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2024-08-30-accounts

Charity Registration No. 250556

Company Registration No. 00402498 (England and Wales)

THE BRITISH INTERPLANETARY SOCIETY

ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2024

Kings House 9-10 Haymarket London United Kingdom SW1Y 4BP

THE BRITISH INTERPLANETARY SOCIETY

CONTENTS

Page
Company informaton 1
Presidental statement 2 - 3
Trustees' report 4 - 15
Independent auditor's report 16 - 19
Statement of fnancial actvites 20
Statement of fnancial positon 21
Statement of cash fows 22
Notes to the fnancial statements 23 - 38

THE BRITISH INTERPLANETARY SOCIETY

COMPANY INFORMATION

Trustees Mr Alistair Scot, President (untl 4 October 2024)
Mr Colin Philp, Vice President (President-Elect from 12 April 2024,
President from 4 October 2024)
Mr Steve Salmon, Vice President
Mr Fabrizio Bernardini, Vice President
Mr Robin Brand (appointed 25 November 2023)
Dr Stuart Eves (retred 27 October 2024)
Mr Iain Meek
Mr Richard Osborne
Dr Bob Parkinson MBE (retred 25 November 2023)
Mr Patrick Rennie (appointed 25 November 2023)
Mr Leslie Shoulder (appointed 25 November 2023)
Mr Gerry Webb, Past President
Mr George Rodney Woodcock (retred 28 September 2024)
Company Secretary/ CEO Mr Simon Feast
Charity number 250556
Company number 00402498
Principal address 27-29 South Lambeth Road
London
SW8 1SZ
Registered ofce 27-29 South Lambeth Road
London
SW8 1SZ
Auditor TC Group
The Courtyard, Shoreham Road
Upper Beeding
Steyning
West Sussex
United Kingdom
BN44 3TN
Bankers Charites Aid Foundaton Bank Ltd Virgin Money
25 Kings Hill Avenue 7 Gold Street
Kings Hill Northampton
West Malling NN1 1EN
Kent
ME19 4JQ

THE BRITISH INTERPLANETARY SOCIETY

PRESIDENTIAL STATEMENT

FOR THE YEAR ENDED 31 AUGUST 2024

The year from 1st September 2023 to 31st August 2024 was a year of exciting developments and renewed focus for the British Interplanetary Society (BIS). As the world’s longest-established space advocacy organisation and the only surviving founding member of the International Astronautical Federation (IAF), it has spent over 90 years championing space exploration, education, and innovation. While the space industry continues to evolve at an incredible pace, the BIS remains at the heart of the conversation, inspiring and engaging people from all backgrounds.

With a considerable fall in membership numbers over the previous 3 years and very slow uptake since, it has been a challenging time for the Society. It is hard to pinpoint the reasons, but despite keeping the lecture programme going online, the Society started to see a reduction in its numbers during the Covid 19 pandemic. Unfortunately, as with many other clubs and societies, the BIS continues to see its numbers drop as members find other ways of networking, information gathering and being entertained, on the Internet. The Society also recognises that, since the sudden resignation of its CEO in November 2021 and the reduction in the number of staff, it has not been maintaining regular contact with many of its members. We are determined to reverse this trend.

We recognise that financial sustainability also depends on a strong and engaged membership. Our members are the backbone of the Society, bringing together expertise, enthusiasm, and support for our work. We understand that to retain and grow our community, we need to do more to demonstrate the value of BIS membership, improve communication, and create more opportunities for meaningful engagement. I am pleased to say that we are starting to put this right with our monthly ‘Online Socials’ which started on 10 November 2022 and the reintroduction of our monthly e-Newsletter in October 2024, but there is still a lot to catch up on. I am also pleased to report that in August 2024, the very end of our financial year, we received a significant financial legacy. We are immensely grateful for this generous contribution, which will have a lasting impact on the Society. This legacy provides us with new opportunities to invest in our future by enhancing our activities, improving our membership offerings, and ensuring the long-term sustainability of the Society. It strengthens our ability to support our mission, enabling us to recruit more staff and attend more events in the short term and maintain and upgrade our headquarters in the longer term. We look forward to making the most of this invaluable gift in the years ahead.

Despite these challenges, 2023-24 was a good year for the BIS. Our programme of events, lectures, and discussions covered some of the most fascinating and important topics and achievements in space and space exploration. We brought together leading experts and engaged audiences across the UK and beyond. One of the major highlights of our programme was the discussion/debate on ‘How to Explore Mars’ by our Astronomer Royal, Lord Martin Rees and founder of the Mars Society, Dr Robert Zubrin. Surprisingly they both agreed that the only way was by crewed missions! The other highlight was the visit of Dr. Nicola Fox, NASA’s Associate Administrator, Science Missions who, after a tour of our headquarters, joined us for a ‘fireside chat’.

The Society and its branches also ran another 10 lectures during the year and 5 conferences, including the 20th Reinventing Space Conference on 11-13 October, where it also celebrated its 90th anniversary in its birthplace, Liverpool. It attended some 8 other conferences including the 74th International Astronautical Conference in Baku, Azerbaijan and the UK Space Conference in Belfast, Northern Ireland as delegates and with stands at the European Astrofest in Kensington, London, the UKSEDS Student Conference in Bristol and Space Comm Expo 2024 in Farnborough.

THE BRITISH INTERPLANETARY SOCIETY

PRESIDENTIAL STATEMENT (CONTINUED)

FOR THE YEAR ENDED 31 AUGUST 2024

Our outreach efforts continued to inspire the next generation of space professionals, reinforcing our commitment to education and public engagement with our BIS-Italia Branch taking an active lead at the European Researchers Night 2023 and School Days 2024, both at ESA/ESRIN in Rome. Our Education and Outreach Committee again coordinated all the UK’s World Space Week events and activities and ran the Annual Student Paper Competition for the UK’s Undergraduate and Post graduate entries in the IAC’s Individual Student Paper Competition. We continue to promote our NextGen Network to attract younger members and harness their energy and enthusiasm to run their own programme of career-oriented events and activities.

Our Technical Committee continues to look to the future and, after the date of these financial statements, in October 2024 supported our ‘Beyond the Moon’ day at the Reinventing Space Conference with papers ranging from Space settlements to Interplanetary transport systems. Our branches are keeping busy too with the West Midlands branch running three talks in the year and, as already mentioned, BIS Italia again providing outreach support for ESA ESRIN in Rome, while the Northern Space Consortium continued to promote the BIS at its conferences.

Our publications continue to be high-quality, well-respected records of international Space activities Space Chronicle looking back to the earliest days, SpaceFlight reporting on current events and JBIS always looking for more papers to assess and review. Our Book Publications Committee assisted Bob Parkinson in updating his history of the BIS, ‘Interplanetary’, which was published after the date of these financial statements in January 2025, and they are working on several other books including ‘High Road to the Moon’ and the ‘ISS Vol 2’.

We must again thank all of our Members and Fellows for their continued support and, in particular, thank our volunteers, committee members and staff for the work they do to keep the Society on track. We are optimistic that the steps we are taking now will ensure that the BIS remains a vibrant, forward-thinking organisation, ready to meet the opportunities and challenges of the future. We are committed to strengthening our membership, expanding our reach, and continuing to be a leading voice in the world of astronautics.

Mr Alistair Scott President (to 4th October 2024) Dated 25 April 2025

Mr Colin Philp President (from 4th October 2024) Dated 25 April 2025

THE BRITISH INTERPLANETARY SOCIETY

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT)

FOR THE YEAR ENDED 31 AUGUST 2024

The trustees present their annual report and financial statements for the year ended 31 August 2024.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's Memorandum and Articles of Association, the Companies Act 2006 and "Accounting and Reporting by Charities Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)".

Legal Status

The Trustees present their report and audited accounts for the year ended 31 August 2024. Copies are being filed both with the Registrar of Companies and with the Charity Commission.

The Society was founded in 1933 and incorporated on 31 December 1945 as a Company Limited by Guarantee without share capital. It is governed by its Memorandum and Articles of Association and by Bye-Laws made under the provision of its Articles. In 1967 it gained registration as a Charity. In 1985 a revised constitution was approved under which the Society's Corporate Body is made up of its Fellows with revised regulations for admission to Fellow and for Council nomination to enable it to evolve as a body of professional status. In 1994, the name of the Society was changed by deleting the word "Limited".

The Society is financially and administratively independent and does not rely on funding from Government or other agencies in furtherance of its work.

Should the Society be wound up and hold insufficient funds at that point, every Fellow undertakes to contribute up to one pound to the assets of the Society provided a deficit occurs whilst being a Fellow, or within one year after ceasing to be a Fellow, towards any liabilities of the Society and meeting the costs, charges and expenses of winding up.

Organisational Structure

Council

The British Interplanetary Society (BIS) has a Council of up to 12 members, chaired by the President of the Society, who meet regularly and are responsible for the strategic direction and policy of the Society. The Chief Executive, who fulfils the duties of Executive Secretary, attends all meetings but has no voting rights.

Responsibilities

Council Members are responsible for preparing the Directors' Report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit and loss of the company for that period. In preparing these financial statements, the directors are required to

THE BRITISH INTERPLANETARY SOCIETY

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)

FOR THE YEAR ENDED 31 AUGUST 2024

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Members of the Council are regarded as Trustees of the Charity and as directors for the purposes of the Companies Act. They must be Fellows of the Society and are precluded by its Constitutions from holding any salaried office in the Society. They receive no remuneration for their services, nor have they any material interest in any contract mortgage, loan, guarantee or other financial arrangements with the Society. In the period under review, no expenses were paid.

The Chief Executive and the current President induct all new trustees into the work of the Council. New trustees are familiar with the work of the Society, as they would have served on one or more committees prior to the election. All new trustees are provided with the various Charity Commission publications signposted through the Commission's guide "The Essential Trustee".

Staff

A scheme of delegation is in place and the day-to-day responsibility for the work of the Society rests with the Chief Executive Officer/Executive Secretary and the staff.

Composition of the Society

The Society comprises

ciety comprises
30 August 2024 31 August 2023
Fellows 439 469
Members 685 752
1,124 1,221

Council Committees

The Council has established a number of Committees and Sub-Committees to ensure that the work of the Society is conducted efficiently and properly. These are reviewed on a regular basis to ensure that we are meeting the needs of the Society.

As of 31 August 2024, the Society's committees are reported with their Terms of Reference. The Chair and Council Members serving on each Committee are shown note that other members of the Society also serve on several of these Committees. The Committee structure of the Society was amended in July 2020.

THE BRITISH INTERPLANETARY SOCIETY

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)

FOR THE YEAR ENDED 31 AUGUST 2024

Finance and General Purposes Committee Chair: A Scott - President

The Finance and General Purposes Committee is required by the Society's Constitution and should consist of all its senior officers, viz, the President, two Vice-Presidents, the immediate past-President, the CEO/Executive Secretary and such other persons as are nominated by the Council in view of their special knowledge, experience or expertise. Its duties are to report to the Council on all major financial matters, on such further business as is deputed to it by the Council and on any matters which do not fall within the province of any other Committee. It is also responsible for dealing with urgent business which needs to be considered at short notice.

F Bernardini (from 12 April 2024), C Philp, S Salmon, G. Webb

History Group - merger of the History and Library Committees and the Archive Trust

Chair: G Webb

Dr R C Parkinson MBE (to November 2023) , A Scott, S Salmon (from 6 December 2023)

Constitutional Review Working Group

Chair: R Osborne

M Hempsell

THE BRITISH INTERPLANETARY SOCIETY

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)

FOR THE YEAR ENDED 31 AUGUST 2024

Education and Outreach Committee

Chair: V Southgate (to 12 April 2024), F Bernardini (from 12 April 2024)

A Scott, S Salmon

Events Committee Chair: A Scott

C Philp, S Salmon, R Brand (from 25 November 2023)

THE BRITISH INTERPLANETARY SOCIETY

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)

FOR THE YEAR ENDED 31 AUGUST 2024

Marketing Committee

Chair: C Philp

A Scott, S Salmon

Membership Committee – (Reformed as Membership Committee in September 2023)

Chair: A Scott

C Philp, S Salmon

Editorial Committee – split from the Publications Committee

Chair: Dr R C Parkinson MBE (to 25 November 2023), A Scott (from 25 November 2023)

A Scott

THE BRITISH INTERPLANETARY SOCIETY

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)

FOR THE YEAR ENDED 31 AUGUST 2024

Book Publication Committee – split from Publications Committee

Chair: C Hempsell

A Scott

Technical Committee

Chair: G Webb

R Osborne, P Rennie (from 25 November 2023), A Scott, R Brand

Branches Network

Chair: S Salmon (to November 2023), R Brand (from November 2023)

F Bernardini, S Salmon (from November 2023)

Principal Objectives

As set out in its Memorandum of Association, the Society is established to promote the advancement of knowledge and the spread of education relating to the science, engineering and technology of astronautics. In addition, the Society supports and engages in research studies and disseminates the results thereof.

Activities

In the pursuance of these objectives in the period in question the Society:

THE BRITISH INTERPLANETARY SOCIETY

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)

FOR THE YEAR ENDED 31 AUGUST 2024

Evening Lectures – BIS HQ, London

19-Oct-23 Nina Power and Daniel Miller - Invisible College Planets Mercury, Venus and Earth in imaginaton
09-Nov-23 Nina Power and Daniel Miller - Invisible College Planets Mars, Jupiter and Saturn in imaginaton
07-Dec-23 Nina Power and Daniel Miller - Invisible College Planets Uranus, Neptune and Pluto in
imaginaton
18-Jan-24 Robert Zubrin - Mars Society Mars Exploraton - Man or Machine?
Lord Martn Rees - Astronomer Royal
29-Feb-24 Lembit Opik – Chair, Asgardia Parliament ‘Asgardia’ – The First New Space Naton
25-Apr-24 Paolo Ferri - Former Head of Travelling in the Solar System - Challenges
Mission Operatons, ESA of Interplanetary Mission Operatons
14-May-24 Renato Crocci - Former Chief Engineer Radar, The History of Space-Borne Radar
Thales Alenia Spazio Italy
04-July-24 Francesco Di Mateo – Liquid The life of a liquid propulsion engineer
Propulsion Engineer, ESRIN
BIS Conferences & Symposia
23-Sept-23 BIS Team and Visitors Open Day: Book sale + Social – BIS, London
30-Sept-23 Rob Swinney Kelvin Long and Project Icarus Symposium – BIS, London
Robert Freeland
11-13 Oct-23 BIS Team, Keynote Speakers and Selected Reinventng Space Conference 2023 –
Paper Presentatons and Posters The Spine, Liverpool
25-Nov-23 BIS Council and Fellows BIS ANNUAL GENERAL MEETING – BIS, London
01-June-24 BIS Members and Delegates Internatonal Forum – BIS, London
Visits to BIS HQ
10-May-24 Dr Nicola Fox - Associate NASA Visit and Fireside Chat
Administrator, Science Missions, NASA
23-May-24 Tom Grinyer – CEO, Insttute of Physics Insttute of Physics Visit and Discussion
Louis Barson - Insttute of Physics
BIS-atended Conferences and Exhibitons
02-06 Oct-23 BIS Team as Delegates 74th Internatonal Astronautcal Conference –
Baku, Azerbaijan
21-23 Nov-23 Represented by BIS President UK Space Conference – Belfast, Northern Ireland
Alistair Scot as a Delegate
02-03 Feb-24 BIS Team with BIS stand European Astrofest - Kensington, London
02-03 Mar-24 BIS Team with BIS stand UKSEDS Natonal Student Space Conf - Bristol
06-07 Mar-24 BIS Team with BIS stand Space Comm Expo 2024 - Farnborough
26-28 Mar-24 CEO and BIS Team IAF Spring Meetng - Paris
17-19 Apr-24 BIS Members Internatonal Conference on Energy from Space
2024 – RAeS London
05-Jun-24 BIS Members The North East Space Conference - Durham

THE BRITISH INTERPLANETARY SOCIETY

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)

FOR THE YEAR ENDED 31 AUGUST 2024

Branch Activities

BIS West Midlands

20-Jan-24 Brian Harvey Japan in Space: - Past, Present & Future 09-Mar-24 Valentin Elias Pineda The Necessity For Space Colonisation 15-Jun-24 Emily Creedy, University of South Wales Laser Ignition of Hybrid Rocket Motors BIS Italia 29-Sep-23 BIS-Italia Team ESA/ESRIN - European Researchers Night 2023 11-15 Mar-24 BIS-Italia Team ESA ESRIN School Days 2024

BIS Outreach Events 16-Sep-23 Dr Eleonore Poli, CHASM (Community of Human CHASM Team and guests Analog Space Missions) Meet-up 21-Jan-24 Alistair Scott The BIS at North East London Astronomical Society 04-Jun-24 Alistair Scott The BIS at the Bedford Charity 15-Jul-24 The GNOSIS Team and Delegates GNOSIS, Global Network on Sustainability in Space, Meeting

Competitions and Awards 13-Oct-23 BIS Team and Guests The Sir Arthur Clarke Awards at the BIS 90th Anniver-sary Dinner -The Spine, Liverpool 22-Jun-24 Selection from 3 Undergraduate and IAC 2024 Student Paper Competition Judging 2 Post Graduate Papers

The Society continued as the UK National Co-ordinating Body for the UN mandated World Space Week. These activities are not for the sole benefit of the membership, but are also intended to provide outreach and education to the general public on all matters to do with astronautics on the basis that these are seen as being to the general benefit of all humanity. The Society also promotes and assists all those who are involved in advancing the art, culture, heritage and the science and engineering related to astronautics.

This is in accordance with the Charities Act 2011 and the guidance provided by the Charity Commission document "Charities and Public Benefit".

Risk Management

The Council has continued to review major risks to which the Charity is exposed. These include the monitoring of the management accounts on a regular basis throughout the year and the maintenance of effective back-up systems. The activities of the Charity are catered for in respect of risk by the effecting of comprehensive insurance covers, including publications liabilities. A risk register has been established and adopted by the Council and is reviewed annually. All staff have read it and are aware of its contents. Staff are kept up-to-date in the use of fire equipment and also first aid.

The Society updated and improved the security system in its headquarters.

THE BRITISH INTERPLANETARY SOCIETY

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)

FOR THE YEAR ENDED 31 AUGUST 2024

Financial Information

The accounts submitted follow the lines of those adopted in previous years, expanded as necessary to take account of recent legislation and comply with current statutory requirements and with the requirements of the 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 Society's financial activities.

Following the otherwise successful International Astronautical Congress hosted by the Society in Glasgow in 2008, the Society was left with a deficit of 220,000 Euros owing to the IAF. The original agreement was reached between the Society and the IAF to treat this as a loan to be repaid over a 10 year period from January 2012 to December 2022. Having reviewed these planned repayments, a revision was agreed in July 2017. The loan was repaid in full in August 2024.

The financial results for the year ended 31 August 2024 are set out on pages 20 to 38.

Reserves

The Trustees have considered the reserves of the Charity and have concluded that these represent a sufficient resource for the funding of the aims and objectives of the Charity on a year-by-year basis.

Investment Policy

The Trustees meet annually to assess the investment policy. The main objective is to reduce the risk associated with the Society's investments.

The Trustees take only a short term investment view. Charity funds are invested in fixed rate deposits earning the highest market rates.

THE BRITISH INTERPLANETARY SOCIETY

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)

FOR THE YEAR ENDED 31 AUGUST 2024

The Future

With the rapid expansion of the space sector and its continued support by the UK Government, the Society sees a bright future in space. It will continue to promote astronautics, educate the general public in the important role space plays in everyday life and use space to encourage more students to embark upon and complete their STEM studies. Over summer 2020, the Society began to consider a new strategy for its future work, including focusing on policy and advocacy, education and outreach, technical programmes, membership engagement, professional development and highlighting excellence.

The Society continues to provide an interesting and exciting lecture and events programme whilst also publishing its magazines and technical journal and maintaining its ‘shop-window’, its website and social media engagement. It will endeavour to build stronger relations with government, industry and academia and provide a space education and consultancy-type service. Though the effects of the Covid pandemic seriously affected its activities in 2021-2022, the Society would seek to achieve the following in the year 1 September 2024 to 31 August 2025:

THE BRITISH INTERPLANETARY SOCIETY

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)

FOR THE YEAR ENDED 31 AUGUST 2024

Structure, governance and management

The trustees, who are also the directors for the purpose of company law, and who served during theyear and up to the date of signature of the financial statements were:

Mr Alistair Scott, President (until 4 October 2024)

Mr Colin Philp, Vice President (President -Elect from 12 April 2024, President from 4 October 2024) Mr Steve Salmon, Vice President

Mr Fabrizio Bernardini, Vice President

Mr Robin Brand (appointed 25 November 2023)

Dr Stuart Eves (resigned 27 October 2024) Mr Iain Meek Mr Richard Osborne Dr Bob Parkinson MBE (retired 25 November 2023)

Mr Patrick Rennie (appointed 25 November 2023) Mr Leslie Shoulder (appointed 25 November 2023)

Mr Gerry Webb, Past President Mr Rod Woodcock (retired 28 September 2024)

Statement of trustees' responsibilities

The trustees, who are also the directors of The British Interplanetary Society for the purpose of company law, are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company Law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that year.

In preparing these financial statements, the trustees are required to:

The trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

THE BRITISH INTERPLANETARY SOCIETY

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)

FOR THE YEAR ENDED 31 AUGUST 2024

Auditor

In accordance with the company's articles, a resolution proposing that TC Group be reappointed as auditor of the company will be put at a General Meeting.

Disclosure of information to auditor

Each of the trustees has confirmed that there is no information of which 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 to identify such relevant information and to establish that the auditor is aware of such information.

The trustees' report was approved by the Board of Trustees.

Mr Alistair Scott, President (to 4 October 2024) Mr Colin Philp, President (from 4 October 2024) Trustee Trustee Dated: 25 April 2025 Dated: 25 April 2025

THE BRITISH INTERPLANETARY SOCIETY

INDEPENDENT AUDITOR'S REPORT

TO THE MEMBERS OF THE BRITISH INTERPLANETARY SOCIETY

Opinion

We have audited the financial statements of The British Interplanetary Society (the ‘charity’) for the year ended 31 August 2024 which comprise the statement of financial activities, the statement of financial position, the statement of cash flows and the notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charities ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

THE BRITISH INTERPLANETARY SOCIETY

INDEPENDENT AUDITOR'S REPORT (CONTINUED)

TO THE MEMBERS OF THE BRITISH INTERPLANETARY SOCIETY

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the charity and its environment obtained in the course of the audit, we have not identified material misstatements in the directors' report included within the trustees' report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

THE BRITISH INTERPLANETARY SOCIETY

INDEPENDENT AUDITOR'S REPORT (CONTINUED)

TO THE MEMBERS OF THE BRITISH INTERPLANETARY SOCIETY

Responsibilities of trustees

As explained more fully in the statement of trustees' responsibilities, the trustees, who are also the directors of the charity for the purpose of company law, are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

Extent to which the audit was considered capable of detecting irregularities, including fraud

The objectives of our audit, in respect to fraud, are: to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses; and to respond appropriately to fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the entity and its management.

Our approach was as follows:

THE BRITISH INTERPiANETARY SOOETY INDEPENDENT AUDtfoR'S REPORT {CONTINUEDI TO THE MEMBERS OF THE BR￿1$H INTERPLANETARY SOCIETY other matters 805ed on thls understanding we designed our audrt procedure5 to identify non-compliance with such laws and regulations. Where the risk was considered to bè higher. we performed audit procedures to addrèss each identrfied fraud risk. These procedures included.. testing manual journals- reviewing the financial ststement disclosures and te51ing to supporting documentation,. performing analytical procedures- and enquirin8 of management, and were designed to provide reasonable assurance that thè linancial statements were free from fraud or error. Owing to the inherent limÈtations of an audit, there is an unavgidable risk that we may not have detected some material mlsststèments in the financial Statements, even though we have properly planned and performed our udit in accordance with auditing standards. For example, the further removed non-compli3nce wlth laws and regulations lirregularidesl Ss from thè events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. The risk is also greater regarding irregularities occurring dLte to fraud rather than error. a5 fraud involve5 intentrijnal cotK¢almerat, forgery, collusion, omission or misrepresentation. We are not responsible for preventin8 non-compliance and annot be expected to detect non-compliance with all laws and regulations. A further description of our responsibilities is available on the Financial Reporting Council's website at.. bttRQL w.frc.or itors Audi ors-r description forffl5 part of our audFtor'5 report. it.a This Use ol our report This report is made solely to the charitable company's members. as a body. in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the tharitable company's mèmbers those m8ttÈrs we are required to gtstè to thèm in an auditorg, report and for no rthèr purpose. To the fullest extent permitted by law. we do not accept or assume responsibility to anyone other than the charitsble company and the charitable cgmpany's members as a body, for our audit work, for thi5 report, or for the opinions we have formed. Mark CummSns FCCI (Senlor Ststutory Auditor) for and on behalf of TC Group StatutoryAudltor Office.. Steynin& West Sussex Date=... 19-

THE BRITISH INTERPLANETARY SOCIETY

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 31 AUGUST 2024

Unrestricted
funds
2024
Notes
£
Income and endowments from:
Donatons and legacies
4
704,652
Charitable actvites
5
74,124
Other trading actvites
6
3,041
Investments
7
1,266
Other income
8
39,718
Total income
822,801
Expenditure on:
Charitable actvites
9
445,646
Other expenditure
15
450
Total expenditure
446,096
Net income/(expenditure) and
movement in funds
376,705
Reconciliaton of funds:
Fund balances at 31 August 2023
As originally reported
3,159,912
Prior year adjustment
3
-
As at 1 September 2023 (2022
restated)
3,159,912
Fund balances at 31 August
2024
3,536,617		 Restricted
funds
2024
£
30,000
-
-
-
-
30,000
3,150
-
3,150
26,850
29,674
-
29,674
56,524		 Total
Unrestricted
funds
2024
2023
£
£
734,652
283,557
74,124
93,924
3,041
1,825
1,266
651
39,718
43,272
852,801
423,229
448,796
442,365
450
2,780
449,246
445,145
403,555
(21,916)
3,189,586
3,391,828
-
(210,000)
3,189,586
3,181,828
3,593,141
3,159,912		 Restricted
funds
2023
£
-
-
-
-
-
-
-
-
-
-
29,674
-
29,674
29,674		 Total
2023
£
283,557
93,924
1,825
651
43,272
423,229
442,365
2,780
445,145
(21,916)
3,421,502
(210,000)
3,211,502
3,189,586

The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.

THE BRITISH INTERPLANETARY SOCIETY

STATEMENT OF FINANCIAL POSITION

AS AT 31 AUGUST 2024

Notes
Fixed assets
Tangible assets
17
Current assets
Stocks
18
Debtors
19
Cash at bank and in hand
Creditors: amounts falling due within one
year
21
Net current assets
Total assets less current liabilites
Creditors: amounts falling due afer more
than one year
22
Net assets
The funds of the charity
Restricted income funds
25
Unrestricted funds
24		 2024
£
£
3,154,407
4,350
42,924
453,557
500,831
(62,097)
438,734
3,593,141
-
3,593,141
56,524
3,536,617
3,593,141		 2023
£
£
3,225,876
4,500
33,940
98,908
137,348
(103,030)
34,318
3,260,194
(70,608)
3,189,586
29,674
3,159,912
3,189,586

The financial statements were approved by the trustees on 25 April 2025

Mr Alistair Scott, President (to 4 October 2024) Mr Colin Philp, President (from 4 October 2024) Trustee Trustee

Company registration number 00402498 (England and Wales)

THE BRITISH INTERPLANETARY SOCIETY

STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 31 AUGUST 2024

2024
Notes
£
£
Cash fows from operatng actvites
Cash generated from operatons
28
490,410
Investng actvites
Investment income received
1,266
Net cash generated from investng actvites
1,266
Financing actvites
Repayment of borrowings
(137,027)
Net cash used in fnancing actvites
(137,027)
Net increase in cash and cash equivalents
354,649
Cash and cash equivalents at beginning of year
98,908
Cash and cash equivalents at end of year
453,557		 2023
£
651
(8,711)		 £
31,314
651
(8,711)
23,254
75,654
98,908

THE BRITISH INTERPLANETARY SOCIETY

FOR THE YEAR ENDED 31 AUGUST 2024

NOTES TO THE FINANCIAL STATEMENTS

1 Accounting policies

Charity information

The British Interplanetary Society is a private company limited by guarantee incorporated in England and Wales. The registered office is 27-29 South Lambeth Road, London, SW8 1SZ.

1.1 Reporting period

During the year, the accounting period was changed by one day from 30 August to 31 August 2024. The comparative period was one day shorter ending on 30 August 2023.

1.2 Accounting convention

The financial statements have been prepared in accordance with the charity's governing document, the Companies Act 2006, and the Charities SORP "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" (effective 1 January 2019). The charity is a Public Benefit Entity as defined by FRS 102.

The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention modified to include the revaluation of the freehold property and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.3 Going concern

At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

1.4 Charitable funds

Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.

Restricted funds are subject to specific conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.

1.5 Income

Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

THE BRITISH INTERPLANETARY SOCIETY

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 AUGUST 2024

1 Accounting policies

(Continued)

The Society’s income is from membership and Library subscriptions, legacies, gifts and donations and profits from sundry sales, excluding value added tax and is reflected in the Income and Expenditure Account for the year to which it relates. All of this income is classified as Unrestricted Funds. There are no Endowment Funds. There are no Life Membership subscriptions. By Council Resolution payments received in advance for 2024 may not be utilised until on or after January 1 2024.

No part of the Society’s income may be distributed, directly or indirectly, by way of dividend, bonus, or otherwise by way of profit.

1.6 Expenditure

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that settlement will be required and the amount of the obligation can be measured reliably.

All expenditure is accounted for on an accruals basis, inclusive of any VAT which cannot be recovered. All expenses including support costs and governance costs are allocated or apportioned to the applicable expenditure headings. Certain expenditure that can be directly attributable to specific activities has been included in those cost categories. Certain other costs, which are attributable to more than one activity, are apportioned across cost categories on the basis of an estimate of the proportion of time spent by staff on those activities.

Governance costs are those incurred in the governance of the charity and are primarily associated with constitutional and statutory requirements.

Support costs are those expenses incurred to support the activities in furtherance of the charity's objects.

1.7 Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Tangible fixed assets have been depreciated at rates designed to write off their cost over the expected useful lives as follows:

Land and buildings 2% straight line Fixtures, fittings & equipment 25% reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.

1.8 Impairment of fixed assets

At each reporting end date, the charity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

THE BRITISH INTERPLANETARY SOCIETY

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 AUGUST 2024

1 Accounting policies

(Continued)

1.9 Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. Items held for distribution at no or nominal consideration are measured at the lower of replacement cost and cost.

Net realisable value is the estimated selling price less all estimated costs of completion and costs to be incurred in marketing, selling and distribution.

1.10 Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.11 Financial instruments

The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

THE BRITISH INTERPLANETARY SOCIETY

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 AUGUST 2024

1 Accounting policies

(Continued)

Derecognition of financial liabilities

Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.

1.12 Employee benefits

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.13 Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.14 Foreign exchange

Assets and liabilities in foreign currencies are translated into sterling at the rate of exchange ruling at the Balance Sheet date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction and all differences due to exchange fluctuations have been reflected in the total incoming Resources.

1.15 Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

2 Critical accounting estimates and judgements

In the application of the charity’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

THE BRITISH INTERPLANETARY SOCIETY

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 AUGUST 2024

2 Critical accounting estimates and judgements

(Continued)

Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are outlined below.

Revaluation of property, plant and equipment

The company has adopted the revaluation model for its freehold property. The property is carried at a revalued amount, being its fair value at the date of revaluation less any subsequent depreciation and subsequent accumulated impairment losses. Management assess the fair value based on the open market. Revaluation is carried out by professionally qualified valuers every 5 years.

Useful lives of property, plant and equipment

Depreciation is provided so as to write down the assets to their residual values over their estimated useful lives as set out in the company's accounting policy. The selection of these estimated lives requires the exercise of management judgement. Useful lives are regularly reviewed and should management's assessment of useful lives shorten then depreciation charges in the financial statements would increase and carrying amounts of property, plant and equipment would reduce accordingly. The carrying amount of property, plant and equipment by each class is included in note 1 and details of the useful lives are included within the accounting policy.

3 Prior year adjustment - 2023 Financial statements

The prior year adjustment relates to depreciation charge on the buildings, not depreciated in prior years.

The effect of not depreciating the buildings in prior years is a reduction in Funds brought forward at 1 September 2022 of £210,000.

4 Donations

Unrestricted
funds
Restricted
funds
2024
2024
£
£
Donatons and gifs
15,203
-
Legacies receivable
493,706
-
Grant income
-
30,000
Membership subscriptons
181,651
-
Tax recovered by Deeds of Covenants
14,092
-
704,652
30,000		 Total Unrestricted
funds
2024
2023
£
£
15,203
33,171
493,706
-
30,000
8,888
181,651
221,556
14,092
19,942
734,652
283,557		 Total
2023
£
33,171
-
8,888
221,556
19,942
283,557

THE BRITISH INTERPLANETARY SOCIETY

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 AUGUST 2024

5
Income from charitable actvites
Unrestricted
Unrestricted
funds
funds
2024
2023
£
£
Charitable actvites
Publicatons and events
74,124
93,924
74,124
93,924
6
Other trading actvites
2024
2023
£
£
Sale of bought in goods and movement in stock
3,041
1,825
7
Investments
2024
2023
£
£
Interest receivable
1,266
651		 5
Income from charitable actvites
Unrestricted
Unrestricted
funds
funds
2024
2023
£
£
Charitable actvites
Publicatons and events
74,124
93,924
74,124
93,924
6
Other trading actvites
2024
2023
£
£
Sale of bought in goods and movement in stock
3,041
1,825
7
Investments
2024
2023
£
£
Interest receivable
1,266
651		 5
Income from charitable actvites
Unrestricted
Unrestricted
funds
funds
2024
2023
£
£
Charitable actvites
Publicatons and events
74,124
93,924
74,124
93,924
6
Other trading actvites
2024
2023
£
£
Sale of bought in goods and movement in stock
3,041
1,825
7
Investments
2024
2023
£
£
Interest receivable
1,266
651		 5
Income from charitable actvites
Unrestricted
Unrestricted
funds
funds
2024
2023
£
£
Charitable actvites
Publicatons and events
74,124
93,924
74,124
93,924
6
Other trading actvites
2024
2023
£
£
Sale of bought in goods and movement in stock
3,041
1,825
7
Investments
2024
2023
£
£
Interest receivable
1,266
651
93,924
2023
£
1,825
2024
£
1,266		 2023
£
651

THE BRITISH INTERPLANETARY SOCIETY

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 AUGUST 2024

8 Other income

Other income
Total Total
2024 2023
£ £
Rental income 39,718 43,272

9 Charitable activities

Publicatons &
events
2024
£
Staf costs
8,115
Direct costs
181,866
189,981
Share of support costs (see note 11)
258,815
448,796
Analysis by fund
Unrestricted funds
445,646
Restricted funds
3,150
448,796
10
Net movement in funds
The net movement in funds is stated afer charging/(creditng):
Depreciaton of owned tangible fxed assets		 Total
Publicatons
& events
2024
2023
£
£
8,115
7,878
181,866
188,345
189,981
196,223
258,815
246,142
448,796
442,365
445,646
442,365
3,150
-
448,796
442,365
2024
£
71,469		 Total
2023
£
7,878
188,345
196,223
246,142
442,365
442,365
-
442,365
2023
£
71,984

THE BRITISH INTERPLANETARY SOCIETY

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 AUGUST 2024

11 Support costs

Support costs
£
Staf costs
113,851
Depreciaton
71,469
Audit fees
10,000
Accountancy fees
3,233
Premises expenses
38,106
Communicatons
13,418
Sundry expenses
56
Bank charges
3,029
Legal and professional
1,768
Bad debts
3,885
258,815
Analysed between
Charitable actvites
258,815		 2024
Support costs
£
£
113,851
112,453
71,469
71,984
10,000
6,250
3,233
7,200
38,106
24,936
13,418
18,693
56
1,670
3,029
2,299
1,768
657
3,885
-
258,815
246,142
258,815
246,142		 2023
£
112,453
71,984
6,250
7,200
24,936
18,693
1,670
2,299
657
-
246,142
246,142

Support costs includes payments to the auditors of £10,000 (2023- £6,250) for audit fees.

12 Trustees

None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year.

During the year expenses were reimbursed to the Trustees amounting to £nil (2023: £nil) in respect of any expenses incurred.

13 Employees

The average monthly number of employees during the year was:

2024 2023
Number Number
Administraton and fnance 3 3

THE BRITISH INTERPLANETARY SOCIETY

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 AUGUST 2024

13
Employees
Employment costs
Wages and salaries
Social security costs
Other pension costs		 (Contnued)
2024
2023
£
£
110,909
109,367
6,530
6,625
4,527
4,339
121,966
120,331		 (Contnued)
2024
2023
£
£
110,909
109,367
6,530
6,625
4,527
4,339
121,966
120,331
120,331

The number of employees whose annual remuneration was more than £60,000 is as follows:

£60,000 to £70,000
Remuneraton of key management personnel
The remuneraton of key management personnel was as follows:
Aggregate compensaton		 2024
Number
1
2024
£
60,000		 2023
Number
1
2023
£
60,000

Pension commitments

The Society operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the Society in an independently administered fund. The contributions are charged to the Income and Expenditure account as paid and the cost for the financial year ended 31 August 2024 was £4,527 (2023: £4,339).

Contributions totalling £nil (2023: £672) were payable to the fund at the year end and are included in creditors.

THE BRITISH INTERPLANETARY SOCIETY

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 AUGUST 2024

14 Volunteers

The Society is immensely grateful to its many volunteers who give freely of their time and invaluable skills to the Society. During the year, the number of volunteers and areas they supported were as follows:

2024 2023
Number Number
Accountng, payroll and administraton 1 1
Ofce support 1 1
Supportng staf at events 20 20
Communicatons and marketng 7 7
General support 11 11

The 11 general support volunteers are individuals who have registered as volunteers and who have helped on a variety of ad hoc tasks. The number of volunteers has been static in recent years.

15 Cost of products sold

Unrestricted
funds
2024
£
Other expenditure
450
450		 Total
2023
£
2,780
2,780

16 Taxation

The charitable company is exempt from corporation tax on its investment income and on other income derived from carrying out the charitable activity and applied for that purpose.

THE BRITISH INTERPLANETARY SOCIETY

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 AUGUST 2024

17 Tangible fixed assets

Tangible fxed assets
Cost
At 31 August 2023
At 31 August 2024
Depreciaton and impairment
At 31 August 2023
Depreciaton charged in the year
At 31 August 2024
Carrying amount
At 31 August 2024
At 30 August 2023		 Land and
buildings
Fixtures, ftngs
& equipment
£
£
3,864,225
185,240
3,864,225
185,240
644,225
179,364
70,000
1,469
714,225
180,833
3,150,000
4,407
3,220,000
5,876		 Total
£
4,049,465
4,049,465
823,589
71,469
895,058
3,154,407
3,225,876

The Society may not sell, charge or otherwise deal with its Freehold Property without the sanction of the Charity Commissioners. A rebuilding value of £750,000 has been adopted for the Society’s Freehold Premises for insurance purposes.

18 Stocks

18
Stocks
Bought in goods for resale
19
Debtors
Amounts falling due within one year:
Trade debtors
Other debtors
Prepayments and accrued income		 2024
£
4,350
2024
£
3,009
7,243
32,672
42,924		 2023
£
4,500
2023
£
7,537
6,105
20,298
33,940

THE BRITISH INTERPLANETARY SOCIETY

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 AUGUST 2024

20
Loans and overdrafs
Other loans
Payable within one year
Payable afer one year
Amounts included above which fall due afer fve years:
Payable by instalments		 2024
£
-
-
-
-		 2023
£
137,027
66,419
70,608
(53,491)

Other loans included an amounts of £77,027 owed to the International Astronautical Federation (IAF) in respect of the congress organised in 2008. The loans were fully repaid during the year.

21 Creditors: amounts falling due within one year

Borrowings
Trade creditors
Other creditors
Accruals and deferred income
22
Creditors: amounts falling due afer more than one year
Borrowings
23
Retrement beneft schemes
Defned contributon schemes
Charge to proft or loss in respect of defned contributon schemes		 2024
£
-
49,260
2,621
10,216
62,097
2024
£
-
2024
£
4,527		 2023
£
66,419
15,599
-
21,012
103,030
2023
£
70,608
2023
£
4,339

THE BRITISH INTERPLANETARY SOCIETY

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 AUGUST 2024

23 Retirement benefit schemes (Continued)

The charity operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the charity in an independently administered fund.

24 Unrestricted funds

Statement of funds - current year
At 31 August
2023
£
General funds - all funds
(340,087)
Revaluaton reserve
3,499,999
3,159,912
Statement of funds - prior period
At 1
September
2022
£
(As restated)
General funds - all funds (As restated)
(318,171)
Revaluaton reserve
3,499,999
3,181,828
25
Restricted funds		 31 August
2024
£
36,618
3,499,999
3,536,617
30 August
2023
£
(340,087)
3,499,999
3,159,912
Movement in funds
Incoming
resources
Resources
expended
At
£
£
822,801
(446,096)
-
-
822,801
(446,096)
Movement in funds
Incoming
resources
Resources
expended
At
£
£
423,229
(445,145)
-
-
423,229
(445,145)

Statement of funds - current period

At
L J Carter Memorial Fund
Library fund
The Aqualunar Challenge		 31 August
2023
£
22,295
7,379
-
29,674		 Incoming
resources
£
-
-
30,000
30,000		 Resources
expended
At
£
-
-
(3,150)
(3,150)		 31 August
2024
£
22,295
7,379
26,850
56,524

THE BRITISH INTERPLANETARY SOCIETY

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 AUGUST 2024

25
Restricted funds
Previous period:
At
L J Carter Memorial Fund
Library fund		 31 August
2022
£
22,295
7,379
29,674		 Incoming
resources
£
-
-
-		 (Contnued)
Resources
expended
At 30 August
2023
£
£
-
22,295
-
7,379
-
29,674		 (Contnued)
Resources
expended
At 30 August
2023
£
£
-
22,295
-
7,379
-
29,674
29,674

L J Carter Memorial Fund

Donations from Members of the Society to cover expenses incurred by speakers at the Biennial L J Carter Memorial Lecture.

Library Funds

The library Fund comprises proceeds from the sale of items from the Rex Hall Collection, generously donated by the family of the Past President. These proceeds are to be solely for the purpose of buying essential equipment/services to upgrade and improve the library. Any expenditure is to be approved by the family in advance, or the Library Committee if the family are unavailable.

The Aqualunar Challenge

During the year, the Society received a grant of £30,000 as one of 10 finalist teams in The Aqualunar Challenge which is a £1.2m international challenge prize focused on making human habitation in space possible by finding ways to purify water buried beneath the Moon’s surface.

This grant is being delivered by Challenge Works on behalf of the UK Space Agency in the UK. The UK track of the Aqualunar Challenge rewards UK-led water purification innovations that will benefit both Earth and Space, which is the focus of the Society’s research for this project.

26 Analysis of net assets between funds

Unrestricted
Revaluaton
funds
reserve
2024
2024
£
£
At 31 August 2024:
Tangible assets
(345,592)
3,499,999
Current assets/(liabilites)
382,210
-
36,618
3,499,999		 Restricted
funds
2024
£
-
56,524
56,524		 Total
2024
£
3,154,407
438,734
3,593,141

THE BRITISH INTERPLANETARY SOCIETY

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 AUGUST 2024

Analysis of net assets between funds
Unrestricted
Revaluaton
funds
reserve
2023
2023
£
£
At 30 August 2023:
Tangible assets
(274,123)
3,499,999
Current assets/(liabilites)
4,644
-
Long term liabilites
(70,608)
-
(340,087)
3,499,999		 (Contnued)
Restricted
Total
funds
2023
2023
£
£
-
3,225,876
29,674
34,318
-
(70,608)
29,674
3,189,586

26 Analysis of net assets between funds

27 Related party transactions

Included in other loans is an amount of £nil (2023: £60,000) received from four trustees. The loans were repaid in August 2024.

Included in trade debtors is an amount due from Commercial Space Technologies Limited (CST) of £4,662 a company owned by a trustee of the charity. A bad debt provision has been made against the amount outstanding at year end.

28
Cash generated from operatons
Surplus/(defcit) for the year
Adjustments for:
Investment income recognised in statement of fnancial actvites
Depreciaton and impairment of tangible fxed assets
Movements in working capital:
Decrease in stocks
(Increase)/decrease in debtors
Increase/(decrease) in creditors
Cash generated from operatons		 2024
£
403,555
(1,266)
71,469
150
(8,984)
25,486
490,410		 2023
£
(21,916)
(651)
71,984
1,811
17,396
(37,310)
31,314

THE BRITISH INTERPLANETARY SOCIETY

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 AUGUST 2024

29
Analysis of changes in net funds/(debt)
At 31 August 2023
£
Cash at bank and in hand
98,908
Loans falling due within one year
(66,419)
Loans falling due afer more than one year
(70,608)
(38,119)		 Cash fows At 31 August 2024
£
£
354,649
453,557
66,419
-
70,608
-
491,676
453,557		 Cash fows At 31 August 2024
£
£
354,649
453,557
66,419
-
70,608
-
491,676
453,557
453,557