Company number $22061 Registered Charlty number 209299 BRITISH EDITORIAL SOCIETY OF BONE & JOINT SURGERY (THE} (A COMPANY LIMITED BY GUARANTEE) ANNUAL REPORT AND FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2024
BRITISH EDITORIAL SOCIETY OF BONE & JOINT SURGERY (THE) (A COMPANY LIMITED BY GUARANTEE) YEAR ENDED 31 DECEMBER 2024 Cont8nts Page Officers and professional advisers Annual Report ofthe Counal ol Management ststfyment of the Council of Management's responsibilities Auditors, report 9- 11 statement of Financial Activities 12 Balance sheet 13 Staternent of Cash flows 14 Notes to the finanual statements 15-24
BRITISH EDITORIAL SOCIETY OF BONE & JOINT SURGERY ITHEI ANNUAL REPORT {CONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2024 Officers and professional advisers COUNCIL OF MANAGEMENT Mr Fergal Monsell FRCS (Chairman) Mr David Limb FRCS (Treasurer) Professor Gareth Scott FRCS Professor John Skinner FRCS Mr Simon Hodkin50n FRCS (President- British Orthopaedic Association. to 30 September 20241 Mi Maik Bowdf(¢h FRCS (President- British Orthopaedic Association. from 1 October 20241 Managlng Dlrector Mr Richard Hollingsworth Editor. The Bone & JointJournal Professor Faro8 Haddad FRCS CHARITY NUMBER 209299 COMPANY NUMBER 522081 REGISTERED OFFICE 22 BLringhaM Street London VVC2N 6ET BANKERS Coutts & Co 440 Strand London WC2R OQS SOLICITORS Isons Solicitors LLP 4 Lincoln's Inn Fields London WG2A 3 AUDITOR Crowe U.K LLP R+ Building 2 Blagrave Street Reading Berkshire RG1 1AZ INVESTMENT ADVISORS BlackRo¢k Investment Managèrs (UK) Limited 33 King William Slieel London EC4R 9AS Page 1
BRITISH EDITORIAL SOCIETY OF BONE & JOINT SURGERY (THE) ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 TRUSTEES, REPORT The Board of Trustees of The British Edrtorial Society of Bolle & Joint Surgery I'lhe Society'l present their Annual Report for the year ended 31 December 2024 under the Companies Act 2006 8nd the Charitie5 Act 2011, t(4ether with the audited finallcial statements for that period. REFERENCE AND ADMINISTRATIVE DETAILS The British Editorial Society of Bcine & Joint Surgery is a registered charity INO. 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 Trustees who served during the period. are given on page 1. Th8 external advisers ol the Society are also Sel out on page 1. STRUCTURE, GOVERNANCEAND MANAGEMENT The Members ofthe Society are everyone appointed to The Bone & Joint Journal Edrtorial 8oard. The Board ol Trustees, 1.the Council ol Management I, is responsible lor the overall governan of the Society. Trustees are elected by, and are mernbers ol. The Bone & Joint Joumal Editorial Board. The Articles of Association weie last arnended by speci81 resolution d3ted 9 June 2023. Changes were made to refiect the Charity Governan Code and to set out the provisions of the Articles in such 8 way that they are rnore accessible and easier to follow. Alteration5 were rnade in respect ol the trusteeship provisions to reflect and to better manage poten*'al conflicts ol interest The Council consists ol at least five Iru5tees being one ex-officio tiustee IPre8idenl of the BOA). four eleded trustees and four trustee5 appointed by resolution of the Council Irelerred lo as co-opted trusteesl. The number of ¢Tropled trustee5 h8s been increased trom bwo to four lo allow the Council to address the need for the Council to have a mix of skills and experience on the Council. Co-opted trustees zie not required to have served on The Bone & Joint Journal Editorial Board. Members of the Society elect the Council of Management at the AGM. The Chairman ol the Council of Management is 81s0 Ch8irrnan of the Swiety. Elected Members ol Counal may remain in office for three years, and may, be re-elected for up to Iwo further three-year terms. Council elects a Chairman and Treasurer from its elected members. The person electecl as Chairman serves in that office for Ihree years. Each Member of Council is required to take responsibility for SpefiC aspÉcts of the S0¢4ety's work. Council normally meets formally four times a year. New trustees receive a copy of the Articles. and as they have been a rnernber of The Bone & JnE Journal Editorial Board, they are already familiar vAth the major issues facing the Society. Trustee training is provided in spgcific area5 suoh as investment. when required. The Council delegates the exercise of certain powèrs in connection the rnanagemenl and administration of the Society as set out below. This is controlled by requiring regular reporting back tg the Council, so that all decisions made under delegated powers can be ratified by the full Council in due course. The Counul seeks admce Irorn experts in governan, finance, marketing, digital publishing, and other areas 85 iequirÈd. REMUNERATION COMMITTEE AND MANAGEMENT REMUNERATION The Remuneration Committee comprises the Chairman, Treasurer and Managing Diredor. The Cornmittee rneets annually to review staff salaries and benefrts. and the fees paid to independent contractors. The review takes account ol perforrnan, prevailing market rates, and any changes in the job role.
BRITISH EDITORIAL SOCIETY OF BONE & JOINT SURGERY (THE) ANNUAL REPORT {CONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2024 MANAGING DIRECTOR AND EDITOR The Managing Director 15 responsible for the day-to4ay management of the Society and for implementing policies a9reed by the Council of Man8gement. The Managing Director is assisted by a group of senior rnanageis. including the Director ol Publishing & Innovation and the Head of Marketing & Sales. The Editor is responsible for directing the editori81 policy ol The Bone & Jofnt JoiJrn81. He is aided by a team of Associate Editors, and by the Editonal Board. On editorial matters the Editor is accountable to the Editorial Board, and on publishing busiriess matters to the Managing Director. The Managing Director reports to Council through the person ol the Chairman. The Society publishes three other journals. each with their i)wn Editors and EditOll81 Boards, and 811 the Society's joumals, ¥thil8t edrtoiially Independent. come under the overall governance tsf the Council of Management. STA TEhlENT OF THE COUNCIL OF MANAGEMENT'S RESPONSIBILITIES Th8 Council of Management is responsible for preparing the Annual Report and the financial statements in accordance with applicable law and United ngdorn GenoraltyAccepted Accounting Practir£ (United Kingdom Accounting Standards). The law applicable to charities In England and Wales requires the Council of Managernent lo prepare financial statements for each financial year whid) give a true and lair view of the state ol affairs of the Society and ol the incoming resources and application ol reSoUrS ol the Society for th8t period. In preparing these financial statements, the Council ol ManageTnent is requifed to.. select Suitable accounting policies and then apply them consistentty", observe the methoijs an(J principles in the Charities SORP., make judgements and estmates that 818 reasonable and prudent., slate whether applicable accounting standards have been followèd, subject to any material departures disdosed and explained in the accounts., and prepare the financial statements on the going concern basis unless il 18 inappropriate tc) presurne that the Society wll continLJe in business. The Council of Management is respDnsible lor keeping proper a¢counting records which disclose with rea$on8ble accuracy at any time the financial posits.on olthe Society and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Society and hence lor taking ieasonable steps for the prevention and detection of fraud and other irregu18ritie8. The Council ol Management is responsible lor the mainten8n¢e and Integrity of the corporate and financial inforrnation Included in the Society's website. So far as each rnember of the Council ol Managemerit is aware. there is no relevant audit information ol which the Society's auditors are unaware. Each mernber of the Council of Management has taken all the Steps that they ought to have taken in order to rnake themselves aware of any relevant audit information and to establish that the Society's auditors are aware of that information Page 3
BRITISH EDITORIAL SOCIETY OF BONE & JOINT SURGERY {THE) ANNUAL REPORT ICONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2024 RISK MANAGEMENT Risks are reviewed as a part of the regular Council rneetings. A risk reglster is maintained and formally approved by Council on a quarterly basis. Key risks reviewed Include 5tr818gi¢ and operational areas linked to subscription and advertising revenue3. changing business models in the publishing sector. cybersecurity, the Impact Factors of our joumals. and a potential decline in the Society's investsnent Incotne. Mernbership deals with orthopaedi¢ associations in the UK and overseas forffl an important proportion of individual subsoiplions, and they are kept under close review. CONFLICT OF INTEREST Council has adopted a policy for conflicts of Interest. Ai the trustees and senior managers have rnade a declaration of potential Conflicts and signed the policy. The dedaratiOn5 have been reviewed. and no serious conflicts have arisen. OBJECTS AND PRINCIPALACTMTIES OF THE CHARITY The objects of the So¢i&ty for the public benefrt are defined as.. "The advancement of education in, and the improvement in the pracliee ol, orthDpaedics and allied branches of surgery together with the diffusion of such knowledge throu9hout the world. Our principal activty In furtherance of these objects is the publication of The Bone & Joint Jourrjal and ielaledjournals undei the Society's Bone & Joint imprint. Other &ctivibes Include. prowiding orthopaedic information via our websites and disserninaling The Bone & Joint Journal and our other journals as widely as possible. The objectives ol those activities, and the Society'5 achievement5 8g3inst them, are discussed under the heading Achievements and Performance, below. Vvhen plallning our activities. the Council ol Management have considered the Charity Cotnmission's published guidance on the Public Benefft requirement under the Charities Act 2011. The Society provides public benefit by helping to increase the knowledge and skills of praetising orthop3edic 5urgeon5 and researchers. Article trtles and abstracts are fully seaichable and freety available online for all content in The Bone & Joint Joumal. ACHIEVEMENTS AND PERFORMANCE From the strategi¢plan this period's key objectives and the impact of our achi8v8ments are summarised 85 follows" Publlshlng and Marketing rh• Bone & JointJournal Our 8im is to publish the best quality papers in the science and practiTr of orthopaedics in The Bone & Joint Joumal, and to encourage sur9eons lo subscribe and to read the Journal. Submissions for publication from suigoons and researchers worfdwide totalled 1,733 in calendar year 2024. Al submissions undergo a rigorous double-blind peer review protsss, and as a result only some 15 /tr are accepted for publicatitsn, ensuiing that the best papers in orthopaedics are published in Th8 Bone & Joint Journ81. We have continued to develop our online subtn155ions and reviewng system which helps to ensure that we maintain our irnpre58ive response time lo authors. About gOVo of papers receive an initial decision from the Editor within six weeks of receipt. Our policy is lo keep the subscription rates to The Bone & jnt Journal as low as possible lo increase accessibility. Surgeon5 In training benefit from a 50% discount on the consumant rate. Al Dember 2024. trainee subscribers comprised some 10P/o of our total paid subscribers. We market the Journal woddwide in accordance with a matkeb.ng Pl8n approved by Counril as part olthe annual budget cycle. This encompasses a wide range of aetsvtb.es induding stand5 in exhibitions. partnerships wth orthopaedic associ81ions, sorial media posts, print media, email and specially desi9ned web pages.
BRITISH EDITORIAL SOCIETY OF BONE & JolTr SURGERY {THEI ANNUAL REPORT (CONTINUED} FOR THE YEAR ENDED 31 DECEMBER 2024 Pmvldlng orthL)paedlc Infomiatlon viè the website Our aim is to have a website which orthopaedic 5uigeons regard 8s 'The Sour. of referen and education. In February 2023 we launched a new website to host ourjoumals. This forms part ol a broader digital transforrnalion strategy and ongoing enhancements to the websrte were made in 2024. Every issue ol The 8one & JointJoumalpublished since 1948 is available in ils entirety via the website. In January 2020 we launched the open access joumal Bone & Joint Open. We also publi8h an open accessjournal aimed at the iesearch community". Bone & Joint Research, and a summary digestjoumal for orthopaedic surgeons. Bone & Joint 360, whose worldwide circulation continues to grow. The new digital platform5 Orthomedia. which hosts multimedia content., and Orthoseaich. a discovery service enabling effective search and retrieval of orthopaedic content, continued to develop, and grow in tems of profile and the nLJmbers of users. In 2024 we launchecl an innovative forrnatting tool. OrthoPublish, that enables authors to quickly and easily prepare their manuscript lor submission. To dissominate The Bone & JointJoumal as wldely as posslbl• Our aim is to increase the undeistaTrding of how Th8 Bon8 & Joint Joumal is published, to enctsurage authors to 5ubrnil their p3pers lo us, and thus increase the educational standard of the papers we publish. We also aim to make The Bone & Jojnt Joum818s widely available as possible, given oui fin8ncial corTrstraints, so that the educational content reaches the widest possible wortdwide audience. The Editor has given talks at orthtspaecsic meetings in the UK and al many conferen5 around the world on Thg Bone & Joumal and our publishing process. The Editor also hosted well-attende(I Reviewers, Days and we continue to expand the number ol reviewers in the UK and Internationally. Local editions.. We work with third-paty publishers to publish lor21 editions of selected papers. eitherto provide tians181ion5 into major languages or to reach markets more easily than we ran. These local editions are typically distributed free. funded by local Sponsorship. Developing wuntries.. We sUPPOrtthe Research4Life project that providesfree online awess lojournals via accredited Institutions in developing countries. ABC Travelling Fellows. We provide donation5 to cover the travel costs ol the ABC Travelling Fellows Isurgeons selected by the AOA and BOA as the leaders amongst their generation to travel and learn aboLrt orthopaedic surgery In other countiiesl while they 8re In the UK, and we fund travel foi UK surgeons travelling to the USA. Donations are also ioutinely made to support the 8ritish Orthopaedic Research Society IBORSI International Travelling Fellowships. Trainee Prize Awards.. Trainees planning to appEy foi specialty training in orthopaedics in the UK and Ireland are invited to submit an essay or review paper on a subject relevanttothe contemporary practice or future development ol orthopaedic surgery. There were two award winner5 In 2024. Fundraising The Society had no fundraising activities requiring disclosure under S162A of the Charities Act 2011. Page 5
BRITISH EDITORIAL SOCIETY OF BONE & JOINT SURGERY {THE) ANNUAL REPORT ICONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2024 FINANCIAL REVIEW AND RESULTS FOR THE YEAR The Statement of Financial Activities ISOFAI set out on page 12. shows that total income of £2.52rn was up £167k on £2.35m in 2023. Subscription sales were at £1.28m. and £17k less than 2023. Online 581es and open access revenues grew strongly at £445k and up on £294k in 2023. This increase is due to a greater volume ol articles published under an open a¢sS business model. Ineorne trom investrnents was £541k against £507k in 2023. Expenditure on charrtable activities at £2.68m was higher than the £2.52m in 2023. This was due lo continued investment In new digital platforms. product5 and serviS. Tot81 expenditure wa5 therefore £2.75m and higher than the previous yearfs figure ol £2.59m. This $Utte in a net loss for the period of £232,298 compared to a net loss of £240.322 in 2023. After taking into account uniealised gains on investrnents of £470,340, tol81 fund balances increaseiy by £238k to £19.29m12023'. £19.05ml. FINANCLIL MANAGEMENT POLICIES Reserves The Society's total funds were valued at apwoximately £19.29m at 31 December 2024 12023". £19.05rnl, of which £14.76tn represents the free reserves 12023." £14.50ml. Free reserves comprise unrestricted funds which are expendable at the discretion ol the Council of Management in furtherance of the chaiity's objects being total unrestFiCted funds les5 tangible and intangible fixed assets, investment properties and other designated funds. Wh we hold the reserves These piovide an important resource which hos enabled the Soriety lo advance orthopaedic education by maintaining low subscription rates despite running a trading deficit on our publishing actiwties. These reserv85 have also allowed the Society to fund th8 important educational initiative of providing reduced subscription rates lo trainees lo encourage the newest members ol the profession to subscribe to our publications In both their paper and electronic forms. The income derived fiorn the investments is used foi Continuing operations and lor funding new developments. These developments indude conbnued investment in newlechnology foi the digi181 dissemination of information, the cost olbuilding, enhancing and maintaining a new website, and investment In new publishing activities in fvrtheiance of our charitable objectives. The Council of Management has reviewed the leve1 of free reserves which It feels are appropri8le for Sctiety which carries a number of rnajor risks in its publishing activities, and believes that a figure of approximately £14-16ffl 15 requirEd in order lo mitigate risk5 including the following.. the need to invest in new technology to exploit the potenli81 of digital technologies and solutions increasing publieation, printing and distribution costs decreases in advertising revenue pressures on joum81 subsciiption income 8nd a rnove to open ac$5 business models potential litigation from author, patient. rnanufacturer or other organisation plans to invest in addits.onal medical publishing activities to further our educational obj'ectives fiuctuations in stock market performance impacting our investment incorne The Counul ol Management believe that il is Important lorthe Society to hold reserves lo mits"gatethese risks, and to provide investment income lo the Society. The current Reserves Policy takes into account the financial pressures on thejoumal subscription model. reduceiy library budget5. reduced advertising income. and the need to invest in new digital services. The Council ol Management has committed to investments in digital transformab.on and to develop and launch new products that meet the needs of our cornmunty. What level or ran ofre erves the trustees belleve the charit needs Th8 Council ol M3nagemellt regularly review5 the level of re5erve5 which It feels are appropriate for charitable medical publisher and Counol believes that the current level of reseNes enables US to achieve our charit8ble objectives. In order lo rnainlain thi5 level of re5etve5, Council has given the investment managers the investment objective of maximising long-term 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 2024 Arran ements for monltorln and revlewln thè The Treasurer and Managing Director meet regularly with the Society'5 investment managers, BlackRock, to review targets, the investment managers, performance against them. and lo assess whether invested assets ale 8t an appropriate level. The Treasurer reports the outcome ol these meetings back to Council. The Council ol Management are keeping under review the impact of change3 in the global economy on our principal sources ol income- subscripbons and advertising- and on our decisions to invest in new digital servi5 to deliver our charitable mission. Significant changes in these might require a ievision of the Reserves Policy. Review of olie The Trustees review this Reserves Policy on an 8nnu81 basis. Going Concern Bearing in mind currenttradin9. future plans and existing levels of reserves, the Council of Management ha3 8 reasonable expectation that the Society has adequate resources to conts'nue its activities for the foreseeable future. Council ha5 considered the potential adverse effect ol the current rnacro-economic picture on the Society. Athough there is likely to be pres5uie on our in¢ome and costs, the Council of Management believe the existing strategy 2nd core activiiies of the Society can continue as planned. Accordingly, the Council continues to adopt the going concern basis in preparing the finaneial statements. INVESTMENT POLICY AND PERFORMANCE Uncler the Articles ol Association. the Society is required to invest rnonies not immediately required for the purposes ol the Soaety, in investment5 Qr securrties as rnay be thought fit. The Counril ol M8n8gemenl has delegated their irivestment powers to 81ackRock. who oversee the everyiyay interests in the investments and report to the Society on 8 quarterly basis. In 2019 the Charity transitioneis the investment portfolio to 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 twin objectives. it aims lo deliver long-term capital growth and a steady income distnbution. The Fund's sustainable investfflent policy is central to rts strategy which closety aligns wrth the values, ethos and principles ol the Society. In addition to specilic sector exclusions. such Ès tobacco 3nd armaments, Environmental. Social and Govemance IESGI criteria is Integralod into the investment proTrss as a lontrterm risk management tool. The Society's objective for ils investments is to maximise the long-lerm lotsl return, after providing for the annual Income target, wttich 15 approximalety £450k-£SOOk, with cautious to moderate risk appetite. During the year ending 310ecember 2024, the ptsrtfolio produced an income of £541k12023". £507kl. The value of the portfolio increased to £14.16m12023.' £13.53ml. FUTURE PLANS We plan to continue to devdop of The Bone & j1 Journ8185 the leading international orthopaedic joum81. We wll fvrther develop our newer titles, Bone & jt Open, Bon8 & Joint Research and Bone & Joint 360. There will be continued developrnents in our new website to enhance the user experience for our authors. reviewer5 and readeis. We will continue to develop and market OrthoSe8rch. Orthomedia and OrthoPublish. building addrtional features, and expanding the number of users. The Council of Managernenl is committed to investing in other n8w digitsl platforms that support the Objectives of the Soci8ty and that meet the needs of our community. Pege 7
BRITISH EDITORIAL SOCIEff OF BONE & JOINT SURGERY (THE) ANNUAL REPORT ICONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2024 AUDITOR Crowe U.K LLP has indie2te(l its willingness to be reappointed as statutory auditor for the nextfinalal year. This report h85 been prepared tsking advantage of the small companies. examplions within the Companies Act. ned on half ol the Council of Management on 6 June 2025 by.. Fer Monsel Pase 8
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF BRITISH EDITORIAL SOCIETY OF BONE & JOINT SURGERY ITHEI Oplnlon We have audited the financial statements of The British Editorial Society of Bone & Joint Surgery I'the charitable company'l for the year ended 31 Dember 2024 which comprise the Statemellt of Finanrial Adivities. Balants Sheet. Statement of C25h Flows and notes to the financial statements, Including significant a¢¢ounting poli¢ie$. The financial reporting framework that has been applied In their preparation Is applicable law 3nd United Kingdorn Accounting Standards. including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland Iuniled Kingdom Generally ACpted Accounting Practice). In our opinion the fi'nancial statements.. give a true and fair view of the state of the charitable company's affairs as at 31 December 2024 and of Its Incorne and expenditure. for the year then ended.. have been properly prepared in accordance with United Kingdtsm Generally Accepted Accounting Practi". and have been prepared in accordance wrth the requirements ofthe Cornp8nies Act 2. Basls for opinion We conducted our audit In accordance with Intemational Standaids on Auditing IUKI IISAS (UK)) and applicable law. Our responsibilities under those stanrjards are fijrther described in the Auditor's responsibilib.es forth8 audit of the financial statement$ section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, induding the FRC'S Ethical Standard. and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that th8 audit evidence we have obtained is suffioient and appropriate to provide a basis lor our opinion. Conclusions relating to going concern In auditing the financial statements, we have concluded that the mernb8rs of the Council ol Man8gemenl's use Of the going concern basis of accounting in the preparats'on of the financial statements Is appropriate. 8ased on the work we have perforrned. we have not identified any material unTrrt8inlie5 ielatjng to events or conditions that. individually or collectively. may cast Sl9nificant doubt on the charitable company's ability lo continue as a going concern lor a period of at least twelve rnonlhs trom when the fin8nri81 statement5 are author15ed for issue. Our responsibilities and the responsibilities ol the trustèes with rèspect to going concern are descritjed in the relev£nt S8ctions of this report. other information The members of the Council of Management are responsible forthe other Inloimation contained within the annual report. The other information comprises the information included in the annual report. other than the financial staternerits and our auditor's report thereon. Our opinion on the financial statements oes not cover the other inlorrnation and, expt to the extent otherwise expliatly staled in our ieport. we do not expres5 any form of 955yrance conclusion thereon. Our responsibility is to read the other information and, in d¢*ng so, Consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the 8udit or tsthetwise appear5 to be materially rnisstated. If we identify such material inconsistencies or apparent material misstaternents. we are required lo determine whether this gives rise to a material misstatement In the financial statemen15 themselves. If. based on the work we have performed, we condude that there is a material misstatement ol this other Information. we are required to report that f8¢1. We have nothing to report in this regard.
INDEPENDEKf AUDITOR'S REPORT {contlnued) TO THE MEMBERS OF BRITISH EDITORIAL SOCIETY OF BONE & JOINT SURGERY {THEI Opinlonj on other matters pre8crfbed by the Companles Act 2006 In our opinion based on the work undertaken in the course of our audit the infomiation given in the annual report, which includes the directors, report prepared for the purpos8s of eomp8ny law, for the financial year for which the financjal statements are prepared is consistent with the financial statements., and the diredors, report included within the annual report has been prepared In 8c¢ordance wlh applicable legal reqvirements. Matters on which we are required to report by eXCepOn light of the knowledge and under5t8nding of the charitable company and their environment obtained in the course olthe audit, we have not identified material m1sststemetS in the directorB' report induded wrthin the annual report. We have nothing to report in respect of the followng matters in lation to vthich the Cornpanies Act 2006 requires us to report to you if, in our opinion.. adequate and proper accountJng rectsrds have not been kep( or the finanual statements are not in agmmènt with th8 8¢counling records and retums., or certain disclosures of Iruslees, rernuneration specified by law are not made,. or we have n(rt recewÈd all the inft)rmation and explanations we require for our audit., or the trustees were not entided to prepare the finandal statemènts in accordan wth the small cornpanie5' regime and take advantage of the small companies, exemptions in prepartng the trustees, report and from the requirement to prepare a strategic rèport. Responsibllltles of trustees Imembers of the Counell of Manag•m•nti As explained morè fijlly in the trusle85' lrnembers of the Council ol Managements) rtspon$ibiliti•s statement set out on page 3. the trustees (tho are also the director5 of the charitable company lor the purposes ol cornpany lawl are responsible for the preparation ol the finanaal statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is nece3sary to enable the preparation of finanaal ststements thet are free from m8teri81 misstatement, whether due to traud or eiror. In preparing the financial statements. the trustees are rgSPQT15iblg for assessing the charitsble cornpany's abilty to continue as a going concern, disclosing. as applicable, mattors r818led to going concern and using the going concern basis of accounting unless the tiustees either intend to liquidate the ¢haritsble rDrnpany or lo cease oper8tion5, or have no realistic altemative but to do so. Auditorfs responslblllti•s lor tho audit of tht finan¢ial ¥tatements Our objectives are to obtain reasonable assurance about whether tha financial 81atements a6 a whole are free from rnaleri81 mi55t*emenl. whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high levèl of 8$suraneè. but is not a guarantee that an auditconductsd in a¢¢Qfdan¢e ISAS IUKI will alayS detect a material misstatement when il exi8t8. Misstatements can arise from fraud or error and are considered fflat8rial il. individually or in the aggregale, they could reasonably be expected to Influen the economic decisions of users taken on the basis of these finanaal statement8. Details of the extent to which the audrt was Considered capable of detecting irregularities. indLKling fraud and rn<0MplIan with laws and reguLitions are set out below. A futheT de5cripb.on of our re5ponsibilitye8 for the avdil of the financial statements is located on the Financial Reporting Counal's website at.. www.frc.or .uklauditorsres Dnsibilrties. This description fomis part of our auditor's 18POrt. 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 9 June 2025
Page 11
BRITISH EDITORIAL SOCIETY OF BONE & JOINT SURGERY (THE) STATEMENT OF FINANCIAL ACTIVITIES Ilncorporating an In¢omo and Expenditure Accountl FOR THE YEAR ENDED 31 DECEMBER 2024 Unrestri¢ted Funds Notes 2024 2023 Income from Charitable actiwitles Subscriptions Reprints and roy2Kies Online s8les and Open Access other income Other trading aclivitles Rentsl Income Advert18ements Investment5 Interest receivable Income frotn investments 1,287,479 14,736 444,782 11.190 1,305,204 11.709 294,280 8,925 124,812 83,888 124,OL 84,204 14,984 541.162 19,013 507,96S Total income 2 $23 033 2 355,298 Expendlture on Raising fun(ts Investment managerfs lees Propety costs 55,099 14.303 69.402 53,688 13,459 67.14T Charitable artivtitles Publishing alld marketing the Journals Providing orthopaedic information via the web51te Dissemin*ing the Journals as widely as possible Providing publishing services 2.264,394 310,336 111,199 2. 745.269 305.203 78,OQ1 2.685,929 2,528,473 Total expendlture 2.755.331 2,595,62Q Net Income before Investment gains and losses 1232,2981 (240,322) Net gains on all investments 470,340 113,614 Net incorne and net movement in funds 238,042 (126,708) Total funds brought forward 19,059.001 79. 185, 709 Total funds carried forward 19.297,043 19,059,001 The notes on pages 15- 24 form part of these financial ststernents Page 12
BRITISH EDITORIAL SOCIETY OF BONE & JOINT SURGERY (THE} BALANCE SHEET AS AT 31 DECEMBER 2024 Company number 522061 Total 2024 Totèl Notès 2023 FIXED ASSETS Intangible assets Tangible assets Investments 849.597 786,834 16,860,133 7Q7.027 762. 177 76,389. 793 18,496,564 17,858.991 CURRENT ASSETS Debtors Cash at bank and in hand 10 514,832 1,002,921 427.08T 1.439.269 1,517,753 1.866.356 CREDITORS.. amounts falling due wthin One year 11 715072 NET CURRENT ASSETS 802,681 7.2Q3. 168 CREDITORS= amounts f811ing due more than one year 12 12.2021 (3, 158) NET ASSETS 19297 043 19 059 007 FUNDS Unrestricted funds 14 General 13,500,325 1.636,431 3,959.040 13,865,374 Designated- Fixed assets Revaluation reserve 1.469, 198 3.488, 700 235. 729 Designated- charitable donations 201,247 19297043 These financial statement5 were approved and authorised for issue by the Counol of Management on and signed on their behalf by.. Fer Monsell 6 Jur* 2025 airman David Limb Treasurer 6 Jum 2025 The notes on pages 15- 24 form part ol these financial slatements Page 13
BRITISH EDITORIAL SOCIETY OF BONE & JOINT SURGERY (THE) STATEMENT OF CASHFLOWS FOR THE YEAR ENDED 31 DECEMBER 2024 Nott$ 2024 2023 Cash flows from operatlng actlvltles Net cash used in operating activities lal 623 690 72.284 Cash flow5 from investing activities.. Dividends. interest & rents trom investments Purchase of fixed assets Purchase ol intangible assets S41,162 159,4421 1294,3781 507,963 (3.04Q) {230,052J Net ca$h lusedl provlded by investing activlties Change in cash and cash equlvalents In the year 187,342 274.871 436,348 (297.473) Cash and ¢8sh equN3lents brought forward 1439 269 1 736 682 Cash and cash equlvalents carrled forwar Ibl al Re¢onciliation of net incoming resources to net cash Inflow from operatlng actlvitles 2024 2023 Nel incomellexpenditurel lor the year Adjustment for.. Deprecistion and amortisation chgrg&s IGainsl on investments Dividends from investments Ilncreasel in debtors Increaselldecreasel in creditors 238,042 1126, 7081 186,587 1470,3401 1541,1621 187,7451 208,981 (113.614) (507.963) 9.386 Net cash used in op¢rating activitie$ bl Analysls ol eash and cash equivalènts 2024 2023 Cash in hand The notes on pages 15- 24 fomi part of these financial statements P8ge 14
BRITISH EDITORIAL SOCIETY OF BONE & JOINT SURGERY ITHE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 ACCOUNTING POLICIES Chartty information The Society is a registered charity in England andWalES and a cotnp8ny limited by guarantee IcoMp8ny numbei." 5220611. The liability in respect of the guarantee. as set out In the memorandum, is limited to £1 per member ol the company. There are 49 members. 11 is a Public Benefft enb"ty. governed by rts Artide8 of Association, updated and adopted by the members olthe Society on 9 June 2023. The Society's Charity CoMmiss)n registration number is 209299 and its registered address is 22 8uekingham Street, London, WC2N 6ET. 8a$is of preparation The tinafioal staternents have been prepared underthe historical costconvention as mtyjified by the revaluation ol investments and in accordance wth the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS1021. the Companies Act 2006 and the ststement of Recommended Practice applicable to chaiities preparing their accounts in accordance wth the Financial Reporting Standaid applicable in the UK and Republic ol Ireland IFRS 1021- effective 1 January 2019. The functional currency ol the Society is considered to be GBP. Going Concern After making enquiries, and in discussing the issues and Irnpact of the current macr¢> economi¢ environment, the Council of Managernent have a reasonable expectation that the Society has adequate resources to continue Its activitie5 for the foreseeable future. The trustees are not 8ware ofany material uncertainties aboutthe Society's ability to continue and accordingly, they conts.nue to a¢Sopt the going concern basis in preparing the fi'nanaal ststements. bl Critical accounting judgements and key $our¢e$ of estimatlon uncertainty In the application ol the Society's accounting policies. which ar8 described in this note, the Council are required to make judgernents. estirnates. assumptions about the carrying valu85 ol assets and liabilities that are not rea¢Jily apparent from othei sources. The ests'mates and underlying assumptions are based on histoncal experience and other factors that are considered to be ielevant Actual results may drffer from these estirnates. The estimates and underlying assumptions a reviewed on an on-goin9 basis. Revisions to accounting est1rn8te5 are recognised in the period in which the estimate is revised If the revision affects only that periocj, or in the period olthe revisitsn and future periods ifthe revision affects the rrent and future periods. The principle accounting policies adopted. judgement5 and key sources of estimation uncertainty In the presentation ol the finanual stateFnents are Included in the accounting policies below. Those Connected lo revaluats'on of investment properb.es are con51dered lo be those with the most significant impact on the financial statements. Paoe 15
BRITISH EDITORIAL SOCIETY OF BONE & JOINT SURGERY (THE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Depreciation Depreciation is charged on an asset when rt h85 been brought into use. Depreaalion is provided on the cost of assets, in equal annual instalments, over tre estitnated usetul lives of the assets. The rates of depreciation are 85 follow5 Freehold premises Over 50 years Long leasehold premises Over 50 years Computer equipment 33°A per annum Other equipmpnt 20% per 2nnurn Fixtures and fitting5 10°/0 per annum Land included within Freehold prernises is not depreciated. Intangible a$$ets Intangible fixed assets represent sofvare costs and website development costs capitalised in accordance w4th FRS102. These are stated at h15torical cost and amortised on a straight- line basis over the period which revenue is expected to be generaled13-5yearsl. Amortssab'on is recogn15ed in the Statement of Financial Activitses as part ol expenditure an(S is allocated across the expenditure headings on the same basis as Support & Governance C05t5. Transladon of forelgn Currenciès Transactions in foreign currencies are converted into sterling using th8 prev8iling rale of exchange. There is also a rate pre-deterrnined by the Council of Management which is used throughout the period. Asset5 and liabilities at th8 P8riod end which are denominated in foreign currency are translated at the rates ruling at the balance sheet dale. Exchange dIfferenS arising on translation 8re dealt with in the Statement ol Financial Activities. 91 Invtstments Investments are revalued to market value as at the balance sheet date and the surplus or deficit oflhis reVaU3110n is shown as gains or losses on the fa olthe Statement of Financial Activities. The differences between the carrying value lor cost If aoquired during the period) and the proceeds of investments disposed ol are shown as realised investTnent gains or losses In the Statement of Financi81 Adivities. Investment properties are stated al their market value at the balan sheet date. No dèpreciation is provided for in respect ol investment properties in accordance wth FRS102. Such properties are held for their investment potenti81 and not for consumption within the busine5S. Pensions Retirement benefits io certain employees are funded by contributs.ons frorn the Society, which 8re paid into their personal pension schemes and charged against the results for the period in which they become payab. Page 18
BRITISH EDITORIAL SOCIETY OF BONE & JOINT SURGERY ITHEI NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 ACCOUNTING POLICIES Icontlnuedl Fund accountlng General funds are available for use at the disttIon of the Council of Management in lurtheran of the objects of the Society. Designatèd funds cornprise general funds which have been sel aside at the discretion ol the Council ol Management lor specifie purposes. Income All Incorne 15 accounted for on a ieceivable basis and is staled nel of discounts. Any income restricted to future accounting periods is deferred and recognised in those accounting periods. Investment income Is accounted lor on an accruals basis. Rental Inc0ffl8 is recognised in the period to which it relates. based on the operating lease agreement Subsciipbon incorne Is iecognis&d over the period during which the subscriber is entitled to the benefits of the subscription. Sales inctsme is recogllised in the period in which 8 sale takes place. Investment inGome is iecognised based on the ex-dividend date. Expenditure All expenses are accounted for on an accruals basis. Irrecoverable VAT Is includèd with the item of expense to which it relates. Expenditure on raising fijnds comprise those costs directty attributable to managing the investmenl portrolio and the ¢0sls of advertising in the journal publications. Expenditure incurred in connection th the specific obiects of the Sooety is included under the heading 'chatable activitie5". This would include the costs of joumal publications. Expenditure on charitable activities ha5 been directly allor2ted tothe main areas of 8xpenditure vthere possible, and the remainder has been proportionally allocated on the basis ol staff lime spent in each area. Support costs comprise Staff costs togetherwith the general overheads of the Society. Governance costs are thosè incurred in connection wlh compliance with constitution31 and statutory requirements. Financial Instrument5 kl Financial assets and financial liabilities are recognised when the SgCi8ty becomes a paty to the contractual provisions of the instrument. Addthonally, 811 financial assets and liabilities are classified ac¢ording to the substance of the contractual arrangements entered into. Financial assets and liabilities are inilially measured at transaction price (including transaction cos151 and are subseouently re-measured where applic£ble at amortised cost with the exceW'on ol Investments which are held at fail value. Assets and liabilities held in foreign currency are translated to GBP at the balan she8t date at an appropriate year elld exchange rate. Page17
BRITISH EDITORIAL SOCIETY OF BONE & JOINT SURGERY (THEI NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 TURNOVER Analysis of Subscription income by geographical area 15 as follows.. 2024 2023 United Kingdom Europe USA Rest of the world 29 16 17 38 29 16 15 40 loo 100 SUBSCRIPTIONS AND DEFERRED INCOME 2024 2023 Subscription incorne received Release of prior year Deferd in period 1,275,46S 446.140 1434,1261 1,298,271 453.Q67 (446, 14Ql 1,287.479 1.305.204 INCOME FROM LISTED INVESTMENTS 2024 2023 Income trom listed investments INTEREST RECEIVABLE 2024 2023 B8nk intei8s1 Page 18
BRITISH EDITORIAL SOCIETY OF BONE & JOINT SURGERY ITHEI NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 CHARITABLE ACTIVITIES Support Costs Direct Costs 2024 Total 2023 Total Publishing and marketing the Journals Providing orthop8edic information via the website Disseminating the journals as widely as possible Providing publishing services 462.452 1.801.942 76,717 233,619 76,717 34.482 2,264,394 310,336 111,199 2. 145,269 305,203 78.001 615.886 2,070,043 2,685 929 2.528.473 2024 2023 Support costs are represented by-. Salaries R ConsultarTrcy Training Travelling Repairs and maintenan Depreciation Staff recruitment IT Costs Entertaining Stationery Postage Telephone and fax Sundry expense5 Insurance Exchange Igainsl I losses Legal and professional B8nk charges Cleaning Lighting and heating Rates and water rates Accountants fees Audit 2nd accountsncy 89,9SS 4,760 2,472 86,965 44,487 140,176 2,595 34.017 17,380 265 1.816 6,406 11.578 19,992 6.247 17,120 6.823 9.641 8,407 18.085 497 63,285 22,917 83, 777 4.805 5.652 102.978 32,267 129, 638 12,479 36,395 14.888 254 2. 738 6,046 17.421 16,917 6,890 18, 7(YO 8,340 8. 702 7,876 18,320 55,645 20.608 615,886 604. T36 InclLKlÈd within support costs are govemance costs of £32.145 (2023.. £41,292). Page 19
BRITISH EDITORIAL SOCIETY OF BONE & JOINT SURGERY {THE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Employee costs durin9 the year.. 2024 2023 Wages and salaries Social security costs Other pension costs He8tth and life insLJrancg 820,664 86,451 72,998 28.287 757.877 76.051 63.446 21,755 1008 400 gt9,069 NO. No. The average number ol employees, who were all involved in the direct charitsble 8otivilies was The number of indiwduals who earned greater than £60.000 during the year was as follows.. £70,001- £80.000 £80,001- £90,000 £130.001 - £140,000 £140,001 - £150,000 The key rnanagement personriel of the Society lex¢luding the CounThl ol Management) are the Managing Director, the Director of Publishing and the Head ol Mart(eting. Total muner"0n paid to these indwiduals w8s £349.173 during the year12Q23.' £325.6Q7). hilst Members of the Council ol Management received no remuneration during either the current or predIng financial years. gifts tolalling £160 were received by the Council Members. Expenses ielating to travel and subslstence of £10,59512023" £21, 142) were paid on behalf 01512023.. 9 member of the Council ol Management during the year. During the year the Soryety made termination payments totalling £nil12023." £niO. Relat party transactlons See transactions noted above. In addition. Fergal Monsell and Garèth Scott, mernbers ofthe Council of Management received £236 and £10.247 respectively (2023.'£1,028 and £ 8,Q48J during the year in respect ol editorial services provided to the Society. Bal8nce5 Outstanding atthe ye8r end in e$cl of these transadions were £236 and £495 (2023.. £7,028 and£l,950). Pag8 20
BRITISH EDITORIAL SOCIETY OF BONE & JOINT SURGERY {THEI NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 INTANGIBLE FIXED ASSETS Software Webslte Ortho Products & Trademarks Assets under cot)structlon Total Cost At 1 January 2024 Additions Disposals Transfer At 31 December 2024 24.908 490.061 7.500 292.877 12,307 19Q,560 274.571 998.406 294,378 20.560 325.744 120.5601 444,571 24,908 497,561 1,292,784 Amortisation At 1 January 2024 Charge for the year Disposals At 31 December 2024 13.214 7,385 84.813 98.012 193,352 46,411 291,379 151,808 20,599 182.825 239,763 443,187 Net book value At 31 December 2024 314,736 849 $97 At 31 D8Gemher 2023 11.694 405 248 190,560 7Q7.027 Assets under construction at year end relates to the developrnent of the new BJJ Training Product. TANGIBLE FIXED ASSETS Freehold premises Fixtures Equlpment & flttin9S Total Cost At 1 January 2024 Additions At 31 December 2024 1, 164,685 52.170 1,216.855 138,864 6,906 145,770 705.863 366 1.409,412 59,442 1.468,854 106,229 Dèpreciation At 1 January 2024 Charge for the year At 31 December 2024 443.271 18,946 462,217 128.488 10,417 138,905 75.482 5,416 80.898 647,241 34.779 682,020 Net book value At 31 December 2024 754,638 6.865 786,834 At 31 D8mtser 2023 721,474 10.376 762. 177 Included within freehold proparty is land wlh an eslirnaled cost of £1,049,891 which has not been depreoated. Page 21
BRITISH EDITORIAL SOCIETY OF BONE & JOINT SURGERY (THE} NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 INVESTMENTS HELD AS FIXED Assgrs LISTED INVESTMENTS 2024 2023 Market value At start of the period Additions D15P05a15 Net gains 13,539,793 13,426.179 113,674 Market value ol investments at end of the period 14165 133 73.539, 793 Historic31 cost of investments al end of the period 10,995.242 10.995.242 These investments a held fully in the BlackRock Charil'es Growth & Incoine Fund. which is a rnix of equity. fixed intere51 and othgr procsucts. INVESTMENT PROPERTIES 2024 2023 Market Value At s18rt of the period Revaluab"on gains I IIos5e51 2,850,000 2,850,000 Market value of investment propertie5 at year end 2 695 000 2.850,000 Total Market value ol all investment5 at end of the period 16 860.133 16,389,793 A lull r&valuation ol the Society's investmenl properties in Buckingham Street and John Adam street was carried out as at th8 15 January 2025 based upon a professional valuation undertaken by Third Sector Property, Chartered Surveyors. The valuation ol both the commercial and residential property w8s undertaken by mernber5 01 the Royal In51ilution of Chartered Surveyors IRICSI and the valuations approved by RICS RegiSted Valuers. The valuation had r8g8rd lo recent sale prices and rental yield5 for similar properties in a similar location to those owned by the Society. 10. DEBTORS 2024 2023 Trade debtors othei debtors and accrued in¢orne Prepayments 168,742 169,496 176.594 154,097 163,354 109.636 514,832 427,087 Page 22
BRITISH EDITORIAL SOCIETY OF BONE & JOINT SURGERY (THE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 11. CREDITORS.. arnounts falling due within one year 2024 2023 Trade creditors Other taxes and Social Security Other creditors and accruals Deferred income 183,848 152,812 71,752 459 472 59,669 470.647 715.072 663, 188 12. cREDORs= amounts f811ing due mole than one year 2024 2023 Accma1s and (Seferred income 13. PENSION SCHEME The Society makes payments to certain employees, personal schemes. During the year £72.998 (2023.. £63.446) was charged to the Statement of Financial Activities. 14. FUNDS Ststement of funds- current year At 1 January 2024 At31 Income Expenditure Gainsl Ilossesl Transfers D•cernber 2024 Designated fixed asset Designated charitable donations Revaluation reserve General funds 1.469, 198 235, T29 167,233 1,636,431 201,247 134,4821 3,488. 700 13 865 374 2.523 033 470.340 3,959,040 13 500 325 2 720 849 167,233 Total unrestricte(I funds 79,Q59,001 2,523,033 12.755,3311 470.340 19,297,043 The designated fixed asset fund represents the 8rn0unt of funds held a5 t8ngibie and intangible frAed assets. The de5ign8ted charrtable donations fund relates to travelling fellowships. The revaluation reserve fulld represent5 the uplift on listed investments and inveslrnent properties since they were acquired. Page ?3
THE BRITISH EDITORIAL SOCIETY OF BONE & JOINT SURGERY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Statement of funds- proor year At l January 2023 Gains/ (losses) At51 Dgc8mb8r 2023 Income Expendilure Tronsfers Unfftstricted fnrYS DesignateLI fixed asset Designatecl charitable donations Revalu8tson reserne General funds 1,443.Q87 241, 729 26.111 1.469. 198 2S5,729 (6,000) 3,375,086 14 125.807 2.355 298 It3,614 3,488,70Q 13 865.374 2 589.620 26.111 Total unrestriGted funds 19, 185,709 2,355,298 (2,595.62QJ 113.614 19,Q59.001 15. OTHER COMMITMENTS Capital works of £240k and revenue works of £180k were contracted for as at 31 December 202412023.. £360kl relating to website development and maintenance. 16. OPERATING LEASES Lessor The company earns rental in¢ome by leasing its properbes to tenants und8r non-rAncellab18 OP8r8ting leases. Leases in which SLSbstantislly all risks and rewards of ownership are retained by another party, the lessor, are classified as operating leases. At 31 December 2024 he charity had future rninirnum lease receipts due under norpcancellable operatin9 leases for each of the following periods.. 2024 2023 Not later Ih8n 1 yèar Later than 1 year and not later than S years 109.333 11Q,OQO Page 24