BIOMETRIKA TRUST
REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31ST DECEMBER 2021
Charity Registration Number: 222601
BIOMETRIKA TRUST
REPORT AND FINANCIAL STATEMENTS
YEAR ENDED 31ST DECEMBER 2021
| CONTENTS | Page |
|---|---|
| Reference and Administrative Details | 1 |
| Trustees’ Report | 2 |
| Independent examiner’s report | 5 |
| Statement of Financial Activities | 6 |
| Balance Sheet | 7 |
| Notes to the Financial Statements | 8 |
| Detailed Income and Expenditure Accounts | 15 |
15
BIOMETRIKA TRUST
REFERENCE AND ADMINISTRATIVE DETAILS
YEAR ENDED 31ST DECEMBER 2021
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
INDEPENDENT EXAMINERS
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.
1
BIOMETRIKA TRUST
TRUSTEES’ REPORT
YEAR ENDED 31ST DECEMBER 2021
The Trustees present the annual report and audited financial statements for the year ended 31st December 2021. The financial statements have been prepared in accordance with the accounting policies set out on pages 8-9 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. Trustees are approached and appointed either due to their academic standing or due to having appropriate business experience. Charity Commission guidance and documentation for Trustee training is passed to the Trustees as it is issued. 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 costs 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 has been 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.
2
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 2021
the journal widely accessible 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 the electronic version of the journal;
-
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 the Reserves policy; and
-
funded fellowships to support research potentially capable of publication in the journal.
Biometrika Volume 108 was produced in 4 issues totalling 1,003 pages and has maintained the journal’s high academic quality. Numbers of paper subscribers have decreased in line with academic journals generally, and therefore production of the paper version ceased at the end of 2021. However, 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 6 of the financial statements.
During 2021, total income amounted to £189,192 (2020: £209,055). Of this figure £171,195 (2020: £176,963) related to publication sales. A further £17,997 (2020: £32,092) was received by way of investment income.
Expenditure totalled £290,582 (2020: £177,694). £133,192 (2020: £156,732) was spent on publication and editorial costs. Expenditure on governance of the Trust was kept to a minimum during the year and totalled £17,390 (2020: £20,962). Two fellowships were awarded during 2021 totalling £140,000 (2020: no fellowships awarded).
Movements on the stock market during the year led to gains on the charity's investment portfolio of £74,939 (2020: losses of £83,739). After accounting for these movements, the Trust had a net deficit in funds of £26,451 (2020: deficit of £52,378).
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 costs would be a reasonable level, divided approximately equally between long term and short-term reserves.
3
BIOMETRIKA TRUST
TRUSTEES’ REPORT (continued)
YEAR ENDED 31ST DECEMBER 2021
The Trust's balance sheet shows general unrestricted reserves totalling £1,003,555 at 31st December 2021 (2020: £890,006) which represents approximately 70 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 £0 at 31[st] December 2021 (2020: £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. All fellowships that have been approved by the Trustees have begun and thus, in accordance with the Trust’s accounting policies, the costs relating to those fellowships have been written off.
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 £1,083,482, 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. 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.
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 June 17[th] , 2021 and signed on its behalf by:
Prof. V.S. Isham
Trustee
4
INDEPENDENT AUDITORS’ REPORT TO THE TRUSTEES OF BIOMETRIKA TRUST
I report to the Trustees on my examination of the accounts of Biometrika Trust for the year ended 31 December 2021 which are set out on pages 6 to 14.
Respective responsibilities of trustees and examiner
The trustees are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (“the 2011 Act”). The trustees are satisfied that an audit is not required for this year under section 144(2) of the Charities Act 2011 (the 2011 Act) and have chosen instead to have an independent examination.
I report in respect of my examination of the Trust’s accounts as carried out under section 44 (1) ( c) of the 2005 Act and section 145 of the 2011 Act. In carrying out my examination I have followed the requirements of the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
Independent examiner’s statement
I have completed my examination. I confirm that no matters have come to my attention giving me cause to believe that in any material respect:
-
accounting records were not kept in respect of the charity as required by section 130 of the 2011 Act; or
-
the accounts do not accord with those records; or
-
the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Siobhan Holmes ACA Haysmacintyre LLP 10 Queen Street Place London EC4R 1AG
28/09/2022 Date:
5
BIOMETRIKA TRUST
STATEMENT OF FINANCIAL ACTIVITIES
FOR THE YEAR ENDED 31ST DECEMBER 2021
| Unrestricted funds | Unrestricted funds | ||
|---|---|---|---|
| 2021 | 2020 | ||
| Note | £ | £ | |
| Income from: | |||
| Publication sales | 3 | 171,195 | 176,963 |
| Investment income | 2 | 17,997 | 32,092 |
| ----------------- | ----------------- | ||
| Total income | 189,192 | 209,055 | |
| ----------------- | ----------------- | ||
| Expenditure on: | |||
| Charitable activities | 4 | 290,582 | 177,694 |
| ---------------- | ---------------- | ||
| Total expenditure | 290,582 | 177,694 | |
| ---------------- | ---------------- | ||
| Net movement in funds before (losses)/gains on investments | (101,390) | 31,361 | |
| Net (losses)/gains on investments | 9 | 74,939 | (83,739) |
| ---------------- | ---------------- | ||
| Net movement in funds for the year | (26,451) | (52,378) | |
| Fund balances brought forward at 1st January 2021 | 14 | 1,050,006 | 1,102,384 |
| ----------------------- | -------------------- | ||
| Fund balances carried forward at 31st December 2021 | 14 | 1,163,555 | 1,050,006 |
| =========== | ======= |
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 8-14 form part of these financial statements.
6
BIOMETRIKA TRUST
BALANCE SHEET
AT 31ST DECEMBER 2021
| 2021 | 2020 | ||||
|---|---|---|---|---|---|
| Notes | £ | £ | £ | £ | |
| FIXED ASSETS | |||||
| Tangible fixed assets | 8 | 163 | 204 | ||
| Investments | 9 | 1,083,482 | 1,182,943 | ||
| ----------------- | ----------------- | ||||
| 1,083,645 | 1,183,147 | ||||
| CURRENT ASSETS | |||||
| Stocks | 1 | 1 | |||
| Debtors | 10 | 26,461 | 17,385 | ||
| Cash at bank and in hand | |||||
| and on short term deposit | 11 | 146,193 | 48,893 | ||
| ----------------- | ----------------- | ||||
| 172,655 | 66,279 | ||||
| CREDITORS: AMOUNTS FALLING | |||||
| DUE WITHIN ONE YEAR | 12 | (177,745) | (199,420) | ||
| ---------------- | ---------------- | ||||
| NET CURRENT LIABILITIES | 79,910 | (133,141) | |||
| CREDITORS: AMOUNTS FALLING | |||||
| DUE AFTER ONE YEAR | 13 | (55,000) | - | ||
| ----------------------- | ------------------- | ||||
| NET ASSETS | 1,023,555 | 1,050,006 | |||
| =========== | ========= | ||||
| REPRESENTED BY: | |||||
| FUNDS | 14 | ||||
| Designated funds: Research fellowships and | - | 160,000 | |||
| studentships | |||||
| Unrestricted funds | 1,023,555 | 890,006 | |||
| ----------------------- | --------------------- | ||||
| TOTAL FUNDS | 1,023,555 | 1,050,006 | |||
| =========== | ========== |
The financial statements were approved and authorised for issue by the Board of the Trustees on June 17th, 2021 and were signed below on its behalf by:
………………………………………..
Prof. T. Fearn – Trustee
……………………………………….. Prof. V. S. Isham - Trustee
7
BIOMETRIKA TRUST
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31ST DECEMBER 2021
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 publication income comes from long term contracts with universities for the provision of the journal Biometrika. Most of the balance of the income arises from sales of back issues etc and this income increased slightly in 2021. The world of academic publication is changing rapidly, partly due to the move to open access. It is difficult to predict the long term effects on Biometrika. 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 £310k of which is in cash or cash equivalents. This should enable the Trust to have time to react to any longer term consequences of COVID19 or the changes in academic publishing.
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.
8
BIOMETRIKA TRUST NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31ST DECEMBER 2021
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.
9
BIOMETRIKA TRUST
NOTES TO THE FINANCIAL STATEMENTS (continued)
YEAR ENDED 31ST DECEMBER 2021
| 2. | INVESTMENT INCOME | 2021 | 2020 | ||
|---|---|---|---|---|---|
| £ | £ | ||||
| M&G Charibond investment | 4,216 | 9,148 | |||
| M&G Charifund investment | 7,215 | 15,997 | |||
| Schroders Charity Equity Fund investment | 5,447 | 5,318 | |||
| Buckinghamshire Building Society | - | 274 | |||
| Leeds Building Society | 17 | 16 | |||
| Scottish Widow 90 Day Notice Account | - | 129 | |||
| CAF 30 Day Notice Account | 1,038 | 680 | |||
| Saffron Building Society | - | 1,515 | |||
| Short term deposits | 64 | 98 | |||
| ----------------- | ----------------- | ||||
| 17,997 | 32,092 | ||||
| ======== | ======== | ||||
| 3. | ANALYSIS OF PUBLICATION SALES | ||||
| Current volume | 38,606 | 43,356 | |||
| Back numbers | 14,415 | 14,665 | |||
| Auxiliary publications | 25,548 | 22,552 | |||
| Consortia | 86,858 | 88,029 | |||
| Digital Archive and member sales | 5,768 | 8,361 | |||
| ------------------- | ------------------- | ||||
| 171,195 | 176,963 | ||||
| ========= | ========= | ||||
| 4.(a) | ANALYSIS OF EXPENDITURE | ||||
| Support | Total | Total | |||
| Direct costs | costs | 2021 | 2020 | ||
| Charitable activity costs | £ | £ | £ | £ | |
| Publication costs | 43,088 | 26,796 | 69,884 | 83,525 | |
| Editorial and publishing costs | 43,797 | 26,795 | 70,592 | 73,207 | |
| Research Support/fellowship | |||||
| (2 new fellows in 2021) | 132,716 | - | 132,716 | - | |
| ----------------- | ----------------- | ----------------- | ----------------- | ||
| 219,601 | 53,591 | 273,192 | 156,732 | ||
| Governance costs (Note 4c) | 4,000 | 13,390 | 17,390 | 20,962 | |
| ----------------- | ----------------- | ------------------ | ------------------ | ||
| Total | 223,601 | 66,981 | 290,582 | 177,694 | |
| ======== | ======== | ========= | ========= | ||
| (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 | 2021 | 2020 | |
| £ | £ | £ | £ | £ | |
| Staff costs | 20,622 | 20,622 | 10,312 | 51,556 | 48,312 |
| Consultancy costs | 3,254 | 3,254 | 1,628 | 8,136 | 13,922 |
| Insurance and telephone | 880 | 880 | 441 | 2,201 | 1,900 |
| Bank charges and interest | 163 | 163 | 81 | 407 | 264 |
| Legal and professional | 1,856 | 1,856 | 928 | 4,640 | - |
| Depreciation | 21 | 20 | - | 41 | 51 |
| Miscellaneous expenses | - | - | - | - | 5,581 |
| ----------------- | ----------------- | ----------------- | ----------------- | ----------------- | |
| 26,796 | 26,795 | 13,390 | 66,981 | 70,030 | |
| ======== | ======== | ======== | ======== | ======== |
10
BIOMETRIKA TRUST
NOTES TO THE FINANCIAL STATEMENTS (continued)
YEAR ENDED 31ST DECEMBER 2021
| 4.(c) | ANALYSIS OF GOVERNANCE COSTS | 2021 | 2020 |
|---|---|---|---|
| £ | £ | ||
| Audit | - | 7,400 | |
| Independent examination | 4,000 | - | |
| Support costs (Note 4b) | 13,390 | 13,562 | |
| ----------------- | ----------------- | ||
| 17,390 | 20,962 | ||
| ======== | ======== |
(d) ANALYSIS OF EXPENDITURE – comparative figures
| Support | Total | ||
|---|---|---|---|
| Direct costs | costs | 2020 | |
| Charitable activity costs | £ | £ | £ |
| Publication costs | 55,291 | 28,234 | 83,525 |
| Editorial and publishing costs | 44,973 | 28,234 | 73,207 |
| Research Support/fellowship | |||
| (0 new fellows in 2020) | - | - | - |
| ----------------- | ----------------- | ----------------- | |
| 100,264 | 56,468 | 156,732 | |
| Governance costs (Note 4c) | 7,400 | 13,562 | 20,962 |
| ----------------- | ----------------- | ------------------ | |
| Total | 107,664 | 70,030 | 177,694 |
| ======== | ======== | ========= |
(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 | 2020 | |
| £ | £ | £ | £ | |
| Staff costs | 19,325 | 19,325 | 9,662 | 48,312 |
| Consultancy costs | 5,569 | 5,569 | 2,784 | 13,922 |
| Insurance and telephone | 950 | 950 | - | 1,900 |
| Bank charges and interest | 132 | 132 | - | 264 |
| Legal and professional | - | - | - | - |
| Depreciation | 26 | 25 | - | 51 |
| Miscellaneous expenses | 2,232 | 2,233 | 1,116 | 5,581 |
| ----------------- | ----------------- | ----------------- | ----------------- | |
| 28,234 | 28,234 | 13,562 | 70,030 | |
| ======== | ======== | ======== | ======== |
11
BIOMETRIKA TRUST
NOTES TO THE FINANCIAL STATEMENTS (continued)
YEAR ENDED 31ST DECEMBER 2021
5. STAFF NUMBER AND EMOLUMENTS
The average number of staff employed by Biometrika Trust for the year was 4 (2020: 2). No employees earned more than £60,000 (2020: 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 2021 was £37,837 (2020: £42,453).
6. TRUSTEES’ EMOLUMENTS AND REIMBURSED EXPENSES
No trustees received any remuneration for their services during the year (2020: £Nil).
No trustees were reimbursed for travel expenses during the current or prior year.
| 7. | NET MOVEMENT IN FUNDS | 2021 | 2020 |
|---|---|---|---|
| £ | £ | ||
| The net movement in funds for the year is arrived at after charging: | |||
| Depreciation | 41 | 51 | |
| Auditors’ remuneration – audit services net of VAT | - | 7,400 | |
| Independent examiner’s fee | 4,000 | - | |
| Staff costs | 48,312 | 45,279 | |
| ======= | ======= | ||
| 8. | TANGIBLE FIXED ASSETS | Office | |
| equipment | |||
| £ | |||
| COST | |||
| At 1 January 2021 and 31 December 2021 | 2,193 | ||
| -------------- | |||
| DEPRECIATION | |||
| At 1 January 2021 | 1,989 | ||
| Charge for the year | 41 | ||
| ------------- | |||
| At 31 December 2021 | 2,030 | ||
| -------------- | |||
| NET BOOK VALUE | |||
| At 31 December 2021 | 163 | ||
| ======= | |||
| At 31 December 2020 | 204 | ||
| ======= |
12
BIOMETRIKA TRUST
NOTES TO THE FINANCIAL STATEMENTS (continued)
YEAR ENDED 31ST DECEMBER 2021
| 9. | INVESTMENTS | 2021 | 2020 |
|---|---|---|---|
| £ | £ | ||
| Market Value: | |||
| 1 January | 1,182,943 | 1,323,336 | |
| Additions | 600 | 13,346 | |
| Disposals | (70,325) | (70,000) | |
| Unrealised (loss)/gain | (29,736) | (83,739) | |
| ------------------ | ------------------ | ||
| At 31 December | 1,083,482 | 1,182,943 | |
| ========= | ========= | ||
| Cost at 31 December | 969,964 | 984,531 | |
| ========= | ========= | ||
| Market value represented by the following holdings: | |||
| M&G Charibond | 297,525 | 376,606 | |
| M&G Charifund | 302,780 | 308,107 | |
| Schroders Charity Equity Fund | 171,526 | 136,756 | |
| Buckinghamshire Building Society | 16,348 | 16,348 | |
| Leeds Building Society | 34,460 | 34,443 | |
| Scottish Widow 90 Day Notice Account | 51,678 | 51,581 | |
| CAF 30 Day Notice Account | 35,000 | 85,000 | |
| Virgin Money Accounts | 84,994 | 84,931 | |
| Saffron Building Society | 89,171 | 89,171 | |
| ------------------- | ------------------- | ||
| Total | 1,083,482 | 1,182,943 | |
| ========= | ========= | ||
| 10. | DEBTORS | 2021 | 2020 |
| £ | £ | ||
| VAT recoverable | 1,139 | 1,173 | |
| Prepayments and accrued income | 25,322 | 16,212 | |
| ----------------- | ----------------- | ||
| 26,461 | 17,385 | ||
| ======== | ======== | ||
| 11. | ANALYSIS OF CASH BALANCES | ||
| NatWest current account | 20,425 | 13,222 | |
| Reliance current account | 120,418 | 21,526 | |
| NatWest business reserve account | 5,350 | 5,350 | |
| ------------------- | ------------------- | ||
| 146,193 | 40,098 | ||
| ========= | ========= | ||
| 12. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR | 2021 | 2020 |
| £ | £ | ||
| Advance received on publication sales | 70,179 | 22,002 | |
| Trade creditors | 87 | 4,044 | |
| Fellowship awards due | 90,777 | 149,405 | |
| Other creditors and accruals | 16,702 | 23,969 | |
| ---------------- | ---------------- | ||
| 177,745 | 199,420 | ||
| ======== | ======== |
13
BIOMETRIKA TRUST
NOTES TO THE FINANCIAL STATEMENTS (continued)
YEAR ENDED 31ST DECEMBER 2021
| 13. | CREDITORS: AMOUNTS FALLING | CREDITORS: AMOUNTS FALLING | DUE AFTER ONE YEAR | DUE AFTER ONE YEAR | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
| £ | £ | ||||||
| Fellowship awards due | 55,000 | - | |||||
| ========= | ========= | ||||||
| 14. | FUNDS | ||||||
| At 1 | At 31 | ||||||
| January 2021 |
Income | Expenditure | Investment movements |
Transfers | December 2021 |
||
| £ | £ | £ | £ | £ | £ | ||
| Unrestricted Funds | |||||||
| Designated funds: | |||||||
| Research support | 160,000 | - | (140,000) | - | (20,000) | - | |
| General funds | 890,006 | 189,192 | (150,582) | 74,939 | 20,000 | 1,023,555 | |
| -------------------- | ------------------- | --------------------- | -------------------- | -------------------- | -------------------- | ||
| Total | 1,050,006 | 189,192 | (150,582) | 74,939 | - | 1,023,555 | |
| ========== | ========== | =========== | ========== | ========== | ========== |
Transfers
The length of one fellowship was shortened at the request of the fellow and so the related amount (£20,000) has been transferred out of the designated funds for research support.
Comparative movements:
| At 1 | At 31 | |||||
|---|---|---|---|---|---|---|
| January 2020 |
Income | Expenditure | Investment gains |
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 |
| ========== | ========== | ========== | ========== | ========== | ========== |
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 (2020: none).
14
BIOMETRIKA TRUST
DETAILED INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31ST DECEMBER 2021
| 2021 | 2020 | |||
|---|---|---|---|---|
| £ | £ | £ | £ | |
| PUBLICATION SALES | ||||
| Current volume | 38,606 | 43,356 | ||
| Back numbers | 14,415 | 14,665 | ||
| Auxiliary publications | 25,548 | 22,552 | ||
| Consortia | 86,858 | 88,029 | ||
| Digital archive and member sales | 5,768 | 8,361 | ||
| ----------------- | ----------------- | |||
| 171,195 | 176,963 | |||
| Investment income | 16,878 | 29,782 | ||
| Interest on deposit accounts | 1,119 | 2,310 | ||
| ------------------ | ------------------ | |||
| TOTAL INCOME | 189,192 | 209,055 | ||
| ========= | ========= | |||
| PUBLICATION EXPENDITURE | ||||
| Current volume | 19,765 | 30,367 | ||
| Auxiliary publications | 570 | 623 | ||
| Commission payable | 22,753 | 24,301 | ||
| ---------------- | ---------------- | |||
| 43,088 | 55,291 | |||
| STAFF COSTS | ||||
| Secretarial | 51,556 | 48,312 | ||
| CONSULTANCY COSTS | ||||
| Business Manager | 8,136 | 13,922 | ||
| Editorial | 29,701 | 28,531 | ||
| ---------------- | ---------------- | |||
| 51,556 | 42,453 | |||
| Research support and fellowships | 132,716 | - | ||
| Publishing expenses | 14,096 | 16,442 | ||
| Insurance and telephone | 2,201 | 1,899 | ||
| Miscellaneous expenses | - | 5,581 | ||
| Legal and professional | 4,640 | |||
| Audit and accountancy | 4,000 | 7,400 | ||
| Bank charges and interest | 407 | 265 | ||
| Depreciation | 41 | 51 | ||
| ---------------- | ---------------- | |||
| 158,101 | 31,638 | |||
| ---------------- | ---------------- | |||
| TOTAL EXPENDITURE | 290,582 | 177,694 | ||
| ----------------- | ----------------- | |||
| SURPLUS/(DEFICIT) FOR THE YEAR | (101,390) | 36,821 | ||
| ========= | ========= |
This page does not form part of the independently examined financial statements.
15