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)at￿n Presidential siaternenl Trustees. report 4-14 Independent audilorfs rewrt 15-18 Statement ol financaal aCtI￿tieS 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. Pre￿ent Mr Colin Philp. Vice Presidenl Mi Fabtizio Bernard￿1 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 CharltTres￿d 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 COnfe￿nce 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 Wor￿Ster 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, Wel￿￿spected 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 aCtiV￿e$. 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 ￿￿8￿￿81 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 CoM￿Y 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 pro￿￿On 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 B￿lY 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 Presid￿1 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 fina￿la1 stslements each finan(ial year. Under that law the directors have elected to prepare the finanryal *atements in accordanc6 with United Kingdom Gènerally A￿pIe￿ 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 poli￿S and then apply them Con￿stentIy.' Observe the melho(Ss and principles in the Charities SORP.. make judgements and accounting eslimales thal are reaSona￿e 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 a￿UntIng 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 ￿na￿e 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 T￿St￿ 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$5ion publications signposted through Ihe Commission's guide Vhe E55ential Truslee". Stsff A scheme of delegalion is in place and the day-IfHlay respffigbility f(x ihe w(Mk of the Soaety rests with the Chief Executive OfficeilExecutive Se(xetary and the staff_ Composition of the Society The So(iety eomprists." Fellows (Corp￿ale) Members (Non-cofporatel 30 August 2023 469 752 1,221 31 August 2022 602 1,290 1,892 Couneil Committees Thè Council has established a number of Commiilees and Sub-committees lo ensure that the work of the Society is conducted efficiently and properly. These are rewewed on a regular basrs lo ensure that the need5 (rf the Society are being met. As 0130 August 2023. the Soaelvs committees are reported wilh their Terms of Reference. The Chair and Council Mèmbers serving on each Committee are shown. note Ihal other members of the Sooety also serve on several of these Commrtiees. The Committee slnJcture of the Soaety was arner￿ed in July 2020. Finanee and General Purposes Committe• Chair= A Scott- President The Finan(* and General Purposes Committee is ￿QuIred by the Societls Constitution and should consist of 811 rts senior officers, wz, the P￿sIdent, fv40 Vice-PIes￿ent$, 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 prO￿nce of any other Committee. 11 is also reSponsi￿e 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 S￿ndIng 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 c￿MMèrcial opportunities and fundraising opportunities to the benefit of the Soctety. g. Receive updates on the buikying and premises. h. Ensure strong succe5￿On planning at all govemance levels and for the CEO. i. Consider the risk m8n8gemenl poli¢y and risk register of the organisation as p￿sented 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 p￿SerVed 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 a￿1 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 w0￿1r¥3 Group. Dr R C Parkinson MBE. A Scott Constitutional Review W0￿1ng Grt)up Chair: ma￿ Hempsell ITO 25 March 2023) a. To review the Society'sA￿des and make ￿¢0mMendatiOnS lo the CEO and Council. b. To review the Society's Bye-Laws atwj make ientenl. 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 pu￿Ished by the 81S. d. Work wth staff to identify, cOn￿der arKI approve new ways of wo￿ng 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 S￿cIalIst symposia. C M Hempsell, R OSI￿rne, 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 Sp8￿FI1g￿t 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 COnferen￿SExhIbition$. 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. Sin￿RUSSran 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 ExhibIt￿n - 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 lep￿sent 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. edu￿tK)n and outreach. lethnical programme5, membwship engagement. professional development and highlighling excellen￿. The Society conlinues to pro￿de an interesting and exryting lecture arKI evenls programme whilst also publishing its magazines and technitmalion. 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 ap￿1¢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 re￿r￿S have not been kept. or retums ade4U3te for our audrt have not been r￿e1Ved from branthes nol visited by u5.. or the financial slalernents are not in ag￿eM￿l 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. respon￿bilities, 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*)nSl￿e for assessrng the d)artty's atx.lty to continue as a going concern, disclosing, as applicable, mallers related lo going cOn￿M 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 f*Y 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 a￿ayS 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 e￿den￿ 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**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| |---|---|---| **Company Registration No. 00402498** - 20 - THE BRITISH INTERPLANETARY SOCIETY NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 AUGUST 2023 ACCOUn￿ng po15cles Charity infomiation The 81i*sh Interplarbetary So(iety is a private company limiled by guarantee inworated in Engl￿d 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 1￿2 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 b*n 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¢￿u￿ting policies adopted are set out below. 1.2 Going concem The unre5tiicted furKls is in de￿￿1 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￿.0￿5 by don￿5 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 I￿1p1. 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￿ Res01￿10n 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￿￿$. or otherwise by way ol profft. 21 THE BRITISH INTERPLANETARY SOCIETY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE PERIOD ENDED 30 AUGUST 2023 Accounting policies (Continued) 1.5 Resources expended Liabilities are recognised as expendiiure as soon as ihere 15 a legal or constructive obligation ctsmmitting the charily to that expendituie, il is probable that setuement wll be required and Ihe amount ol the obligation can be meaSU￿d reliabty. All expenditure is ar£ounted for on an accruals ba￿s. indusive ol any VAT whith Cannot be recovered. All expenses induding support (vsts and governance costs are allocated or apportioned to the applicable expendituie headings. Certain expenditure that can be diredy attribuiablÈ io specific activities has been included in those ¢ost categories. Certain other costs, whKh a￿ attributable to tnore than one actiwty, are apportioned across cost (Siegories on the basis of an estimate of the proportion of time speni by staff on t￿se actiwties. Governan￿ costs are those incurred in thè goveman¢e of the tharity and are primarily associated wth constitutional and statutory requirements. Svpporl wst5 are Ih05e expenses inojrred to support the adithes in furtheran￿ ofthe (*)arFly's objects. 1.6 Tanglble fixed assets T8ngible fixed 855ets are inrtially measured at cost and subsequenuy measureil at cost or valuation, net ol depreciats.on and any impaimienl losses. Tangible fixed assets have been deprea8te(18t fales designed to write off Iheii cosl over the eX￿¢tel useful lives as follows.. Land and buildings Fixtures, fittings & eqvipmenl 2% straight line 25.￿ reduang balance The gain or loss arising on Ihe disposal of 8n asset is determined as the differen￿ between the sale proceeds and Ihe carrying value ol the asset. and is iecognised in net inojmellexpendilurel for the yeai. 1.7 Impairment of fixed •$sets At each reFK)rting end date. the review5 the carrying an￿ntS ol its tangible a$5et5 to detemiine whether there is any ind￿tIOn th81 tIK)se assets have suffered an impaiment k)ss. If any svch ind￿allOn 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 applICa￿e, 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 cl￿pletIon 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 i￿￿de 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 finan￿9 tiansaetion. where the 118ns8Ction is measured at the present value of the luiure r￿IptS 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 arnOr￿sed C￿$t using the effeciive interesl method. Dèrncognitioft of financial liabililies Financial liabiliiies are derecxJgnisÈd when the (l)anty's (ffitra(lual obligalions expire or ale discharged or cancelled. 1.11 Employee benefits The cost of any unused holiday enlrfemeni is recognisèd in the pèri(M1 in which the employee's serwces are re￿Ived. Temiination benefts are recognised immediately as an expense when the charity 15 demonstrabty committed to lemiinate the employmenl of an eM￿oyee or to provth tem)in8b"on be￿fits. 1.12 Retiremènt bènèfits Payments to defined conbibulion retirement benefrt sthemes a￿ charged as an expense as they fall due. 1.13 Foreign exchange Assets and liabilities in foreign Cu￿encieS are translated into sterling al thè ralè of èKehange mllng at the Balance Sheet date. Transactions in foreign uJr￿n¢les are recorded at the rate ruling at the date of the transaction and all dIff￿er￿ due to exthange fiLKluations have been ￿eded in the lolal incorning Resources. -23- THE BRITISH INTERPLANETARY SOCIETY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED FOR THE PERIOD ENDED 30 AUGUST 2023 Atcountiny policie* {Continuedl 1.14 Govemmentgrnnts Goveinrnent grants are recwnised al the tsir va￿e of the asset recewy or receivable when there is reasonable assurance Ihat the grant ￿n￿l￿"0n$ 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 re￿gnised 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 hiStOr￿al 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 I￿￿sIng 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(￿Oun11r￿g 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 POI￿y. 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 forwa￿1 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 f￿5 Premises expenses Communications Advertising and womolion Sundry expenses Bank ¢haige5 Legal and Profess￿nal 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 be￿een Ch8fitable adiwties 246,142 246.142 187,804 187,804 Support costs inthdes payments to the 8udrtors of £6.25012022- £5,500} for a￿JIt 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 ap￿led 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 F￿e￿￿d 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 go￿15 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 •r￿me 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 ￿state￿I 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 un￿strICted 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.