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2021-12-31-accounts

Page
Report ofthe Trustee Board 1 to 12
Report ofthe Independent
Auditors		 13to 15
Statement of Financial Activities 16
Balance Sheet 17
Cash Flow Statement 18
Notes to the Financial Statements 19to 32

As at 31 December 2021
2021 2020
Note f f
Fixed assets:
Tangible assets
Intangible
assests
Investments		 10
11
12		 5,161
100„007
6,385,601		 3,339
115,383
6,405,573
6,490,769 6,524,295
Current assets:
Debtors 476,484 418,572
Cash at bank and in hand 205,975 362,280
682,459 780,852
Liabilities:
Creditors: amounts falling due within one year 14 (465,907) (460,422)
Net current assets 216,552 320,430
Total assets less current liabilities 6,707,321 6,844,725
Creditors: amounts falling due after one year 16 (8,529) (5,902)
Net assets 6,698,792 6,838,823
Total net assets 6,698,792 6,838,823
The funds ofthe charity:
Restricted
Income funds		 18a 23,437 23,255
Unrestricted
Income funds:
Designated
funds
General funds		 1,600,000
5,075,356		 6,435,573
379,995
Total unrestricted funds 6,675,356 6,815,568
Total charity funds 6,698,792 6,838,823

For the
ear ended 31 December		 202 1
2021
f		 2020
f
Cash flows from operating
activities
Net income
/ (expenditure)
for the reporting		 period (140,031) 264,105
(as per the statement
offinancial
Depreciation
charges
Amortlsation
charges		 activities) 1,302
15,376		 807
15,376
(Gains)/losses
on investments		 (319,077) (323,159)
Dividends,
interest
and rent from		 investments (176,981) (I99,847)
Portfolio management
fees		 39,049 37,455
(Increase)/decrease
in debtors		 (57,912) (69,903)
Increase/(decrease)
in creditors		 8,111 50,458
Net cash provided
by / (used ln)		 operating activities (630,162) (224,708)
Cash flows from Investing
activities:
Dividends,
interest
and rents from investments		 176,981 199,847
Proceeds from the sale offixed assets
Purchase of fixed assets (3,123) (1,371)
Proceeds from sale of investments 300,000
Purchase of investments
Net cash provided
by / (used in)		 Investing activities 473,858 198,476
Change
In cash and cash equivalents		 ln the year (156,305) (26,232)
Cash and cash equivalents
at the		 beginning ofthe year 362,280 388,512
Cash and cash equivalents
at the		 end ofthe year 205,975 362,280
Analysis ofcash and cash equivalents and of net debt At
1		 Other At 31
January non-cash December
2021 Cash flows changes 2021
f f f f
Cash at bank and
in hand		 362,280 (156 305) 705,975
Total cash and cash equivalents 362,280 (I56,305) 205,975

2 Income from charitable activit ies
2021 2020
Unrestricted Restricted Total Unrestricted Restricted Total
f f f f f f
Economic Journal
Sales of current
volume
Sales of back numbers,
Submission
fees
JSTOR Revenue		 to non-members
royalties
and other		 708,681
81,964
176,652		 708,681
81,964
176,652		 601,923
114,672
95,908
20,277		 601,923
114,672
95,908
20,277
Sub-total for Economic Journal 967,297 967,297 832,780 832,780
Econometrics Journal
Subscriptions
Sales of back numbers,
rights
Non-subscription
income		 and permission 80,517
2,514
14,231		 80,517
2,514
14,231		 81,120
10,674		 81,120
10,674
Sub-total for Econometrics Journal 97,262 97,262 91,794 91,794
Publishing
Activities
From Publishers
Liberty Fund		 3,927 3,927 2)106
1,158		 2,106
1,158
Sub-total
for Other Publishing		 Activities 3,927 3,927 3,264 3,264
Discover Economics
Grants		 30,000 30,000 30,000 30,000
Gift Aid Donations 245 245
Sub-total
for Discover		 Economics 30,245 30,245 30,000 30,000
Total income from charitable activities 1,068,486 30,245 1,098,731 927,838 30,000 957,838
3 Income from investments 2021 2020
Unrestricted
f		 Restricted Total
f		 Unrestricted
f		 Restricted
f		 Total
f
Dividends
receivable
from investments		 and 176,981 176,981 199,847 199,847
unit trusts
176,981 176,981 199,847 199,847
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Grant making
(current year)
Grants to Grants to
institutions Individuals 2021
E E E
Outreach
Diversity
Competitions
and awards		 7,248
12,509		 7,248
12,509
Institutional
grants - CORE
Institutional
grants - Economics Network
Institutional
grants - International
Economic Association
Institutional
grants - Academy of Social Sciences
Third Party Events		 10,000
1,503
1,510		 2,887 10,000
1,503
1,510
2,887
Membership
Conference
grant scheme
Small budget scheme
Special Project Grant Scheme		 1,238
(670)
(4,426)		 1,238
(670)
(4I426)
Total 13,013 18,786 31,800

Grants to Grants to
Institutions individuals 2020
E E E
Outreach
Diversity
Competitions
Institutional
Institutional
Institutional
Institutional
Third Party		 and
grants
grants
grants
grants
Events		 awards
—CORE
—Economics
Network
—International
Economic Association
—Academy of Social Sciences		 15,000
20,000
(4,575)
1,510		 8,299
5,462
1,682		 BI299
5,462
151000
20,000
(4,575)
11510
1,682
Membership
Conference
grant scheme
Small budget scheme
Special ProJect Grant Scheme		 250
2 223
(5,994)		 250
2)223
(5,994)
Total 31,935 11,922 43,857

e
e
e de
Dece
be
2
Tangible fixed assets
Computer
equipment Total
Cost E E
At the start of the year
Additions
in year		 8,262
3,123		 8,262
3,123
Disposals
in year
At the end of the year 11,385 11,385
Depreciation
At the start ofthe year
Charge for the year		 4,923
1,301		 4,923
1,301
Eliminated
on disposal
At the end ofthe year 6,224 6,224
Net book value
At the end ofthe year 5,161 5,161
At the start ofthe year 3,339 3,339

Intangible
fixed assets
Software Total
Cost f. E
At the start ofthe year 153,763 153,763
Additions
In year
Dlsposals
In year
At the end ofthe year 153,763 153,763
Depreciation
At the start ofthe year
Charge for the year		 38,380
15,376		 38,380
15,376
Eliminated
on disposal
At the end ofthe year 53,756 53,756
Net book value
At the end ofthe year 100,007 100,007
At the start ofthe year 115,383 115,383

12 Usted Investments
2021 2020
E E
Fair value at the start ofthe year 6I4051573 6,119,869
Additions
at cost
Disposal proceeds
Net gain
/ (loss) on
Settlement
offees		 change In fair value (300,000)
319I077
(39,049)		 323,159
(37,455)
6,385,601 6,405,573
Fair value at the end ofthe year 6,385,601 6,405,573
Investments
comprise:		 2021f 2020
f
Sarasln & Partners
Long Term
Medium Term		 4,680,981
1,240,428		 4,363,443
1,258,929
Short Term 276,178 576,725
Cash 188,014 206,476
6„385,601 6,405,573
Cost 5,855,664 5,993,784
13 Debtors
2021
E		 2020f
Trade debtors 5,880 50,626
Sundry debtors
Publishing		 80)793
3891811		 33,557
334,389
476,484 418,572
14 Creditors: amounts falling due within one year 2021
E		 2020f
Trade creditors 100,610 108,714
Taxation and social
Other creditors		 security 4,897
1,097		 5,705
1,097
Accruals 344,290 329,481
Deferred
income (note 15)		 15,014 15,425
465I907 460,422
15 Deferred
Income
Deferred
Income comprises		 of 3 year membership subscriptions
2021
f		 2020f
Balance at the beginning
ofthe year
Amount
released to income
in the year
Amount
deferred
in the year		 15,425
(15,425)
15,014		 16,181
(16,181)
15,425
Balance at the end ofthe year 15I014 15,425

2021f 2020f
8,529 5,902
8,529 51902

Analysis ofnet assets between funds (current year)
General
unrestricted
E		 Designated
E		 Restricted
E		 Total fundsf
Fixed assets
Investments
Net current assets
Long term liabilities		 5,168
4,885,601
193,115
(8,529)		 100,000
1,500,000		 23,437 105,168
6,385,601
216,552
(81529)
Net assets at 31 December 2021 5,075,355 1,600,000 23,437 6,698,792
Analysis ofnet assets between funds (prior year)
General
unrestricted
E		 Designatedf Restricted
E		 Total fundsf
Fixed assets
Investments
Net current assets
Long term liabilities		 118,722
267,175
(5,902)		 6,435,573 23,255 118,722
6,4351573
290,430
(5,902)
Net assets at 31 December 2020 3791995 6,435,573 23,255 618381823
Royal Economic Society
Notes to the financial
statements
Fort eae
e
Dce		 e 2
18a Movements
In funds (current		 year)
At I At 31
January Income & Expenditure December
2021 gains & losses Transfers 2021
E E E E E
Restricted funds:
Discover Economics 23,255 30,245 (57,603) 27,540 23I437
Total restricted
funds		 23,255 30,245 (57,603) 27,540 23,437
Unrestricted
funds:
Designated
funds:
Investment
Reserve		 5,905,573 319,077 (39,049) (6,185,601)
COVID Academic Support
Discover Economics		 500,000
30,000		 (500,000)
(30,000)
Fixed Asset Reserve 100,000 100,000
Working
Capital Reserve
Programme
Investment
2022 Budget Deficit		 Reserve 200,000
1,000,000
300,000		 200I000
1,000,000
300,000
Total designated
funds		 6,435,573 319,077 (39,049) (5,115,601) 1,6001000
general funds: 379,995 1,461,070 (1,853,771) 5,088,061 5,075,356
Total general
funds		 379,995 1,461,070 (1,853,771) 5,088,061 SI075,356
Total unrestricted
funds		 6,815,568 1,780,147 (1,892,820) (27,540) 6,675I356
Total funds 6,838,823 1,810,392 (1,950,423) 6,698,792

18b Movements
In funds (prior year)		 At I At 31
January Income & Expenditure December
2020
f		 gains
f		 & losses
E		 Transfers
E		 2020
E
Restricted funds:
Discover Economics 300 30,000 (7,045) 23,255
Total restricted
funds		 300 30,000 (7,045) 23I255
Unrestricted
funds:
Designated
funds:
Investment
reserve		 6,119,869 323,159 (37,455) (500,000) 5,905,573
Covid Academic Support
Discover Economics		 500,000
30,000		 500,000
30,000
Total designated
funds		 6,119,869 323,159 (37,455) 30,000 6,435,573
General funds 454,549 1,223,763 (1,268,317) (30,000) 379I995
Total unrestricted
funds		 6,574,418 1,546,922 (1,305,772) 6,815,568
Total funds 6,574,718 1,576,922 (1,312,817) 6,838,823

Property
2021 2020
f f
Less
One		 than one year
to five years		 24,543
25,753		 1,138
50,296 1,138