2020-12-31-accounts

			Page
Reference and administrative		details ofthe charity, its trustees and advisers
Trustees' report			2-6
Independent auditors'	report	on the financial statements	7-10
Statement offinancial	activities
Balance sheet			12
Statement ofcash flows			13
Notes to the financial	statements		14-23

Trustees			Conor Gearty
			David Kershaw
			Andrew Lang
			Thomas Poole
			Jo Braithwaite
			Dev Gangjee
			Gregoire Webber
			Michael Lobban
			Virginia Mantouvalou
			Tanya Aplin
			Jacco Bomhoff
			Orla Lynskey
			Donal Nolan
			Paul Roberts
			Kate Greasley
			Sangeeta Shah
			Emmanuel Voyiakis
			Tatiana Cutts
			Vanessa Munro
			Sarah Paterson
			Jeremy Horder (appointed		12 February 2020)
			Karen Lockett-Yeung	(appointed		17June 2020)
Company	registered
number			00325282
Charity registered
number			264072
Registered		office	Old Building
			Houghton Street
			London
			WC2A 2AE
Company	secretary		Michael Lobban
Chief executive officer			David Kershaw
Independent		auditors	Calders (1883)LLP
			Statutory Auditor and	Chartered		Accountants
			30Orange Street
			London
			WC2H 7HF
Bankers			HSBC Bank Pic
			16 King Street
			Covent Garden
			London
			WC2E 8JF

Scholarships:	The following students	were awarded	scholarships	to support	their doctoral research	in the
academic year	2020-21:
Cambridge	Ana Magini
Cambridge	Joseph Liptrap
Bristol	Ricardo Buendia
Bristol	Luciano Bottini Filho
Durham	Eliza Bechtold
Durham	Ugochukwu Nwosu-Iheme
Edinburgh	Lynn Kennedy
Edinburgh	Nidhi Saday
Kent	Maayan Niezna
KCL	Shelley Leung
KCL	Clara Lopez-Rodriguez
Leicester	Claiton Fyock
Leicester	Carly Lightfoot
Oxford	Gautam Bhatia
Oxford	Julian Du Vergier
Reading	Liam Bagshaw
UCL	Andrew McLean
UCL	Aleisha Ebrahimi-Tsamis

			Unrestricted	Total	Total
			funds	funds	funds
			2020	2020	2019
		Note
Income from:
Charitable activities			179,213	179,213	174,977
Investments			7,152	7,152	19,12S
Total income			186,365	186,365	194,105
Expenditure on:
Charitable activities			282,819	282,819	192,595
Total expenditure			282,819	282,819	192,595
Net gains on investments			1,116	1,116	103,794
Net movement in funds			(95,338)	(95,338)	105,304
Reconciliation offunds:
Total funds brought	forward		1,251,327	1,251,327	1,146,023
Net movement in funds			(95,338)	(95,338)	105,304
Total funds carried forward			1,155,989	1,155,989	1,251,327

						2020		2019
				Note
Fixed assets
Tangible assets				10		400		400
Investments				11		1,011,914		1,003,647
						1,012,314		1,004,047
Current assets
Debtors				12	127,920		121,128
Cash at bank	and	in	hand		144,285		222,633
					272,205		343,761
Creditors: amounts			falling due within one
year				13	(128,530)		(96,481)
Net current	assets					143,675		247,280
Total net assets						1,155,989		1,251,327
Charity funds
Unrestricted	funds			14		1,155,989		1,251,327
Total funds						1,155,989		1,251,327

				2020	2019
Cash flows from operating	activities
Net cash used in operating	activities			(78,350)	14,878
Cash flows from investing	activities
Income from investments				7,152	19,128
Purchase of investments				(7,150)	(19,125)
Net cash provided by investing activities				2	3
Change in cash and cash	equivalents	in	the year	(78,348)	14,881
Cash and cash equivalents	at the beginning		of the year	222,633	207,752
Cash and cash equivalents	at the end of		the year	144,285	222,633
The notes on pages 14to 23 form part ofthese financial statements

			Unrestricted	Total	Total
			funds	funds	funds
			2020	2020	20'/9
			F
Journal income from profit sharing		arrangement	177,224	177,224	173,025
Other royalties			1,989	1,989	1,952
			179,213	179,213	174,977
Investment	income
			Unrestricted	Total	Total
			funds	funds	funds
			2020	2020	2019
				F
Income from	listed investments		7,150	7,150	19,125
Bank interest	receivable		2	2	3
			7,152	7,152	19,128

Unrestricted	Total	Total
funds	funds	funds
2020	2020	20'l9
282,819	282,819	192,595

Charitable
activities	Total	Total
costs	funds	funds
2020	2020	20'/9
282,819	282,819	192,595

			Unrestricted	Total	Total
			funds	funds	funds
			2020	2020	20'l9
	Scholarships granted		90,000	90,000	91,999
	Early career fellowships		110,000	110,000
	Wedderburn prize		750	750	750
	Secretarial services		10,000	10,000	10,000
	Administration costs		16,843	16,843	15,332
	Annual dinner &Chorley lecture		1,545	1,545	13,473
	Bank charges		12	12	'/2
	General expenses		2,215	2,215	353
	Seminar costs awards		22,565	22,565	32,396
	Production assistance		16,461	16,461	18,297
	Contribution towards	editorial costs	(12,875)	(12,875)	(12,599)
	Journal publishing costs share		16,059	16,059	19,369
	Seminar costs awards	prior year over required	(1,205)	(1,205)	(5,365)
	Website design and development		4,545	4,545	3,304
	Sponsorship		1,500	1,500
	Governance costs (see note 7)		4,404	4,404	5,274
			282,819	282,819	192,595
7.	Governance costs
				2020f	20'/9f
	Auditors' remuneration			4,228	4,348
	Committee members	expenses		176	926
				4,404	5,274

					2020f	2019
Fees payable to the		charitable	company's	auditor for the audit ofthe
charitable	company's	annual	accounts		4,228	4,348

	Office
	equipmentf
Cost
At 1 January 2020	400
At 31 December 2020	400
Net book value
At 31 December 2020	400
At 31December 2019	400

	Listed
	securities
Market value
At 1 January 2020	1,003,647
Additions	7,150
Revaluations	1,116
At 31 December 2020	1,011,914

		2020	2019
		F
Due within one year
Trade debtors		127,920	121,128
		127,920	121,128
Creditors: Amounts	falling due within one year
		2020f	2019
Other creditors		128,530	96,481

							Balance at
			Balance at 1				31
			January			Gains/	December
			2020	Income	Expenditure	(Losses)	2020
			F
Unrestricted		funds
General	Funds		1,251,327	186,365	(282,819)	1,116	1,155,989
Statement offunds - prior year
							Balance at
			Balance at				31
			1January			Gains&	December
			2019	Income	Expenditure	(Losses)	20'/9
Unrestricted		funds
General	Funds		1,146,023	194,105	(192,595)	103,794	1,251,327

						Balance at
		Balance at 1				31
		January			Gains/	December
		2020	Income	Expenditure	(Losses)	2020
General	funds	1,251,327	186,365	(282,819)	1,116	1,155,989

						Balance at
		Balance at				31
		'I January			Gains'	December
		2019	Income	Expenditure	(Losses)	20'/9
General	funds	1,146,023	194,105	(192,595)	103,794	1,251,327

Analysis of net assets between funds - current ye	ar
	Unrestricted	Total
	funds	funds
	2020f	2020f
Tangible fixed assets	400	400
Fixed asset investments	1,011,914	1,011,914
Current assets	272,205	272,205
Creditors due within one year	(128,530)	(128,530)
Total	1,155,989	1,155,989

Analysis of net assets between funds - prior year
	Unrestricted	Total
	funds	funds
	2019	20'/9
Tangible fixed assets	400	400
Fixed asset investments	1,003,647	1,003,647
Current assets	343,761	343,761
Creditors due within one year	(96,481)	(96,481)
l	1,251,327	1,251,327

17.	Reconcili	ation of	n	et	movem	ent in funds	to net cash	flow from operating	activities
									2020	20'/9
									F
	Net income/expenditure				for the period (as per Statement			of Financial
	Activities)								(95,338)	105,304
	Adjustments for:
	Gains on	investments							(1,116)	(103,794)
	Dividends	and interest			from investments				(7,152)	(19,128)
	Decrease/(increase)			in debtors					(6,792)	17,812
	Increase	in creditors							32,048	14,684
	Net cash	provided		by/(used		in) operating	activities		(78,350)	14,878
18.	Analysis	ofcash	and		cash equivalents
									2020f	2019
	Cash in hand								144,285	222,633
	Total cash and cash				equivalents				144,285	222,633
19.	Analysis	ofchanges			in net debt
								At 1		At 31
								January		December
								f 2020	Cash flows	2020f
	Cash at bank and		in	hand				222,633	(78,348)	144,285
								222,633	(78,348)	144,285