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 BL￿ringhaM 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 Spe￿fiC 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 & J￿nE
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 reSoUr￿S 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 & j￿nt Journal as low as possible lo increase
accessibility. Surgeon5 In training benefit from a 50% discount on the consumant rate. Al De￿mber
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 conferen￿5 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 servi￿S. 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 servi￿5 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 & j￿￿1 Journ8185 the leading international orthopaedic
joum81. We wll fvrther develop our newer titles, Bone & j￿￿t 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 nextfina￿lal
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 De￿mber 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$. The financial reporting framework that has been applied In their
preparation Is applicable law 3nd United Kingdorn Accounting Standards. including Financial Reporting
Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland Iuniled
Kingdom Generally AC￿pted Accounting Practice).
In our opinion the fi'nancial statements..
give a true and fair view of the state of the charitable company's affairs as at 31 December 2024
and of Its Incorne and expenditure. for the year then ended..
have been properly prepared in accordance with United Kingdtsm Generally Accepted Accounting
Practi￿". and
have been prepared in accordance wrth the requirements ofthe Cornp8nies Act 2￿.
Basls for opinion
We conducted our audit In accordance with Intemational Standaids on Auditing IUKI IISAS (UK)) and
applicable law. Our responsibilities under those stanrjards are fijrther described in the Auditor's
responsibilib.es forth8 audit of the financial statement$ 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, ex￿pt 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 eXCep￿On
light of the knowledge and under5t8nding of the charitable company and their environment obtained
in the course olthe audit, we have not identified material m1sststeme￿tS 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 a￿layS 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 r￿n<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 dIfferen￿S 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 reVa￿U3110n 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 dist￿tIon 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 'cha￿table 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
Defer￿d 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 pre￿dIng 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 D8￿mtser 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 RegiSte￿d 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. cRED￿ORs= 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.
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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 f￿nrYS
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
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