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
Profe￿Or 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 0￿￿pIeS 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 cOMMr￿EEAND 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 RESPONSIBIL￿lEs
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 a￿oUntS,. 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 t￿ether with the
drffusion of such kno￿edge 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 f￿elY 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.
Sub￿ls$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 impre￿1Ve response ts'me to authors. About 90¥0 of papers
re￿1ve 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
a￿eSsibIlIty. Surgeons in training benefit from a 500/. di5¢0unl on the consultant rate. At De￿mber
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 a￿sS 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 Un￿strICted 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
In￿Me 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 ne￿S 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 p￿paratIOn 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 Signifi￿nI 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$crfbed by the Companies 2006
In our opinion based on the work undertaken in the COLJrse of our audit
the infonnalion given in the annu81 report, which indudes the directors, report prepared for the
purposes of company law, for the financial year for which the financial statements are prepared is
consislenl with the financial slalements,. and
the directors, report inGlude(J within the annual report has been prepared in accordance with
applicatje legal requirements.
Matters on which we are required to report by exception
In light of the kno￿edge and understanding of the charitable company and their environment obtained
in the course of the audit, we have not identified material misstatements in the directors, report included
wlhin the annual report.
We have nothing to re￿rt in respect of the followng matters in relation lo which the Companies Act
2006 requires us to report lo you if. in our opinion..
adequate and proper accounting records have not been kept.. or
the financial ststements are not in agreement with the accounting records and returns., or
certain disclosures of Iruslees, ￿muneratIon specifiod by18w are not made., or
we have not recewed all the infomation and explanations we require for our audit., or
the trustees were not enlilled lo prepare the financial slalemenls in accordance with the small
companies, regime and lake advantsge of the small companies, exempts'ons in preparing the
Iruslees, report and from the requirement to prepare a strategic report.
Responsibilities of truste0$ 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 charita￿e 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 COn￿rn. 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 Re￿MMended 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 a￿UmptionS 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
Coun￿1 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. I￿ecoVerable 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
Defe￿ed 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 Inte￿St
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 Se￿ICe$
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 Blackft￿k Charities Gr0￿h & 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
st￿et 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
Inc￿ne
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 f￿xed
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 inL￿e 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-Can￿lIable 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
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