## ## ||||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|