liabilities_ Tr8de creditors are recognised initi811y al Ir8ns8ction price and subsequentty measured at amorts.sed cost using the effective interest method. Derecognition of financial liabilities Financial liabilitses are derecognised when the ¢*arty's ￿ntraCtual obligations expire or are discharged or ancelled. 1.9 Employee benefits The cost of any unused holiday entidewnenl is rec(NJnised in the period in which the employee's services are received. Temination benefits are re¢ognised immediately as an expense when the Charity is demonstrably Committed to terminate the employment of an employee or to provide temiination benefjts. 1.10 Frequency of reporting period The charity was dormant in the period 6 August 2018 through to 31 December 2018. The ¢harity inherited the assets of The British Sooety for Geomorphology (Charity no. 10542601 on 1 January 2019, Critical accounting estimates and judgements In the application of the charity's accounting policies, the Truslees 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 experien￿ and other factors that are considered to be ielevant. Actual resLblts may differ from these estimates. The estimates and underfying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the ests.mate is revised where the revision affects only that pericxj, or in the peri¢yJ of the revision and future periods where Ihe revision affects both current and future peri(yJs. 14- BRITISH SOCIETY FOR GEOMORPHOLOGY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021 Donatlons and l•gael•s Unrestricted Unrestricted fund$ funds 2021 2020 Grants receivable Membership fees 21,464 8,460 20,721 8,500 The Charity inherTted the assets of the fomer unincortKJrated British Society for Geomorphology, a related party, in January 2019. The previous Charity has now been removed from the Charities Commission register. The asset transferred included the cash balances, invesbnents and funds. Other income Unrestricted Unrestricted funds funds 2021 2020 Royalties 50.974 53,193 Description of charitable activities Research The research charitable activities drive the research missions of the Society, The committee coordinate the programme of meetings, Conferen￿ stx)nsorship. research grants and awards administered by the Society. The committee make recommendations on the award of Society grants lo individuals for speofic research activities to be undertaken. Publications The publications activities of the Society involve appromng publications and other outputs, maintenance of the Society website and reporting on activities within the Soaety on Ihe website and via social media. It is restx)nsible for promoting the Society journal. Earth Surface Pro￿sseS and Landfom7s, and for Society liaison with Wiley Publishers. Education & Outreach The education activities of the S(Kiety involves promoling and developing aspects of Souety business that link it lo the wider world, in particular through education and activities that encompass business, industy and society. It addresses issues relating lo education, membership, marketinglpublicity, chartered status and process ICGeog IGeomorphl}, external relations. industry and community Iwider audience) and professional matters. 15- BRITISH SOCIETY FOR GEOMORPHOLOGY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021 Support costs Support Govemance costs costs 2021 Support Governance costs 2020 Staff costs Subscriptions and EGU costs Executive Committee expenses Office services and expenses Liability and Charity Trustee insurance Bank and PayPal charges Independent examination 7.232 7,232 7,139 7,139 1.067 1.067 1,135 1,135 1.468 1,468 264 198 198 1.589 1,589 1,171 1,171 199 199 1,500 197 1,500 197 1,500 11.851 11,851 12,808 12,808 Analysed between Charitsble activ￿e$ 11,851 11,851 12.808 12,808 The support costs are allocated to the research charitable activities as without these ongoing research projects the Sociely would not incur such support costs. Grants payable Research grants. ESPL awards and ECR grants Research grants and awards are made lo spectfic individuals and inslitulions. During 2021 these lotalled 12 awards {2020.' 16 awards). Trustees None of thè Trustees lor any petsons connecled with them) received any rémuneration dLJring the year, but expenses reimbursed to all members of the Executive Committee amunted to £012020." £1.4681 in respect of travelling and committee meeting expenses. 10 Employees The average monthly number of employees during the year was: 2021 NuM￿r 2020 Number 17- BRITISH SOCIETY FOR GEOMORPHOLOGY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021 10 Employees (Continued) Employment costs 2021 2020 Wages and salaries 7,232 7,139 No staff member earned MO￿ than £60,000 from the charity in Ihis accounts year. A defined contribLJtion pension scheme is made available to all eligible employees. The employer cost of this scheme is shown above. There were no outstanding liabililies at the year end. The 8ver8ge monthly number of p8rt-time employees w8$ 1. There were no employees whose annual remuneralion was more than £60.000. 11 Net gainsl{losses} on investments un￿strICted Unrestricted funds funds 2021 2020 Revaluation of investments 11,304 1,202 12 Fixed asset investments Llst8d Invèstmants Cost or valuation Al 1 January 2021 Valuation changes 30,392 11,304 Al 31 De￿rnber 2021 41.696 Carrying amount Al 31 De￿mber 2021 41.696 At 31 De￿mber 2020 30,392 Fixed asset investments revalued The UK quoted investmenis are ￿valued to martel value annually. The historical cost of the units held at 31 December 2021 would be £15,667. 18- BRITISH SOCIETY FOR GEOMORPHOLOGY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021 13 Dèbtors 2021 2020 Amounts falling due within one year: other debtors Prepayments and accrued income 72.430 198 73,614 828 72.628 74,442 14 Flnanclal Instruments 2021 2020 Carrying amount offinancial assets Debt instruments measured at amortised Cost Equity instruments measured at cost less impairnient 72,430 41.696 73,614 30,392 Carrylng amount of flnan¢lal Ilabllltl¢s Measured at amortised cost 3,792 3,929 15 Creditors- amounts falling due within one year 2021 2020 Accruals and deferred income 3,792 3,929 16 Rolatsd party transactions The Charity considers its key wnan8gernent personnel comprise the Trustees. The total employment benefits, including employers pension contributions of the key man8gemenl were £Nil. 17 Cash generated from operations 2021 2020 Surplus for the year 17,057 43,825 Adjustments for.. Fair value gains and losses on investments 111,3041 11,2021 Movements in working capital= Decrease in debtors IDe¢re8seKincrease in cre¢Jilors 1,814 11371 775 1,542 Cash generated from operations 7,430 44,940 18 Analysis of ¢hanges in net funds The charily had no debt duiing the year. 19-