2020-12-31-accounts - Biometrika Trust

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BIOMETRIKA TRUST

REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED

31ST DECEMBER 2020

Charity Registration Number: 222601

BIOMETRIKA TRUST

REPORT AND FINANCIAL STATEMENTS

YEAR ENDED 31ST DECEMBER 2020

CONTENTS	Page
Reference and Administrative Details	1
Trustees’ Report	2 - 4
Auditors’ Report	5 - 6
Statement of Financial Activities	7
Balance Sheet	8
Cash flow statement	9
Notes to the Financial Statements	10 - 16
Detailed Income and Expenditure Accounts	17

BIOMETRIKA TRUST

REFERENCE AND ADMINISTRATIVE DETAILS

YEAR ENDED 31ST DECEMBER 2020

TRUSTEES

Prof. V.S. Isham (Chair) Prof. A.P. Dawid Prof. P.J. Diggle Sir P.J. Donnelly Prof. T. Fearn Dr R.F. Galbraith Prof. P. Green Prof. S. Lauritzen Mr. P.J. Nowell Prof S. Richardson Prof. V. Didelez Mr M. Lamaison Prof. N.G. Best Prof A. Davison

TRUST ADDRESS

Department of Statistical Science University College London Gower Street London WC1E 6BT

CHARITY REGISTRATION NUMBER: 222601

AUDITORS

Haysmacintyre LLP Chartered Accountants Registered Auditors 10 Queen Street Place London, EC4R 1AG

BANKERS

Reliance Bank Faith House 23-24 Lovat Lane London EC3R 8EB

Nat West Bank 45 Tottenham Court Road London W1T 2EA

SOLICITORS

Veale Wasbrough Vizards Barnards Inn 86 Fetter Lane London, EC4A 1AD

GOVERNING DOCUMENT

Trust deed dated 3rd May 1935.

BIOMETRIKA TRUST

TRUSTEES’ REPORT

YEAR ENDED 31ST DECEMBER 2020

The Trustees present the annual report and audited financial statements for the year ended 31st December 2020. The financial statements have been prepared in accordance with the accounting policies set out on pages 10-11 and comply with the Trust’s trust deed and applicable law.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Biometrika Trust is an unincorporated charity governed by a board of trustees. New trustees are nominated by existing trustees and appointed under a deed of appointment. The names of the Trustees, together with changes during the year and since the year end, are set out on page 1. The information provided on page 1 forms part of this report.

The governing document of the Trust is the Trust Deed dated 3rd May 1935. The day-to-day management of the Trust is delegated to the Business Manager and Administrator.

Pay policy for senior staff

The Trustees consider the Board of Trustees, the Business Manager and the Editor to comprise the key management personnel of the Trust. They are in charge of directing, controlling, running and operating the Trust on a day-to-day basis. All trustees give their time freely. Details of key management personnel remuneration is provided in Note 5 and details of Trustees’ expenses is provided in Note 6.

The pay awarded to key management, and all other members of staff, is reviewed each year by the Trustees to ensure that it reflects changes to the cost of living and the level of work performed by each employee on behalf of the Trust.

Risk management

The Trustees have examined the major operational, financial and external risks which the Trust faces and confirm that systems have been established to mitigate those risks. The main risks identified by the Trustees and the systems established to mitigate those risks are as follows:

Reputational damage to the Biometrika journal – mitigated through putting in place an experienced editorial team;
Significant loss in value of investments – mitigated through maintaining a balanced portfolio of investments;
Significant loss in revenue – mitigated through protecting the good reputation of the Biometrika journal, selling it at a competitive price and working with a well-established publisher;
Internal and external fraud – mitigated through maintaining segregation of duties within the Trust;
Legal action – mitigated through implementing insurance to cover the Trustees and the Editor, and ensuring that any letters rejecting papers for inclusion in the Journal are well-worded and compliant with relevant laws and regulations;
Changes in scientific public practice – mitigated through retaining 3 years of income as reserves to cover the costs of such changes and working with an established publisher; and
Decline of scientific quality – mitigated through maintaining a high quality editorial team.

The risk register has again been reviewed and agreed by the Board of trustees in light of COVID-19, but no further pandemic related risk were identified since the previous review. The unavailability of key personnel had been previously identified. On the editorial side this is mitigated through having an editorial team to support the editor. With respect to business and general day to day management, much of this work will be subcontracted to an organisation that runs other academic journals, for the provision of more robust support, from 1 January 2022.

OBJECTIVES AND ACTIVITIES

Charitable objectives

Biometrika Trust is a registered charity which was created with the object of carrying on and if possible maintaining the future issue of the Journal, Biometrika, and associated publications, the surplus arising therefrom to be spent on improving the Journal and publications or reducing their cost to subscribers.

The Trustees are committed to the production of a journal of high quality and scientific relevance in the field of statistical theory and methods, to the direct benefit of the academic and scientific communities world-wide; and to the indirect benefit of the wider public through the advancement of knowledge and application of the methodology. The Trustees aim to make

BIOMETRIKA TRUST

TRUSTEES’ REPORT (continued)

YEAR ENDED 31ST DECEMBER 2020

the journal widely accessible using both paper and electronic means of publication (of back and current issues) while keeping the publication prices affordable to both institutions and individuals.

In planning the activities for the year, the Trustees have considered the Charity Commission’s guidance on public benefit and, in particular, the specific guidance in relation to education and research.

ACHIEVEMENTS AND PERFORMANCE

In order to further the charitable objectives, the Trustees have:

appointed an editor carefully chosen for his scholarship and experience in the field, who has appointed a team of expert deputy and associate editors;
continued to contract Oxford University Press to produce, promote and distribute both the paper and electronic versions of the journal;
provided the printed Biometrika journal free to UK PhD students;
continued to ensure that all back volumes more than five years old are available through the electronic publisher JSTOR;
maintained a sufficient level of reserves according to our Reserves policy; and
funded fellowships to support research potentially capable of publication in the journal.

Biometrika Volume 107 was produced in 4 issues totalling 1,020 pages and has maintained the journal’s high academic quality. Numbers of paper subscribers have decreased in line with academic journals generally, but distribution has been maintained through increased electronic publications to individual institutions and consortia and via free access given to some third world countries. All back volumes continue to be available in electronic form. Further details on circulation and dissemination can be found in the Oxford University Press publishing report on Biometrika.

Investment income has remained stable and investments have performed in line with expectations and market conditions.

FINANCIAL REVIEW

Financial report for the year

A summary of the results for the year can be found on page 7 of the financial statements.

During 2020, total income amounted to £209,055 (2019: £205,935). Of this figure £176,963 (2019: £168,198) related to publication sales. A further £32,092 (2019: £37,737) was received by way of investment income.

Expenditure totalled £177,694 (2019: £286,238). £156,732 (2019: £143,266) was spent on publication and editorial costs. Expenditure on governance of the Trust was kept to a minimum during the year and totalled £20,962 (2019: £17,986). No fellowships were awarded during 2020 and so no such costs were incurred (2019: £124,986).

Movements on the stock market during the year led to unrealised losses on the charity's investment portfolio of £83,739 (2019: gains of £63,540). After accounting for these losses, the Trust had a net movement in funds of £(52,378) (2019: £(16,763)).

Reserves policy

The need to hold long term and short-term reserves are:

(a) to cover expenses that would be incurred in the event of termination of the Trust or other unexpected eventualities.
(b) to finance additional activities that the Trustees deem desirable (e.g. publishing special volumes.)
(c) to finance any operating deficits that might occur - for example with a falling subscriber base and/or adverse fluctuations in exchange rates.

There is no absolute way to determine an appropriate level of reserves, but it is considered that in normal times about three year's income would be a reasonable level, divided approximately equally between long term and short-term reserves.

BIOMETRIKA TRUST

TRUSTEES’ REPORT (continued)

YEAR ENDED 31ST DECEMBER 2020

The Trust's balance sheet shows general unrestricted reserves totalling £890,006 at 31st December 2020 (2019: £942,384) which represents approximately 60 months’ publication income, divided between long and short term investments. As these amounts will vary over time, the reserves may be added to or taken from publication income or used to finance the journal when appropriate.

The Trust's balance sheet further shows designated unrestricted reserves of £160,000 at 31[st] December 2020 (2019: £160,000). The purpose of the designated reserves is to fund research support and student fellowships that the Trustees are intending to fund in forthcoming financial years. It is intended that the designated unrestricted reserves shall be fully spent over the next three years.

The Trust's reserves are reviewed by the Business Manager and a nominated trustee (currently Mr. Peter Nowell) when proposing publication rates for the coming year and are recorded in the Business Manager's annual report. Recent advice from the Charity Commission has enabled the Trustees to use the Trust’s surplus reserves for appropriate funding of research in statistical theory and methods.

Investment powers, policy and performance

There are no restrictions on the Trust’s power to invest. The Trust has a portfolio of investments with a market value of £1,182,943, held either on deposit or in reputable Charity Funds. The investments are managed by the Trustees. The investment objectives are to maximise total return whilst providing an acceptable level of income and protecting against adverse market conditions. Given the state of the stock market and low interest rates, investment income is within the Trustees’ expectation.

FUTURE PLANS

The Trust plans to continue to produce the Journal to the highest standard and to distribute it as widely as possible to the academic community worldwide. Both paper and electronic production, marketing and distribution will continue to be contracted to Oxford University Press in the immediate future. In addition, we will continue to provide JSTOR with the means to maintain the availability of all back volumes in electronic form. The Trust also plans to use further excess reserves to support research in statistical science. It is not yet clear whether COVID-19 will have any long-term effect on the charity, beyond that on the value of and income from investments. OUP’s latest 2021 projections suggest a net return down between 5% and 10% on 2020.

Statement of Trustees' responsibilities

Law applicable to charities in England and Wales requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the Trust’s activities during the year and of its financial position at the end of the year. In preparing those financial statements, the Trustees are required to;

select suitable accounting policies and then apply them consistently;
observe the methods and principles in the Charities SORP;
make judgements and estimates that are reasonable and prudent;
state whether applicable accounting standards and statements of recommended practice have been followed, subject to any material departures disclosed and explained in the financial statements;
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.

The Trustees are responsible for maintaining proper accounting records which disclose with reasonable accuracy at any time the financial position of the Trust and which enable them to ensure that the financial statements comply with the Charities Act 2011. The Trustees are also responsible for safeguarding the assets of the Trust and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

This report was approved by the Board of Trustees on December 14[th] , 2021 and signed on its behalf by:

Prof. V.S. Isham Trustee

INDEPENDENT AUDITORS’ REPORT TO THE TRUSTEES OF BIOMETRIKA TRUST

Opinion

We have audited the financial statements of Biometrika Trust for the year ended 31 December 2020 which comprise the Statement of Financial Activities, Balance Sheet, Cash Flow Statement, and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

give a true and fair view of the state of the charity’s affairs as at 31 December 2020 and of the charity’s net movement in funds for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Charities Act 2011.

Basis for opinion

We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder. We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The trustees are responsible for the other information. The other information comprises the information included in the Trustees’ Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion:

adequate accounting records have not been kept by the charity; or
sufficient accounting records have not been kept; or
the charity financial statements are not in agreement with the accounting records and returns; or
we have not received all the information and explanations we require for our audit.

Responsibilities of trustees for the financial statements

As explained more fully in the trustees’ responsibilities statement set out on page 4, the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.

INDEPENDENT AUDITORS’ REPORT TO THE TRUSTEES OF BIOMETRIKA TRUST

Auditor’s responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.

Based on our understanding of the charity and the environment in which it operates, we identified that the principal risks of non-compliance with laws and regulations related to the regulatory requirements of the Charity Commission, and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Charities Act 2011 and Charities SORP (2019).

We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to inappropriate use of Charity funds. Audit procedures performed by the engagement team included:

Inspecting correspondence with regulators and tax authorities;
Discussions with management including consideration of known or suspected instances of non-compliance with laws and regulation and fraud;
Evaluating management’s controls designed to prevent and detect irregularities;
Evaluating management’s controls designed to prevent and detect irregularities;

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Use of our report

This report is made solely to the charity’s trustees, as a body, in accordance with section 144 of the Charities Act 2011 and regulations made under section 154 of that Act. Our audit work has been undertaken so that we might state to the charity's trustees 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 charity’s trustees as a body for our audit work, for this report, or for the opinions we have formed.

Haysmacintyre LLP	10 Queen Street Place
Statutory Auditors	London
	EC4R 1AG
Date: 21 December 2021

Haysmacintyre LLP is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006.

BIOMETRIKA TRUST

STATEMENT OF FINANCIAL ACTIVITIES

FOR THE YEAR ENDED 31ST DECEMBER 2020

		Unrestricted funds	Unrestricted funds
		2020	2019
	Note	£	£
Income from:
Publication sales	3	176,963	168,198
Investment income	2	32,092	37,737
		-----------------	-----------------
Total income		209,055	205,935
		-----------------	-----------------
Expenditure on:
Charitable activities	4	177,694	286,238
		----------------	----------------
Total expenditure		177,694	286,238
		----------------	----------------
Net movement in funds before (losses)/gains on		31,361	(80,303)
investments
Net (losses)/gains on investments	9	(83,739)	63,540
		----------------	----------------
Net movement in funds for the year		(52,378)	(16,763)
Fund balances brought forward
at 1st January 2020	14	1,102,384	1,119,147
		-----------------------	-----------------------
Fund balances carried forward at 31st December 2020	14	1,050,006	1,102,384
		===========	==========

All of the Trust's activities are derived from continuing operations.
All recognised gains and losses are included in the Statement of Financial Activities.
The notes on pages 10-16 form part of these financial statements

BIOMETRIKA TRUST

BALANCE SHEET

AT 31ST DECEMBER 2020

			2020		2019
	Notes	£	£	£	£
FIXED ASSETS
Tangible fixed assets	8	204			255
Investments	9	1,182,943		1,323,336
		-----------------		-----------------
			1,183,147		1,323,591
CURRENT ASSETS
Stocks		1			1
Debtors	10	17,385		16,264
Cash at bank and in hand
and on short term deposit	11	48,893		40,098
		-----------------		-----------------
		66,279		56,363
CREDITORS: AMOUNTS FALLING
DUE WITHIN ONE YEAR	12	(199,420)		(194,405)
		----------------		----------------
NET CURRENT LIABILITIES			(133,141)		(138,042)
CREDITORS: AMOUNTS FALLING
DUE AFTER ONE YEAR	13		-		(83,165)
			-----------------------		----------------------
NET ASSETS			1,050,006		£1,102,384
			===========		==========
REPRESENTED BY:
FUNDS	14
Designated funds: Research fellowships and			160,000		160,000
studentships
Unrestricted funds			890,006		942,384
			-----------------------		----------------------
TOTAL FUNDS			1,050,006		1,102,384
			===========		==========

and were signed below on its behalf by:

M Lamaison

………………………………………..

Mr M. Lamaison - Trustee

………………………………………. Prof. V. S. Isham - Trustee

BIOMETRIKA TRUST

CASH FLOW STATEMENT

AT 31ST DECEMBER 2020

		2020		2019
	£	£	£	£
Cash flows from operating activities:
*Net cash used in operating activities*		(79,951)		(127,939)
Cash flows from investing activities:
Interest received	2,310		3,908
Dividends received	29,782		33,829
Payments to acquire investments	(13,346)		(16,453)
Proceeds from sale of investments	70,000		50,000
	-----------------		-----------------
*Net cash used in investing activities*		88,746		71,284
		--------------------		--------------------
Change in cash and cash equivalents in the reporting period		8,795		(56,655)
Cash and cash equivalents at the beginning of the
reporting period		40,098		96,753
		--------------------		--------------------
Cash and cash equivalents at the end of the reporting period		48,893		40,098
		==========		==========
			2020	2019
			£	£
Reconciliation of net expenditure to net cash flow from
operating activities
Net income / (expenditure) for the reporting period			31,361	(80,303)
Depreciation charges			51	64
Dividends, interest and rents from investments			(32,092)	(37,737)
Increase in debtors			(1,121)	(2,303)
Decrease in creditors			(78,150)	(7,660)
			---------------------	---------------------
Net cash used in operating activities			(79,951)	(127,939)
			==========	==========
Analysis of cash and cash equivalents			2020	2019
			£	£
Cash at bank			48,893	40,098
			-----------------	-----------------
Total cash and cash equivalents			48,893	40,098
			========	========

There were no movements in net debt other than those shown above in either the current or prior year.

BIOMETRIKA TRUST

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31ST DECEMBER 2020

1. ACCOUNTING POLICIES

Statutory information

Biometrika Trust is a registered charity which is governed by its Trust deed dated 3[rd] May 1935, registration number 222601. The registered office is University College London, Gower Street, London, WC1E 6BT.

Basis of preparation

The financial statements have been prepared in accordance with the Statement of Recommended Practice for Charities (SORP 2019) and the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).

Biometrika Trust meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy note(s).

Preparation of accounts on a going concern basis

The Trustees consider there are no material uncertainties about the Trust’s ability to continue as a going concern. The review of our financial position, reserves levels and future plans in the forecasts gives Trustees confidence the Trust remains a going concern for the foreseeable future.

Over 75% of the Trust’s income comes from long term contracts with universities for the provision of the journal Biometrika. OUP, who manage these contracts on Biometrika’s behalf, have indicated that this income for 2020 exceeded both that for 2019 and for the 2020 budget. Most of the balance of the income arises from sales of back issues etc and, again, this income increased in 2020. There is as yet no evidence of any longer term effects of COVID-19 on Biometrika’s ability to continue as a going concern but the Trustees will keep the matter under review. The Trust does maintain a significant level of reserves, over £370k of which is in cash or cash equivalents. This should enable the Trust to have time to react to any longer term consequences of COVID-19.

Fund accounting

General unrestricted funds comprise accumulated surpluses and deficits on general funds. They are available for use at the discretion of the Trustees in furtherance of the general charitable objectives. Designated funds comprise unrestricted funds designated for the funding of research support and student fellowships.

Income

Income presents the total income receivable during the year comprising publication sales, investment income and royalties. Income from charitable activities is recognised as earned as the related services are provided. Income from other trading activities is recognised as earned as the related goods are provided. Investment income is recognised on a receivable basis once the amounts can be measured reliably.

Expenditure

Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably.

When the Trustees approve the creation of a new fellowship, an appropriate amount is transferred from unrestricted funds to designated funds. Once the award to a specific individual has been approved by the Trustees and notified to the recipient, the full amount of the award is recognised as expenditure.

The costs of publications, editorial and publishing and of administration comprise expenditure, including staff costs, directly attributable to the activity. Where costs cannot be directly attributed they have been allocated to activities on a cost basis.

Support costs comprise all services supplied centrally, identifiable as wholly or mainly in support of direct charitable purposes and include an appropriate proportion of general overheads.

Central overheads are allocated to operational and fundraising functions on the basis of their use of central support services.

BIOMETRIKA TRUST NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31ST DECEMBER 2020

Expenditure (cont.)

Governance costs include the costs of governance arrangements which relate to the general running of the Trust, including strategic planning for its future development, external audit, any legal advice for the Trustees, and all costs of complying with constitutional and statutory requirements, such as the costs of Trustee meetings and of preparing the statutory accounts and satisfying public accountability.

Fixed assets

Tangible fixed assets are stated at cost and relate to office equipment. Depreciation is calculated to write-off the cost of fixed assets over their estimated useful life using a rate of 20% on a reducing balance basis.

Investments

Investments are included on the balance sheet at their market value at the end of the financial period. Realised and unrealised gains and losses are credited, or debited, to the Statement of Financial Activities in the year in which they arise.

Stock

The Trustees do not consider that a realistic valuation of the stocks of publications can be made. Therefore they are included at a nominal value.

Debtors

Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid.

Creditors and provisions

Creditors and provisions are recognised where the Trust has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

Judgements in applying accounting policies and key sources of estimation uncertainty

There were no material areas of estimation or judgment used in preparing these financial statements.

BIOMETRIKA TRUST

NOTES TO THE FINANCIAL STATEMENTS (continued)

YEAR ENDED 31ST DECEMBER 2020

2.	INVESTMENT INCOME					2020	2019
						£	£
	M&G Charibond investment					9,148	8,271
	M&G Charifund investment					15,997	17,769
	Schroders Charity Equity Fund investment					5,318	7,789
	Buckinghamshire Building Society					274	641
	Leeds Building Society					16	22
	Scottish Widow 90 Day Notice Account					129	103
	CAF 30 Day Notice Account					-	680
	Saffron Building Society					1,112	1,515
	Short term deposits					98	947
						-----------------	-----------------
						32,092	37,737
						========	========
3.	ANALYSIS OF PUBLICATION	SALES
	Current volume					43,356	43,217
	Back numbers					14,665	14,903
	Auxiliary publications					22,552	21,163
	Consortia					88,029	86,381
	Digital Archive and member sales					8,361	2,534
						-------------------	-------------------
						176,963	168,198
						=========	=========
4.(a)	ANALYSIS OF EXPENDITURE
				Support		Total	Total
			Direct costs	costs		2020	2019
	Charitable activity costs		£	£		£	£
	Publication costs		55,291	28,234		83,525	76,484
	Editorial and publishing costs		44,973	28,234		73,207	66,782
	Research Support/fellowship
	(0 new fellows in 2020)		-		-	-	124,986
			-----------------	-----------------		-----------------	-----------------
			100,264	56,468		156,732	268,252
	Governance costs (Note 4c)		7,400	13,562		20,962	17,986
			-----------------	-----------------		------------------	------------------
	Total		107,664	70,030		177,694	286,238
			========	========		=========	=========
(b)	ANALYSIS OF SUPPORT COSTS
	Support costs are allocated to activities on a staff		costs basis as follows:
			Editorial and
		Publication	publishing	Governance
		costs	costs	costs		2020	2019
		£	£	£		£	£
	Staff costs	19,325	19,325	9,662		48,312	46,461
	Consultancy costs	5,569	5,569	2,784		13,922	14,315
	Insurance and telephone	950	950		-	1,900	1,534
	Bank charges and interest	132	132		-	264	1,002
	Legal and professional	-	-		-	-	600
	Depreciation	26	25		-	51	64
	Miscellaneous expenses	2,232	2,233	1,116		5,581	1,858
		-----------------	-----------------	-----------------		-----------------	-----------------
		28,234	28,234	13,562		70,030	65,834
		========	========	========		========	========

BIOMETRIKA TRUST

NOTES TO THE FINANCIAL STATEMENTS (continued)

YEAR ENDED 31ST DECEMBER 2020

ANALYSIS OF GOVERNANCE COSTS	2020	2019
	£	£
Audit	7,400	5,460
Support costs (Note 4b)	13,562	12,526
	-----------------	-----------------
	20,962	17,986
	========	=======

(d) ANALYSIS OF EXPENDITURE – comparative figures

		Support	Total
	Direct costs	costs	2019
Charitable activity costs	£	£	£
Publication costs	49,830	26,654	76,484
Editorial and publishing costs	40,128	26,654	66,782
Research Support/fellowship
(1 new fellow in 2019)	124,986	-	124,986
	-----------------	-----------------	-----------------
	214,944	53,308	268,252
Governance costs (Note 4c)	5,460	12,526	17,986
	-----------------	-----------------	------------------
Total	220,404	65,834	286,238
	========	========	=========

(e) ANALYSIS OF SUPPORT COSTS – comparative figures

Support costs are allocated to activities on a staff costs basis as follows:

		Editorial and
	Publication	publishing	Governance
	costs	costs	costs	2019
	£	£	£	£
Staff costs	18,585	18,585	9,291	46,461
Consultancy costs	5,726	5,726	2,863	14,315
Insurance and telephone	767	767	-	1,534
Bank charges and interest	501	501	-	1,002
Legal and professional	300	300	-	600
Depreciation	32	32	-	64
Miscellaneous expenses	743	743	372	1,858
	-----------------	-----------------	-----------------	-----------------
	26,654	26,654	12,526	65,834
	========	========	========	========

BIOMETRIKA TRUST

NOTES TO THE FINANCIAL STATEMENTS (continued)

YEAR ENDED 31ST DECEMBER 2020

5. STAFF NUMBER AND EMOLUMENTS

The average number of staff employed by Biometrika Trust for the year was 2 (2019: 2). No employees earned more than £60,000 (2019: Nil) during the year.

The key management personnel of the Trust are considered to be the Trustees, the Business Manager and the Editor. Aggregate remuneration and benefits for the key management personnel in 2020 was £17,332 (2019: £20, 937).

6. TRUSTEES’ EMOLUMENTS AND REIMBURSED EXPENSES

No trustees received any remuneration for their services during the year (2019: £Nil).

No trustees were reimbursed for travel expenses during the year totalling £nil (2019: 3 trustees for travel expenses of £450).

7.	NET MOVEMENT IN FUNDS	2020	2019
		£	£
	The net movement in funds for the year is arrived at after charging:
	Depreciation	51	64
	Auditors’ remuneration – audit services net of VAT	7,400	4,750
	Staff costs	45,279	46,461
		=======	=======
8.	TANGIBLE FIXED ASSETS		Office
			equipment
			£
	COST
	At 1 January 2020 and 31 December 2020		2,193
			--------------
	DEPRECIATION
	At 1 January 2020		1,938
	Charge for the year		51
			-------------
	At 31 December 2020		1,989
			--------------
	NET BOOK VALUE
	At 31 December 2020		204
			=======
	At 31 December 2019		255
			=======

BIOMETRIKA TRUST

NOTES TO THE FINANCIAL STATEMENTS (continued)

YEAR ENDED 31ST DECEMBER 2020

9.	INVESTMENTS	2020	2019
		£	£
	Market Value:
	1 January	1,323,336	1,293,343
	Additions	13,346	16,453
	Disposals	(70,000)	(50,000)
	Unrealised (loss)/gain	(83,739)	63,540
		------------------	------------------
	At 31 December	1,182,943	1,323,336
		=========	=========
	Cost at 31 December	984,531	1,041,184
		=========	=========
	Market value represented by the following holdings:
	M&G Charibond	376,606	368,594
	M&G Charifund	308,107	361,879
	Schroders Charity Equity Fund	136,756	163,018
	Buckinghamshire Building Society	16,348	86,074
	Leeds Building Society	34,443	34,427
	Scottish Widow 90 Day Notice Account	51,581	51,452
	CAF 30 Day Notice Account	85,000	85,000
	Virgin Money Accounts	84,931	84,833
	Saffron Building Society	89,171	88,059
		-------------------	-------------------
	Total	1,182,943	1,323,336
		=========	=========
10.	DEBTORS	2020	2019
		£	£
	VAT recoverable	1,173	857
	Prepayments and accrued income	16,212	15,407
		-----------------	-----------------
		17,385	16,264
		========	========
11.	ANALYSIS OF CASH BALANCES
	NatWest current account	20,145	13,222
	Reliance current account	23,398	21,526
	NatWest business reserve account	5,350	5,350
		-------------------	-------------------
		48,893	40,098
		=========	=========
12.	CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR	2020	2019
		£	£
	Advance received on publication sales	22,002	22,423
	Trade creditors	4,044	5,203
	Fellowship awards due	149,405	155,078
	Other creditors and accruals	23,969	11,701
		----------------	----------------
		199,420	194,405
		========	========

BIOMETRIKA TRUST

NOTES TO THE FINANCIAL STATEMENTS (continued)

YEAR ENDED 31ST DECEMBER 2020

13.	CREDITORS: AMOUNTS FALLING	CREDITORS: AMOUNTS FALLING	DUE AFTER ONE YEAR	DUE AFTER ONE YEAR		2020	2019
						£	£
	Fellowship awards due					-	83,165
					=========		=========
14.	FUNDS
		At 1					At 31
		January 2020	Income	Expenditure	Investment movements	Transfers	December 2020
		£	£	£	£	£	£
	Unrestricted Funds
	Designated funds:
	Research support	160,000	-	-	-	-	160,000
	General funds	942,384	209,055	(177,694)	(83,739)	-	890,006
		--------------------	-------------------	---------------------	--------------------	--------------------	--------------------
	Total	1,102,384	209,055	(177,694)	(83,739)	-	1,050,006
		==========	==========	===========	==========	==========	==========

Transfers

Transfers are made to the designated fund to bring the balance up to the value of fellowships expected to be approved next year.

Comparative movements:

	At 1					At 31
	January 2019	Income	Expenditure	Investment gains	Transfers	December 2019
	£	£	£	£	£	£
Unrestricted Funds
Designated funds:
Research support	160,000	-	(124,986)	-	124,986	160,000
General funds	959,147	205,935	(161,252)	63,540	(124,986)	942,384
	----------------	-------------------	---------------------	--------------------	--------------------	--------------------
Total	1,119,147	205,935	(286,238)	63,540	-	1,102,384
	==========	==========	==========	==========	==========	==========

15. TAXATION

Biometrika Trust is a registered charity and therefore is not liable for income tax or corporation tax on income derived from its charitable activities, as it falls within the various exemptions available to registered charities.

16. RELATED PARTY TRANSACTIONS

There were no related party transactions during the year (2019: none).

BIOMETRIKA TRUST

DETAILED INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 31ST DECEMBER 2020

		2020		2019
	£	£	£	£
PUBLICATION SALES
Current volume		43,356		43,217
Back numbers		14,665		14,903
Auxiliary publications		22,552		21,163
Consortia		88,029		86,381
Digital archive and member sales		8,361		2,534
		-----------------		-----------------
		176,963		168,198
Investment income		29,782		33,829
Interest on deposit accounts		2,310		3,908
		------------------		------------------
TOTAL INCOME		209,055		205,935
		=========		=========
PUBLICATION EXPENDITURE
Current volume		30,367		26,269
Auxiliary publications		623		571
Commission payable		24,301		22,990
		----------------		----------------
		55,291		49,830
STAFF COSTS
Secretarial		48,312		46,461
CONSULTANCY COSTS
Business Manager	13,922		14,315
Editorial	28,531		21,574
	----------------		----------------
		42,453		35,889
Research support and fellowships	-		124,986
Publishing expenses	16,442		18,555
Insurance and telephone	1,899		1,534
Miscellaneous expenses	5,581		2,458
Legal and professional			-
Audit and accountancy	7,400		5,460
Bank charges and interest	265		1,001
Depreciation	51		64
	----------------		----------------
		31,638		154,058
		----------------		----------------
TOTAL EXPENDITURE		177,694		286,238
		-----------------		-----------------
SURPLUS/(DEFICIT) FOR THE YEAR		36,821		(80,303)
		=========		=========

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