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2021-02-28-accounts

Contents ofthe Financial Statements ofthe Financial Statements
for the Year Ended 28 Februa 2021
Page
Trustees'
Report		 1 to 7
Report ofthe Independent
Auditors		 8 to 9
Statement of Financial Activities 10
Balance Sheet
Cash Flow Statement 12
Notes to the Cash Flow Statement 13
Notes to the Financial Statements 14 to 23
Detailed Statement ofFinancial Activities 24 to 25

28.2.21 29.2.20
Unrestricted Total
funds funds
Notes F
INCOME AND ENDOWMENTS FROM
Subscriptions,
grants,		 donations and legacies 149,236 139,375
Charitable
activities
Society meetings
and		 Strategic Projects 23,120
Publications 894,396 914,394
Special interest groups 438 9,631
Investment
income		 82,200 77,657
Other income 8,683 1,759
Total 1,134,953 1,165,936
EXPENDITURE ON
Charitable
activities
Library 69,684 77,644
House 97,576 84,724
Society meetings
and		 Strategic Projects 188,058 87,520
Grants to expeditions and donations 30,765 26,337
Publications 92,598 104,313
Office and meeting costs
Case for Conservation		 407,143
69,519		 458,000
44,202
Total 955,343 882,740
Net income on operating activities 179,610 283,196
Net gains on investments 744,693 920,513
NET INCOME 924,303 1,203,709
RECONCILIATION
OF FUNDS
Total funds brought forward 18,334,177 17,130,468
TOTAL FUNDS CARRIED FORWARD 19,258,480 18,334,177

Balance Sheet
28 Februa 2021
28.2.21 29.2.20
Unrestricted Total
funds funds
Notes F
FIXEDASSETS
Tangible assets 13 3,391,889 3,389,837
Heritage assets 14 2,245,500 2,245,500
Investments 15 11,887,406 11,085,274
17,524,795 16,720,611
CURRENT ASSETS
Debtors 16 385,278 384,842
Cash at bank and in hand 1,443,937 1,302,304
1,829,215 1,687,146
CREDITORS
Amounts falling due within one year 17 (95,530) (73,580)
NET CURRENT ASSETS 1,733,685 1,613,566
TOTAL ASSETS LESS CURRENT LIABILITIES 19,258,480 18,334,177
NET ASSETS 19,258,480 18,334,177
FUNDS 18
Unrestricted
funds		 19,258,480 18,334,177
TOTAL FUNDS 19,258,480 18,334,177

Cash Flow Statement
for the Year Ended 28 Februa 2021
28.2.21 29.2.20
Notes F
Cash flows from operating activities
Cash generated
from		 operations 146,721 295,170
Net cash provided by operating activities 146,721 295,170
Cash flows from investing activities
Purchase
oftangible		 fixed assets (5,507) (4,841)
Purchase offixed asset investments (57,438) (559,274)
Interest received 57,857 62,910
Net cash used in investing activities ~501,205)
Change
in cash		 and cash equivalents in the
reporting
period		 141,633 (206,035)
Cash and cash equivalents at the beginning of
the reporting
period		 1,302,304 1,508,339
Cash and cash equivalents at the end ofthe
reporting
period		 1,443,937 1,302,304

RECONCILIATION
 OF NE T I NCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES
28.2.21 29.2.20
E F
Net income for the reporting period (as per the Statement of Financial Activities) 924,303 1,203,709
Adjustments
for:
Depreciation
charges
Gain on investments		 3,454
(744,693)		 3,179
(920,513)
Interest received (57,857) (62,910)
(Increase)/decrease
Increase
in creditors		 in debtors (436)
21,950		 51,149
20,556
Net cash provided by operations 146,721 295,170
ANALYSIS OF CHANGES IN NET FUNDS
At 1.3.20 Cash flow At 28.2.21
F F F
Net cash
Cash at bank and in hand 1,302,304 141,633 1,443,937
1,302,304 141,633 1,443,937
Total 1,302,304 141,633 1,443,937

SUBSCRIP TION S, GRA NTS, DONATIONS
AND LE		 GACIES
28.2.21 29.2.20
Donations 150 128
Case for conservation 70,044 62,369
Subscriptions 79,042 76,878
149,236 139,375
Grants received, included in the above, are as follows:
28.2.21 29.2.20
f f
Other grants 70,044 62,369
INVESTMENT INCOME
28.2.21 29.2.20
F
Rents and contributions 24,343 14,747
Investment income 57,857 62,910
82,200 77,657
INCOME FROM CHARITABLE ACTIVITIES
28.2.21 29.2.20
Activity
Society meetings (including
symposia) Society meetings and Strategic Projects 23,120
Antenna Publications 629 2,715
Scientific journals Publications 870,885 884,076
Symposium volumes Publications 64 179
Hand books Publications 22,818 27,424
Special interest groups Special interest groups 438 9,631
894,834 947,145

Grant
funding of
activities Support
Direct (see note costs (see
Costs 6) note 7) Totals
F F F
Library 69,684 69,684
House 97,576 97,576
Society meetings and Strategic Projects 188,058 188,058
Grants to expeditions and donations 30,765 30,765
Publications 92,598 92,598
Office and meeting costs 407,143 407,143
Case for Conservation 69,519 69,519
419,859 30,765 504,719 955,343
GRANTS PAYABLE
28.2.21 29.2.20
f.
Grants to expeditions and donations 30,765 26,337
SUPPORT COSTS
Support
costs House Totals
F f
House
Office and		 meeting costs 407,748 97,576
~605)		 97,576
407,143
407,748 96,971 504,719
Support costs, included in the above, are as follows:
Support costs
28.2.21 29.2.20
Office
and
meeting Total
costsf activities
Salaries & national insurance 261,970 264,288
Staff pension 40,877 54,699
Meetings &miscellaneous 33,181 83,481
Postage 8 telephone 11,246 15,797
Printing and stationery 4,176 8,662
Audit 8 accountancy 7,000 6,800
Computer 8 website costs 28,360 21,094
Ex-gratia payment 17,484
Depreciation
oftangible		 fixed assets 3,454 3,179
407,748 458,000

House
28.2.21 29.2.20
Office
and
meeting Total Total
House costs activities activities
E F
Fuel electricity &gas 8,643 8,643 11,333
Insurance 8,174 8,174 5,411
Rates 5,350 5,350 7,860
Water 550 550 412
Repairs maintenance 8 redecoration 13,849 13,849 27,519
Gardening 14,051 14,051 12,455
Professional fees
Miscellaneous		 43,518
3,441		 ~605) 43,518
2,836		 15,151
4,583
97,576 ~605) 96,971 84,724

Trustees' expenses Trustees' expenses Trustees' expenses
8 trustees were reimbursed expenses totalling f4,217.06(2020 - F8,312.97) in respect of travel and subsistence expenses.
STAFF COSTS
28.2.21 29.2.20
F F
Wages and salaries 361,313 339,492
Other pension costs 41,909 55,376
403,222 394,868
The average monthly number ofemployees during the year was as follows:
28.2.21 29.2.20
Administrative 8 support 9 9
Library 1 1
10 10

COMPARATIVES
FO		 R TH E ST ATEMENT OF FINANCIAL ACTIVITIES
Unrestricted
funds
F
INCOME AND ENDOWMENTS FROM
Subscriptions,
grants,		 donations and legacies 139,375
Charitable
activities
Society meetings
and		 Strategic Projects 23,120
Publications 914,394
Special interest groups 9,631
Investment
income		 77,657
Other income 1,759
Total 1,165,936
EXPENDITURE ON
Charitable
activities
Library 77,644
House 84,724
Society meetings
and		 Strategic Projects 87,520
Grants to expeditions and donations 26,337
Publications 104,313
Office and meeting costs 458,000
Case for Conservation 44,202
Total 882,740
Net gains on investments 920,513
NET INCOME 1,203,709
RECONCILIATION
OF FUNDS
Total funds brought forward 17,130,468
TOTAL FUNDS CARRIED FORWARD 18,334,177
SOCIETY MEETINGS AND STRATEGIC PROJECTS
28.2.21 29.2.20
F F
Society meetings
(including		 symposia) 17,244 87,520
Project governance
review		 139,645
Project - grand challenge 31,169

TANGIBLE FIXEDASSETS
Freehold Office
property Equipment
F		 Lift Totals
f
COST
At 1 March 2020
Additions		 3,376,860 110,569
5,507		 122,302 3,609,731
5,507
At 28 February 2021 3,376,860 116,076 122,302 3,615,238
DEPRECIATION
At 1 March 2020 97,593 122,301 219,894
Charge for year 3,455 3,455
At 28 February 2021 101,048 122,301 223,349
NET BOOK VALUE
At 28 February 2021 3,376,860 15,028 3,391,889
At 29 February 2020 3,376,860 12,976 3,389,837

HERITAGE ASS ETS
Total
F
MARKET VALUE
At 1 March 2020 and 28 February 2021 2,245,500
NET BOOK VALUE
At 28 February 2021 2,245,500
At 29 February 2020 2,245,500
The library is one ofthe world's most important entomological libraries, and the
society's
principal		 and most irreplaceable resource
The library has been valued at the replacement value excluding binding costs calculated
as follows:-
General
Library Stock
Serials		 440,500
320,000
Rare books 1 485 000
Total 2 245 500

FIXEDASSET INVESTMENTS
Listed
investments
MARKET VALUE
At 1 March 2020 11,085,274
Additions 57,438
Revaluations 744,694
At 28 February 2021 11,887,406
NET BOOK VALUE
At 28 February 2021 11,887,406
At 29 February 2020 11,085,274

Original
Cost		 Additions
(Disposals)		 Market
Value		 Change
In Value
f 2020 E
Henderson
Managed
Portfolio
Scottish Widows
Close Brothers Asset Management
True Potential
Investments
LLP		 170,052
16,780
1,066,611
5692310		 24,722
32716		 173,424
30,592
1,388,293
9492965		 15,371
1,120
59,717
668485
6945753 57438 11085274 11 887406 744693
DEBTORS:AMOUNTS FALLING DUE WITHIN ONE YEAR
28.2.21 29.2.20
F
Other debtors 34,803 2,173
Prepayments and accrued income 350,475 382,669
385,278 384,842
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
28.2.21 29.2.20
E f
Taxation and social security 7,824 13,061
Other creditors 87,706 60,519
95,530 73,580
MOVEMENT IN FUNDS
Net
movement At
At 1.3.20 in funds 28.2.21
F F
Unrestricted funds
General fund
Case for Conservation		 18,117,787
21,247		 918,485
524		 19,036,272
21,771
Wigglesworth
LJ Goodman		 fund
fund		 62,744
132,399		 2,667
2,627		 65,411
135,026
18,334,177 924,303 19,258,480
TOTAL FUNDS 18,334,177 924,303 19,258,480

Net movement in funds, include d
in the above are		 as follows:
Incoming Resources Gains and Movement
resources expended losses in funds
F F F F
Unrestricted funds
General
fund		 1,056,616 (882,824) 744,693 918,485
Case for Conservation
Wigglesworth
fund
LJ Goodman
fund		 70,043
2,667
5,627		 (69,519)
~3,000)		 524
2,667
2,627
1,134,953 ~955.343) 744,693 924,303
TOTAL FUNDS 1,134,953 ~955,343) 744,693 924,303
Comparatives for movement in funds
Net
movement At
At 1.3.19 in funds 29.2.20
f F F
Unrestricted funds
General
fund		 16,937,609 1,180,177 18,117,786
Case for Conservation 3,080 18,167 21,247
Wigglesworth
LJ Goodman		 fund
fund		 60,187
129,592		 2,557
2,808		 62,744
132,400
17,130,468 1,203,709 18,334,177
TOTAL FUNDS 17,130,468 1,203,709 18,334,177
Comparative net movement
in funds,
inclu		 ded
in the above are as follows:
incoming Resources Gains and Movement
resources expended losses in funds
F F F
Unrestricted funds
General
fund		 1,095,502 (835,838) 920,513 1,180,177
Case for Conservation 62,369 (44,202) 18,167
Wigglesworth
LJ Goodman		 fund
fund		 2,557
5,508		 ~2,700) 2,557
2,808
1,165,936 ~882,740) 920,513 1,203,709
TOTAL FUNDS 1,165,936 ~882,740) 920,513 1,203,709

Net
movement At
At 1.3.19 in funds 28.2.21
f
Unrestricted funds
General
fund
Case for Conservation		 16,937,609
3,080		 2,098,662
18,691		 19,036,271
21,771
Wigglesworth
LJ Goodman		 fund
fund		 60,187
129,592		 5,224
5,435		 65,411
135,027
17,130,468 2,128,012 19,258,480
TOTAL FUNDS 17,130,468 2,128,012 19,258,480
Incoming Resources Gains and Movement
resources expended
f		 losses
F		 in funds
F
Unrestricted funds
General
fund
Case for Conservation		 2,152,118
132,412		 (1,718,662)
(113,721)		 1,665,206 2,098,662
18,691
Wigglesworth
LJ Goodman		 fund
fund		 5,224
11,135		 ~5,700) 5,224
5,435
2,300,889 ~1,838,083) 1,665,206 2,128,012
TOTAL FUNDS 2,300,889 ~1,838,083) 1,665,206 2,128,012

The designated
funds ofthe		 Society are:-
2021 2020
Case for Conservation E E
Balance
1 March 2020		 21,247 3,080
Income for the year 70,044 62,369
Salaries and national
insurance
Staff pension
Expenditure
for the year		 (49,582)
(2,362)
~17,578)		 (35,346)
(677)
Balance 28 February 2021 21,771 21,247
Outreach
fund (grants and		 bursaries to enable entomologists to undertake
worthwhileentomological activity)
Balance
1 March 2020
Income for the year 1,200
Grants ~1200
Balance 28 February 2021
Wigglesworth
fund (to support the Wigglesworth		 Lecture and Medal Award)
Balance
1 March 2020		 62,744 60,187

Notes to the Financial Statements Notes to the Financial Statements -continued
for the Year Ended 28 Februa 2021
DESIGNATED FUNDS - continued
Income for the year 2,667 2,557
Prizes
Balance 28 February 2021 65411 62 744
LJ Goodman Fund (to support the LJGoodman Insect Physiology and Behaviour
Research Award)
Balance 1 March 2020 132,400 129,592
Income for the year 5,627 5,508
Awards ~3000 ~2700
Balance 28 February 2021 135027 132400