Charlty R8glstration No. 250SS6 Company Reglstrdtlon No. 00402498 (England and Wales) THE BRITISH INTERPLANETARY SOCIETY ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 AUGUST 2023 tc accounts . tax . legal financial planning 6th Floor King5 House 9-10 Haymarket London United Kingdom SWIY4BP
THE BRITISH INTERPLANETARY SOCIETY CONTENTS Page Company inf0m)atn Presidential siaternenl Trustees. report 4-14 Independent audilorfs rewrt 15-18 Statement ol financaal aCtItieS 19 Statement of finar•34 posilion 20 Notes to the financial statements 21-33
THE BRITISH INTERPLANETARY SOCIETY LEGAL AND ADMINISTRATIVE INFORMATION Trustees Mr Afistsir S(xXt. President Mr George Rodney Wood¢)xa. VI (10 19 May 20231 President Mi Stephen Salfflon. Preent Mr Colin Philp. Vice Presidenl Mi Fabtizio Bernard1 Mr Robin Brand Dr Stuart Eves Mr lain Meek Mr Richard Osbome Mr Patrick Rennie Mr Leslie Shouhjer Mr Gerald Webb. Past Pre5idw (from 19 May 20231 (Appointed 25 November 2023} IAppointÈd 25 March 20231 (Appointed 25 March 20231 (Appointed 25 November 20231 (Appointed 25 Novernber 20231 Secretary Mr SirtKM) Feast Charity number 250556 Company number C#)402498 Principal address 27-29 Scmjth Lambeth Road London SW8 1SZ Registered office 27-29 SoLrth Lambelh Road London SW8 1SZ Auditoi TC Group 6th Floor Kings HoLtse 10 Haymarket Lon¢Jon Uniled ngdoM SW1Y4BP Bankers CharltTresd Foundalion Bank Ltd 25 Kirbgs Hill Avenue Kings Hill Wesl Malli Kent ME19 4JQ
THE BRITISH INTERPLANETARY SOCIETY PRESIDENTIAL STATEMENT FOR THE PERIOD ENDED 30AUGUST 2023 The pericmj from 1 Seplember 21Y22 10 30 Augu512023 was another thalenging year for the Society. We were pleased lo welcome three of our tenants bath into the building earty in Ihe year and open the doors arKI. of couise, the bar lo our members for the many confeiences and evening lecaures. H¢Mever, Ihe Cowd pandemic left lis mark as irtrperson attendance numbers We well on 11)ose we-covid and many people still seerned lo prefer to join online. I believe our finances havè been seriously affeded by Ihe pandemic too. Wth the k)ss of 2 years income fri)m tenants and a sgnificant reduction in our membership numbers, we have been unable to take on more staff lo ease the loaij on the day-to-day running of Ihe office and the managemenl of the Society. We were therefore severely hampered in Completing many ol the essential tasks like updaling our website with recordings of past talk5 and timely promotion ol future events. are also falling behind in our communications wrth members, partieularfy our new members and our fellows. However stralegies were pul in place lo recover the situation, such as our monthly online social and we plan to re-introduce our monthly e-Newsleller to provide more regulai communications. As we read in ovr own publications several olher Spa organisalions have been having their problems too. Virgin Orbit failed to reach ort)it from Spaceport Comwall which resulted in the whole programme being thsed down 8nd Elon Musk has had sevéral failucès on his Starship launcher programme. bul siiu keep5 going. I'rn ple8sed to 58y th8t we were able to run a comprehensNe and effective evenls progiainrne wth a nutnbei of highli9ht5. including an excellent lalk on thè UK Space Command aTrJ NASAS Les Johnson piomoknng his book. 'A Traveller's Guide to the Star5". We also ran several conferences, the most notable being the 19th Reinventing Space Conference 8t Aerospacè Bristol Whe one day was given over lo Space Energy and the &"r Arthui Clarke Award5 were presented at the COnfence Dinner. The propulsi and La¢Jnchers conferen at RAF C05ford also proved a greai SUtxes$ and a fantastic networking opFx)rtunity. also attended five m8jor conferetres in¢luding the IAC in Paris, Astrofest in Kensington. the UKSEDS Sludenl Conlerence in Manchesler and Spaee Coffltn Expo in F8mboTough. Ovr branches are keeping busy too wrth the West Midlands hclding its ever popular Space Day at the Hive in WorSter and three other taffts in the year. BIS lialia again provided outreach support for ESA ESRIN at ils 'Research Night. and its 's) Days., while the Norlhem Space Consortium nIinUed to ptomote the 81S at its Meel-ups. The South East Scottish branches did Iheir bil to womote us and eac ran 8 sm811 programme. Our publications fX)nlinueil to higtrwuality, Welspected records of intemational Space activities.. Space Chronide looking back to the e8diesl days. SpaceFlight porting on current evenls and JBIS hopefully charting the future. Our Book Publicalions Commrttee assisted Bob Parkinson in updating his history of the BIS. 'Interplanetary'. which should be published soon and they are woth"ThJ on several othef tthks induding 'High Road to Ihe Moon. and the ISS Vol 2. Our Education and Oulreach Commrllee c()ntinue(1 to ¢oordinate all the UICS World Space Week events and activities and ran ihe Annual Siuderht Paper Competition for the UK'S Undeigraduate and Post graduate entries in the IAC'S IndNidual Student Paper Competrtion. Our NextGen Netwoth looked al ways of attracting younger members and hamessing iheir energy and enthusk?sm to njn their own programme of career-orienled events and aCtiVe$. Our Tèchnical Committee has been looking even further into Ihe future and will be telling us more of what they a up to in our next Beyond the Moon Conference, which will be part of our Reinvenling Sp8( conferen on Friday 13 October when we wll also be celebraling the Soaety's 90th anniversary in our birthplace. Liverpool.
THE BRITISH INTERPLANETARY SOCIETY PRESIDENTIAL STATEMENT (CONTINUED FOR THE PERIOD ENDED 30 AUGUST 2023 I musl take this opporbjniiy to Ihank all of wr Mernbw5 and Felhyws for their continued support and, in particular. thank our volunteers and committee members foi the work they do to keep Ihe Socaely on Irack. Finaly, I must thank those that do the essential day to day Job of tunning the So(xety. Sirnon Feast and Mary Todd, supported by Gril Ingrarn and Les Shoulder and our editors, Ri)b Coppingei. Dave Shayler and Dave Sall. supported ty Iheir design and admin teams, for their excellent publicab"ons. We have a lol lo look forward lo. Mr Alistair Scott President Oated.. 18 July 2024
THE BRITISH INTERPLANETARY SOCIETY TRUSTEES. REPORT (INCLUDING DIRECTORS, REPORT) FOR THE PERIOD ENDED 30 AUGUST 2023 The Irustees present their report and 881 slalements for the peric#Y ended S) August 2023. The financial statements have been prepared in ac(x)rdan(% vrilh Ihe acwvntsng policaes sel out in nole 1 to the financial slalemenls and CoMY wth the tharrtls Memorandum and Artides of Association, the Companies Act 20C6 and "Accounting and Rep¢yting by Chartties". Stalement of Re(x)mmended Practice applicable to charities preparing Iheir accounts in accordan wth the Financial Reporting Standard applicable in Ihe UK and Republic of Ireland {FRS 1021 leffedNe 1 January 2019)-. Legal Status The Council presenls ils rewrt and audited accounts f¢y the period ended 30 August 2023. Copies a being riled both with ihe Registrar ol Companies and th the Charity Commission. The Society was founded in 1933 and incorpor8ied on 31 Dewnber 1945 a5 a Company Limited by Guarantee without share CApital. It is governed by rt5 MemorarKlurn and Arbdes of A5souation and by Bye- Laws made under the proOn of rts Artidès. In 1%7 it gained registration as 8 Charity. In 1985 8 revised constitution was approved under which the soo.etys Cotporale BlY is made up of its Fellows with revised regulations for admission to FeThow arKI for Counul nominab.on to enable rt to evolve as a body of professional status. In 1994, the name ol the Soaety was ehanged by deleting the word .mIted, The Society is financialty and administtalivety irKlependent and (j not rely on fvnding frorn Government or other agencies in furtherance of its work. Should the Society be wound up and hold insufficienl fur$ al that point. every Fellow undertakes to contribute up to one pound to the 35sets of the Swety wovided a deficFt occurs whilst being a Fellow, or wlhin one year after ceasing to be 8 Felkyw. towards any liabilities of the Swety and meeting the o)sts, charges and expenses ofwnding up. Organisation31 Stru¢ture Council The British Interplanetary Sooety {BISI has a Council ol up to 12 members. thaired by the Presid1 of the Society. who meet regularfy and are iesponsible for the strategie diiecbon arKI policy of the Swiety. The Chief Executive, who fulfils the dulles of Executrve Secretary. 8tterKIs 811 meeb.ngs bul ha5 no voting rights. ResponsibilitÉes Council Members are reswnsiblè for preparing ihe Dire(Xors' Rewi and the financxal sl8tements in acctsrdance with applicable law and regulations_ Company law requires Ihe directors lo prepare finala1 stslements each finan(ial year. Under that law the directors have elected to prepare the finanryal *atements in accordanc6 with United Kingdom Gènerally ApIe Accountrng P1acti (United Kingdoffl ALLounting Standards and applicable lawl. Under Company law the direclors must not approve the financial staterrEnts unless they are sabsfied that they give a true and tsir view of the slate of affairs of the company and of Ihe profit and loss of the company for that period. In preparing these financial statements, Ihe direciors are required lo". Selecl suilable accounb'ng poliS and then apply them ConstentIy.' Observe the melho(Ss and principles in the Charities SORP.. make judgements and accounting eslimales thal are reaSonae atvj wudent., prepare the financial statements on the going concem basis unle55 rt is appropriate to presume Ihat thè company will continue In ixjsiness. The directQfS ale iespoTrsille for keeping adequate aUntIng reo)rds that are suffioent to show and explain the companys Iran58Ctions and disdose wrth reasonable accuracy at any lime ihe financial position of the company and nae thern to ensure th81 Ihe financial slatemenls comFly wrth the Companies Act 2006. They are 8lso ie5ponsible for safeguardin9 the assets of Ihe company aThJ hen for tsking reasonable steps for the prevention and detection of fraud and other irregularilies. Members of the Councl are regarded as TSt of Ihe Charity and as difeclors frjr the purw)ses of the Cornpanies Act. They must be Fellows of the Sou'ely and a preduded by its Constitutions from holdng any salaried office in the Society. They receive remuneration for their semces. nor have they any rrAlerial interest in any o)ntract mortgage, ban. guaranlee or other finanoal ariangements wilh the Society. lrn the period under review, no expenses were pahl.
THE BRITISH INTERPLANETARY SOCIETY TRUSTEES, REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE PERIOD ENDED 30 AUGUST 2023 The Chief Executive and the current Piesident induct all new trustee5 Into Ihe work ol the Council. New trustees are familiar wilh the work of the Society. as Ihey Served one or more committees prior lo the election. All new trustees are prowded with the various Charty Commi$5ion publications signposted through Ihe Commission's guide Vhe E55ential Truslee". Stsff A scheme of delegalion is in place and the day-IfHlay respffigbility f(x ihe w(Mk of the Soaety rests with the Chief Executive OfficeilExecutive Se(xetary and the staff_ Composition of the Society The So(iety eomprists." Fellows (Corpale) Members (Non-cofporatel 30 August 2023 469 752 1,221 31 August 2022 602 1,290 1,892 Couneil Committees Thè Council has established a number of Commiilees and Sub-committees lo ensure that the work of the Society is conducted efficiently and properly. These are rewewed on a regular basrs lo ensure that the need5 (rf the Society are being met. As 0130 August 2023. the Soaelvs committees are reported wilh their Terms of Reference. The Chair and Council Mèmbers serving on each Committee are shown. note Ihal other members of the Sooety also serve on several of these Commrtiees. The Committee slnJcture of the Soaety was arnered in July 2020. Finanee and General Purposes Committe• Chair= A Scott- President The Finan(* and General Purposes Committee is QuIred by the Societls Constitution and should consist of 811 rts senior officers, wz, the PsIdent, fv40 Vice-PIesent$, the immediate past-President. the CEOExecutive Secretary 8nd such other persons as are nominated by the Counol in vtvw of their speual knowledge, experience tsr expertise. Its duties are to report to Ihe Counal on all major finanaal matte15. on such further business as is dewted to it by the Counul and on any mattefs which do not fall vrithin the prOnce of any other Committee. 11 is also reSponsie for dealing with urgent business whth needs lo be considered at short noti. 8. S¢rutinise the financial affairs and accounts of the Soaety. b. Recommend lo Council the annual budget. empowering the CEO lo spend money in line with this. Approve or reject any SndIng proposals out&de budget. referring any spend ove¥ £100.000 to Coun¢il. d. Ensure that inventories of assets are kept and ensure Ihat the CEO arranges suilable insuran. e. Consider and appfove financial regulab"ons. f. Identify. wnsidei and work with stall to find cMMèrcial opportunities and fundraising opportunities to the benefit of the Soctety. g. Receive updates on the buikying and premises. h. Ensure strong succe5On planning at all govemance levels and for the CEO. i. Consider the risk m8n8gemenl poli¢y and risk register of the organisation as psented by the CEO. j. Agree and appiove plans lo run. participate in and attend event5 both in UK and intemalionally. C M Hempsell (to 25 March 20231. C Phllp (from 19 May 20231. R Wood¢o¢k (to 19 May 2023}. S Salmon
THE BRITISH INTERPLANETARY SOCIETY TRUSTEES, REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE PERIOD ENDED 30 AUGUST 2023 Hlstory Group Chair- G Webb The History Group is a merger of the History and Library CommTttees and Ihe Archive Tnjst. a. To ensure that the Society's archives. library. pholo library, paintings, and other heritage assets are well pSerVed for the Soaety and the public good. b. To identify, consider and wotk with staff lo bKI for funding opporfunilies for the prw6ervation of the above. c. To identify, consider and work staff to Klenlty MMen>al opportunities relatiThJ to all heritage assets, but especially photcgraphi¢ imagery Ihe RA. Smith Collection, wiiholrt the sale of originals. d. To promote the Society's library a1 ar¢hives. both lo Ihe membefship as a membe¥ benefit, and for the benefit of public education. e. To work with staff to achieve Ihe aims of digitisirbg the herit8ge collection. f. Vvork with staff to initsate projeras to record past everbts and acliwbes of the &xiety. especially those which can inform the futu of the Society. g. Prepare shori biographies and obrtuaries on past and present BIS membew5 and fellows. and eminent space exploration experts, for inlemal and exiefflal media. h. To receive reports of the Library w01r¥3 Group. Dr R C Parkinson MBE. A Scott Constitutional Review W01ng Grt)up Chair: ma Hempsell ITO 25 March 2023) a. To review the Society'sAdes and make ¢0mMendatiOnS lo the CEO and Council. b. To review the Society's Bye-Laws atwj make ie<x)mmendalions to the CEO and Council. Education and Outr&7ch Commltte• Chair.. V Southgate a. Oversee BIS activrties relating to work wrth s¢hools. ts)Ilege5 and 1V51[1eS, Wth students and young people. and wlh large scale W11C enyagernent. b. Promote the role of space within the National Curriculum. c. Work wsth staff lo identify ways to reach ¢xJi lo sludents. pr(Knoling [eer opportunities wiihin 17e space exploration industries. d. Support work to raise the public profile of the So(aety. e. Receive updates on the BIS contribution to national elnIS induding Saence and Engineering Week and Workj Space Week. f. Organise and run the selethon pr(tess for the UK Ur and Post Gfaduate enlries for the annual IAC indiwdual Student Pape¢ Competition. g. Where appropriate, promde support to tegwal oufre8th groups and events. h. Wort¢ with other Committees to ensure a Ordinaled approach. A ScotL S Salmon Events Committee Chair.. A Scott Ensure that the BIS is pioviding an leTeStIng and relewant calendar of 1$, le(thres and sympos¢a, both online and in person. b. Work with stsff to ensure that set events. particularly the RUSSIaS1n0 Te¢hni¢xl Forum. the Beyond the Moon symtxjsrum and Reinvenling Space conferencè ale w81-nJn. well-publitysed and financially efficient. c. Have oversight of ihe BIS staff marketing of events online and through rnagazine5. d. Identily. consider and recommend opportut)ities to enhan(x the events pro9ramme of the Society. e. Consider. with staff and media marketing and sales partners. opportun"e5 for stx)nsorship of events to gener8te additional income to cover or reduce the cost of events. f. Support other Cofflmittees as iequiied, to ensure a C([dinated approth. C Philp. S Salmon
THE BRITISH INTERPLANETARY SOCIETY TRUSTEES, REPORT (INCLUDING DIRECTORS, REPORT) (CONTINUED FOR THE PERIOD ENDED 30 AUGUST 2023 Marketing Committee- to irtltKle Convitee respOn&tsliS ff1 September 2023 Chair- C Philp a. Ensure that the marketing of the Society 15 engaging for experts and wofessiona15. enthusiasts and science fiction fans, and academics and those in Educalion whom we wish lo atliact. b. Ensure that membeiship processes are sm(K)Ih and simple. and discu$5 Opportunities lo improve Ihe joining process, including the new member welcome pack. c. Advise the Finance an¢J General Puipose5 Committee on annual membership 5ubwption raies lo attract new members, retain current mewnbers and rgise fvrKt5. d. Work with the Education and Outrèach Cofflmrtlee orh public engagetnetht. e. Wolk wrth the NextGen Nelwork, UKSEDS and SGAC to recturt young emr5. f. Vet and approve all apICaonS for membership- know our new members. their inlwesls and skills. g. Work wlh relevant stall lo develop the maiketin9 Stiategy - to be a9reed by Council. and oversee implementation lo ensure it continues to meet the aims of the Souety. h. Receive updates and KPI dashboard uwJale$ from rèlevant staff on aclivrtsès lated to membership recruitment and retention. i. Advise on website and soaal media advertising and other markeb.ng relatèd actimties. j. Advise on suitable merchandise, promotional items and material for Ihe e-shop. k. Work with the Chief ExeuJlwe to agree annual membership survey questions, reNe feedb8¢k frorn this, and devise a suitable plan lo ensure relention and relyuitment of members. l. Contact lapsed members to asrtain their aSOnS for leaving the Sety. m. COnder new oppM)riunities and leChThjkY to imwove Ihe SocA"ety's marketing offer. A Scoti S Salmon Fellowshlp andAwards Committee- To 8s MeMbeh{P Comnwttee in September2023 Chalr.. A Scott a. Receive Fellowship applitations. detetrnining eligibilty and approving or rejecaing applications. b. Adwse on the Fellowship applieation pr(ess. and considei opwrtunities to irnprove this. c. Make recommendations for HonoTary Fellowship candidates lo Council. d. Receive nominalions and applie2tions fot BIS AwaTds. ffledals and prizes to include the Patrick Moore Medal and the BIS Medaj whith repla5 the gold. silver and bronze medals, but specifically not to indude the Sir Arlhur Clark Awards whith are owned by the Arthur C. Clarke Foundation. e. Consider and recoMMd to CourK potential nvw BIS awards, prizes and medals. C Philp. S Salmon Editorial CommitteÈ- spltt tlre PubliG8t*)ns Commiltee Chair.. Dr R C Parkinson MBE (to 25 November 20231 a. Oversee and discuss i55ue5 relating to the publicat of SpaceFli9ht. JBIS and Space Chronide magazines. b. Consider any prOSl5 relaling lo other periodicals. ¢. Work with the Marketing Committee regarding proposals for the maiketing of the magazines in the UK 8nd overseas and at FM)w these ale presented on the webstie. d. Ensure a Consisten of style, look and quality across all the magazinès. e. Ensure th81 editors listen lo thew contribulorslauthors suggestions and ¢omplaint$ 3n¢J treat them wlh respect. C M Hempsell Ito 25 March 20231. A S¢ott Book Puljlicalion Committee- split Publicabtins Commi"Ilee Chalr: C M Hempsell a. Consider and approve wtential books for publi¢ab"on by the BIS. b. Ensure good qualrty contfol of book (x>ntenl. ensuring that Ihey meet the needs of iheir audience and that there is sufficient demand. c. Work with staff to develop a strong. eonsislent modern arKI appealing design for books puIshed by the 81S. d. Work wth staff to identify, cOnder arKI approve new ways of wong when publishing books, ensuring a strong income retum. &. Update and reprint popular BIS books as and Tequited. A Scott
THE BRITISH INTERPLANETARY SOCIETY TRUSTEES, REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED FOR THE PERIOD ENDED 30 AUGUST 2023 Technical Committee Chair.. G Webb 8. Hold profession81 Tesponsith'lity, subject to review only by Counal, on academ and technical issues relating lo astionautics. b. Enooura9e and faulrtate academic submissions, working wrth the JBIS team to encourage publication of papers. e. Solicit and eonsider eaS for new technical projects from the wider Society membership. . Inili8te. tHonrtor. (xindude and evaluate specific technical projecls. e. Support the Events CINnmiltee in prowding speakers and o)ntent for ScIalIst symposia. C M Hempsell, R OSIrne, A Scott Branche5 Nètwork Chalr: S Salmon a. Bring together Ihe leaders of all BIS branthes. b. To share best practice belween branches. c. To discuss branch challenges. d. To raise concems biou9ht by region members lo sIder a common approath. and for escalation to Coijnal as appropriate. e. To Pfovide guidance to emeiging branche5. f. To develop initiatNes, workn.ng wtth ielevant stsff members. lo increase meml)er engagement through the regions and overseas. F Bernardini Principal Objectives As set out in its Memor8ndurn of Associalion. Ihe Socaety is eslablished to promote Ihe advan(men1 of knowlellge and the swead of edu¢ab"on 8nd parbcularty to promote the aijwancement and dissemination of knowledge relats'ng to the saence. erbgineering and technology of astronaulics. and Io SUPFKJrt and eruage in research sludies and disseminate the resums thereof. Activities In the pursuance of these objective5 in Ihe pefK)d in question the Society.. PLJblished ts monthly Sp8FI1gt magazine for general dissemination of news, opinions and educ81ion on 81 matters relatirbg to astronautics. Published rts monthly technical joumal, the Journal of the 8ritssh InterWanetary Soaety {JBIS), devoted to refereed papers on astronaLrtics for the general benefil of Ihe Space comrnunily worldwide. Continued to wblished its space history magazine. Space Chn)nKle. as a quarteFly full cdour rna9azine. Conlinually (Jpdated the Souety's websile. Conlinued Io use Media channels to promole its events. The Society and its branches held 10 kciures. 13 Conferences and symposia atm1 attended 6 othèr COnferenSExhIbition$. An online option was available for all leciures".
THE BRITISH INTERPLANETARY SOCIETY TRUSTEES. REPORT {INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE PERIOD ENDED 30 AUGUST 2023 Evening Lectures- BIS HQ, London 23-Nov-22 Piers Bizony The Art of NASA 14-Dec-22 Jerry Stone Aw)110 17 - The Lasl Men on the Moon 18-Jan-23 Wg Cdr Tim Bailey UK Space Command." UK defence in the spa¢e domain WO Subby Subfamaniam Chas Bishop, Natsonal Space Centre, Leicester {NSCI Update CEO, NSC Les Johnson, NASA A Travelerfs Gvide to the Stars Max Alexander Photography.. Our Fragile Spa 16-Mar-23 05-Apr-23 04-May-23 BIS Conferences & Symposia 01-Ocl-22 Clive Booth Michael Cockerham & BIS Team Mark Hempsell & BISTeam 28129-Nov-22 BIS Team Picture yourself as an Engineer- BIS, London 2&0ct-22 UK Human Spaceflight Symposium - BIS. London 1W Reinvenb"ng Space Conference - Aerospace Bristol Strategic Foundab"ons for New Space 14-Dec-22 BIS Team Beyond the Moon Symposium - BIS. London 25-Mar-23 BIS Team BIS Annual General Meeting - BIS, London 13-May-23 BIS & IET Judges Judging IAC 2023 Student Paper competib.on Finalists - BIS, London 03-Jun-23 BIS Team Intemational Space Forum, incl. SinRUSSran Forum- BIS, London 15116-Jul-23 BIS Team Space conferen - RAF. Cosford Propulsion. Launchers & the Future Bls-attended Conferences and Exhibitions 07108-Sep22 BIS Team Space-comm Expo - Famborough 18-Sep-22 BIS Team 73rf Internab'onal Astronautical Conference - Paris 03104-Feb-23 BIS Team Astronomy Now European Astrofesl- Kensington 04105-Mar-23 BIS Team UKSEDS National Space Students Conference - Manchester 07108-Jun-23 BIS Team Space Comm Expo- Farnborough Branch Activities BIS West Midlands 08-Ocl-22 BIS Wesl Mmllands Space Day - The Hive. Worcester 26-Nov-22 Don Pollacc Space Domain Awareness and Exoplanets- Droiiwich 25-Mar-23 Robin Brand Blasting into Space from the UK- Online 21-Jan-23 Brian Harvey China in Space- Online The Science, Observation and Application Programmes BIS ltslia 30-Sep-22 BIS Italia Team 13-17-Mar-23 BIS Italia Team 23124-May-23 BIS Ilalia Team ESA ESRIN European Research Night- Frascati. Rome ESA ESRIN School Days 2023 - Frascati Rome Fly Future - 2nd Edition - Rome BIS South East 15-Sep-22 Juan Caslillo Oxford Space Systems- Space Store Didcol
THE BRITISH INTERPLANETARY SOCIETY TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE PERIOD ENDED 30AUGUST 2023 BIS Scotland 05-Nov-22 BIS Seotland Team Spaceup Scolland Relaunch - Edinburgh BIS North 13-Oct-22 Northem Space Consortium North West SP Clustei MeelUp- Liverpg01 BIS South West 04-May lo OWun-23 Terry Ransome Joumey to Mars ExhibItn - Aerospace Bristol BIS Hirings and Outreach Events 07-Oct-22 UCL Project Team Social Science Issues on Human Space Exploration - BIS London 25-Apr-23 BBC Film Team Filming for Dara O'Bllain's "Wonders of the Moon" _ BIS, London 05-Jun-23 UKSA Space Away Day - BIS. London Crrticalities Team Alistair Scott O>Aug-23 "The BIS and the UK Space Industry" _ UKSA Online Huddle Competitions and Awards 29-Nov-23 BIS and a UK Judging Team Presentstion of The Sir Arthur Clarke Awards for Space Achievement - Aerospace Bristol
THE BRITISH INTERPLANETARY SOCIETY TRUSTEES, REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE PERIOD ENDED 30 AUGUST 2023 The Sociely continued as th8 UK Nalwal cwrdinab.ng Body f(K the UN mandaled Space Week. These 8Qtivilies 8ie not foi the sole benefit of the mefflbership. but are also iniended to prowde outreach and education lo the general public on 811 malters to do astronautiC5 on the basis that these are seen as being to the general benefit ol all humanity_ The Swety also piomoles and assists all those who 8ie involved in advancing the art, cultuie, heirtage and Ihe science arKI engineering related lo astrgnatJbc5. This is In accordance with the Chairfies Acl 2011 and ihe guKlance provKled by the Charity Commission documenl Charities and Public Beneffit" Risk Management The Counal has continued to review rnaior risks to whith the Charity is exposeil. These indude the monitoring ol the management accounts on a iegular basis Ihioughout the year and the ffl8lnten8n of effective back-up systems. The activities of the Charity 8re catered for in respect of risk by the effecting of comprehensive insurance covers. induding publiiab"on5 11a.1111e5. A fisk register has been established and adopted by the Council and is iewewed annually. All staff have read il and ale aware of its (x)rhtents. Staff are kept uplo-date In Ihe use of fire equipment and also first aid. The Swety uFKlaled and improved Ihe securTty system in ils headquarters. Financial Infomiation The accounts submitted follow the lines of those adopted in previous years. expanded a5 necessary to take account of recent legislation and comply wth (xjrrent 5tatulory requirement5 and wilh the requiiements of Ihe Society's Constitution. They do not contain any material transactions of an exceptional nature. nor have there been any significant changes in the nature of the "ety'S financaal 8¢t[lIes. Following the otherwise successful International Astronautical Congress hosted by the Soryety in Glasgow in 2008. the Soaety was 18ft with a deficrt of 220.000 Eur05 owng lo the IAF. The original agreement was reached between the Society and the IAF lo Ireat this as a loan lo be repaid over a 10 year period from January 2012 to December 2022. Having iewewed Ihese planned repayments. a rewsion was agreed in J 2017. The108n will now be repaid by 31 January 2041. The financkql su11$ for the perKwJ ended 30 August 2023 are sel out on pages 19 to 33. Reserves The Twuslees have wnsidered Ihe ¥eserves of Ihe Charity and have conduded thal Ihese lepsent a sufficient resource for Ihe funding of the airns and obj'eclives of the Charity on a year-by-year basis. Investment Policy The Trustees meet annually to assess the investment poly. The main obieetNe is to re(lu¢e the risk associated with the Socielvs investmènts. The TnJstees take only a short temi inveslment vithv. Charrty funds a invested in fixed rate deposits e8rning the highest market (ates. 11
THE BRITISH INTERPLANETARY SOCIETY TRUSTEES, REPORT (INCLUDING DIRECTORS, REPORT} (CONTINUED) FOR THE PERIOD ENDED 30 AUGUST 2023 The Future th the rapid expanyon of the space sector and its continued suppoil by the UK Govemment, the Society sees a bright future in space. It will continue lo promote as1ronautl. educate the general public in the important role space play5 in everyday lrfe and use Spa lo encourage more students lo embark upon and complete their STEM studies. Over summer 2020. the Swiety began to (xjnsidei a new stralegy for its futu work, including focusing on policy advoracy. edutK)n and outreach. lethnical programme5, membwship engagement. professional development and highlighling excellen. The Society conlinues to prode an interesting and exryting lecture arKI evenls programme whilst also publishing its magazines and techni<g1 joumal and mainllng rts 'shop-vrindow'. ils website and soaal media engagement. It will endeavour to bvikl stron9ei relations wth govefflmenl. industsy and academia and provide a space education and consultancy-type SerCe_ Though the effects of Ihe Covid pandem seriously affected ils aclivits'es in 2021-2022, the Sooely would seek lo athieve the folkjwing in Ihe year 1 September 2023 to 31 August 2024.. Conliniie to en$ new nMIr5 and Alernbers a elbIe lo become Fellows. Do MO to gain yoiinger nmb. Encoutsge Ihe fomiation ofmorn thal bTrheS ixjlh in Ilre UK 8ndintemafyonally. Pmvide MO support lorexisling [?nal INJnGhes. Opyanise an inlernsling ofl8ctuTrs, symp"8. 8cbvi&8s gnd events lo pffjnN)te astft)nautics. Conlinue to explore the use of virtual media lo ensu thal Intemabonalètjd*n(S can continuè toin hybrid events afterthe pandenwc. Support the Bls-ltalia outreach acliwbes. Continue to expand and inwrove the BIS website and Ihe e-ComMee offer. BegAit a progrnmm& ofpubliG affai acfiwly to engag wlh Govemmenl and Partiamenl, as well as wortdwNd6 space ègen¢ies. Devèlop th& Srtiety's s(Kial media eng8Mert, making rf acceble lo a Whyerdemographic. Attend the IAC 2023 Baku. Azethij8n in Oclober 2023.. Coordinale UK bèsed W0d Space Week actni1lS fffft 4 10 10 ¢Trfober2023. Incory)orale the 43rf Russi8rrfSino TeohnKal Fowm in Ihe Bls'new InternatiY)nal spa Fomm. Ooanffs& and the 20th R8inventting SpaGe conffen in Lwerywl iii Oclober 2023 Celebtsle the Societys 90th Annwtrtsèry in Liverywl on 13 th1o1r2023 Attend European Astrolesl in Kensington ift Febmary 2023. Attend the National Studenl Spac8 ConfeTrnc8 in Mèffch 2023. Run the 2022 SirArthur cIarkeAwa, to be prnsèftt8d at lh8 2023 Rèinv8ntirnJ spa conf6ne dinner. Plan for Ihe IAC in Mlan. Ilalyin October 2024 and decide on the qrnMent fora UK Pawlion. Continue to maintain the Headquartets bthlding and upgrnde and imprt)ve its fao"lilies. Continue to make the buildlngpayits way by hiring our or1ettir n)onLs. Plan lo make betteruse of the Sociely's rich ahNeS lo sharn wilh public for8ducationalpuo)oses. Develop Ihe S<Kietys govemance and its g)veming dc¢uments. Recruit MO staff as SOclY finances pemvt . Impl8m&nt new staflp)li(ies managetprOGeSseS forthe sfaff team. 12-
THE BRITISH INTERPLANETARY SOCIETY TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE PERIOD ENDED 30 AUGusf 2023 Structurei governance and management The trustee5. who are also the direciors for the puryxjse of Company law. and wh) served during the period and vp to the Ilale ol signature ol the financial statements were= Mr Alistair Scott, Present Mr Rod Vvoodcock. Vice Preshlent (to 19 May 2023) Mr Steve Salmon, Vice President Mr Colin Philp. Vice President (from 19 May 20231 Mr Fabrizio Betnardini Mr Robin Brand lappoinled 25 November 2023) Dr Stuart Eve5 lappointed 25 March 20231 Mr C Mark Hempsell (retired 25 Marth 20231 Mr lain Meek {appointed 25 March 2023) Mr Richard Osbome Dr Bob Parkinson M8E (retired 25 November W231 Mr Patrick Rennie lappointe(125 November 2023) Mr Leslie Shoulder (appointed 25 November 2023) Mr Gerry Webb. Past President Statsment of trustees. responsibilltles The trustees, who are 3150 the direclors ol The British Inlerplanetary Society f the purpose of cornp8ny law, are responsible for preparing the Trustees. Report and Ihe financia siatements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom GenerallyAccepted Accounting Pr8¢ticel. Company Law requires the tmstees lo prepare finanaal slatements for each finan(aal year which gNe 8 Irue and fair view of the state of affairs ol the ¢harity and of the incoming iesources and 3ppli12b.on d resour(Es, induding the income and expendrture. ofthe thantable company for thal period. In preparing these financial statefflen15. the trustees are required to.. - select suitatAe accounting p(AKxes and then appty them consislentty.. - observe the methods and prin(Xk4e5 the Charities SORP: - make judgements and estimates th81 are reasonable aThJ prJen1'. aThJ prepa the financial ststements on the wng concem basis unless it rs inappropriate to presume Ihal Ihe charity wll continuè in optrralion. The trustees are responsible for keeping adequate accounting {xyrdS that disdose wth fea50naNe accuracy at any tim& the finanaal position ol Ihe charity and enable Ihem to ensure that Ihe fin8ncAal s18lements comply with the Companies Act 20(. They are also responsible for safeguarding the assets of the tharity and hence for laking reasonable steps for the wevention and delection of fraud and other ittegulan"lies. 13-
THE BRITISH INTERPLANETARY SOCIETY TRUSTEES. REPORT {INCLUDING DIRECTORS, REPORT) ICONTINUED) FOR THE PERIOD ENDED 30 AUGUST 2023 Auditor TC Group wele appointed as audrtor to Ihe company and a resobjtion prowjsing that they be te-appoinled will be put 81 a General Meeling. Disclosure of inforrnation to auditor Each of the Irustees has confirmed that there is no irhformalion of whth they are aware which is relevant to the audit, but of which the auditor is unaware. They have further confirmed that they have taken appropriate steps lo idents'fy such relevant infomiatson and lo establish that the auditor 15 aware of such infom)ath)n. The trustees. report was approved by the Board ofTruslees. Mr Alistsir Scott Trust•8 08ted.. 18 July 2024 14-
THE BRITISH INTERPLANETARY SOCIETY INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE BRITISH INTERPLANETARY SOCIETY Opinion We have audited the fin3naal statements ofThe Brilish Interplanetary Society lthe'tharty,) for the period ended 30 August 2023 which comprise the statemenl of fjnanual actimties. Ihe staiement of finaniyal posrtion and the notes lo the financial statements, induding a summary of signffieani a(xx)unting policies. The finanoal reporting framework that has been applFed in their prepaixtion is applicable law and Unrted ngdOrn Accounting Standards, including Financial Reports'ng Standard 102 Jhe Finanwl Standard applAcabl8 in the UK and Republic ol Iland (United Kingdom Generally Accepted Accounting Practtil. In our opinKtn, the finanoal statemtS- give a true and fair wew of the stale ol the charitable companls affairs as at 30 Au9USt 2023 arKI of it5 incomtng resources and applicalion of resour$. for the pemd Ihen ended; have been property prepared in acC(d3[£ with United Kingdorn Generally Alp11 A)UntIng Practi., and have been prepared in accordare with the requirements of the Companies Act 2CKA. Basis for opinion We conducted our audrt in a(xordan¢x wrth Intemalional Standards on Auditing (UK) (ISAS IUKII and 8pplbIè law. Our SponsIbl11t1es undei those stsndards are further described in Ihe Audilorfs spOnsIblIAeS for Ihe audil ol the financial staEeffl&nls secb.on of our ieport_ We are independent of the charity in accordance with the elhical requirernents that are relevant to our audit of the finanaal stslemenls in the UK, induding the FRCS Ethical Slandaid. and w8 have lullille(6 our other ethical responsibilities in acLx)rdance wilh these requirements. We believe that the audrt evidence we have obtsined is suffiuent and appropriale lo wowde a basis foi our opinion. Con¢lu¥ions relating to going concern In audiling the financial statemenls, we have conduded that thè trusièès. use of the going concern basis of accounting in Ihe preparation of the financial ststements is appropriate. Based on the work we have perfomied. we have not identifred any material uncertainties relating to event5 01 conditions that, individually of colleclively. may cast Slgnificant Iloubt on the tharities ability to continue as a going concern for a period of at least months from when thè financial stalèments are aulhorised f issue. Our responsibililies and the responsibilities of the trustees vAth Spect lo going (x)ncem are described in the relevant seclions of Ihis report. Other Infomiatlon The trustees are reSponsie for the olher infomialion. The other infom7at ccrfnprises the infoMiatn induded in the annual report. other than the finanaal slalements and our auditor's report Ihereon. Our opinion on the financial stslements does not cover Ihe other information and, except to the extenl otherwise explicitty stated in Ouf report. we do not express any fomi of assurance condusion themn. In connection wth our audit of Ihe finanoal statements. our responsibility is lo read the other infomation and, in doing so, consider whether the othw inf0miall is materially incorbsistent with the fin3neial statemenls or our knowledge obtained in the audit or otherwise appears to be materially misstaied. If we identify such materral inconsistencies or apparent material misstatements, wè ale required to delemine whether Ihere is a malerral misstatement in the fInarla1 statements or a material misstatement of the other irbft>tmalion. If. based on the work we have performed, we condude Ihal thère i8 a matefial Misstateme ol this other information. we We required lo rewrt that fact. We have nothing to report in this règard. 15-
THE BRITISH INTERPLANETARY SOCIETY INDEPENDENT AUDITOR'S REPORT ICONTINUED TO THE MEMBERS OF THE BRITISH INTERPLANETARY SOCIETY Opinions on other matters preS¢bed by thè Companies A¢t 2006 In our opinion, based on the work undertaken in Ihe course of our audit.. the infoirnation given in Ihe IDJstees' Report. whith indudes Ihe (firectors. report prepared for the purpose5 of company law. for the financial period for which the fin8n¢i81 stslements are prepared is consistent wrth the financial stalemenls., and the directors, port indudeil thin the Irustees. iepcKi has been pared in accordancè ap1¢able legal requiremenls. Matters on whlch WÈ are required to report by exception In the light of the knovledge and undeistanding of the charity and its enwronmen( oblained in the course of the audit, we have not identified material misstslements in the diiectors. report irvAuded within the Irustees, report. We have nothing to report in respect of the followng matters in relab.on to vthith the Companies Act 2 requires U5 lo report to you il. in our opinion-. adequate accounts.ng rerS have not been kept. or retums ade4U3te for our audrt have not been re1Ved from branthes nol visited by u5.. or the financial slalernents are not in ageMl the 8ctountirig records and retums.. or certain disd05ures of trustees, remuneiation specified by law are made." ( we have nol receNed all the information and explanations we require for our audii", or the trustees were not entitled to prepa the financial statefflenls irb aW)rilance with the srnall companies regime and take advanlage of the small companies. ÈxÈmptK)n$ in preparing the Irustees. reporl and from the requirement to prepare a Strateg report. Responsibilities of trustees As explained more fully in the statemenl of trustees. responbilities, Ihe trustees. who arè also the directors of Ihe chariiy for the purpose of company law. are responsible for the preparation of the finanual statements and for being sa14'sfied that they give a true arbd fair view. and for such intemal o)nlrcl as the trustees detemiine is necessary to enable the preparation tsf fin8nu815tatements that are free from material misslatement. whether due to fraud or error. In preparing the financial staiemerrts. the trustees are resF*)nSle for assessrng the d)artty's atx.lty to continue as a going concern, disclosing, as applicable, mallers related lo going cOnM and using the going ¢on¢ern basis of aceounting unless the trustees either intend lo liquidate the tharilable company or to ase oper¥lions. or have no rèalislic alternative but to do $0. 16-
THE BRITISH INTERPLANETARY SOCIETY INDEPENDENT AUDITOR'S REPORT (CONTINUED TO THE MEMBERS OF THE BRITISH INTERPLANETARY SOCIETY Audltorfs rnsponslbiltties fY the •udTrt of the financial statements Our objectives are to obtain reasonable assurance about whether the finan(i31 ststemènts as a whore are free from material misstatement. whether due to fraud of error, and to issue an auditofs rewrt that indudes our opinion. Reasonable assurance 15 a high level of assurance, bLrt is not a guarantee that an audrt conducted in a(xoidan¢e wilh ISAS IUKI will aayS delect a material misslatement when il exisls. Misstatements can arise from fia(Kl or error and are considered material rf. indimdvalty or in the aggregate, they coukj reasonably be extkcted lo inflLJenee the e¢onomic deci5icms of users laken on the basis of these financial slatements. Irregularities. in¢luding fraud. are Instan of non-Q)mpliance wilh laws and regulations. The extent to which our procedur8s are CApable of detecting iryularities. induding fraLKI, is delailed bek)w. Extent to which the avdit was considered capable of detecting irregularities, Sncluding frdud The objectives ol our audit. in iespect to Iraud. are.. to identify and assess the risks ol material misstatement of the financial statements due to traud." io obtairb sufficient appropriate audrt eden regarding the assessed risks of material tnisstalement due lo fraud. through designing and implemenling appropriate responses.. and to respond appropriately lo fraud or su5pe¢ted fraud identified during the audrt. However, the primary responsibility for the prevention and delection of fraud rests wilh tx)Ih those tharged wth govemance of the enlty and its management. Our approach was as follows.. We identified areas of13Ws arhd regulatlOn5 that coukl reasonabty be expected to have a material effecl on thè financial statements from our general ¢offlrneicial and sector experience. and through discussion with the direclois and other tnanagement las requiied by auditing Standards). and dIsc$Sed wth the directors and other management the ptAieie5 and pr<Keilures regarding 1MplIanCe wrth laws and regulations,. We consKJred the 18gal and iegulatory frameworks diiedy applicable to Ihe financial slatements reporting framework IFRS 102 and the Companie5 Ad 2(K)61 arKI the relevanl lax compliance regulalions in the UK,. We considered the nature of the industry. the ¢ffitrol environment and bUeSS performance, induding the key drivers for management's remuneiation". We communicated identified taws reguiatws through(Art our learn and remained alert to any indications of non-compliance throughout thè audrt- We considered the procedures and controls Ihat Ihe company has established lo address risks identified, or that otherwise prevent, detw and deled fraud." and how senior management monitors those programmes and controls. Othèr mattèr Based on this understaThJing we designed our audit p(Ddu lo idenb.fy non-(x)mplian¢ with sut laws and regulations. ere the risk was consK1ed to be higher, we performed audit procedures lo address e8th identified fraud risk. These procedures induded.. testirrfJ manual joumals". reviewng the finanryal 5taternent disclosures and testing to suppM)rting documentation., perfoming analytul prOUle$.. and enquiring ol management. and we designed to prowde reaSonae assurance that the finan(ial slatefflents were free from fraud or erTOr. Owing lo Ihe inherenl limitations ol an audit, there is an unavoidable risk thal we may nol have detecled some material misstatements in the fin3n(ial statements. even though we have properfy planned and performed our audit in accordance with audrting standards. For example. the further removed non-compliance with laws and regulations lirregularitiesl is from the events an(5 transactions Tefleded in the financial slatemenls, the Sess likely the inherently limited pldureS Tequired by audrting stsndards would identty it. The risk is also greater regarding irregularities occurring due lo fraud rather than ertor. 8s fraud involves intentional concealment, lorgery, collusion, omission or misrepresenlalion. We a not responyble for pieventing noTrcDmFdiance and cannot be expected to detect non- compliance wilh all laws and wulalions. A further description of our rèsponsibilities 1$ 8wJi18ble on the Financial RertIng Council's website at.. http www frc.or .ukJOur-WorklAudiVAudit- ancelslandar uidance-for- This descriptlon forms part ol our auditor's report. 17-
THE BRITISH INTERPLANETARY SOCIETY INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS OF THE BRITISH INTERPLANETARY SOCIETY Use of our report This report is made solely to the charitatAe compan5 members, as a body. *) aCCcdance with Chaper 3 of Part 16 01 the Companies Act 20C6. Our audit work has been undertaken so that we might state to the ¢harlable company's Members those matters we are ¥equiied to state to them in an auditors, report and for no other purpose. To the tullest extenl permitted by law, we do nol accept or assume resp)nsibility lo anyone other than the chaiitable ¢ompany and the charitable company's members as a body. for our audit work, for ihis report. for the opinions we have formed. Mark Cummlns FCCA (Senior Ststutory Auditor) For and on behalf of TC Group Statutory Audltor Office.. Sussex Dale.. 19 July 2024 18-
THE BRITISH INTERPLANETARY SOCIETY STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE PERIOD ENDED 30 AUGUST 2023 Unrestricted Re5tri¢led fvnds funds Total Unreslricled Restricted Period fimds funds Ended 30 August 2023 Total Year Ended 31 August 2022 2023 2023 2022 2022 Oonations Charitable activities Other trading activitses Investtnents Other income 283,557 93,CM)5 2,744 651 43,272 283.557 93,005 2.744 651 43.272 243.838 72,404 4,941 28 30,%0 243,838 72.404 4.941 28 33.195 2.235 Total Incomè 423.229 423,229 352.171 2.235 354,406 Gharitable aclivities Cost ol produds sold 442.36S 2,780 442.365 2.780 362,448 270 362,448 270 13 Totsl resources expended 445,145 445.145 2.718 362,718 Net expendltur• for th• y•arl Net movement in funds {21.9161 121.9161 (10,547) 2.235 18,3121 Fund balances at 1 September 2022 As origin81ty reported 3,391,828 Piior period adjustment {210,CW) 29.674 3,421,502 3,402,375 (210.CWJ f210,Oclj 27,439 3,429,814 (210,OOOJ As restat8d at 1 S8Ptember 2022 3.181.828 29.674 3.211.502 3.192.375 27.439 3,219,814 Fund balances at 30 August 2023 3.159,912 29,674 3.189.586 3.181.828 29.674 3.211,502 The st8tement of financy actiMtie5 indudes al gains and knsses reco9nis8d in the period. All income and expenditure derive from cn{in1ThJ activitses. The 5talernent of finanaal acaivittes also complies ¥th thè reou4rements for an inLY)me and expenditu account under the Companies Act 2006. 19-
THE BRITISH INTERPLANETARY SOCIETY
STATEMENT OF FINANCIAL POSITION
AS AT 30 AUGUST 2023
| As at 30 August Notes £ Fixed assets Tangible assets 15 Current assets Stocks 17 4,500 Debtors 16 33,940 Cash at bank and in hand 98,908 137,348 Creditors: amounts falling due within one year 19 (103,030) Net current assets/(liabilities) Total assets less current liabilities Creditors: amounts falling due after more than one year 20 Net assets Income funds Restricted funds 22 Unrestricted funds 21 General unrestricted funds (340,087) Revaluation reserve 3,499,999 The financial statements were approved by the Trustees on 18 July 2024 Mr Colin Philp Trustee Mr Alistair Scott Trustee 2023 £ 3,225,876 34,318 3,260,194 (70,608) 3,189,586 29,674 3,159,912 3,189,586 |
As at a £ 6,311 51,336 75,654 133,301 (140,351) (318,171) 3,499,999 |
31 August 2022 s restated £ 3,297,860 (7,050) 3,290,810 (79,308) 3,211,502 29,674 3,181,828 3,211,502 |
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Company Registration No. 00402498
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THE BRITISH INTERPLANETARY SOCIETY NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 AUGUST 2023 ACCOUnng po15cles Charity infomiation The 81ish Interplarbetary So(iety is a private company limiled by guarantee inworated in Engld and dles. The registered olfice is 27-29 South Lafflbelh Road. London. SW8 1SZ. 1.1 A¢¢ountin9 ¢onvention The financial statements have been prepared in accordance wrth the charity's goveming document. the Companies Act 2006 and -Accounling aThJ Reporbng by Chartbes". Statement ol Recommended Praelice applicable to charities preparing iheir accounts in accordance with the Finanaal Reporting Standard applicatle in the UK and RepulAic of Ireland IFRS 1021 (effectve 1 January 20191. The tharity is a Publ Benefit Entity as defined by FRS 102. The charity has laken advantage of the prowsions in the SORP for charibes applying FRS 12 Update Bulletin 1 not to prep8fe a Statement of Cash Flows. The finanrial stalements are prepared in steding, which is the functional currency of the charity. Monetary amount5 in these financial statements are rounded to the nearest £. The finanaal statements have bn prepared under the historical cY)st Ixjnvèntion modtfied to indude the valuation of the freehokd property and certain finan(ial instrumgnt al fa 1ve. Th8 principal a¢uting policies adopted are set out below. 1.2 Going concem The unre5tiicted furKls is in de1 due lo the original ban of 220,000 Euros cwed to the International Astronautical Federation {IAFI in respect of the congress cKganised in 2008. The ban is due lo be repaid by 2041 (see note 181. Al the time of approving Ihe financi81 stalernents. the trustees have a reasonable expectalion thal Ihe charity ha5 adequate resources to conb.nue in operational existen lor the foieseeable future. Thus the trustees continue to adopt Ihe going (cern basis of a{Unting in weparing Ihe finanaal statemenls. 1.3 Charitablè funds Unrestricted funds are availatAe for use at ihe discsetion of Ihe tnJstees in furtherance of theii ch3ri13ble objectives unless the funds have been desNJnated for othw purposes. Raslricted fut)ds are subjed to srth (d.05 by don5 as to how they may be used. The purp)ses and uses of the restri¢ted funds are sel oul in the rKltes to the finan(ial slalements. 1A Incomlng r•sources Incorne is recognised when the chaiity is legally enkniled lo rt after any performance conditions have bèen mel. the arnounts can be measured reliably. and rt is probable that income will be received. Cash donations are recogniseil on I1p1. Other donations 8ie recognised once the charity has been notifièd of the donation. unless petlormance conditions require deferral of the amounl. Income tax recoverable in relation lo donations re¢ived under GiftAKI (Y deeds of venan1 15 reca)gnised al Ihe time ol the donation. The Soaety's inc(xne is from membership and Library subwptK)ns. kgaoes. gifts and don81ion5 profiis from sundry sales. exduding value added tax and is relleded in the Income and Expenditure Account for the yeai to which it relates. All of this income is dassified as Unie5trided Funds. There 8re Endowment Funds. There are no Lrfe Membership subscripb"ons. By coun Res0110n p8ymenl$ re¢*ived in advance for 2024 may not be utilised unb"1 on or after January 1 2024. No parl of the Society's ino)me may be disiribLrted. direclly or indiredty. by way of dividend, b$. or otherwise by way ol profft. 21
THE BRITISH INTERPLANETARY SOCIETY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE PERIOD ENDED 30 AUGUST 2023 Accounting policies (Continued) 1.5 Resources expended Liabilities are recognised as expendiiure as soon as ihere 15 a legal or constructive obligation ctsmmitting the charily to that expendituie, il is probable that setuement wll be required and Ihe amount ol the obligation can be meaSUd reliabty. All expenditure is ar£ounted for on an accruals bas. indusive ol any VAT whith Cannot be recovered. All expenses induding support (vsts and governance costs are allocated or apportioned to the applicable expendituie headings. Certain expenditure that can be diredy attribuiablÈ io specific activities has been included in those ¢ost categories. Certain other costs, whKh a attributable to tnore than one actiwty, are apportioned across cost (Siegories on the basis of an estimate of the proportion of time speni by staff on tse actiwties. Governan costs are those incurred in thè goveman¢e of the tharity and are primarily associated wth constitutional and statutory requirements. Svpporl wst5 are Ih05e expenses inojrred to support the adithes in furtheran ofthe (*)arFly's objects. 1.6 Tanglble fixed assets T8ngible fixed 855ets are inrtially measured at cost and subsequenuy measureil at cost or valuation, net ol depreciats.on and any impaimienl losses. Tangible fixed assets have been deprea8te(18t fales designed to write off Iheii cosl over the eX¢tel useful lives as follows.. Land and buildings Fixtures, fittings & eqvipmenl 2% straight line 25. reduang balance The gain or loss arising on Ihe disposal of 8n asset is determined as the differen between the sale proceeds and Ihe carrying value ol the asset. and is iecognised in net inojmellexpendilurel for the yeai. 1.7 Impairment of fixed •$sets At each reFK)rting end date. the review5 the carrying anntS ol its tangible a$5et5 to detemiine whether there is any indtIOn th81 tIK)se assets have suffered an impaiment k)ss. If any svch indallOn exists, the recoverable amount of the asset is estimated in order lo delermine the extent of the impairment loss lif any). 1.8 Stocks Stocks are stated al the lower of cost and estimated selling price less costs to complete and sell. Cost ¢ompiises direct rn8terials ar. where applICae, direct labour ¢osls those overheads that have been in¢uried in bringing the slocks lo Iheir present hxation and (xjndrfion. Item5 hekl for distribution al no or nornin81 consideration are measured the loww of replacement cost and (x)sl. Nel realisable value is Ihe estimaled selling price less all e5bmated o)sts of clpletIon and costs to be incurred in marketing, selling and distritxrtion. 1.9 Cash and cash equivalents Cash 8nd oash equivalents indude cash in hand. deposiis hekl at ¢all banks. other short-temi liquid investments with original maturities ol three months or less. and bank overdrafts. Bank overdrafts a shown wiUTrin borrowings tn current liabilities. 22-
THE BRITISH INTERPLANETARY SOCIETY NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE PERIOD ENDED 30 AUGUST 2023 AccountSng pollcles (Continued) 1.10 Financial instruments The charity has ele¢ted to appty Ihe provisions of Section 11 'Basic Financ¢al Inslrumenls, of FRS 102 to all ol its finanaal instrurnerrts. Finanoal instruments ale re(x)gnised in Ihe tharity's balance sheet when the charity becomes party to the contractual promsions of the instrumenL Finanaal assets and liabilities are offset. wth the net arnounts presented in Ihe financaal statements. when there is a legally enfr)rceable right to sei off the re¢(¥Jnised amounts and Ihere is an in¢ention to settle on a net basis or lo realise the asset and settle the liability simultaneou51y. Baslc finanelalass•ts Basic financi81 assets. which ide deblo(s and Cash and bank b4an¢es. ale initially me8sured a transaction price induding ifansaction costs and are subsequentty (xrted at amorlised cost Using the effective interest method unless the affangement constrtutes a finan9 tiansaetion. where the 118ns8Ction is measured at the present value of the luiure rIptS discount at a market rate of int8rèst. Financial assets classified as receivable within one year are not amortrsed. Basic financial liabilities Basic finanaal liabilrties, induding creditors an(1 bank loans are initialty recognised al transaciion price unl8$s the arrangemenl ¢onstitutes a financing transaction. where the debt instrument is measu at the pre5enl value of the future payments discounted at a market rate of interest. Finanaal liabilities classified as payable thin one year a not amortised. Debt instruments are sub5equenlJy carrie(l at amortised St, ng the effective inlerest rate method. Tradé creditors are obligations to pay for gc*)ds 01 service5 thal have been acquired in the ordinary course of OKErations from supplier5. Arnoun15 payaue are classffied as ujrrenl liats'lities rf payment is due within one yèar or less. If nol. they are presented as non-cutrent liabilitses. Trade c¥edilors are cOgnised initially 8t transaction price and subsequentty rneasured al arnOrsed C$t using the effeciive interesl method. Dèrncognitioft of financial liabililies Financial liabiliiies are derecxJgnisÈd when the (l)anty's (ffitra(lual obligalions expire or ale discharged or cancelled. 1.11 Employee benefits The cost of any unused holiday enlrfemeni is recognisèd in the pèri(M1 in which the employee's serwces are reIved. Temiination benefts are recognised immediately as an expense when the charity 15 demonstrabty committed to lemiinate the employmenl of an eMoyee or to provth tem)in8b"on befits. 1.12 Retiremènt bènèfits Payments to defined conbibulion retirement benefrt sthemes a charged as an expense as they fall due. 1.13 Foreign exchange Assets and liabilities in foreign CuencieS are translated into sterling al thè ralè of èKehange mllng at the Balance Sheet date. Transactions in foreign uJrn¢les are recorded at the rate ruling at the date of the transaction and all dIffer due to exthange fiLKluations have been eded in the lolal incorning Resources. -23-
THE BRITISH INTERPLANETARY SOCIETY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED FOR THE PERIOD ENDED 30 AUGUST 2023 Atcountiny policie {Continuedl 1.14 Govemmentgrnnts Goveinrnent grants are recwnised al the tsir vae of the asset recewy or receivable when there is reasonable assurance Ihat the grant nl"0n$ will be rnel and Ihe grants will be received. A grant th814)e¢ifies perfomian( (x)ndilion5 is re¢ognised in irthme when the performance nditionS are met. Where a granl doe5 not specify performan(x cor)drtions N is regnised in Ir)come when the proceeds are 18ceived or re¢eivable. A grart received before the recognition Cttteria are satisfied 15 reco9nised as Critical aeeounting estimates and judgemenls In the applicalK)n ol the ¢h81rty's a(xx)vnting policTre5. Ihe trustees are Tequired to make judgements. estimates and assurnpOon5 about the carrying amount of assels and liabilities Ihal are not readily apparent from other swrces. The estimates 8ssoryated assumptions are based on hiStOral experience and other factors that are considered lo be ielevant. Actual iesulls may diffei frorn Ihese e5timales. The eslimales and undedying assumptiorts are reviewed on an Or¥J(ng basis. Revisions to acxounting estimate5 are recogni5ed irb Ihe period which the esD"mate is revised where Ihe revision affects c4)ly that period. or in the period ol the reviston and future pettods where the revision affects boih current and future pèriods. Kèy soure•$ of èstimation uncertainty The estimates and assumpl)ns which have a signffi(2nt risk of IsIng a material adjustment to tl ¢8trying amount of assets and liabilities ale ouuined belthv. Revaluation of property, pEant and •qulpmènt The company ha5 adopted the revaluation model for ils freehold property. The property is carried a a revalued 8rn0unl. being its fail walue at the date of revaluaknon less any subsequent depreaation arml subsequent accvmulated impairment losses. Management assess the fair vatsje based on the open market. Rev8lugtion is carried out by professionally qualified waluers every 5 years. Useful lives of property. plant and equipment Depreciation is provided so as to write down the 8sseiS to Iheir residual values over theii estimated useful lives as set out in the company's a(Oun11rg policy_ The selection of these estimated lives requires the exercise ol management judgement. Useful Iwe5 are regularly rewewed and shouky management's assèssment of useful lives shorten Iherb depre(xation tharge5 in the finanaal stalements would increase and CArrying amounts of pfoperty. plant and equipment would reduce accordingly. The carrying amount of property, plant and equipment by ea(J) dass is indvded in note 1 and details of Ihe usefvl lives are induded within the accountin9 POIy. Prior year adjustment The prior year adjustment relates to depreciatson charge on Ihe txjildings. not depreoated in prior years. The effect of not depreoating the buddings in prior years is a reductth in Furxls brought forwa1 al 1 September 2022 of £210.(. -24-
THE BRITISH INTERPLANETARY SOCIETY NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE PERIOD ENDED 30 AUGUST 2023 Donations 2023 2022 Donations and gffts Grant in(x>me Membership subscriptions TAK recovered by Deeds of Covenants 33.171 8,888 221.556 19.942 21.983 209,885 11,970 283,557 243,838 Charitsble 8etlvities 2023 2022 Publicatsons and events 93,(5 72,404 Other trading activitles 2023 2022 Sale of bought in gc)ds and movement in st(x 2.744 4,941 Investments 2023 2022 Inlefest receivable 651 28 -25-
THE BRITISH INTERPLANETARY SOCIETY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE PERIOD ENDED 30 AUGUST 2023 Oth•r 5ncom• Unr•strlet•d Restricted funds funds 2023 2023 Total Totsl 2023 2022 Rental income Library lunds 43.272 43.272 2.235 For Ihe period ended 30 August 2023 43.272 43.272 33,195 For the year ended 31 August 2022 2.235 33,195 Charitsble •¢tlvilles Publiralions & events 2023 Totsl Publtslions & events 2022 2023 Slaff cnsts Dirècl o)sts 7,878 188,345 7.878 188.345 174,644 I,223 1.223 174.644 Share of SUFWt costs (see rKée 10) 246.142 246.142 187,804 442.365 442.365 362,448
THE BRITISH INTERPLANETARY SOCIETY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED FOR THE PERIOD ENDED 30 AUGUST 2023 10 Supportcosts Support costs 2023 Support costs 2022 Staff costs Depreciation Audit fees Acwuntsncy f5 Premises expenses Communications Advertising and womolion Sundry expenses Bank ¢haige5 Legal and Professnal 112.453 71,984 6.250 112.453 71,984 6,250 7,2(K) 24,936 18.693 128,456 2,638 5,500 7,200 25,322 10.276 2.049 583 3,588 2,192 128.456 2.638 5,500 7,200 25,322 10,276 2.049 583 3.588 2.192 24.936 18,693 1.670 2.299 657 1.670 2,299 657 246,142 246.142 187.804 187,804 Analysed beeen Ch8fitable adiwties 246,142 246.142 187,804 187,804 Support costs inthdes payments to the 8udrtors of £6.25012022- £5,500} for aJIt f$. 11 Trustees None of the trustees lor any persons ne¢ed wlh them) receNed any remuneration or benefits from the charity durin9 Ihe period. During the year èxpenses were reimbursed lo the Twstees amounting to £nil {2022'. £nill in re$et of any expens8$ incurred. -27-
THE BRITISH INTERPLANETARY SOCIETY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE PERIOD ENDED 30 AUGUST 2023 12 Employees Number of employees The average monthly number of emknes peri¢)d was.. 2023 Number 2022 Number Administrat*)n and finance Employment costs 2023 2022 Wa9e5 salaries Soaal security costs Other pension costs 109,367 6.625 4,339 116.018 6,784 5,654 120.331 128.456 The numbei of employees whose annual remuneralion was £60,c or more were.. 2023 Number 2022 Number £60.000 to £70,(XXI Pension commitments The Stitsety operates 8 defined (x)ntr1bub" pension stheme. The assets of the scheme are held separatety from those of the So¢iety In an independentty administered fund. The contributions are charged to the Inixjme and Expendrture a¢xx)unt as paid and the cost for Ihe financial year ended 31 Augusl 2023 was £4,33912022. £5.fj541 Contributions tglalling £672 12022= £7611 were Payab to the fund al the year end and are includej in Credit(Ks. 13 Cost of products sold Unrestricted funds Total 2023 2022 other experKli¢uie 2,780 270 2,780 270 14 Taxation The charitable (¥)tnpany is exempt fiorn corporation lax on tts investmeni income and on other income derived frorn carrying out Ihe charitable activity and apled for thal purpose. -28-
THE BRITISH INTERPLANETARY SOCIETY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE PERIOD ENDED 30 AUGUST 2023 15 Tangible fixed a¥sets Lat)d and FIxiLif8S, bulldiny8 rrttlngs & (As re5taled) equipment Tot•1 Cost At 1 September 2022 IAS restsle(O 3,864,225 185,240 4,049,465 At 30 August 2023 3.864,225 185,240 4.049.465 Depreclatlon At 1 Septem( 2022 {As restated) Depreciation charged in the period 574.225 177,380 1.984 751,605 71,984 At 30 August 2023 644.225 179.364 823,589 Carrylng amount At 30 August 2023 3.220,000 5,876 3.225,876 At 31 August 2022 3.290.000 7.860 3.297,860 The Society m8y not sell. tharge or otherwise deal wth its Fed Property withoLrt Ihe sanction of the Charity Comtnissioners_ A rebuilding value 01 £750.CIXJ has been adopted lof the Society's Freehold Prernises for in5uran¢e purposes. The loan (See nole 18) is se¢uie(l againsl the Swety's Freemd land aThJ buildings. 16 Debtors 2023 2022 Amounts falling due within one year. Trade debtors Other debtors Prepaymenis and accrued income 7.537 6,105 20,298 10,094 14,975 26,267 33,940 51.336 17 Sttseks 2023 2022 Bought in go15 for resale 4,500 6,311
THE BRITISH INTERPLANETARY SOCIETY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE PERIOD ENDED 30 AUGUST 2023 18 Loans and overdrnfts 2023 2022 Other loans 137.027 145,738 Payable within one year Payable after one year 66,419 70.608 66.430 79,308 Amounts induded above whth fall due after five years.. Payable by instalments {53,4911 157,8411 Other loan5 indudes an amount of £77,027 owed to the lniem*"0n Astronaulical Federation IIAFI in spect of the congress organised in 2Crf)8. The IAF loan 15 secured by a charge over the company's freehold larKI and buildings. 19 Credltors: amounts falling due within one year 2023 2022 Borrowings Other taxation and social security Trade creditQlS Other credilofs AcLruals and deferred •rme 66.419 66.430 2.029 34.456 8,887 28,549 15,599 21.012 103.030 140,351 20 Creditors: amounts falling du• aftor more than one year 2023 2022 Borro¥wngs 70.608 79,308
THE BRITISH INTERPLANETARY SOCIETY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE PERIOD ENDED 30 AUGUST 2023 21 Unrestricted funds ststement of funds - current period Movemgnt In funds Bakir*c• Incomlng R8SOUrtes Balancg at 1 Svptombor msourcos èxpendèd 30 August 2023 2022 (As reslated) (318.171} 3.499.999 General funds- all funds (As stateI Revaluation reserve 423.229 1445.1451 1340,0871 3.499.999 3.181.828 423,229 {445.1451 3,159,912 Stat•ment of funds - priar year Movement in fund$ Balante at 1 Intomlng Restsurces S¢ptember resource¥ expended 2021 Balanco at 31 Aupust 2022 {As re5tatedl 1307.6241 3.499.999 (As reslatedl (318.1711 3,499,999 General fund5- all tunds (As restated) Revaluation rese¢ve 352.171 {362.7181 3.192.375 352,171 {362,7181 3,181,828 31
THE BRITISH INTERPLANETARY SOCIETY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE PERIOD ENDED 30 AUGUST 2023 22 Restricted funds Ststement offunds - current period Movement In funds BakAnce at Incomffing Balance at 1 Soptwibor R•sourc&8 30 August 2023 2022 L J Carter MemNial Fund Library fund 22,295 7.379 22.295 7,379 29.674 29,674 Statement of funds- prior year Movement in funds Incomlng Balance at Resources 30 August 2023 Balance at 1 SoNember 2021 L J Carter Memorial Fund Library fund 22.295 5.144 22,295 7.379 2,235 27.439 2,235 29.674 Donations from Members of the Socxety to (x)ver expenses inwred by speakers at Ihe Biennial L J CArtei Memorial LecAure. The library Fund 1MpriSeS pro¢ee(Is froffl the sale of items from the Rex Hall Collection, generousty donated by the lamity ol the Past Presidenl. These proceeds are to be sdely foi the purpose ol btjying essential equipmenusetviees to upgrade and improve the library. Any expendilufe is lo be approved by the family in advance, or the Library Committee rfthe family are unavailable. 32-
THE BRITISH INTERPLANETARY SOCIETY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE PERIOD ENDED 30 AUGUST 2023 23 Analysi$ of net •ssets bet*wn funds Unrestricted Revaluation Rèstricted funds reser4• funds 2023 2023 2023 Total 2023 Fund balant>s at 30 August 2023 are represented by. Tangible assets Current asselsl{liabilitiesl Long lerwn liabilities 1274.1231 3.499,999 3,225,876 34,338 170,6081 29.674 (70.eA)8) {340.08n 3,499.999 29,674 3,189,586 unstrICted Revaluation funds resetrv¢ 2022 2022 Restricted funds 2022 Total 2022 Fund balance at 31 August 2022 {As restate(11 are represented by.. Tangible assets Current assetsllliabilitiesl Long lerm liabilities 1202,1391 3.499.999 {36,724) I79,18) 3,297,860 17,0501 179,3081 29.674 (318,171) 3.499.999 29.674 3,211.502 Related porty transactions Induded in olher loans is an amwnl of ),(KKI 12022.. £60.¢)JOI received from four trustees. The k)ans are unsecltred and interest free.