Charlty Reglstratlon No. 1179467 BRITISH SOCIETY FOR GEOMORPHOLOGY ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Lentells Chartered Certified Accounianis BRITISH SOCIETY FOR GEOMORPHOLOGY LEGAL AND ADMINISTRATIVE INFORMATION Tw$t•¢$ Prof Hèather Vilès Dr Hannah Williams Dr Sarah Louise Callard Dr Matthew Westoby Dr Elizabeth Dingle Dr Lucy Clarke Dr Hywel Grffiths Dr Anne-marie O¢kelford Dr Christopher Had¢ney {Appointed 7 September 20231 (Appointed 8 February 20241 (Appointed 7 February 2023} (Appointed 6 September 20231 Dr Fiona Carthness Dr Harry Sanders Dr Sluart Grieve Charlty nuM￿r 1179467 Independent examiner Lente115 Limited Ash House Cook Way Bindon Road Taunton Somerset TA2 68J BRITISH SOCIETY FOR GEOMORPHOLOGY CONTENTS Page Committee report Independent examine¢s report ststemenl of financial 8¢tiwties Balance sheet 12 Notes to the finan￿al statements 9-18 BRITISH SOCIETY FOR GEOMORPHOLOGY COMMirrEE REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 Thè Trustaès pr8sent their annual reKK)rt and financial statements for the year ended 31 Decembèr 2023. The financial stslemenls have been prepared in accordan￿ with the accounting policies set out in note 1 to the financial slalements and comply with the chartvs goveming document. the Chanties Act 2011 and "Accounting and Reporting by Ch8rities'. Stslernenl of Recornmended practi￿ applicable lo Gharilies preparing their 8Gcounls in 8c¢ordan¢e with the Finan￿al Reporting Stsr￿8rd applicable in the UK and Republic of Irel8nd 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 Landforms. published in association wth Wiley,. and through the maintenance of an open access website. These activities are overseen by five Sub-comrnittees of the Executive Committee. Grants are awarded on an open competits.ve basis twice a year. Recipients of grants are required to report lo the relevant Sub-committee on the supported ath"vrties. The Charity is in the form of a Society open for membership to anyone wtth an interest in geomorphology. The Trustees have paid due regard to guidan￿ issued by the Charity Commission in deciding what activities the charity should undertake. Achl8v•mants and performance Al the end of calendar year 2023 the Society continued to exceed tts target reserves., cash and cash equivalents were £140,297.84 against a target reserves balance of £89,847.60. This was despf(e a managed drawdown of £32,367.06 across the year, in large part due lo an elevated budget for the Research Sub-committee and slightly upltfted spend for various other Sub-committees. This level of spending was intentional the Society's financial strategy in 2023 still focused on drawing down our cash reserves {from a recent high during the Covid-19 pandemic, when spending was limited but income remained largely at pre-covid levels) so that we close the gap lo our largel reserve level, before a swttch to an intended 'breakeven' model of inwme and expendrture was to come into operation in calendar year 2024 onward. This is being th"alled at the time of writing and we will be in a position to reflect on the level of success in the next repo¥ts"ng cyde. BRITISH SOCIETY FOR GEOMORPHOLOGY COMMirrEE REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Thé Annual Gén8ral M8&ting The Society's Annual Meeting was hosted by the University of Edinburgh in earfy September 2023. It was well attended and is to be regarded as a Suc￿ss. The meeting saw the introduction of the Cuchlaine King Symposium, which included an all-female roster of invited speakers., this element of the meeting wll be ￿taIned for subsequent editions and is intended, in part, to strenglhen links with the Society's publishing affiliate, Wiley, by encouraging meeting participants and the wider membership and geomorphological community to contribute to an associated Special Issue of Earth Surface Processes and Landforms. The Society subsidises the Annual Meeling (maximum £20,000, reducing to £10,000 for 20241 and was invoiced for £18,293.74. For reference, Ihe recipienis of Ihe Sociely's various awards for 2D23 were.. Colin Woodroffe {Linlon Award), Edwin Baynes Imike Kirkby Award), Louise Slater IGordon Warwick Award), Tamsin Carpenter Imariorie SV￿ting Award), and Camiine Donatelli (Dick ChorfeyAwardl. Grant Dffsbursement andAwards One of the main a¢tivities of the Society consists of providing grants to support research and outreach and facilitste conference attendance, especially to postgraduate and eady career researchers. The Society also provides funding to SLJPPOrt geomorphological sessions at suentific Conferen￿ in the UK and abroad, and it has awarded prizes to individLJals to mark pa￿C￿lar achievements. Grants and awards a￿ competib've, with the selection process being overseen by Ihe relevant Su￿1MMitteeS le.g.. Research sukn)mmittee and Outreach sub-committees for research and outreach grants, respecbvelyl. Outreach s￿￿Mmittee for outreach grants). An overview of grant disbursement is found in the 'Financial review, secbon of this retx)rL Postgraduate Development The So¢iety's main Postgraduate Development activity is the December Windsor workshop, which consists of a series of training courses aimed at new postgraduate researchers. The workshop is subsidised by the Society, and the Intemational Assoaation of Geomorphologists offers financial support for international students. Another well- attended and SLJccessftJl workshop was run in December 2023, and the totsl cost to the Soaety lafter income from registration) was £8,257.10, including venue hire fees and volunteer expenses. Enhancing the reputation ofthe BSG The Society continues to develop its international profile through sponsorship and co-sponsorship of sessions at conferences, induding those hosted by the European Ge0s￿en￿S Union IEGUI. These sessions sometimes run jointly with other allied soaeties including the Quatemary Research Association, and the Royal Geographical Society Iwith IBG,. RGS-IBGI. The Souety has an avenue for members to become Chartered Geomorphologists, CGeog (Geomorphl via the RGS-IBG. This is the professional status qualification for those with competences, experience and professionalism in the field. BRITISH SOCIETY FOR GEOMORPHOLOGY COMMirrEE REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 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 Surface Pnxesses and Landfom?s, whose title is jointly owned with the Society. The Society incurred a minimal operaling cost in 2023, primarily due to the commitment of unpaid committee members, and a model of substituting in-person committee meetings with virtual alternatives- committee expenses totalled £541.02 for the year. We employ a financial and administrative assistant part-lime, and this incurred an overall expenditure of £8,690.34. Annual surplus and cash flow Totsl income in the year was £89,310.83 and expenditure was £125.698.89, generating a drawdown of £32,367.06. Al the end of the 2023 reporting period, the Society held £79.295.05 in its current account and £20,724.29 in its PayPal account. True cash reserves were therefore £100,019.84, and overall reserves were £140,297.84 including extemally held investments. Income from membership subscriptions was £10.117.31 in 2023. up from £8.904.92 in 2022. and £8,331.16 in 2021. This remains a relatively low income compared lo ils pre-covid peak1£19.429 in 20191 and is because the Society's metnbership fee5 remain low to encourage 51eady growth of the membership b8se - this stolegy 8ppe8rs to be working. Income from Wiley in the form of a blo¢k grant. and royalties attached to the So¢iely's journ81 Earth Surface Processes and Landfom)s. increased slighuy in 2023. amounb.ng to £79.193 Compared lo £76.499 in 2022, an in¢rease of £2,694, wlh this ￿fft￿n¢e explained mosuy by inflation adjustrnent applied to the block grant., income from royalb'es remained more or less stati¢. Thè operational costs assouated with running the society in 2023 were £19,534.89, an increase of £4,358.94 compared to 2022. This difference is attributed to the first sponsorship payment {of £5,0001 from the Soaety to Royal Geographical Society-affiliated "Fi Wi Road" intemship programme, which provides support for Black and mixed-Black heritage students in building ne￿rks, voice and experience within geographical disaplines, and which the Society is committed to for the nexi two years. It is itemised as a MIs￿lIaneoUS cost in 2023 but may be attached to a separate budget heading next year. Other "running costs" include committee expenses, employment of the financial and administrative assistant, and additional miscellaneous expenses (liability insuran￿, accounting Costs, bank fees, website domain hosting. etcl., they amounted to -22°h of the Soaety's income, or 17% excluding the Fi Wi Road sponsorship Icompared to 18% in 2023, 14% in 2021, 16.kn in 2020, 19¥0 in 20191. In 2023, the Soaety disbursed £50,791 to support research. attendan{￿ at scientific conferences, worf(ing groups and workshops, mostly to postgraduates and earfy career researchers1£49,289 in 2022, £49,643.06 in 20211. The total amount available for research-related grants will redu￿ in 2024 to £35,000- this is more comparable to pre- pandemic spending and is required lo maintain a breakeven budget. Reserve and InvestmentAccounls and reseThes policy Al the end of 2023 the value of our Jupiter Ecology Fund Investrnenl was £40.278.08', this investment had increased in value by £4,021 over the course of the year. In a more recent valuation 125th March 20241 the investment was worth £43,123.50. Al the end of 2023, the Society's available funds stood at £140,297.84 1£157,611 in 2022, £173,153 in 20211. The Society therefore maintained a surplus of £50.450.24 above its target reserves balance of £89,847.60. However. given that the vast majorty of the Society'5 income is received in Spring li.e. the two Wiley payrnenls) and expenditure is distributed more evenly throughout the year. il is useful lo reflect on the available funds al the 'low point, of the year this occurred on 28th April 2023. al which point the Society held £131.334 in available funds. which w8s £42.229 8bove the target reserves level_ The Tre8surer and wider Finan￿ Sub- committee wll Continue lo closely monitor income and expenditure, with a view lo ensuring that. ideally, the Society's available funds do not dip below the tsrget ￿serveS level at the Spring low point. Members of the Exe¢ulive Committee met with the So¢iety's a¢¢ountants in 2023 to dis¢uss the appropriateness of the Current target reserves level - it was de¢ided that the Current level is appropriate under the ¢urrent ¢ir¢umstan￿$, but that increasing this slightly Ito 4100,0001 could further improve resilience and would be pmdent given that the Society's operational costs, and thè various actiwties that it suprK>rts. are not immune to inflationary pressures. The Society's reserves policy may be updated in due course to relleci an uplift, and will continue to be reviewed annually. BRITISH SOCIETY FOR GEOMORPHOLOGY COMMirrEE REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Risk managamantpolicy The Executive Committee has reviewed and keeps under review the risks faang the Soaety and has in place the necessary poliaes to mitigate those risks. Forecast income and expenditure 2023 and beyond The Society retains a surplus. The impact of the Covid-19 pandemic on the Society's ability to disburse grants and financially support various other activities has now diminished. signalled by renewed interest from members in the Society's various grant offerings. and healthy attendance at re¢ent meetings and workshops. including th& Windsor Workshop, and CPD-fo¢used events organised by the Professional Geomorphology Sub-committee. The Executive Committee has decided to redu¢e dis¢retionary budgets as we move into 2024. For example, the research grants budget has been reduced from --£S0.000 to £35,000, and Annual Meeting support has been redLJced from £20,000 to £10,000 - combined these are the Iwo most significanl areas of outlay. The Society's financial position will continue to be regulady reviewed by the Treasurer and discussed at Finance Sub-committee and ExecLJtive Committee meetings. As atrK)ve. we are aiming for breakeven income-expenditure in 2024. The Soaety remains largely dependent on Wiley and our ioumal. Earth Surface Processes and Landfomjs, for its income., combined, these SoUr￿S represent -90°A of Ihe Society's income. This income stream has increased by -16 /0 Sin￿ 2019. However, a future shift by Wiley to an Open Access publishing model is almost certain and given the uncertainty that this might create, the Society is exploring ways to diversify its income and adapt expenditure to increase future financial resilience. Membership of the Society continues to present ex￿lIent value for money given ongoing access to grant opportunities, reduced registration rates for Ihe Annual Meeting, ne￿ork-buIldIng initiatives, and a growing range of activities that prornote and advan￿ geomorphology through research, education, and the dissemination of knowledge. For the last few years subscription rates have remained suppressed to incentiwze rllembership during the pandemic. Moving into 2024 the Executive Committee are discussing an increase to the current subscription rates, and which would come into fo￿ later that year. or in early 2025. We relain a posltive outlook for 2024. We expect income to largely remain stable, whi15t expenditure will ￿e￿eaSe with a view to balancing this against income. It is anb"cipated that any surplus will be retsined and used to Increase our ￿SerVe5_ As above, the Society's finan¢es ￿11 be di5GU55ed at Various poin15 in 2024, 8nd budgets for the following year will be ￿vieWed and ¥g￿e11, 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 charity has taken advantage of Ihe provisions in the SORP for charities not to prepare a Statement of Cash Flows. The finanaal ststements have departe(J from the Charities lAC￿￿nts and ReKK)rtsl Regulab'ons 2008 only to the extent required to provide a tme and fair view. This departure has involved following the Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Ststement of Recommended Practice which is referred to in the Regulations but which has Sin￿ been withdrawn. The financi81 statements 8re prep¥red in stsding. which is the functional currency of the charity. Monetary amounts in these financial stslemenls are rounded lo the nearest £. The financial statements have been prepared under the historical cost convention, m￿lfied lo include the revaluation of investments at fair value. The principal accounling poliues adopted are set out below. 1.2 Going concern Al the time of approving the finanual slatements, the Trustees have a reasonable expectation that the charity has adequate reSoUr￿S to continue in operalior)al existen￿ for the foreseeable future. Thus the Trustees continue to adopt the going concem basis of accounting in preparing the financial stalemenls. 1.3 Charitable funds Unrestricted funds are available for use at the dI￿retIOn of Ihe Trustees in furtheran￿ of their charitsble objedives. 1.4 Income Incorne is recognised when the charity is legally enb.tled to it after any perfomianL% conditions have been mel, the amounts can be measured reliably. and it is probable that In￿Me 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 So¢iety interest are apportioned between funds with referen¢e to the balance on oa¢h fund al Ihg b$ginning of the year. BRITISH SOCIETY FOR GEOMORPHOLOGY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 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. 10- BRITISH SOCIETY FOR GEOMORPHOLOGY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 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. 11 BRITISH SOCIETY FOR GEOMORPHOLOGY BALANCE SHEET AS AT 31 DECEMBER 2023 2023 2022 Notes Flxèd assats Inveslments 13 40.278 36,257 c￿r￿n1 assets Deblors Cash at bank and in hand 14 79.525 100.020 76,634 121,354 179.545 197,988 Creditors.. amounts falling due within one year 16 121.504) 13,5581 Net ¢urrent assets 158,041 194,430 Total assets less current liabilities 198,319 230.687 Income funds Unreslri¢tsd funds 198,319 230,687 198.319 230,687 The financial stslemenls were approved by the Trustees on ......................... Dr Matthew Wesloby Trustee 12- BRITISH SOCIETY FOR GEOMORPHOLOGY BALANCE SHEET (CONTINUED) AS AT 31 DECEMBER 2023 Crltleal aecountlng ostlmatos and Judg•m•nts In the application of the charity's accounb.ng policies, the Trustee5 are required to make judgements, eslimales and assumpb.ons about the carrying amount of assets and liabilities th8t are not readily apparent from other sources. The estimates and 85soGiated assumptions are based on hisloriGal experien￿ and other factors that are conSide￿d to be ￿levant. A¢tu81 results may drffer from these estimates. The eskn'mates and undedwng assumptions are reviewed on an ongoing basi5. Revisions lo accounting estimates are recognised in the period in whith the e5b.mate is remsed where the revision affects only that period. or in the period of the revision and luture ￿riodS where the revision afftrcls both current and future periods. Other income Unrestricted Unrestricted funds funds 2023 2022 Royalties 52,429 52,739 Donation$ and leg8¢ies Unrestricted Unrestricted funds funds 2023 2022 Donations and gifts Grants receivable Membership fees 5,000 23,760 8,905 26,765 10,117 36,882 37,665 Description of charitable activities Research The research charitable activities drive the research missions of the Society, The committee coordinate the programme of meetings, conference swnsorship, research grants and awards administered by the Society. The committee make recommendations on the award of Society grants lo individuals for specific research activities lo be undertaken. Publications The publication5 activities of the S¢xiety involve approwng publicab.ons and other oulpuls, maintenance of the Society website and reporbng on activities within the Society on the website and via social media. It is responsible for promoting the SocAety joum81, Earth surfa￿ p￿CesseS and Landfonns, and for Society liaison with Wiley Publishers. 13- BRITISH SOCIETY FOR GEOMORPHOLOGY BALANCE SHEET (CONTINUED) AS AT 31 DECEMBER 2023 Description of charitable activities (Continued) Education & Outreach The education activities of the Society involves promoting and developing aspects of Society business that link il lo the wder world, in particular through educab.on and acb"vilies that encompass business, industry and society. 11 addresses issues relating lo education, membership, marketinglpuL>licity, chartered slalus and process ICGeog (Geomorphl), external relations. industry and community Iwider audience) and professional matters. 14- J in r i w u> 0￿00