Company number522061
Registered Charity number 209299
BRITISH EDITORIAL SOCIETY OF
BONE & JOINT SURGERY (THE)
(A COMPANY LIMITED BY GUARANTEE)
ANNUAL REPORT AND FINANCIAL STATEMENTS
YEAR ENDED 31 DECEMBER 2023

BRITISH EDITORIAL SOCIE￿ OF BONE & JOINT SURGERY (THE)
(A COMPANY LIMITED BY GUARANTEE)
YEAR ENDED 31 DECEMBER 2023
Contents
Page
Officers and professional advisers
Annual Report of the Council of Management
statement of the Council of Management's responsibilities
AudiloTS' ￿Port
9-11
ststement of Finanaal Aclimties
12
Balance sheet
13
Statement of Cash flows
14
Notes lo the financial statements
15-24

BRITISH EDITORIAL SOCIETY OF BONE & JOINT SURGERY (THE)
ANNUAL REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
Officers and professional advisers
COUNCIL OF MANAGEMENT
Mr Fergal Monsell FRCS (Chairman from 1 January 20231
Mr David Limb FRCS (Treasurer from 1 January 20231
Professor G8reth Scotl FRCS laprx)inted 1 JanLJary 2023)
Professor John Skinner FRCS
Mr Martin Bircher FRCS (resigned 31 December 20231
Professor Deborah Ea$h￿00d FRCS (President- Brrf(ish Orthopaedic Association. to 30 September 20231
Mr Simon Hodkinson FRCS IPiesident- British Orthopaedic Association, from 1 October 2023)
Managing Director
Mr Richard Hollingsworth
Editor. The Bone & Joint Journal
Professor Fares Haddad FRCS
CHARITY NUMBER
209299
COMPANY NUMBER
522061
REGISTERED OFFICE
22 Buckingham Street
London WC2N 6ET
BANKERS
Coutts & Co
440 Strand
London WC2R aQS
SOLICITORS
Wilsons Solicftors LLP
4 Lincoln'5 Inn Fields
London WC2A 3AA
AUDITOR
Crowe U.K LLP
Aquis House
49-51 Blagrave Street
Reading
Berkshire RG1 1 PL
INVESTMENT ADVISORS
BlackRock Investsnent Managers {UKI Limited
33 King William Street
London EC4R 9AS
Page 1

BRITISH EDITORIAL SOCIETY OF BONE & JOINT SURGERY (THE)
ANNUAL REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
TRUSTEES. REPORT
The Board of TrLJStees of The British Editorial Society of Bone & Joint Surgery I'lhe Society") present
their Annual Report for the year ended 31 December 2023 under the Companies Act 2006 and the
Charities Act 2011, together with the audited financial Statements for that period.
REFERENCE AND ADMINISTRATIVE DETAILS
The British Editorial Society of Bone & Joint Surgery is a registered charity (No. 2092991 and a company
INO. 5220611 limrted by memborship guarantees. Its registered office is as shown on page 1.
The present Trustees. and any past Trustees who served during the period, are given on page 1. The
external advisers of the Society ar& also set out on page 1.
STRUCTURE, GOVERNANCE AND MANAGEMENT
The Members of the Society are everyone appointed to The Bone & Joint Joumal Edrtorial Board.
The Board of Trustees, I'the Council of Management"), is responsible for the overall governance of the
Society. Twstees are elected by, and are members of, The Bone & Joint Joumal Editorial Board.
The Articles of Association were last amended by special resolution dated 9 June 2023. Changes were
made lo reflect the Charity Govemance Code and to set out the prowsions of the Articles in such a way
that they are more accessible and easier to follow. Alterations were made in respect of the trusteeship
provisions lo reflect and to better manage potential conflicts of interest. The Council consists of al least
five trustees being one ax-officio trustee (p￿s1dent of the BOA), four elected trustees and four trustees
appointed by resolution of the Council {referred to as Co-opted trusleesl. The number of co-opted
trustees has been increased from two to four to allow the Council to address the need for the Council
to have 8 mix of skills and experience on the Council. Co-opted trustees are not required to have served
on Th& Bone & Joint Joumal Editorial Board.
Members ofthe Society elect the Council of Management at the AGM. The Chairman of the Council of
Management is also Chairman of the Society. Elected Members of Council may remain in office for
three years. and may, be re-elected for up lo further Ihree-year terms. Council elects a Chairman
and Treasurer from ils elected members. The person elected as Chaimian serves in that office for three
years.
Each MembeT of Council is required to tske responsibility for specific aspects of the Society's work.
Counul nomally meets fornally four limes a year.
New trustees receive a copy Df the Articles. and as they have been a member of The Bone & Joint
Journal Editorial Board, they are already familiar with the major issues facing the Society, Trustee
training is provided in specific areas such as investment, when required.
The Couriul delegates the exercise of certain powers in connection wth the management and
administration of the Society as set out below. This is controlled by requiring regular reporting back to
the Council, so that all decisions made under delegated powers Can be ratified by the full Council in due
course. The Council seeks adwce from experts in govemance. finance. marketing, digftal publishing.
and other areas as required.
REMUNERATION COMMIThEE AND MANAGEMENT REMUNERATION
The RemLJneration Committee comprises the Chaiman, Treasurer and Managing Director. The
Cornmitt6e meets annually to review staff salaries and benefits and the fees paid to independent
Conlraclors. The review lakes account of performance, prevailing market rates, and any changes in the
job role.
Page 2

BRITISH EDITORIAL SOCIE￿ OF BONE & JOINT SURGERY (THE)
ANNUAL REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
MANAGING DIRECTOR AND EDITOR
The Managing Director is responsible for the day-lo-day mansgernenl of the Society and for
implementing policies agreed by the Council of Management. The Managing Director is assistecj by a
group of senior managers, including the Diroctor of Publishing and the Head of Marketing & Sales. The
Editor is responsible for directing the editorial policy of The Bone & Joinl Joumal. He is aided by a team
of Associate Editors, and by the Editorial Board. On editorial matters the Editor is accountable to the
Editorial Board, and on publishing business matters to the Managing Director. The Managing Director
reports lo Council through the person of the Chairman. The Society publishes three olh8rjournals, each
th their own Editors and Editorial Boards, and all the Society's joumals, whilst editorially independent,
come under the overall governance of the Council of Management.
STATEMENT OF THE COUNCIL OF MANAGEMENT'S RESPONSIBILITIES
The Council of Managomenl is responsible for preparing the Annual Report and the financial statements
in accordance with applicable law and United Kingdom Generally Accepted Accounting Practice (United
Kingdom Accounting Slandardsl.
The law applicable to charities in England and Wales requires the Counal of Management to prepare
rinancial slalemenls for each financial year which give a true and fair view of the slate of affairs of the
Society and of the incoming resources and application of resources of the Society for that periocs. In
preparing these financial statements. the Council of M8n898ment is required lo..
select suitable accounting policies and then apply them consistenuy.,
observe the methods and principles in the Charities SORP.,
make judgements and estimates that are reasonable and prudent.,
stale whether applicable accounting standards have been followed, subject to any material
departures disclosed and explained in the accounts., 8ntJ
prepare the financial slalements on the going concern basis unless it is inappropriate lo presume
that the Society will continue in business.
The Council of Management is r8SPOnsible for keeping proper accounting records which disclose with
reasonable accuracy al any time the financial position of the Society and to enable them lo ensure that
the financial statements comply with the Companies Act 2006. They are also responsible for
safeguarding the assets of the Society and hen￿ for taking reasonable steps for the prevention and
deleGtion of fraud and other irregularities. The Council of Management is responsible for the
maintenance and integrity of the corporate and financial information included in the Society's website.
So far as each member of the Council of Management is aware, there is no relevant audit information
of which the Society's auditors are unaware. Each member ofthe Council of Management has taken all
the steps that they ought to have taken in order lo make themselves aware of any relevant audit
information and to establish that the Society's auditors are aware of th81 information.
Page 3

BRITISH EDITORIAL SOCIE￿ OF BONE & JOINT SURGERY (THE)
ANNUAL REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
RISK MANAGEMENT
Risks are reviewed 2s a part of the regular Council meetings. A risk register is maintsined and formally
approved by Council on a quartedy basis. Key risks reviewed include strategic and operational areas
linked lo subscription and advertising revenues, changing business models in the publishing sector, the
Impact Factors of ourjournals, and a potential decline in the Soryety's investment incorne. Membership
deals with orthopaedic associations in the UK and overseas fomi a very important proportion of
individual subscriptions, ancl they are kept under close review.
CONFLICT OF INTEREST
Council hes adopted a policy for conflicts of interest. All the Iruslees and senior managers have made
a dec12ration of potential conflicts and signed the policy. The dedaralions have been reviewed and no
seriotjs confiicls have arisen.
OBJECTS AND PRINCIPAL ACTIVITIES OF THE CHARITY
The objeds of the Society for the public benefit are defined as-. °The advancement of education in, and
the improvement in the practice of, orthopaedics and allied branches of surgery together with the
cliffusion of such knowledge throughout the world."
Our principal activity in furtherance of these objects is the publication of The Bone & Joint Journal and
related joumals under the Society's Bone & Joint imprint. Other activities include.. providing orthopaedic
information via our websites and disseminating The Bone & Joint Joumal and our other joumals as
widely as possible. The objectives of those activities. 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 guidance on the Public
Benefit requirement under the Charities Act 2011. The So¢iety provides PLJblic benefit by helping to
increase the knowledg8 and skills of pra¢tising orthopaedic surgeons and researchers. Article titles and
abslracls are fully searchable and freely available online for all content in The Bone & Joint Joumal.
ACHIEVEMENTS AND PERFORMANCE
From the strategic plan this period's key objectives and the irnpact of ourachievemenls are summarised
as follows..
Publlshing and Maft*eting The Bone & Joint Joumal
Our aim Is to publish the best quality papers in the science and practice of orthopae(Sics in The Bone &
Joint Joumal, and to encourage surgeons to subscribe 8nd to ￿ad the Joumal.
Submissions for publication from surgeons and researchers woddwide totslled 1,436 in calendar year
2023. All submissions undergo a rigorous double-blind peer review process, and as a result only some
150/0 are ac￿pted for publication, ensuring that the best paper5 in orthopaedics are published in The
Bone & Joint Joumal. We have continued lo develop our online submissions and reviewing system
which helps to ensure that we maintain our impressive response lime to authors. AtK>ul 900/0 of papers
receive an init181 decision from the Editor within six weeks of receipt.
Our policy is to keep the subscription rates lo The Bone & Joint Journal as low as possible to increase
accessibility. Surgeons in training benefit from a 500/0 discount on the consultsnt rate. At December
2023, trainee subscribers comprised some 10°/o of our total paid subscribers. We market the Journ81
worfdwide in a¢¢ordance with a Marketing Plan approved by Council as part of the annual budget cycle.
This encompasses a wide range of activities including 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 & JOINT SURGERY (THE)
ANNUAL REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
Providing orthopaedi¢ informatk)n vla the webslts
Our aim is to have a website which orthopaedic surgeons regard as "The Source" of reference and
education.
In Febmary 2023 we launched a new website to host our joumals. This forms part of a broader digital
transformation strategy.
Every issue of The Bone & Joint Joumal published since 1948 is available in ils entirely wa the website.
In January 2020 we laun¢hed the open a¢¢ess journal Bone & Joint Open. We also publish an open
access journal aimed al the research Community.. Bone & Joint Research. This received ils first Imp2rt
Factor in 2015 and the Impact FaclDr has increased in subsequent years. We also publish a sumrnary
digest joumal for orthopaedi¢ surgeons, Bon$ & Joint 360, whose wortdwide arculation continues to
grow.
The new digital pl8lfom)s Orthomedia, which hosts multimedia content., and Orthosearch, a discovery
service enabling effective search and retrieval of orthopaedic conlenl. continued to develop, and grow
in terms of profile and the numbers of users.
To diTsseminatg The Bon8 & Joint Journal as widely as possible
Our aim 15 to increase the Ljnderslanding of how The Bone & Joffnl Joumal is published, to encourage
authors lo submit their papers to us, and thus inuease the educational standard of the papers we
publish. We also aim to make The Bone & Joint Joumal as widely available as possible, given OLJr
finanryal constraints, so that the educational content re8ches the wdest possible worfdwde audience.
The Editor has given talks at orthopaedic meetings in the UK and al many conferences aroLJnd the
world on The Bone & Joint Journal and our publishing process_ The Editor also hosted well-attended
Reviewers, Days and we continue to expand the number of reviewers in the UK and inlem81ionally.
Local editions.. We work with Ihird-party publishers lo publish local editions of selected papers, either lo
provide translations into major languages or lo reach markets more easily than we can. These local
editions are typically distributed free, funded by local sponsorship.
Developing countries.. We support the Resear¢h4Life project that provides free online access tojoumals
a accredited instilulions in developing countries.
ABC Travelling Fellows.. We provide donations to cover the travel costs of the ABC Travelling Fellows
(surgeons selected by the AOA and BOA as the leaders amongst their generation lo travel and leam
about orthopaedic surgery in other countries) while they are in the UK, we fund travel for UK
surgeons travelling to the USA. Donations are also routinely made lo support the Br((ish Orthopaedic
Research Society {BORSI Intemalional Travelling Fellowships.
Core Trainee Prize Awards.. Trainees planning lo apply for specialty training in orthopaedics in the UK
and Ireland are invited lo submrt an essay or review paper on a subject relevant to the contemporary
practi￿ or future development of orthopaedic surgery. There were three award winners in 2023.
Pmviding publishing sorvices
We no longer publish EFOR Topen Reviews, an open accessjournal, in partnership with the European
Federation of National Associations of Orthopaedics and Traumatology IEFORTI, and the Journal of
Children's Orthopeedics, in partnership with the European Paediatric Orthopaedic Society IEPOSI.
Fundralsing
The Society had no fundraising activities requiring disclosure under S162A ol the Charities Act 2011.
Page 5

BRITISH EDITORIAL SOCIETY OF BONE & JOINT SURGERY (THE)
ANNUAL REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
FINANCIAL REVtEW AND RESULTS FOR THE YEAR
The Statement of Financial Activities ISOFAI set out on page 12, shows that lolal income of £2.35m
was up on £2.30m in 2022. Subscription sales were flat at £1.30m, and Comparable to 2022. Online
sales and open access revenues were £294k and up on £253k in 2022. This increase is due to a orealer
volume of articles published under an Dpen access business model. Income from investments was
£507k against £479k in 2022. Expenditure on charitable activities al £2.52m was higherthan the £2.29m
in 2022. This was due to investment in the new webslte and other new digital platforms. Total
expenditure was therefore £2.59m and higher than the previous year's figure of £2.38m. This resulted
in a net loss for the period of £240,322 compared lo a net loss of £77,808 in 2022. After taking into
account unrealised gains on investments, lolal fund balances decreased by £126k to £19.05m {2022.'
£19.18ml.
FINANCIAL MANAGEMENT POLICIES
RgseNes
The Society's total funds were valued al approximately £19.05m at 31 December 2023 12022..
£19.18ml, of which £14.50m represents the free reserves12022'. £14.65ml. Free reserves comprise
unreslricled funds which are expendable at the dis¢retion of the Council of Management in furtherance
of the charity's objects being lotsl unrestricted funds less tangible and intangible fixed assets,
investment properties and other designated funds.
Wh
we hold
he reseNes
These provide an important resouice which has enabled the Society to advance orthopaedic education
by maintaining low subscription rates despite running a trading deficit on our publishing activities_ These
reserves have also allowed the Society to fund the important educational initiative of providing reduced
subscription rates to trainees lo encourage the newest members of the profession to subscribe lo our
publications in both their paper and electronic forms. The income derived from the investments is used
for continuing operations and lor funding new developments. These developments include continued
investment in new technology for the digitsl dissemination of information, the cost of building, enhancing
and maintaining a new website, and investment in new publishing activities in furtherance of our
charitable objectives.
The Council of Management has reviewed the level of free reserves which it feels are appropriate for a
Society which carries a number of major risks in its publishing actiwties, and believes that 8 figure of
approximately £14-16m is required in order to mitigate risks including the folloMng-.
the need lo invest in newtechnology to exploit the potential of digital technologies and solutions
increasing publication, printing and distribution costs
decreases in advertising revenue
pressures on journal subscription income and a move to open access business models
potential litigation from author. patient, manufadurer or other organisation
plans to invest in adclitional medical publishing activities to further our educational objectives
fluclualions in stock market performance impacting our investment income
The Council of Management believe that it is important for the Society lo hold reserves to mitigate these
risks, and lo provide investment income to the Society. The Current Reserves Policy lakes into account
the financial pressures on the joumal subscription mod&l, reduced library budgets, reduced advertising
income, and the need to invest in new digital services. The Council of Management has commilled lo
investments in digital transfomiation and lo develop and launch new products that meet the needs of
our community.
What level
or ran
of reserves tho trustees belleve the charit
needs
The Council of Managernent regularly reviews the level of resetves which il feels are appropriate for a
charitable medical publisher and Councal believes that the current level of reserves enables us lo
achieve our charitable objectives. In order lo maintain this level of reserves, Council has given the
investment managers the investmgnl obj&ctive of maximi5ing long-lerm total return while also Providing
income.
Page 6

BRITISH EDITORIAL SOCIETY OF BONE & JOINT SURGERY (THE)
ANNUAL REPORT {CONTINUED}
FOR THE YEAR ENDED 31 DECEMBER 2023
Arran
ements for monitorin
and reviewin
the
The Treasurer and Mana9ing D1￿clOr meet regularly with the Society's investment managers.
BlackRock, lo review targets, the investment managers, perfomance against them, and to assess
whether invested assets are al an appropTiale level. The Treasurer reports the outcome of these
meetings bad< to Council. The Council of Management are keeping under review the impact of changes
in the global economy on our principal sources of income- subscriptions and advertising- and on OUT
costs. Significant changes in these might require a revision of the Reserves Policy.
Review of oli¢
The Trustees review this Reserves PolScy on an annual basis.
Going Concern
Bearing in mind current trading, future plans and existing levels of reserves. the CouncAI of Management
has a reasonable expectation that the Society has adequate resources lo continue ils activities for the
foreseeable future. Council has cDnsider8d the potential adverse effect of the current macro-economic
picture on the Society. Although there is likely to be pressure on our income and costs, the Council of
Management believe the existing slr8t&gy and Core activities of the Society can continue as planned.
Accordingly, the Council continues lo adopt the going concern basis in preparing the financial
statements.
INVESTMENT POLICY AND PERFORMANCE
Under the Articles of Association, the Society is required lo invest monies not immediately required for
the purposes of the Society, in investments or securities as may be thought frt. The Council of
Management has delegated their investment powers to BlackRo¢k, who oversee the everyday interests
in the investments and report to the Society on a quarterly 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, diversified investment solution for
charity investors. The Fund has twn objectives.. it aims to deliver long-term capital growth and a steady
income distribution.
The Fund's sustainable investment policy is central to ils strategy which closely aligns with the values,
ethos and principles of the Society. In addition to sp8afic sector exclusions. such as tobacco and
armaments, Environmental, Social and Governance IESG} erileria is inlegraled into the investment
process as a long-temi risk management tool.
The Society's objective for ils investments is lo maximise the long-lerrn lotsl relum. after providing for
the annual income target, which is approximately £450k-£500k, with cautious to moderate risk appetite.
During the year ending 31 December 2023. the portfolio produced an income of £507k {2022.. £479kl.
The value of the portfolio increased to £13.53m12022.- £13.42ml.
FUTURE PLANS
We plan to continue to develop of The Bone & Joint Joumsl as the leading international orthopaedic
journal. We wll further develop our newer titles. Bone & Joint Open. Bone & Joint Research and Sone
& Joint 360.
There will be continued developments in our new website, whith launched in February 2023. to enhan
the user experien￿ for our authors, reviewers and readers.
We will wnlinue to develop and market Orthosearch and Orthomedia. building additional features. and
expanding the number of users.
The Council of Management is committed to investing in other new digital platfoms that support thè
Objectives of the Society and that meet the needs of our community.
Page 7

BRITISH EDITORIAL SOCIETY OF BONE & JOINT SURGERY (THE)
ANNUAL REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
AUDITOR
Crowe U.K LLP has indicated its willingness to be reappointed as statutory auditor for the next financial
year.
This report has been prepared taking advantsge of the small companies, exemptions wlhin the
Companies Act.
Sig
be
f of the Counryl of Management on 7 June 2024 by..
Èerg
Chair
Monsell
Page 8

INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF BRITISH EDITORIAL SOCIETY OF BONE & JOINT
SURGERY (THE)
Opinion
We have audited the finan¢i81 slalemenls of The British Editorial Society of Bone & Jolnt Surgery I'lhe
ch8rit8ble Company'l for the year ended 31 December 2023 which comprise the Stslemenl of Financial
Activities, Ba18nce Sheet. Slaternent of Cash Flows and ntsles lo the financial slalemenls, inclLJding
significant accounting poliaes. The financial reporting frarnework that has been applied in their
preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting
Standard 102 The Financial Reporting Slancsard applicable in the UK and Republic of Ireland Iuniled
Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements..
give a true and fair view of the slate of the charitable company's affairs as al 31 December 2023
and of its income and expenditure, for the year then ended.,
have been properly prepared in accordance wrfth United Kingdom Generally Accepted Accounting
Practice., and
have been prepared in accordance wrth the requirements of the Companies Act 2006.
Basis for opinion
We conducted our audit in accordance with 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 statements section of our report. We are independent of the
charitable company in accordance with tho ethical requirements that are relevant to our audit of the
finanaal stalernents in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other
ethical responsibilities in accordance wth these requirements. We believe that the audit evidence we
have obtained is SLJffi¢ient and appropriate to provide a basis for our opinion.
Con¢lu$ions rolating to going concern
In auditing the finanaal statements. we have concluded that the members of the Council of
Management's use of the going concern basis of accounting in the preparation of the financial
statements is appropriate.
Based on the work we have performed, we have not identSfied any material ￿n￿rtaIntIeS relating lo
events or conditions that, individually or Collectively. may cast significant doubt on the ¢harilable
company's ability to continue as a going ￿nCe￿ for a period of at least twelve months from when the
rinancial statements are authorised for issue.
Our responsibilities and the responsibilities of the trustees wth respect to going concem are described
in the relevant sections of this report.
Other information
The members of the Council of Management are resp¢)nsible for the other infomalion contsined within
the annual report. The other inform81ion comprises the information included in the annual report, other
than the financial statements and our auditor's report Ihereon. Our opinion on the finanryal slalements
does not cover the other information and, except lo the extent othe￿ise explicidy stated in our report,
we do not expross any fomi of assurance conclusion thereon.
Our responsibility is to read the other information and, in doing so, consider whether the other
information is materially inconsistent with the financial statements or our knowledge obtained in the
audit or otherwise appears lo be materially misslaled. If we identify such material inconsistencies or
apparent material misstatem&nls, we are required lo delemiine whether this gives rise lo a material
misstatement in the financial statements themselves. If, based on the work we have perfornied, we
conclude that there is a malenal misstatement of this other information, we are ￿qUIred to report that
fact.
We have nothing to report in this regard.
Page 9

INDEPENDENT AUDITOR'S REPORT (continuedl
TO THE MEMBERS OF BRITISH EDITORIAL SOCIEff OF BONE & JOINT
SURGERY ITHE)
Opinions on other matters prescribed by the Companies Act 2006
In our opinion based on the work undertaken in the course of our audit
the infomalion given in the annual report, which includes the directors, report prepared for the
purposes of company law, for the financial year for which the financial statements are prepared is
consistent Tmth the financial statements., and
the clirectors, report included within the annual report has been prepared in accordan￿ wth
applicable legal requirernenls.
Matters on which we are required to report by exception
In light of the knowledge and understanding of the charitable company and their environment obtained
in the course ol the audit. we have not identified material misstatements in the directors, report included
wythin the annual report.
We have nothing lo report in respect of the following mallers in relation lo which the Companies Act
2006 requires us lo report lo you if, in our opinion..
adequate and proper accounting records have not been kept., or
the financial slalemenls are not in agreement with the accounting records and retums,. or
certain disclosures of trustees. remuneration specified by law 8re not made., or
we have not received all the information and explanab'ons we require for our audit., or
the trustees were not enlbtled to prepare the finanaal statements in accordance with the small
companies, regime and lake advantage of the small companies, exemptions in preparing the
trustees, report and from the requirement to prepare a strategic report.
Responsibilitie5 of trustees (members of the Council of Management)
As explained more fully in the trustees. (members of the Council of Management's) responsibilities
slalemenl sel out on page 3, the trLJStees Iwho are also the directors of the charitsble company for the
purposes of company lawl are responsible for the prepar*ion of the financial slalemenls and for being
satisfied that they give a true and fair view, and for such internal control as the trustees determine is
necessary to enabl& the preparation of financial ststements that are free from material misstalemenl,
whether clue lo fraud or error.
In preparing the financial statements, the trustees are responsible for assessing the charitable
company's ability lo continue as a going concern, disclosing, as applicable, matters related to going
concem and using the going concern basis of accounting unless the Iruslees either intend to liquidate
the ch2r1tat￿e company or to Cease opefftlions, or have no realistic alternative but lo do so.
Auditor's responsibilitie5 for the audit of the financlal Statements
Our objectives are to obtain reasonable assurance about whether the financial slalements as a whole
are free from material mi55tslemenl. whether due to fraud or error, and to issue an auditor's report that
includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an
audit conducted in accordance with ISAS IUKI will always detect a material misstatement when il exists.
Misslatemenls can arise from fraud or error and are considered material if, individually or in the
aggregate, they could reasonably be expected to influence the economic decisions of users taken on
the basis of these financial statements.
Details of the extent to which the audit was considered capable of detecting irregularities, including
fraud and non-compliance wlh laws and regulations are sel out below.
A further description of our responsibilities for the audit of the financial statements is located on the
Finanryal Reporting Counal's website al.. www.fr
audilorsres
onsibililies. This description forms
part of our au(Sitorfs report.
Page 10

## **INDEPENDENT AUDITOR'S REPORT (continued)** 

## **TO THE MEMBERS OF BRITISH EDITORIAL SOCIETY OF BONE & 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 

Date 7 June 2024 

Page 11 



BRITISH EDITORIAL SOCIETY OF BONE & JOINT SURGERY (THE)
STATEMENT OF FINANCIAL ACTIVITIES
(Incorporating an Income and Expenditure A¢¢ount)
FOR THE YEAR ENDED 31 DECEMBER 2023
Unrestricted Funds
Notes
2023
2022
Income from
Charitab18 a¢tlvities
Subscriptions
Reprints and royalties
Online sales and Open Access
Other income
Other trading activities
Rental income
Advertisements
Investments
Interest receivable
Income from investments
1,305,204
11.709
294,280
8,925
1,302, 714
18,838
253, 151
9.175
124.000
84.204
124,578
119,537
19.013
507,963
2,417
479,491
Total income
2.355 298
2 309,961
Expendlture on
Raising lunds
Advertisements
Investment manager's fees
Property ￿sts
25,425
56,330
12,729
93,884
53,688
13,459
67.147
Charitable activities
Publishing and marketing the Journals
Providing orthopaedic information via the website
Disseminating the Journals as widely as possible
Providing publishing services
2,145,269
305,203
78,001
1,950, 797
218,653
99,308
25, 127
2,293,885
2,528,473
Total expenditure
2.595,620
2.387, 769
Net income before investment gains and losses
1240,322)
{77,808J
Nel gains I IIOs5esl on investments
113,614
(1,856, 779)
Nel income and nel movement in funds
1126,7081
(1.934,587)
Total funds brought forward
19.185.709
21, 120,296
Totsl funds ¢arrled forward
19,059 001
19,185. Tog
The notes on pages 15-24 fomi part of these financial statements
Page 12

BRITISH EDITORIAL SOCIETY OF BONE & JOINT SURGERY (THE)
BALANCE SHEET
AS AT 31 DECEMBER 2023
Company number 522061
Total
2023
Total
2022
Notes
FIXED AssErs
Intangible assets
Tangible assets
Investments
707,027
762.171
16,389.793
646,516
796,571
16,276. 179
17,858,991
1T,719,266
CURRENT ASSETS
Debtors
10
427,087
1,439.269
436,473
1,736, 682
Cash al bank and in hand
1.866.356
2, 173, 155
CREDITORS.. amounts falling dLJe within one year
11
663 188
103 218
NET CURRENT ASSETS
1,203,168
1,469,937
CREDITORS: amounts falling due more than one year
12
13.1581
(3.494)
NET ASSETS
185 709
FUNDS
Unrestricted funds
14
General
13.865.374
1.469.198
3,488,700
235,729
14,725,807
Designated - Fixed assets
Revaluat'on reserve
1,443,087
3,375,086
241, 729
Designated- Gharilable donations
19059 001
19 185 709
These financial statements were approved and authorised for issue by the Counal of Management on 7 June 2024
and sign
d on Ihelr behalf by..
Fe
Ch
Monsell
an
David Limb
Treasurer
The notes on pages 15 - 24 fG-.
financial statements
Page 13

BRITISH EDITORIAL SOCIETY OF BONE & JOINT SURGERY (THE)
STATEMENT OF CASHFLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023
Notes
2023
2022
Cash flows from operating activitie5
Net cash used in operating activities
lal
572 284
Cash flows from investing activities..
Dividends, interest & rerrts from investments
Purchase of fixed assets
Purchase of intangible assets
$07.963
{3.040}
{230.052)
479,49Y
(1,53f)
(492, T26)
Net Cash {usedl provided by inve$ling
activities
Change in cash and Cash equivalents in the
year
274871
(14, 766)
1297,4131
(523.917)
Cash and cash equivalents brought fotrward
2 260 599
Cash and cash equivalents carriod forward
(b}
a) Reconciliation of net Incoming resources to net
cash inflow from operating activities
2023
2022
Net lexpenditurel for the year
Adjuslmenl for..
Depreciation and amortisalion charges
(Gainsll I(￿Se$ on investments
Dividends, interest and rents from investments
Decrease in debtors
(Decrease) in creditors
{126.708}
(1, 934.587)
206,9B1
113.6141
1507,9631
9,386
122,559
1,856, 779
(479,491)
13.611
Net cash used in operating activities
b) Analysis of cash and cash equivalents
2023
2022
Cash in hand
The notes on pages 15-24 fom part of these financial statements
Page 14

BRITISH EDITORIAL SOCIETY OF BONE & JOINT SURGERY {THE}
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
ACCOUNTING POLICIES
Charity infomiation
The Society is a registered charity in England and Wales and a company limited by guarantee
(company number.. 5220611. The liability in respect of the guar8ntee, as set out in the
memorandum. is limited to £1 per member of the company. There 8re 49 members. 11 is a
Public Benefrt entity, governed by its Articles of Asswiation, updated and adopted by the
members of the Society on 9 June 2023.
The Society's Charity Commission regislrdlion number is 209299 and its registered address
is 22 Buckingham Street, London, WC2N 6ET.
Basis of preparation
The financial stslemenls have been prepared underthe historical ¢osl convention as modified
by the revaluation of investments and in accordance with the Financial Reporting Standard
applicable in the UK and Republic of Ireland IFRS1021, the Companies Act 2006 and the
Statement of Recommended Practice applicable to charities preparing their 8CCOLJnls i
accordance with the Financial Reporting Standard applicable in the UK and Republic of
Ireland IFRS 1021- effective 1 January 2019.
The functional currency of the Souety is considered to be GBP.
Going Concern
After making enquiries, and in discussing the issues and impact of the current macTO-
economic enwronment, the Council of Management have 8 reasonable expectation that the
Society has adequate resources to continue ils 8Ctivities for the foreseeable futu￿. The
trustees are not aware of any material uncertainties about the Society's ability to continue and
accordingly. they continue to adopt the going concern basis in preparing the financial
statements.
Critical accountlng judgements and key source$ of estlmation uncertalnty
In the application of the Society's accounting policies, which are described in this note, the
Council are required to rnake judgerllents, estimates, assumptions about the carrying values
of assets and liabililias that are not readily apparent from other sources. The estimates and
undertying assumptions are based on historical experience and other factors that are
considered lo be relevant. Actual results may diffeT from these eslimales.
The eslimales and underfying assumptions are reviewed on an on4Joing basis. Revisions lo
accounting estimates are recognised in the period in which the estim*e is revised if the
revision affects only that period, or in the period of the revision and ftjlure periods if the revision
affects the current and future periods.
The principle accounting policies adopted, judgements and key sources of eslimalion
un￿rtaInty in the presentation of the financial slalements are included in the accounting
policies below. Those Connected lo revaluation of investment properties are wnsidered lo be
those with the most significant impact on the financial slalements.
Page 15

BRITISH EDITORIAL SOCIETY OF BONE & JOINT SURGERY (THE)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
d)
Deprnciation
Depreciation is Charged on an asset when it has he￿ brought into use. Depreciation is
provided on the cost of assets, in equal annual instalments, over the eslimaled useful livès of
the assets. The rates of depreciatlon are as follows..
Freehold premises
Over 50 years
Long leasehold premises
Over 50 years
Computer equipment
33°k per 8nnum
Other equipment
20% per annum
Fixtures and fittings
100/ts par annum
Land induded v￿thirt Freehold pffjmises is not depreciated.
Intangible asset$
Inlangib1e f xed assets represent software costs and website development eosls capilalised
in accord8nce wth FRS102. These a￿ slated at historical cost and amortised on a straight-
line basis over the peri￿J which ￿venUe is expected to be generaled13years).
Amortssalion is recognised in the Slalemenl of Financi81 Aciivilies as part of expenditure and
IS 81Locat￿ across the expenditure headings on the sgmg basis as Support & Governance
costs.
Translation of foreign ¢urr•nci•s
Transactions in foreign currencies are convèrted into stèrfing using the pwailing rate of
exchange. There is also a rate prg4etermined by the Council of Management which is used
throughout the period.
Assets and liabilities at the penod end %￿ich are dencmninated in foreign (yjrrency are
translated al the rates ruling al the balance sheet dale. Exthange drfferences arising
translation are dealt with in the Statement ol Financial Activities.
g)
Investment$
Investments aré revalued lo Ma￿et value as al the balance sheet dale and the surplus or
deficit of this revaluation is shown 85 gains or losses on the face of the Slalement of Financial
Activities. The dIfferen￿S between the carrying value lor eosl rf acquired during the perKKJ}
and the proceeds of inveslmgnts disposed of are shown as realised investment gains or
losses in the Statement of Financial Activities.
Investsment propeit'es are slated at their market vdue at the b81ane8 sheet dats. No
depreciation is provided for in respect of investment properties in accordance with FRS102.
Such properties are held lor their Investment polentsal and rK)t for consLtmption within the
business.
h)
Penslons
Retirement benefits to certain employees are lunded by O￿tritArti0nS from the Society. %¥thich
are paid into Ihelr personal pension 5cheme8 and tharged against the rgsults for the p8ric(I
In which they become payable.
Page 16

BRITISH EDITORIAL SOCIETY OF BONE & JOINT SURGERY (THE)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
ACCOUNTING POLICIES (Continued)
Fund accounting
General funds are available for use al the discretion of the Council of Management in furthgrance
of the objects of the Society.
Designated funds comprise general funds which have been set aside al the discretion of the
Council of Management for specrfic purposes.
Income
All income is accounted for on a receivable basis and is stated nel of discounts. Any income
restricted to future accounting periods is cleferred and recognised in those accounting periods.
Investment income is accounted for on an accruals basis. Rental income is recognised in the
period lo which il relates, based on th& operating lease agreement.
Subscription In￿Me is recognised over the period during which the subscriber is entitled lo the
benefits of the subscription. Sales income is recognised in the period in which a sale lakes place.
Investment income is recognised based on the ex-dividend date.
Expenditure
All expenses are accourrted for on an accruals basis. Irrecoverable VAT is included with the item
of expense lo which it relates.
Expenditure on raising funds comprise those costs directly attributable to managing the investment
portfolio and the costs of advertising in the journal publications.
Expenditure incurred in o)nneclion with the specific objects of th8 Society is induded under the
heading "charitable adivities.. This would include the costs of joumal publications. Expenditure
on charitable activities has been directly allocated lo the main areas of expenditure where possible,
and the rernainder has been proportionally allocated on the basis of staff lime spent in each area.
Support costs comprise stsff costs together with the general overheads of the Society.
Governance costs are those incurred in connection wth compliance with conslitLrtional and
slalulory requirements.
Financial Instruments
kl
Financial assets and finanr#al liabilities are recognised when the Society becomes a party lo the
contractual provisions of the instrument.
Additionally, all financial assets and liabilities are classified according lo the substance of the
contractual affangemenls entered into. Financial assets and liabilities are initially measured al
transaction price (including transaction costs) and are subsequently re-measured where applicable
at amortised cost with the exception of Investments which are held at fair value.
Assets and liabilities held in foreign currency are translated lo GBP at the balance sheet date at
an appropriate ye8r end exchange rate.
Page17

BRITISH EDITORIAL SOCIETY OF BONE & JOINT SURGERY (THE)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
TURNOVER
Analysis of subscription income by geographical area is as follows..
2023
2022
United Kingdom
Europe
USA
Rest of the wodd
29
16
15
40
28
17
74
41
100
foo
SUBSCRIPTIONS AND DEFERRED INCOME
2023
2022
Subscription income received
Release of prior year
Deferred in period
1,298,277
453.067
1446,1401
1,274.335
481,506
1453.067}
1,305,204
1,302,774
INCOME FROM LISTED INVESTMENTS
2023
2022
Income from listed investments- UK
INTEREST RECEIVABLE
2023
2022
Bank interest
Investment cash deposit interest
19.013
2,414
19,013
2,417
Page 18

BRITISH EDITORIAL SOCIETY OF BONE & JOINT SURGERY (THE)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
CHARITABLE AcmwTIES
Support
Costs
Direct
Costs
2023
Total
2022
Tolal
Publishing and marketing the Journals
Providing orthopaedic information via the website
Dissominating the journals as widely as possible
Providing publishing seNices
460,734 1.684.535
72,001
233,202
72,001
6,000
2.145,269
305.203
78,001
1,950, 797
218,653
99,308
25,127
604.736 1.923.737
2.528,473
2,293.885
2023
2022
Support Costs are represented by:
Salaries
HR CDnsultsncy
Training
Travelling
Repairs and maintenance
Depreciation
staff recruitment
IT Costs
Entertaining
stationery
Postage
Telephone and fax
Sundry expenses
Insurance
Exchange Igainsl I losses
Legal and professional
Bank chaTges
Cleaning
Lighting and heating
Rates and water rates
Accountants fees
Audit and accountancy
83,777
4,805
5,652
102.978
32,267
129.638
12,419
36,395
14,888
254
2,138
6,046
11,421
16,977
6,890
18,700
8,340
8,702
7,876
18,320
55,645
20,608
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
73.927
f28,009)
20,787
5, 160
7,069
578
21.845
51.090
20.035
604,736
469,324
Page 19

BRITISH EDITORIAL SOCIETY OF BONE & JOINT SURGERY (THE)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
Employeg costs during the ygar:
2023
2022
Wages and salaries
Social security costs
Other pension costs
Health and life insurance
757,817
76.051
63.446
21.755
735, 780
80,883
63.273
15.443
919,069
895,379
No.
The average number of employee5, who were all involved in
the direct charitable activities was
16
18
The number of individuals who 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
£130,001 £140.000
The key management personnel of the Society lexduding the Council of Management) are the
Managing Director, the Director of Publishing an(S the Head of Marketing. Total remuneration paid lo
these individuals was £325.607 during the year (2022.. £308,867).
Members of the Counol of Management received no ￿muneratIon during erther the current or
preceding financial years. Expenses relating to travel and subsistence of £21,14212022.. £9.9TO)
were paid on behalf of 512022.. 4 member of the Council of Management during the year.
During the year the Society made termination payments tolalling £nil12022.. £8,523).
Rolated party transactions
See transactions noted above.
In addition, Fergall Monsell and Garelh Scott, members of the Council of Managernenl received
£1,028 (2022.. £2,312) and £8,048 (2022.- £Nil) respectively during the year in respect of edrfcorial
services provided lo the SDoety. Balances outstanding al the year end in respect of these
transactions were £1,028 (2022.- £800) and £1,950 (2022.. £Nil) respectively.
P8ge 20

BRITISH EDITORIAL SOCIETY OF BONE & JOINT SURGERY (THE)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
INTANGIBLE FIXED ASSETS
Software
Website
Ortho
Products &
Trademarks
Assets under
construction
Total
Cost
At 1 January 2023
Additions
Disposals
Transfer
At 31 December 2023
24.908
305.877
39,492
1305.8781
450,570
490,061
292,877
450,570
190,560
1,074,232
230,052
1305,878)
1450,570}
190,560
24.908
292,877
998,406
Amort15ation
At 1 January 2023
Charge for the year
Disposals
At 31 December 2023
5,828
7.386
305,877
84,814
{305,8781
84,813
116.011
77,341
427,716
169,541
{305,8781
291,379
13,214
193,352
Net book value
At 31 December 2023
11.694
405.248
190,560
707 027
At 31 Dec8mber 2022
79,080
176,866
Assets under construction at year end relates largely lo the development of the new BJJ Training
Product.
450.570
646,516
TANGIBLE FIXED ASSETS
Freehold
premises
Fixtures
Equipment & r￿ingS
Total
Cost
Al 1 January 2023
Additions
At 31 December 2023
1. 164,685
135,957
2,907
138,864
705,730
133
1,406,372
3,040
1,409,412
1,164,685
105,863
Dfrpreciation
At 1 January 2023
Charge for the year
At 31 December 2023
425,369
17,902
443,271
114,356
14,132
128,488
70,076
5,406
75,482
609,801
37,440
647.241
Net book value
At 31 December 2023
721 414
10,376
30.381
762 171
Al 31 December 2022
739,316
21,601
35, 654
796,571
Included within frèehold property is land with an eslirnated cost of £366,600 which has not been
depreciated.
Page 21

BRITISH EDITORIAL SOCIETY OF BONE & JOINT SURGERY {THE>
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
INVESTMENTS HELD AS FIXED ASSETS
LISTED INVESTMENTS
2023
2022
Market value
Al start of the period
Additions
Disposals
Net gains
13,426,179
15,282,958
113,614
1,856. 779
Market value of investments at end of the period
13.539.793
13,426, 179
Hlslorical cost of investments al end of the period
10995242
10,995,242
These investments are held fully in the Bla¢kRo¢k Charities Growth & Income Fund. whiGh is a
mix of equity, fixed interest and other products.
INVESTMENT PROPERTIES
2023
2022
Market Value
At stsrt of the period
Revaluation gains I (losses)
2,850,000
2,850,000
Market value at end of the period
2.850,000
2,850,000
A full ￿-valUation of the Society's investrnent properties in Buckingham Street and John Adam
Street was carried out as at 18 November 2021 based upon a professional valuation 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 lo
recent sale prices and rental yields for similar properties in a similar location to those owned by
the Society. The Directors consider there has been limited change in the commercial or resid&ntial
market for properties of this nature during the financjal peri(xJ, and thereforg the Directors bèlieve
the carrying value of these assets remains unchanged.
10. DEBTORS
2023
2022
Trade debtors
Other debtors and accrued income
Prepayments
154,097
163,354
109.636
170.915
160,359
105, 199
427.087
436,473
Page 22

BRITISH EDITORIAL SOCIETY OF BONE & JOINT SURGERY (THE)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
11. CREDITORS.. amounts falling due wthin one year
2023
2022
Trade creditors
Other taxes and Soaal Security
Other Creditors
Accruals and deferred income
132,872
147,094
59,669
75.385
480,739
703.218
12. CREDITORS: amounts falling due more than one year
2023
2022
Accruals and deferred income
13. PENSION SCHEME
The Society makes payments lo certain employe8s' personal schemes. During the year £63,446
(2022.. £63.273) was charged to the Statement of Financial Activities.
14. FUNDS
Slatemenl of funds - current year
At31
December
2023
At 1 January
2023
Income
Expenditure
Gainsl
Ilossesl
Transfers
Unrestricted funds
Designated fixed asset
Designated Charitable
donations
Revaluation reserve
General funds
1,443,087
241,729
26,111
1,469,198
235.729
{6,000}
3,375,086
14, 125.807 2 355.298
113.614
3,488,700
13.865,374
2.569.620
Total unrestricted funds
19. 185, 709 2,355,298
2.595.620)
113,614
19,059,001
The designated fixed asset ftjnd represents the amount of funds held as tangible and intangible fixed
assets.
The dgsignaled charitable donations fund relates lo travelling fellowships.
The revaluation ￿SerVe fund represents the uplift ori listed investments and investrnent properties since
they were acquired.
Page 23

THE BRITISH EDITORIAL SOCIETY OF BONE & JOINT SURGERY
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
Statement of funds- prior year
At l Jarpuary
2022
Gains/
(losses)
A131
DeGember
2022
Income
Expenditure
Transfers
Unrtrslricled funds
Designated fixed asset
Designated charitable
donations
Revaluation r8seNe
General funds
1.071.389
290, 784
3T1,6g8
1,443,087
241,729
(49,055)
441,503
19 316,620 2 309,961
(1,856. 779) 4, 790,362
5, 162,060
3,375,086
14, 125, 807
2,338.714
Total unrestricledfunds
21, 120.296 2,309,961
(2,381,769) ff,856, 779)
19, 185, 709
15. OTHER COMMITMENTS
Capital Works of £180k and revenue works of £180k were contracted for as at 31 December 202312022..
£360k} relating to website development and maintenan￿.
16. OPERATING LEASES
Lessor
The company eams rent81 income by leasing ils properties to tenants under non-cancellable operating
leased. Leases in which substsntially all risks and rewards of ownership are ￿taIned by another party, the
lessor, are classified as operating leases.
At 31 December 2023 the charity had future minimum lease receipts du8 under non-cancellable operating
leases for gach of the following periods=
2023
2022
Not18ter than 1 year
Later than 1 year and not later than 5 years
110,000
124.000
Page 24