Company number 522061 Registered Charity number 209299 BRITISH EDITORIAL SOCIETY OF BONE AND JOINT SURGERY (THE) (A COMPANY LIMITED BY GUARANTEE) ANNUAL REPORT AND FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2022
BRITISH EDITORIAL SOCIETY OF BONE AND JOINT SURGERY (THE) {A COMPANY LIMITED BY GUARANTEE) YEAR ENDED 31 DECEMBER 2022 Contents Page Officers and professonal advisers Annual Report of the Counal of Management Statement of the Counal of Management's responsibilities Auditors, report 9-11 Statement of Financial Activities 12 Balance sheet 13 statement of Cash flows 14 Notes lo the finaricial statements 15-24
BRITISH EDITORIAL SOCIETY OF BONE AND JOINT SURGERY (THE) ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2022 Officers and professional advisers COUNCIL OF MANAGEMENT Mr Fergal Monsell FRCS (Chaimian from 1 January 2023 TreasLJrer until 31 December 20221 Mr Martin Bircher FRCS (Chairman until 31 December 20221 Mr David Limb FRCS (freasurer from 1 January 20231 Professor Deborah Eastwood FRCS ISecretaryl- resigned 30 September 2022 Professor John Skinner FRCS (President- British Orthopaedic Assooation, lo 30 September 20221 Professor Deborah Easlwo(Ml FRCS {Presidenl- British Orthopaedic Association, from 1 October 20221 Secretary Ms Deborah Easknd MA FRCS Managlng Dlrector Mr Flchard Hdlingsworth Editor. The Bone & Jolnt Joumal ProfeOr Fares Haddad FRCS CHARITY NUMBER 209299 COMPANY NUMBER 522061 REGISTERED OFFICE 22 Bu¢kingham Street London WC2N 6ET BANKERS Coutts & Co 440 Strand London WC2R OQS SOLICITORS Wilsons Solicitors LLP 4 Lincoln's Inn Fields London WC2A 3AA AUDITOR Crowe U.K LLP Aquis House 49-51 Blagrave Street Reading BeTkshire RG1 IPL INVESTMENT ADVISORS BlackRock Investment Managers {UKI Limited 33 King William Street London EC4R 9AS Page 1
BRITISH EDITORIAL SOCIETY OF BONE AND JOINT SURGERY {THE) ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2022 TRUSTEES. REPORT The Board of Trustees of The British Editorial Socllely of Bone and Joint Surgery I'the Society") present their Annual Report for the year ended 31 December 2022 under the Companies Act 2006 and the Charities A¢t 2011. together with the audited financial statements for that period. REFERENCE AND ADMINISTRATIVE DETAILS The Brits"sh Ed(toti81 Soaety of Bone and Joint Surgery is a registered charity (No. 2092991 and a company (No. 5220611 limited by membership guarantees. Its registered office is as shown on page 1. The present Trustees, and any past TrLJStees who served during the peri¢Jd. are given on page 1. The extemal advisers of the Society are also set out on page 7. STRUCTURE. GOVERNANCE AND MANAGEMENT The Members of the Society are everyone appointed to The Bone & Joint Joum81 Editorial Board. The Board of Trustees, I'lhe Council of Management.), is responsible forthe overall govemance of the Society. Trustees are elected by, and are members of, The Bone & Joint Journal Editorial Board. Members of the Society elect the Counol of Management al the AGM, and the total number of Trustees may not exceed five. The President of the BOA 0pIeS one of the five Trustee positions ex officio. The Chairman of the Council of Management is also Chairnian of the Society. Elected Members of Coijncil may remain in office for three years, and may, be re-elected for up lo fLJrther Ihree-year tems. Council elects a Chairman, Treasurer arid Secretsry from it5 elected members. The person elected as Chaimian serves in that office for three years. Council may appoint up lo two co-opted trustees ID serve on the Counal of Management. Co-opted trustees are not fftquired to have served on The Bon8 & Joinl Joum81 EdiloNal Board. Each Member of Council is qUired to take responsibilty for specific aspects of the Soc#ety's work. Council nomally meets fomially four times a year. New trustee5 receive a copy of the Articles. and 8s they have been a member of The Bone & Jolnt Joumal Editorial Board, they are already farniliar with Ihg major issues faang the Soaety. Trustee training is provicsed in specific areas such as investrnent, when required. The Council delegates the exercise of certain powers in connection with the management and administration of the Society as set out below. This is controlled by requiring regular reporting back to the Council, sothal all derysions made under delegated powers can be ratified by the full Council in due course. The Council seeks advice from experts in governan. finance, marketing, digital publishing. 2nd other areas as required. REMUNERATION cOMMrEEAND MANAGEMETrif REMUNERATION The Remuneration Committee ccmprises the Chairman, Treasurer and Managing Director. The Committee meets annually to review staff salaries and benefits and the fees paid lo independent contractors. The review takes account of perfonnance. prevailing market rates. and any changes in the job role. MANAGING DIRECTOR AND EDITOR The Managing Director is responsible for the day-to-day management of the Society and for implementing policies agreed by the Counryl of Management. The Managing Director is assist by a group of senior managers, induding the Director of Publishin9 and the Head of Marketing & Sales. The Editor is responsible for directing the editorial policy of The Bone & Joffnt Joumal. He is aided by a team of Associate Editors, and by the Editorial Board. On editorial matters the Editor is ac¢ountab1e to the Editorial Board, and on publishing busines5 matters lo the Managing Director. The Managing Director reports to Council through the person of the Chairman. The Society publishes three olherjournals, each th their Editors and Editorial Boards, and all the Society's joumals, whilst editorially independent, come under the overall governance of th8 Council of Management. Page 2
BRITISH EDITORIAL SOCIETY OF BONE AND JOINT SURGERY (THE) ANNUAL REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022 STATEMENT OF THE COUNCIL OF MANAGEMENT'S RESPONSIBILlEs The Council of Management is responsible for preparing the Annual Report and the financial statements in accordance nth applicable law and United ngd(x Generally Accepted Accountino Practice (United 'ngdom Accounting Stsndards}. The law applicable to charities in England and Wales requires the Council of Management to prepare financial slalements fDr each finanoal year which giv8 a true and fair view of the state of affairs of the Society and of the in¢oming resour$ and application of resoLJrces of the Society for that period. In preparing these financial statements, the Council of Management is required to.. select suitsble a¢xounting policies and then apply them consstenuy,. observe the methods and prinriples in the Charities SORP., make judgements and estimates that are reasonable and prudent., stsle whether applicable accounting standards have been frAlowed. subj8ct lo any material dep8rtures disclosed and explained in the aoUntS,. and prepare the finanual slalements on the going concern basis unless it is inappropriate lo presume that the Society will continu8 in business. The Council of Management is responsible for keeping proper accounting records thich disclose wth reasonable accuracy al any lime the financial position of the Souety and to enable them to ensure that the linanoal stslemenls comply wlh the Companies Act 2006. They are asso responsible for safeguarding the assets of the Society and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. The Counal of Management is responsible for the maintenance and integrity of the corporate and financial infomalion induded in the Soaety's website. So far as each member of th6 Council of Management is aware, there is no relevant audfft infomialion of lch the Socioty's auditors are unaware. Each member of the Counal of Management has tsken all the steps that they ought to have taken in order lo make themselves aware of any relevant audit infomiakn'on and to establish that the Society's auditors are aware of that infomation. Page 3
BRITISH EDITORIAL SOCIETY OF BONE AND JOINT SURGERY (THE) ANNUAL REPORT {CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022 RISK MANAGEMENT Risks are reviewed as a part of the regular Council meetings. A risk register is maintaned and fomally approved by Council on a quarterty basis. Key risks reviewed include strategic and operational areas linked to subscription and advertising revenues, changing business models in the publishing sector, the Impact Factors of ourjournals, and 8 Potential decline to the Soaely's investment income. Membership deals with orthopaedic associations in the UK and overseas form a very important proportion of individual subscriptions. and they are kept under dose review. CONFLICT OF INTEREST Council has adopted a policy for corfflicts of interest. All the trustees and senior managers have made a declaration of potential Conflicts and signed the policy. The declarations have been reviewed and no serious conflicts have arisen. OBJECTS AND PRINCIPAL ACnVITIES OF THE CHARITY The objerts of the Soaety forthe publi¢ benefit are defined 8s.' °The advancement of education in. arKI the improvement in the pracb'ce of. orthopaeo*ics and allied branches of surgery tether with the drffusion of such knoedge throughout the worfd. Our printipal activity in fLJrtherance of these objects is the publication of The Bone & Joint Joumal and related joumals under the Society's Bone & J(xnt imprint. Other actwilies include.. providing orthopaedic information vi8 our websites and disseminating The Bone & Joint Journal and our other journals as dely as posgble. The objectives of those adivities. and the Society's achievements against them, are discussed under the heading Achievements and Performance, below. When planning our activities, the Council of Management have considered the Charity Commission's published gkjidance on the Public Benefit requirement under the Charities Act 2011. The Society provid8s public benefit by helping to increase the knowledge and skills of praclising orthopaedic surgeons and researchers. Attde titles and abstracts are fully searchable and felY available online for all content in The Bone & Joint Joumal, and the full text of all articles over 5 years, old is also freely available. ACHIEVEMENTS AND PERFORMANCE From the strategic plan this period's key objeclives and the impact of our achievements are summ?rised as follows.. Publishlng andmarkabng The Bong & Joint Journal Our aim 18 to publish the best quality papers in the Scien and practice of orthopaedics in The Bone & Joint Journ&l, and to encourage surgeons to subscribe and to read the Journal. Subls$10ns for publication from surgeons and researchers wortdwde lolalled 1,399 in calendar year 2022. All submissions undergo a rigorous double-blind peer review process, and as a result only some 15Yo are accepted for publication, enwring that the best papers in orthopaedics are published in The Bone & Joint Journal. We have continued lo develop OUT online submissions and reviewing system which helps to ensure that we maintain our impre1Ve response ts'me to authors. About 90¥0 of papers re1ve an initial decision from the Editor within six weeks of receipt. OLJr policy is to keep the subscriptlDn rates to The Bone & Joint Joumal as low as poswble lo increase aeSsibIlIty. Surgeons in training benefit from a 500/. di5¢0unl on the consultant rate. At Dember 2022, trainee subscribers o)mprised some 100/. of our total paid subscribers. We market the Journal worfdwde in accordance wlh a Marketing Plan approved by Council as part of the annual budget cycle. This enctsmpasses a ride range of activities induding stands in exhibitions, partnerships with orthopaedic associations, social media posts, print media, email and specially designed web pages. Page 4
BRITISH EDITORIAL SOCIETY OF BONE AND JOINT SURGERY (THE) ANNUAL REPORT {CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022 Providing orthopa8die Informatlon via the website OLJr aim is to have a website which orthopaedic surgeons regard as 'The Source" of reference and edLJ¢ation. Every issue of Th8 Bone & Joint Joumal published since 1948 is available in ils entirety via the website and full text for all issues more than five years, old is freely available without subscription. In January 2020 we launched the open asS joumal Bone & Joint Open. We also publish an open access journal aimed at the research o)mmLJnily-. Bone & Joint Research. This receNed Its first Impact Factor in 2015 and the Impact Factor has increased in subsequent years. We also publish a summary digest joumal for orthopaedic surgeons, Bone & Joint 360, whose worldknAde cir¢ulakn"on continues to grow. In 2022 the Council of Managomenl agreed to invest in a new website lo host the joumals as part of a broacser digital transformation strategy. The new website will launch in eady 2023. The new digital tAatfom)s Orthomedia. which hosts multimedia content,. and Orthosearch, a discovery service enabling effective search and retrieval of orthopaedic content, continued to develop, and grow in terms of profile ancl the numbers of users. To disseminate The Bone & Joint Journal as widely as possible Our aim is lo increase the understanding of how The Bone & Joint Joum81 is published, lo en¢oiJrage authors lo submit their papers to us, and thus increase the educational standard of the papers we publish. We also aim to make The Bone & Joint Joumal as widely available as possible, given our finanryal ¢onstrainls, so that the educational content reaches the wdest possible worfdwde audience. The Editor has given talks at orthopaedic meetings in the UK and at many conferences around the world on Th& Bone & Joint Journal and our publishing process. The Editor also hosted well-attended Reviewers. Days and we continue lo expand the number of reviewers in the UK and intemationally. Local editions.. We work wlh third-party publishers lo publish local editions of selected papers, either to provide translations into major languages or to reach rn2rkets more easily than we can. These local editions are typically distributed free, funded by local sponsorship. Developing countries.. We support the Research4Life project that provides free online awss tojoumals via accredited institutions in develotxng countries. ABC Travelling Fellows.. We provide donations lo cover the travel costs ol the ABC Travelling Fellows (surgeons selected by the AOA and BOA as the leaders amongst their generation lo trdvel and leam about orthopaedic surgery in other countries) while they are in the UK, and we fund Iravd for UK surgeonstravelling to the USA. Donations are also routinely made to supportthe EFORT Mark Paterson Travelling Fellowships, and lo the British Orthopaedic Research Society IBORSI. Core Trainee Prize Awards.. Trainees planning lo apply for specialty training in orthopaedics in the UK and Ireland are invited lo submit an essay or review paper on tt subject relevant to the conlempordry practice or future devdopment of orthopaedic surgery. There were five award wnners in 2022. Providing publishing servl¢es We no longer publish EFOR Topen Reviews. an open accessjoumal, in partnership with the Europ&an Federation of National Associations of Orthopaedics and Traumalology IEFORTI, and the Journal of ChildTrn's Orthopaedics. in partnership with the European Paedialric Orthopaedic Society IEPOSI. Fundraising The SoLiely had no fundraising activities requiring disclosure under S162A of the Charities Act 2011. Page 5
BRITISH EDITORIAL SOCIETY OF BONE AND JOINT SURGERY ITHE) ANNUAL REPORT {CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022 FINANCIAL REVIEW AND RESULTS FOR THE YEAR The Ststement of Financial Activities ISOFAI set out on page 12, shows that lolal inccffle of £2.30m was down on £2.48m in 2021. Subscription sales were £1.30m, compared lo £1.33m the previous year. Online sales and open access revenues were £253k compared lo £426k in 2021. This decrease was due lo the strategic decision to dis¢onlinue our involvement in the publication of journals on behalf of other organisations. Income from investments was £479k against £412k in 2021. Expenditure on charitable adivilies at £2.29m was marginally lower than the £2.32m in 2021. Total expenditure of £2.38m was lower than the previous year's figure of £2.42m, and this resulted in 8 net loss for the period of £77,808 compared lo a profit of £56.532 in 2021. After taking into account unrealised losses on Investments, lolal fund balances decreased by £1.934k 12021. increased by £1.304kl to £19.18m 12021.. £21.12ml. FINANCIAL MANAGEMENT POLICIES Reserves The Society's tol81 funds were valued al approximately £19.18m at 31 December 2022 12021.. £21.12ml, of which £14.65m represents the free reserves12021= £16.91ml. Free reserves comprise unrestricted funds whi¢h are expendable at the discretion of the Council of Management in furtheran of the Charity's objects being total UnstrICted funds less tangible and intangible fixed assets, investment properties and other designated funds. Wh we hold the reserves These provide an important resource whith has enabled the Society to advan orthopaedic education by maintaining low subscription rates despite running a trading deficit on our publishing activities. These reserves have also allowed the Society lo fund the important educational initiative of providing reduced subscription rates lo trainees lo encourage the newest members of the profession to subscribe lo our publications in both their paper and electronic forrns. The income derived from the investments is used for continuing operations and for funding new developments. These developments include continued investment in newtechnology for the digital dissemination of inlomialion, the cost of building, enhancing and maintaining a new website, and investment in new publishing activities in furtherance of our charitalJe objectNes. The Council of Management has reviewed the level of free reserves which il fegls are appropriate for a Society thich carries a number of major risks in its publishing activities. and believes that a figure of approximately £14-16m is required in order lo mitigate risks including the fdlowng.. the need to invest in new technologyto exploit the potenb'd of digital technologies and solutions increasing publication, prinb.ng and distribution costs decreases in advertising r8venue pressures on joumal subscription income and a move lo open access business models potential litigation from author. patient. manufacturer or other organisalion plans to invest in additional medical publishing activities to further our educational objectives flu(*uations in stock market performance The Council of Management believe that it is important for the Society lo hdd reserves lo mitigate these risks, and to provide investment income lo the Society. The current Reserves Policy lakes into account the finanryal pressures on Ihejournal subscription model, reduced library budgets, reduced advertising income, and the need lo invest in new digitsl services. The Council of Management has committed to investments in digital transformation and lo develop and launch new products that meet the needs of our community. What lev&1 or ran of reserv sth rustees believe the charl ds The Council of Management regularfy reviews the level of reseNes which il feels are appropriate for charitable medical publisher and Council believes that the current level of reserves enables US to achieve our charitable objectives. In order to maintain this level of reserves, Council has given the investment managers the investment objective of maximising long-tem total return while also providing income. Page 6
BRITISH EDITORIAL SOCIETY OF BONE AND JOINT SURGERY (THE) ANNUAL REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022 Arran amen r monitorin and wln the olic The Treasur&r and Managing Director meet regularty with the Society's investment managers, Bla¢kRock, to review targets, the investrnenl rllanagers, performance against them, and to assess whether investecl assets are al an appropriate level. The Treasurer reports the outcome of these meetings back to CoLJncil. The Council of Management a keeping under reviewthe impact of changes in the global economy on our piincipal sources of income- subscriptions and adverknsing- and on our costs. Significant changes in these might require a revision of the Resetrves Policy. Review of oli The Trustees review this Reserves Policy on an annu81 basis. Going Concgrn Bearing in mind current trading, future plans and existing levels of reseNes, the Council of Management has 8 reasonable expectation that the Society has adequate resources to continue ils activities for the foreseeable future. Council has considered the potential adverse effect of the current macro-economic picture on the Soaety. Although there is likely lo be pressu on our income and ¢osls, the Council of Managernent believe the existing strategy and Core activities of the Society can continue as planned. Accordingly, the Counol continues to adopt the going concern basis in preparing the financaal statements. INVESTMENT POLICY AND PERFORMANCE Under the Articles of Association, the Society is required to invest monies not immediately required for the purposes of the Society, in investments or securities as may b8 thought fil. The Council of Management has delegated their investment powers lo BlackRock, who oversee the everyday interests in the investments and report to the Society on a quartedy basis. In 2019 the Charity transitioned the investment portfolio lo invest in the new BlackRock Charities Growth & Income Fund. The Fund seeks to provide a liquid, risk-aware, dNersified investment solution for charity investors. The Fund has twn objectives.. it aims lo deliver long-temi catil81 growth and a steady InMe distribution. The Fund's sustainable inv8stmenl pdicy is central lo its strategy which closely aligns wlh the values, ethos and prinuples of the Society. In addition lo specific sector exclusions, such as tobacco and armaments, Environmentsl. Social and Govemance IESGI criteria is integrated into the investrnent process as a long-terrn Nsk management tool. The Society's objective for its investments is to maximise the long-lemi totsl relum, after providing for the annual income target, which is approximately £300k-£350k. with cautious lo moderate risk appetite. During the year ending 31 December 2022, the portfolio produced an income of £479k12021.' £412kl. The value of the portfolio decreased to £13.42m12021.' £15.28ml. FirfuRE PLANS We plan to continue devdopment of The 8on8 & Joint Joumal as the leading inlemational orthopaedic journal. We launched a new website in February 2023 which integrates with our other digital plaffonns. We will further develop our newer lilles, Bone & Joint Op8n, Bone & Joint Research and Bone & Joint 360. We wll continue lo develop and martet Orthosearch and Orthomedia, building adth'lional features. and expanding the number of users. We plan to build new digital services that meet the neS of our Gommunity. Page 7
BRITISH EDITORIAL SOCIETY OF BONE AND JOINT SURGERY (fHE) ANNUAL REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022 AUDITOR Crowe U.K LLP has indicated its wllingness to be reappointed as statutory auditor for the next finanaal year. This report has been prepaTed taking a(fvantage of the small c£mpanies' exemptions wlthin the Companies Act. edo be of the Council of Management on Friday 9 June 2023 by.. l Monsel an Ch Page 8
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF BRITISH EDITORIAL SOCIETY OF BONE AND JOINT SURGERY (THE) Opinion We have audited the financial statements of The British Edilorlal Society of Bone & J(xnl Surgery I'the charitable company'l for the year ended 31 December 2022 which comprise the Statement of Financial Activities, Balance Sheet, Statement of Cash FIDWS and notes lo the financial statements, induding significant ac¢ounling p(Aic4es. The financial reporting framework that has been applied in their preparation is applicable law and United lQngdom Accounting Standards, induding Finan¢i81 Reporting standard 102 The Financial Reportin9 Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion the financAal slalements.. give a true and fair view of the stsle of the charitable (ompany's affairs as at 31 December 2022 and of its income and expenditure, for the year then ended., have been properly prepared in accordance wlh United Kingdom Generally Accepted Accounting Practice,. and have been prepared in accord8n¢e wlh the requirements of the Companies Act 2006. Basis for opinion We conclucted our audit in accordance wth International Standards on Auditing IUKI IISAS IUKII and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial slalemenls section of our report. We are independent of the haritable company in accordance wlh the ethical requirements that are relevant to our audit of the financial 5tstements in the UK, Inclu(Jing the FRC'S Ethical Stsndard, and we have fulfilled our other ethical responsibilities in accordance wlh theso requirements. We believe that the audit evidence we have obtained is sufficient and appropriate lo provide a basi5 for our opinion. Conclusions relating to going concern In auditing the finanaal slatemenls, we have concluded that the members of the Counul of Management's use of the g(yng concem basis of accountlng In the pparatIOn of the financial statements is appropriate. Based on the work we have performed, we have not Identifi any material uncertainties relating to events or conditions that, individually or collettively, may cast SignifinI doubt on the charitable company's ability to continue as a going concem for a period of al least twelve months from when the finanaal statements are authorised for issue. Our responsibilities and the responsbilities of the trustees wlh respect lo going con¢em are described in the relevant sections of this report. Other information The members of the Council Df Management are responsible forthe other infomialion contained wlhin the annual report. The other information comprises the infomation induded in the annual report, other than the finanaal statements and our audilorfs rewrt thereon. Our opinion on the finanaal statements does not cover the other information and, except to the extent olherwse explicAdy slated in our report, we do not express any fomi of assurance concluson Ihereon. Our responsibility is lo read the other inforrnalion and, in dryng so, consider whether the other inlorniation is materially inconsislenl with the financial statem8ntS Dr our knowledge obtsined in the audit or othemse appears lo be materially misststed, If we identify such maleriai inconsistencies or apparent material misstatements, we are required lo detemiine whether this gives rise to a m*erial misstslement in the financi81 slalemenls themselves. If, based on the work we have perfomied. we conclude that the is a material misstatement of this other infomiation, we are required lo report that faGt. We have nothing lo report in this regard. Page 9
INDEPENDENT AUDrroR'S REPORT {continued} TO THE MEMBERS OF BRITISH EDITORIAL SOCIETY OF BONE AND JOINT SURGERY {THE) Oplnlons on other matters pre$crfbed by the Companies 2006 In our opinion based on the work undertaken in the COLJrse of our audit the infonnalion given in the annu81 report, which indudes the directors, report prepared for the purposes of company law, for the financial year for which the financial statements are prepared is consislenl with the financial slalements,. and the directors, report inGlude(J within the annual report has been prepared in accordance with applicatje legal requirements. Matters on which we are required to report by exception In light of the knoedge and understanding of the charitable company and their environment obtained in the course of the audit, we have not identified material misstatements in the directors, report included wlhin the annual report. We have nothing to rert in respect of the followng matters in relation lo which the Companies Act 2006 requires us to report lo you if. in our opinion.. adequate and proper accounting records have not been kept.. or the financial ststements are not in agreement with the accounting records and returns., or certain disclosures of Iruslees, muneratIon specifiod by18w are not made., or we have not recewed all the infomation and explanations we require for our audit., or the trustees were not enlilled lo prepare the financial slalemenls in accordance with the small companies, regime and lake advantsge of the small companies, exempts'ons in preparing the Iruslees, report and from the requirement to prepare a strategic report. Responsibilities of truste0$ Imembets of the Council of Management) As explained more fully in the trustees, (members of the Council of Management's} responsibililigs statement set out on page 3, the trustees (who are also the diredors of the charitae company forthe purposes of company lawl are SpoNsIble for the preparation of the financial statements and for being satisfied that they gN& a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial stslements that are free from material misslalement, ether due lo fraud or error. In preparing the financAal slalements, the IrLtslees 2re responsible for assessing the choritatle company's ability to continue as 8 going COnrn. disclosing, as applicable. matters related to going concern and using the going concem basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic altemalive but to do so. Audltofs responsibilities for thè audit of the financial statements Our objectives are lo obtain reasonable assurance about whether the finanaal statements as a whole are free from material lSSIaternent, whether due to fraud or error, and lo issue an auditorfs report that includes our opinion. Reasonable assurance is a high level of assurance. but 15 not a guarantee that an audit conducted in accordance wlh ISAS IUKI will always detect a rnalerial misslalement when il exists. Misstalernenls can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected lo influence the economic deasions of users taken on the basis of these financial statements. Details of the extent lo whith the audit was considered capable of detecting irregularities, including fraud and non-compliance wlh18ws and regulations are sel out below. A further description of our responsibilities for the audit of the finanaal statements is located on the Financial Reporting Council's webste al.. Llditorsres onsibilities. This description fomis part of our audilorfs report. Page 10
INDEPENDENT AUDITOR'S REPORT (continued)
TO THE MEMBERS OF BRITISH EDITORIAL SOCIETY OF BONE AND JOINT SURGERY (THE)
Extent to which the audit was considered capable of detecting irregularities, including fraud
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We identified and assessed the risks of material misstatement of the financial statements from irregularities, whether due to fraud or error, and discussed these between our audit team members. We then designed and performed audit procedures responsive to those risks, including obtaining audit evidence sufficient and appropriate to provide a basis for our opinion.
We obtained an understanding of the legal and regulatory frameworks within which the charitable company operates, focusing on those laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements. The laws and regulations we considered in this context were the Companies Act 2006 and the Charities Act 2011 together with the Charities SORP (FRS 102). We assessed the required compliance with these laws and regulations as part of our audit procedures on the related financial statement items.
In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which might be fundamental to the charitable company's ability to operate or to avoid a material penalty. We also considered the opportunities and incentives that may exist within the charitable company for fraud. The laws and regulations we considered in this context for the UK operations were copyright laws, taxation laws and General Data Protection Regulation (GDPR).
Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the trustees and other management and inspection of regulatory and legal correspondence, if any.
We identified the greatest risk of material impact on the financial statements from irregularities, including fraud, to be within the override of controls by management. Our audit procedures to respond to these risks included enquiries of management, and the Council of Management about their own identification and assessment of the risks of irregularities, sample testing on the posting of journals, reviewing accounting estimates for biases, reviewing any regulatory correspondence with the Charity Commission and reading minutes of meetings of those charged with governance.
Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. In addition, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.
Use of our report
This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's members as a body for our audit work, for this report, or for the opinions we have formed.
Janette Joyce Senior Statutory Auditor
For and on behalf of Crowe U.K. LLP, Statutory Auditor, Reading
12 June 2023
Page 11
BRITISH EDITORIAL SOCIETY OF BONE AND JOINT SURGERY (THE) STATEMENT OF FINANCIAL ACTIVITIES (Incorporating an Income and Expgnditure Account) FOR THE YEAR ENDED 31 DECEMBER 2022 Unrestricted Fund$ Notes 2022 2021 Income from Charitable actlvities Subscriptions Reprints and royalties Online sales and Open Access Other income Other trading activities Rentsl income Advertisements Investments Interest receivable Income from investments 1.302,774 18.838 253,151 9,175 1.336,047 32.986 426, 152 14.250 124,578 119,537 122,620 138. 171 2.417 479.491 167 412,537 Total in¢omo 2 309 961 2,482,930 Expenditure on Raising lunds Advertisements Investment manager's fees Propety costs 25,425 56,330 12.129 93.884 35,004 58.463 71,794 105.261 Charitabl8 activities Publishing and marf(eting the Joumals Providing orthopaedic infom)alion via the website Disseminating the Journals as wdely as possible Providing publishing services 1.950.797 218.653 99,308 25,127 2.293.885 1,886,466 188,329 80, 768 165,574 2,321,137 Totsl expenditure 2.387,769 2.426.398 Net income before Investment gains and 10$s8s 177.808) 56,532 Nel gains I Ilossesl on investments {1.856.7791 1.248. 141 Net income and nel movement in funds (1,934.5871 1,304,673 Total funds brought forward 21.120,296 19,815, 623 Total funds carried forward 19 185709 21 120 296 The notes on pages 15-24 fomi part of these finan¢Fal statements Page 12
BRITISH EDITORIAL SOCIETY OF BONE AND JOINT SURGERY (THE) BALANCE SHEET AS AT 31 DECEMBER 2022 Total 2022 Total 2021 Notes FIXED ASSETS Intangible 8ssels Tangible assets Investments 646.516 796.571 16,276,179 234.437 836,952 18. 132,958 17,719,266 19,204.347 CURRENT ASSETS Debtors Cash at bank and in hand 10 436,473 1.736.682 450, 144 2,260,599 2,173,155 2,710,T43 CREDITORS-. amounts falling due wthin one year 11 70 NET CURRENT ASSETS 1.469.937 1,926,258 CREDITORS: amounts fdling due more than one year 12 13.4941 (10.309) ASSETS 19 185 709 21 120 296 FUNDS Unrestricted funds 34 Gener 14.125.807 1.443.087 3,375.086 241.729 19,316,620 1,071,389 441,503 290,784 Designated - Flxed assets Revaluation reserve Designated- charrtable donations 19 185 709 21 120296 These financial statements were approved and aulhorised for issue by the Council of Man8gemenl on Lu)e?tsLland signed on their behalf by.. Fergal Monsell Chairman David Limb Treasurer e notes on pages 15-24 form part of otAtements Page 13
BRITISH EDITORIAL SOCIETY OF BONE AND JOINT SURGERY (THE) STATEMENT OF CASHFLOWS FOR THE YEAR ENDED 31 DECEMBER 2022 Notes 2022 2021 Cash flows from operating actlvities Net cash used in operating activities lal 266 429 Cash Ilows from invasting activities: Dividends, interest & rents from investments Purchase of fixed assets Purchase of intangible assets 479,491 {1.5311 1492,726} 412,537 (69,269) {140.34f) Net cash {usedl provldod by investing activitiès Change in cash and cash equivalents In the year 114,766} 202,927 1523,9171 f63.502) Cash and cash equivalents brought forward Cash and cash equivalents Carried forward Ibl al Reconclllatlon of net incomlng resources to net cash inflow from operating activities 2022 2021 Net Income I lexpendilur8} for the year Adjustment for Depreciation and amortisalion charges Lossesl loainsl on investments Dividends, interest and rents from investments Loss on disposal of fixed assets Decreasel lincreasel in debtors IDe¢reasell increase in creditors {1.934,5871 1.304,673 122.559 1,856,779 1479,4911 85,206 (7,248, 141) (412.537) 161 (24,542) 13,671 Net ca$h used in operatlng activities b) Analysis of cash and cash equivalents 2022 2021 Cash in hand 1.736.6B2 2.260.599 The notes on pages 15-24 fomi part of these financaal slalements Page 14
BRITISH EDITORIAL SOCIETY OF BONE AND JOINT SURGERY (THE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 ACCOUNTING POLICIES Charlty Information The Society is a registered charity in England and Wales and a company limited by guarantee (company number.. 5220611. The liakxlily in respect of the guarantee, as sel out in the memorandum, is limited to £1 per member of the comp8ny. There are 49 members. 11 is a Public Benefit entity, govemed by its Articles of Association. updated and adopted by the members of the Society on 31 May 2019. The Society's Charity Commission registration number is 209299 and its registered address is 22 Bucknngham Street. London, WC2N 6ET. Basi$ of preparation The finanaal slalemenls have been prepared underthe historical cost convention as modified by the revaluation of investments and in accor(lance with the Financial Reporting Standarcl 8pplicaLle in the UK and Republic of Ireland IFRS1021, the Companies Act 2006 and the Statement of ReMMended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021- &ffective 1 January 2019. The functional currency Df the Society is considered to be GBP because that is the currency of the primary economic environment in whith the group operates. The consolidated fin8ncAal slalements are also presented in GBP. Going Concem After making enquiries, and in discussing the issues and impact of the current macro- economic environment, the Council of Management have a reasonable expectation that the Society has adequate resources lo continue ils activities for the foreseeable future. The trustees are not aware of any rnalerial uncertainties about the Society's ability to continue and a¢¢ordingly, they continue lo adopt the going concem basis in preparing the financial statements. Critical accounting judgements and key sources of estimatlon uncertainty In the application of the Soaely's accounting policies, which are described in this note, the Council are required to make judgements, eslimales, assumpts'ons about the carrying values of assets and liabilities that are not readily apparent from other sources. The gslimales and undertying assumptions are based on historical experience and other factors that are considered lo be relevant. Actual results may differ from these estimates. The eslimales and underfying aUmptionS are reviewed on an on-going basis. Revisions to accounting estimates are rgcognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revison and future periods if the revision affects the current and future periods. The principle accounting policies adopted, judgements and key sources of ests'malion uncertainly in the presentation of the finanual slalements are included in the accounting policies below. Thosg connected to revaluakn'on of investsnent properties are considered to be those Mrith the most significant impact on the finanaal statements. Page15
BRITISH EDITORIAL SOCIETY OF BONE AND JOINT SURGERY (THE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 dl D8preciatSon Depreciation is Charged Dn an asset vthen it has been brought into use. Depreoalion is provided on the cost of assets, in equal annual inslalments, over the estimated useful lives of the assets. The rates of depreciation are as follows.. Freehold premises Over 50 years Long leasehold premises Over 50 years Computer equipment 33% per annum Other equipment 200/0 per annum Fixtures and fillings 1 O¥0 per annum Land in¢ludgd within Freehold premises is not depreciated. e} Intangible assets Intangible fixed assets represent software costs and webste devdopmenl costs capitalised in accordance with FRS102. These are stsled al historical cost and amortssed on a straight- line basis over the period which revenue is expected to be generaled13yearsl. Amorbsation is recognised in the Slalemenl of Financial Activities as part of expenditure and is allocated across the expenditure headings on the same basis as Support & Govemance costs. Translation of forelgn currencles Transactions in foreign currenues are converted into sterling using the prevailing rate of exchange. There is also a rale pre-determined by the Council of Management which is used throughout the period. Assets and liabilities at the period end which a denominated in forwgn currency are translated at the rates ruling al the balance sheet date. Exchange differences arising on translation are dealt with in the Stalgment of Financial Activities. gl Investments Investments are revalued to mathel value as at the balance sheet dale and the surplus or deficit of this revaluation is shown as gains or losses on the face of the Statement of Financial Activities. The differences between the carrwng value lor cost if a¢quired during the period) and the proceeds of investments disposed of are shown as realised investment gains or losses in the Statement of Financtral Activth'es. Investment properties are slated at their market value at the balance sheet dale. No depreciation is provided for in respect of investment properties in accordance with FRS102. Such properties are held for their investment potential and not for consumption wlhin the business. 21 Penslons Retirement benefits to certain emFAoyees arg funded by contributions from the Society, which are paid into their personal penwon schemes and charged against the results for the period in which they becom8 payable. Page 16
BRITISH EDITORIAL SOCIETY OF BONE AND JOINT SURGERY (THE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 ACCOUNTING POLICIES (Continued) Fund a¢untIng General funds are available for use al the csiscretion of the Council of Manaoement in furtheran of the objects of the Society. Designated funds comprise general funds which have been set aside al the discretion of the Coun1 of Management for specific purposes. 2) Income l income is accounted for on a receivable basis and is slated nel of discounts. Any income restricted lo future accounting periods is deferred and recognised in those accounting periods. Investment income is accounted for on an 8ccrua1s basis. Rental income is recognised in the period to 1¢h il relates, based on the operating lease agreement. Subscription income is recognised over the period during which the subscriber is entitled to the benefits of the subscription. Sales income is recognised in the period in thich 8 sale lakes pla. Investment income is recognised based on the ex-dividend date. Expenditure All expenses are accounted for on an accruals basis. IecoVerable VAT is induded with the itern of expense to vknich it relates. Expenditure on raisng funds comprise those costs diredly attribulab5e to managing the investment portfolio and the costs of advertlsing in the journal publications. Expenditure incurred in connection with the specific objects of the Society is included under the heading "charitable activities.. This would include the costs of journal publicab'ons. Expenditure on charitable activities has been directly allocated to the main areas of expenditure where possible, and the remainder has been proportionally allocated on the basis of staff time spent in each area. Support costs comprise staff costs together wth the general overheads of the Society. Govemance costs are those incurred in connection wth Compliance wth constitutional and statutory requirements. Financial Instruments h) Ji kl FinancAal assets and financial liabilities are rec(>3nised when the Souety becomes a party to the nlractual provisions of the instrument. Additionally, all financial assets and liabilities are classified according to the substance of the contractual arrangements entered into. Finanoal assets and liabilities are initially measured al transaction price linduding transaction costs) and are subsequently re-measured where applicable at amort'sed cost rith the exception of Investments which are held at fair value. Assets and liabilities held in foreign currency are translated to GBP at the balance sheet dale at an appropriate year end exchange rate. Page 17
BRITISH EDITORIAL SOCIETY OF BONE AND JOINT SURGERY (THE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 TURNOVER Analysis of subscription income by geographical area is as follows.. 2022 2021 United Kingdom Europe USA Rest of the wortd 2B 17 14 41 30 17 75 38 100 100 SUBSCRIPTIONS AND DEFERRED INCOME 2022 2021 Subscription income received Release of prior year Defeed in peri¢Jd 1,274.335 481,506 1453.0671 1,292. 779 524, 774 (487.506) 1,302,774 1.336,047 INCOME FROM LISTED INVESTMENTS 2022 2021 Income from listed investments- UK INTEREST RECEIVABLE 2022 2021 Bank InteSt Investment cash deposit interest 2.414 167 2,417 167 Page 18
BRITISH EDITORIAL SOCIETY OF BONE AND JOINT SURGERY (THE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 CHARITABLE ACllVITIES Support Costs Direct Costs 2022 Total 2021 Totsl Publishing and rnarkeling the Journals Providing orthopaedic information via the website Disseminating the joumals as wdely as possible Providing publishing SeICe$ 343.691 1,607,106 50.253 168,400 50.253 49,055 25,127 1,950.797 218,653 99,308 25,127 1,886,466 188,329 80,768 165,574 469.324 1.824,561 2.293,88S 2.321, 137 2022 2021 Support costs aro represented by: Salaries HR Consultancy Training Travelling Repairs and maintenan Depreciation Staff recruitment IT Costs Entertaining Stationery Postage Telephone and fax Sundry expenses Insurance Exchange Igainsl I losses Legal and professional Bank charges Cleaning Lighting and he81ing Rates and water rates Archive and library resloralion Accountants fees Audit and accountancy Bad debts 108,371 5.581 1,436 88,744 26,675 45,219 2.812 36.347 12.697 358 2.509 7,903 12.190 13.927 {28.009} 20,7B7 5,160 7,069 578 21.845 116,000 4, 768 4,894 2,535 57,425 46,699 f3,686 45,104 3,017 152 2.090 T.332 8,172 13,475 16.260 16,903 6,532 6,276 6,496 21.454 57.090 20.035 45.772 23. T68 2,206 469,324 471,016 Page 19
BRITISH EDITORIAL SOCIETY OF BONE AND JOINT SURGERY (THE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 Employge costs during the year: 2022 2021 Wages and salaries Social security costs Other pension costs Health and life insurance 735,7BO 80,883 63,273 15,443 739,088 71,585 63,127 14.542 895.379 888,342 No. 18 No. The average number of employees, who were all invdved in the direct charitable activities was The number of individuals vkno eamed greater than £60,000 during the year was as follows.. £60,001- £70,000 £70,001 - £80,000 £90,001 - £100,000 £100,001 - £110.000 £110,001- £120,000 £120,001 - £130,000 The key management personnel of the Society lexduding the Council of Managemenll are the Managing Director, the Director of Publishing and the Head of Marketing. Total remuneration paid to these individuals was £308,867 during the year12021.- £354,668) Members of the Council of Management receDied no remuner81ion during either the current or preceding financial years. Expenses relating lo travel and subsistence of £9,97012021.' £185) were paid on behalf of 512021.- 11 member of the Council of Management during the year. During the year the Society made termination payments tolalling £8.523 12021.. 2T, 1741 and £nil was outstanding 81 year-end12021.' 16,0801. Relatsd party transactions Other than as noted above. there were no related party transactions requiring disdosure. Page 20
BRITISH EDITORIAL SOCIETY OF BONE AND JOINT SURGERY {THE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 INTANGIBLE FIXED ASSETS Software Website ortho Products & Trademarks Assets under construction Total Cost Al 1 January 2022 Additions Disposals At 31 December2022 15,952 22.156 113,2001 24.908 363.463 237,877 55.000 35,000 415.570 652,292 492,726 (70,786} 1,074,232 157,5861 305,877 292,877 450.570 Amortisatlon At 1 January 2022 Charge for the year Disposals At 31 December 2022 15,722 3,306 {13,2001 5,828 363.463 38,670 77,341 417,855 80,647 170,7861 427,716 157,5861 305,877 116.011 Net book value At 31 Decembor 2022 19.080 176,866 450 570 646,516 At 31 December 2021 230 199,207 234,437 Assets under construction at year end relates lo development of the new BJJ website. TANGIBLE FIXED AssErs Freehold premlses Fixtures Equlpment & fitting$ Total Cost At 1 January 2022 Addib'ons Disposals Al 31 DeceTnber 2022 1,164.685 134.707 1,250 105,449 281 1.404.841 1.531 1,164,685 135,957 105,730 1,406,372 Depreclatlon At 1 January 2022 Charge for the year Disposals At 31 December 2022 407,467 17.902 95,834 18,522 64,588 5,488 567,889 41,912 425,369 114,356 70,076 609,801 Net book value At 31 Decembgr 2022 739,316 21,601 796.571 At 31 December 2021 757,218 40,861 836,952 Ineludod within freehold propety is land wth an estimated cost of £366,600 vhich has not been depreciated. Page 21
BRITISH EDITORIAL SOCIETY OF BONE AND JOINT SURGERY (THE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 INVESTMENTS HELD AS FIXED ASSETS LISTED INVESTMENTS 2022 2021 Market value At start of the period Additions Disposals Nel gains 15.282.958 14.059,817 1,856.779 1,223, 141 Market value of investments at end of the period 13 426,179 15,282.958 Historical cost of investments at end of the period 10 995 242 10 995 242 These investments are held fully in the Blackftk Charities Gr0h & Income Fund. which is a mix of equity, fixed interest and other INVESTMENT PROPERTIES 2022 2021 Market Value Al start of the pertod Revaluation gains I (losses) 2.850,000 2.825.000 25.000 Market value al end of the period 2.850.000 2,850,000 A full re-valuation of the Society's investment properties in Buckingham Street and John Adam stet was carried out as al 31 December 2021 based upon a professional valLJat40n undertaken by Third Sector Property, Chartered Surveyors. The valuation of both the commercial and residential property was undertaken by members of the Royal Institution of Chartered Surveyors IRICSI and the valuations approved by RICS Registered Valuers. The valuation had regard to recent sale prices and rental wdds for similaT properhes in a similar location lo those owned by the Society. The Directors consider there has been limited change in the commercial or residential market for properties of this nature during the finanaal period, and therefore the Dire¢lors believe the carrwng value of these assets remains unchanged. 10. DEBTORS 2022 2021 Tra(Se debtors Other debtors and accrued income Prepayments 170,915 160,359 105,199 181.590 154,364 114,190 436 473 Page 22
BRITISH EDITORIAL SOCIETY OF BONE AND JOINT SURGERY (THE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 11. CREDITORS.. amounts falling due wthin one year 2022 2021 Trade creditors Other taxes and Social Security other creditors Accruals and deferred income 147,094 713.095 39. 739 31,475 600, 176 75,385 480,739 703,218 784 485 12. CREDITORS: amounts falling due more than one year 2022 2027 Accruals and deferred income 13. PENSION SCHEME The Society makes payments to certain employees, personal schemes. During the year £63.273 12021.. £63,127) was Charged lo the Statement of Finanoal Aclivilies. 14. FUNDS Statement of fvnds - current year Al l January 2022 At31 December 2022 Incne Expenditure Gainsl (losses) Transfers Unrestrlcted funds Designated fixed asset Designated Charitable donations Revaluation reserve General funds 1,071,389 290. 784 371.698 1.443.087 241,729 (49.055) 441,503 19,316 620 2,309 961 11.856,7791 4.790,362 3,375,086 5 162 0601 14 125.807 2 338 714 Total unrestricted funds 21, 120,296 2.309.961 (2,387,769111.856,7791 19.185,709 The de&gnaled fixed asset fund represents the amount of funds held as tsngible and intangible fxed assets. The designated charitable donations fund rdales to travelling fellowships. The revaluation serve fund represents the uplift on listed investments and investment properties since they were acquired. The transfer between general funds and the revaluation reserve this year is a one- off transfer to include the listed investments revaluations as well as the investment properties revaluations. Page 23
THE BRITISH EDITORIAL SOCIETY OF BONE AND JOINT SURGERY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 statement of funds- prior year Al 1 January 2021 At31 December 2021 Income Expenditure Gainsl Ilossesl Transfer5 Unrestricted funds Designated fixed asset Designated Charitsble donations Revaluation resetve General fvnds 947,145 321,818 124,244 1,071,389 290,784 131,0341 416,503 18.130.157 2,482 931 25,000 441,503 1.223,141 19,316 620 124,244 2,395,365 Total unrestricted funds 19,815,623 2,482.931 {2,426,3991 1.248,141 21.120,296 15. OTHER COMMITMENTS Capital works of £60k and revenue works of £360k were contracted for as at 31 December 202212021.. £735kl relating lo website development and maintenan. 16. OPERATING LEASES Lessor The company eams rental inLe by leasing its properties lo tenants undèr non-cancellable operating leased. Leases in which substantially all risks and rewards of ovmership are retained by another paty, the le&r. are classified as operating leases. At 31 December 2022 the charity had future minimum lease receipts due under nOn-CanlIable operating leases for each of the fdlowng periods.. 2022 2021 Not later than 1 year Later than 1 year and not later than 5 years 124,000 123, 126 Page 24