## 

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





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|As at 31 December|2021|||||||
|---|---|---|---|---|---|---|---|
||||||2021||2020|
||||Note||f||f|
|Fixed assets:<br>Tangible assets<br>Intangible<br>assests<br>Investments|||10<br>11<br>12||5,161<br>100„007<br>6,385,601||3,339<br>115,383<br>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:<br>Restricted<br>Income funds|||18a||23,437||23,255|
|Unrestricted<br>Income funds:||||||||
|Designated<br>funds<br>General funds||||1,600,000<br>5,075,356||6,435,573<br>379,995||
|Total unrestricted|funds||||6,675,356||6,815,568|
|Total charity funds|||||6,698,792||6,838,823|





## 

## 

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





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



## 

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





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## 

|e<br>e<br>e de<br>Dece<br>be<br>2<br>Tangible fixed assets|||
|---|---|---|
||Computer||
||equipment|Total|
|Cost|E|E|
|At the start of the year<br>Additions<br>in year|8,262<br>3,123|8,262<br>3,123|
|Disposals<br>in year|||
|At the end of the year|11,385|11,385|
|Depreciation<br>At the start ofthe year<br>Charge for the year|4,923<br>1,301|4,923<br>1,301|
|Eliminated<br>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<br>fixed assets|||
|---|---|---|
||Software|Total|
|Cost|f.|E|
|At the start ofthe year|153,763|153,763|
|Additions<br>In year|||
|Dlsposals<br>In year|||
|At the end ofthe year|153,763|153,763|
|Depreciation<br>At the start ofthe year<br>Charge for the year|38,380<br>15,376|38,380<br>15,376|
|Eliminated<br>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<br>at cost|||||||
||Disposal proceeds<br>Net gain<br>/ (loss) on <br>Settlement<br>offees|change||In fair value||(300,000)<br>319I077<br>(39,049)|323,159<br>(37,455)|
|||||||6,385,601|6,405,573|
||Fair value at the end|ofthe year||||6,385,601|6,405,573|
||Investments<br>comprise:|||||2021f|2020<br>f|
||Sarasln & Partners|||||||
||Long Term<br>Medium Term|||||4,680,981<br>1,240,428|4,363,443<br>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<br>E|2020f|
||Trade debtors|||||5,880|50,626|
||Sundry debtors<br>Publishing|||||80)793<br>3891811|33,557<br>334,389|
|||||||476,484|418,572|
|14|Creditors: amounts|falling||due within one year||2021<br>E|2020f|
||Trade creditors|||||100,610|108,714|
||Taxation and social <br>Other creditors|security||||4,897<br>1,097|5,705<br>1,097|
||Accruals|||||344,290|329,481|
||Deferred<br>income (note 15)|||||15,014|15,425|
|||||||465I907|460,422|
|15|Deferred<br>Income|||||||
||Deferred<br>Income comprises|||of 3 year membership|subscriptions|||
|||||||2021<br>f|2020f|
||Balance at the beginning<br>ofthe year<br>Amount<br>released to income<br>in the year<br>Amount<br>deferred<br>in the year|||||15,425<br>(15,425)<br>15,014|16,181<br>(16,181)<br>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<br>E|Designated<br>E|Restricted<br>E|Total fundsf|
|Fixed assets<br>Investments<br>Net current assets<br>Long term liabilities||5,168<br>4,885,601<br>193,115<br>(8,529)|100,000<br>1,500,000|23,437|105,168<br>6,385,601<br>216,552<br>(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<br>E|Designatedf|Restricted<br>E|Total fundsf|
|Fixed assets<br>Investments<br>Net current assets<br>Long term liabilities||118,722<br>267,175<br>(5,902)|6,435,573|23,255|118,722<br>6,4351573<br>290,430<br>(5,902)|
|Net assets at 31 December 2020||3791995|6,435,573|23,255|618381823|





|Royal|Economic Society||||||||
|---|---|---|---|---|---|---|---|---|
|Notes|to the financial<br>statements||||||||
|Fort|eae<br>e<br>Dce|e|2||||||
|18a|Movements<br>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<br>funds|||23,255|30,245|(57,603)|27,540|23,437|
||Unrestricted<br>funds:||||||||
||Designated<br>funds:<br>Investment<br>Reserve|||5,905,573|319,077|(39,049)|(6,185,601)||
||COVID Academic Support<br>Discover Economics|||500,000<br>30,000|||(500,000)<br>(30,000)||
||Fixed Asset Reserve||||||100,000|100,000|
||Working<br>Capital Reserve<br>Programme<br>Investment<br>2022 Budget Deficit|Reserve|||||200,000<br>1,000,000<br>300,000|200I000<br>1,000,000<br>300,000|
||Total designated<br>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<br>funds|||379,995|1,461,070|(1,853,771)|5,088,061|SI075,356|
||Total unrestricted<br>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<br>In funds (prior year)|At I||||At 31|
|---|---|---|---|---|---|---|
|||January|Income &|Expenditure||December|
|||2020<br>f|gains<br>f|& losses<br>E|Transfers<br>E|2020<br>E|
||Restricted funds:||||||
||Discover Economics|300|30,000|(7,045)||23,255|
||Total restricted<br>funds|300|30,000|(7,045)||23I255|
||Unrestricted<br>funds:||||||
||Designated<br>funds:<br>Investment<br>reserve|6,119,869|323,159|(37,455)|(500,000)|5,905,573|
||Covid Academic Support<br>Discover Economics||||500,000<br>30,000|500,000<br>30,000|
||Total designated<br>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<br>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 <br>One|than one year<br> to five years|24,543<br>25,753|1,138|
|||50,296|1,138|



##