Charity registration number: 264385
British Society of Gerontology
Annual Report and Financial Statements for the Year Ended 31 March 2021
David Dixie F C A Dixie Associates 167 Black Haynes Road Selly Oak Birmingham B29 4RE
British Society of Gerontology
Contents
| Reference and Administrative Details | 1 |
|---|---|
| Trustees' Report | 2 to 3 |
| Statement of Trustees' Responsibilities | 4 |
| Independent Examiner's Report | 5 |
| Statement of Financial Activities | 6 |
| Balance Sheet | 7 |
| Notes to the Financial Statements | 8 to 14 |
British Society of Gerontology
Reference and Administrative Details
Trustees
Principal Office
Charity Registration Number
Independent Examiner
D Price (resigned 1 July 2020) C Musselwhite (resigned 1 July 2020) G Carney (resigned 1 July 2020) T Buffel H Marston (resigned 1 July 2020) P Devine (resigned 1 July 2020) M Hyde (resigned 1 July 2020) A Newman T Vandrevala W Martin G Christopher T Scharf N Thomas (resigned 1 July 2020) C Phoenix (appointed 1 July 2020) D Morgan (appointed 1 July 2020) H Mulkey (appointed 1 July 2020) S Westwood (appointed 1 July 2020) K Samsi (appointed 2 July 2020) R Frost (appointed 1 July 2020) V Egdell (appointed 1 July 2020) C Holland (appointed 1 July 2020)
84 Cherry Tree Avenue Waterlooville PO8 8AT 264385
David Dixie F C A Dixie Associates 167 Black Haynes Road Selly Oak Birmingham B29 4RE
Page 1
British Society of Gerontology
Trustees' Report
The trustees present the annual report together with the financial statements of the charity for the year ended 31 March 2021.
Objectives and activities
Public benefit
The trustees confirm that they have complied with the requirements of section 4 of the Charities Act 2011 to have due regard to the public benefit guidance published by the Charity Commission for England and Wales.
Structure, governance and management
Constitution and objects
The British Society of Gerontology is a registered charity number 264385. Its constitution is governed by a document last updated on 7 July 2016, copies of which are available on the Society's website (www.britishgerontology.org).
The objects of the charity are to further and promote gerontology, the care and relief of older people and to research and study the problems relating to social and behavioural gerontology.
Organisation
Officers of the Society and other members of the Executive Committee are elected at the Annual General Meeting. Executive Committee members are elected for a term of three years, and may be re-elected for one further term. Officers are elected for five years, serving one year as Officer Elect, three years as the Officer and one year as Past Officer. Those who have served during the year and since the year end are set out on page 1.
Grant making policy
The trustees of the BSG Averil Osborn Award for Participatory Research, on behalf of the Society, invite applications for funding research projects through advertising in specialist media. The applications are reviewed against specific criteria and research objectives, which are set by the trustees.
The BSG Averil Osborn Award for Participatory Research is used specifically to fund research and development work that will enhance the quality of life and citizenship of older people. This fund, together with future donations and bank interest, will continue to be used exclusively for the direct support of development projects and research into gerontology.
Financial review and investment policy
The Society receives the vast majority of its funding through membership fees, publications and conferences.
There are no restrictions on the charity's power to invest. The investment strategy is decided by the Executive Committee and takes account of recent demand for funds and the quality of the funding applications. The Executive Committee consider the income requirements, the risk profile and the view of the market prospects in the medium term. The unrestricted and restricted funds may be invested in any type of investment. Our strategy is reviewed annually.
Reserves policy
It is the policy of the charity to maintain unrestricted funds, which are the free reserves of the charity, at a level that equates to approximately six month's unrestricted expenditure. This provides sufficient funds to cover administration and support costs and to respond to emergency applications for grants, which arise from time to time. Unrestricted funds were maintained at this level throughout the year.
Page 2
British Society of Gerontology
Trustees' Report
Financial instruments
Objectives and policies
The charity’s activities expose it to a number of financial risks including credit risk, cash flow risk and liquidity risk. The use of financial derivatives is governed by the charity’s policies approved by the board of trustees, which provide written principles on the use of financial derivatives to manage these risks. The charity does not use derivative financial instruments for speculative purposes.
Cash flow risk
The charity’s activities expose it primarily to the financial risks of changes in foreign currency exchange rates on memeship subscriptions and interest rates. The charity does not use foreign exchange forward contracts and interest rate swap contracts to hedge these exposures.
Interest bearing assets and liabilities are held at fixed rate to ensure certainty of cash flows.
Credit risk
The charity’s principal financial assets are bank balances and cash, and investments.
The credit risk on liquid funds and derivative financial instruments is limited because the counterparties are banks with high credit-ratings assigned by international credit-rating agencies.
The charity has no significant concentration of credit risk, with exposure spread over a number of counterparties.
Liquidity risk
In order to maintain liquidity to ensure that sufficient funds are available for ongoing operations and future developments, the charity uses a mixture of long-term and short-term deposits.
The annual report was approved by the trustees of the charity on 23 June 2021 and signed on its behalf by:
......................................... A Newman Trustee
Page 3
British Society of Gerontology
Statement of Trustees' Responsibilities
The trustees are responsible for preparing the trustees' report and the financial statements in accordance with the United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) and applicable law and regulations.
The law applicable to charities 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 of the charity for that period. In preparing these financial statements, the trustees are required to:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charities SORP;
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make judgements and estimates that are reasonable and prudent;
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state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.
The trustees are responsible for keeping proper 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 Charities Act 2011, the applicable Charities (Accounts and Reports) Regulations, and the provisions of the constitution. The trustees 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.
Approved by the trustees of the charity on 23 June 2021 and signed on its behalf by:
......................................... A Newman Trustee
Page 4
British Society of Gerontology
Independent Examiner's Report to the trustees of British Society of Gerontology
I report on the accounts of the charity for the year ended 31 March 2021 which are set out on pages 6 to 14.
Respective responsibilities of trustees and examiner
The trustees are responsible for the preparation of the accounts. The trustees consider that an audit is not required for this year under section 144(2) of the Charities Act 2011 (the 2011 Act) and that an independent examination is needed.
It is my responsibility to:
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examine the accounts under section 145 of the 2011 Act;
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to follow the procedures laid down in the general Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act; and
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to state whether particular matters have come to my attention.
Basis of independent examiner’s report
My examination was carried out in accordance with the general Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit and consequently no opinion is given as to whether the accounts present a ‘true and fair view’ and the report is limited to those matters set out in the next statement.
Independent examiner's statement
In connection with my examination, no matter has come to my attention:
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(1) which gives me reasonable cause to believe that in any material respect the requirements:
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to keep accounting records in accordance with section 130 of the Charities Act 2011; and
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to prepare accounts which accord with the accounting records and comply with the accounting requirements of the 2011 Act
have not been met; or
- (2) to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.
...................................... D R Dixie F C A
Dixie Associates 167 Black Haynes Road Selly Oak Birmingham B29 4RE
23 June 2021
Page 5
British Society of Gerontology
Statement of Financial Activities for the Year Ended 31 March 2021
| Note Income and Endowments from: Donations and legacies Charitable activities Investment income 4 Total Income Expenditure on: Charitable activities Total Expenditure Net (expenditure)/income Gross transfers between funds Unrealised gains/losses on investment assets Net movement in funds Reconciliation of funds Total funds brought forward Total funds carried forward 12 Note Income and Endowments from: Donations and legacies Charitable activities Investment income 4 Total Income Expenditure on: Charitable activities Total Expenditure Net income/(expenditure) Gross transfers between funds Unrealised gains/losses on investment assets Net movement in funds Reconciliation of funds Total funds brought forward Total funds carried forward 12 |
Unrestricted funds £ - 30,426 146 30,572 (57,868) (57,868) (27,296) (3,000) 3,590 (26,706) 171,822 145,116 Unrestricted funds £ - 169,837 145 169,982 (126,753) (126,753) 43,229 (1,500) (2,232) 39,497 132,324 171,821 |
Restricted funds £ 2,500 - 4 2,504 (2,418) (2,418) 86 3,000 - 3,086 1,645 4,731 Restricted funds £ 2,500 - 13 2,513 (4,576) (4,576) (2,063) 1,500 - (563) 2,208 1,645 |
Total 2021 £ 2,500 30,426 150 |
|---|---|---|---|
| 33,076 | |||
| (60,286) | |||
| (60,286) | |||
| (27,210) - 3,590 |
|||
| (23,620) 173,467 |
|||
| 149,847 | |||
| Total 2020 £ 2,500 169,837 158 |
|||
| 172,495 | |||
| (131,329) | |||
| (131,329) | |||
| 41,166 - (2,232) |
|||
| 38,934 134,532 |
|||
| 173,466 |
All of the charity's activities derive from continuing operations during the above two periods.
The funds breakdown for 2020 is shown in note 12.
Page 6
British Society of Gerontology
(Registration number: 264385) Balance Sheet as at 31 March 2021
| Note Current assets Debtors 10 Investments 11 Cash at bank and in hand Creditors: Amounts falling due within one year Net assets Funds of the charity: Restricted funds Unrestricted income funds Unrestricted funds Total funds 12 |
2021 £ 9,453 13,786 126,609 149,848 (1) 149,847 4,731 145,116 149,847 |
2020 £ 10,330 10,196 152,941 |
|---|---|---|
| 173,467 (1) |
||
| 173,466 | ||
| 1,645 171,821 |
||
| 173,466 |
The financial statements on pages 6 to 14 were approved by the trustees, and authorised for issue on 23 June 2021 and signed on their behalf by:
......................................... A Newman Trustee
......................................... T Scharf Trustee
Page 7
British Society of Gerontology
Notes to the Financial Statements for the Year Ended 31 March 2021
1 Accounting policies
Statement of compliance
The financial statements have been prepared in accordance with 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 2015) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.
Basis of preparation
British Society of Gerontology meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy notes.
Exemption from preparing a cash flow statement
The charity opted to early adopt Bulletin 1 published on 2 February 2016 and have therefore not included a cash flow statement in these financial statements.
Going concern
The trustees consider that there are no material uncertainties about the charity's ability to continue as a going concern.
Income and endowments
Voluntary income including donations, gifts, legacies and grants that provide core funding or are of a general nature is recognised when the charity has entitlement to the income, it is probable that the income will be received and the amount can be measured with sufficient reliability.
Donations and legacies
Donations and legacies are recognised on a receivable basis when receipt is probable and the amount can be reliably measured.
Investment income
Dividends are recognised once the dividend has been declared and notification has been received of the dividend due.
Expenditure
All expenditure is recognised once there is a legal or constructive obligation to that expenditure, it is probable settlement is required and the amount can be measured reliably. All costs are allocated to the applicable expenditure heading that aggregate similar costs to that category. Where costs cannot be directly attributed to particular headings they have been allocated on a basis consistent with the use of resources, with central staff costs allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use. Other support costs are allocated based on the spread of staff costs.
Page 8
British Society of Gerontology
Notes to the Financial Statements for the Year Ended 31 March 2021
Charitable activities
Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.
Grant provisions
Provisions for grants are made when the intention to make a grant has been communicated to the recipient but there is uncertainty about either the timing of the grant or the amount of grant payable.
Governance costs
These include the costs attributable to the charity’s compliance with constitutional and statutory requirements, including audit, strategic management and trustees’s meetings and reimbursed expenses.
Taxation
The charity is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.
Research and development
Research and development expenditure is written off as incurred.
Current asset investments
Current asset investments are included at the lower of cost and net realisable value / market value.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Fund structure
Unrestricted income funds are general funds that are available for use at the trustees's discretion in furtherance of the objectives of the charity.
Restricted income funds are those donated for use in a particular area or for specific purposes, the use of which is restricted to that area or purpose.
Financial instruments
Classification
Financial assets and financial liabilities are recognised when the charity becomes a party to the contractual provisions of the instrument.
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the charity after deducting all of its liabilities.
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British Society of Gerontology
Notes to the Financial Statements for the Year Ended 31 March 2021
Recognition and measurement
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Financial assets and liabilities are only offset in the statement of financial position when, and only when there exists a legally enforceable right to set off the recognised amounts and the charity intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.
Financial assets are derecognised when and only when a) the contractual rights to the cash flows from the financial asset expire or are settled, b) the charity transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or c) the charity, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.
Financial liabilities are derecognised only when the obligation specified in the contract is discharged, cancelled or expires.
Investments
Investments in non-convertible preference shares and non-puttable ordinary or preference shares (where shares are publicly traded or their fair value is reliably measurable) are measured at fair value through profit or loss. Where fair value cannot be measured reliably, investments are measured at cost less impairment.
Investments in subsidiaries and associates are measured at cost less impairment. For investments in subsidiaries acquired for consideration including the issue of shares qualifying for merger relief, cost is measured by reference to the nominal value of the shares issued plus fair value of other consideration. Any premium is ignored.
Derivative financial instruments
The charity does not use derivative financial instruments to reduce exposure to foreign exchange risk and interest rate movements. The charity does not hold or issue derivative financial instruments for speculative purposes.
Fair value measurement
The best evidence of fair value is a quoted price for an identical asset in an active market. When quoted prices are unavailable, the price of a recent transaction for an identical asset provides evidence of fair value as long as there has not been a significant change in economic circumstances or a significant lapse of time since the transaction took place. If the market is not active and recent transactions of an identical asset on their own are not a good estimate of fair value, the fair value is estimated by using a valuation technique.
Page 10
British Society of Gerontology
Notes to the Financial Statements for the Year Ended 31 March 2021
2 Income from donations and legacies
| Donations and legacies; Donations from individuals 3 Income from charitable activities Membership Conferences and Events Publications, etc. 4 Investment income Interest receivable and similar income; Interest receivable on bank deposits |
Unrestricted funds General £ 146 |
Restricted funds £ 2,500 2,500 Unrestricted funds General £ 24,512 5,914 - 30,426 Restricted funds £ 4 |
Total 2021 £ 2,500 2,500 Total 2021 £ 24,512 5,914 - 30,426 Total 2021 £ 150 |
Total 2020 £ 2,500 |
|---|---|---|---|---|
| 2,500 | ||||
| Total 2020 £ 26,037 143,612 188 |
||||
| 169,837 | ||||
| Total 2020 £ 158 |
Page 11
British Society of Gerontology
Notes to the Financial Statements for the Year Ended 31 March 2021
5 Expenditure on charitable activities
| Note Membership Subscriptions Conferences and Events Administration Office expenses Bank charges Grant funding of activities Governance costs |
Unrestricted funds General £ 2,701 1,828 21,469 21,440 8,755 985 - 690 57,868 |
Restricted funds £ - - - - - - 2,418 - 2,418 |
Total 2021 £ 2,701 1,828 21,469 21,440 8,755 985 2,418 690 60,286 |
Total 2020 £ 2,916 2,607 96,586 19,597 1,359 983 4,576 2,705 |
|---|---|---|---|---|
| 131,329 |
6 Analysis of governance and support costs
Governance costs
| Independent examiner fees Examination of the financial statements Other governance costs |
Unrestricted funds General £ 690 - 690 |
Total 2021 £ 690 - 690 |
Total 2020 £ 690 2,015 |
|---|---|---|---|
| 2,705 |
7 Trustees remuneration and expenses
No trustees, nor any persons connected with them, have received any remuneration from the charity during the year.
8 Independent examiner's remuneration
Examination of the financial statements
| 2021 | 2020 | ||
|---|---|---|---|
| £ | £ | ||
| 690 | 690 |
Page 12
British Society of Gerontology
Notes to the Financial Statements for the Year Ended 31 March 2021
9 Taxation
The charity is a registered charity and is therefore exempt from taxation.
10 Debtors
| 10 Debtors | |||||||
|---|---|---|---|---|---|---|---|
| Prepayments 11 Current asset investments Listed other shares 12 Funds Unrestricted funds General Restricted funds Total funds Unrestricted funds General Restricted funds Total funds |
Balance at 1 April 2020 £ (171,822) (1,645) (173,467) Balance at 1 April 2019 £ (132,324) (2,208) (134,532) |
Incoming resources £ (30,572) (2,504) (33,076) Incoming resources £ (169,982) (2,513) (172,495) |
Resources expended £ 54,278 2,418 56,696 Resources expended £ 128,985 4,576 133,561 |
2021 £ 9,453 2021 £ 13,786 Transfers £ 3,000 (3,000) - Transfers £ 1,500 (1,500) - |
2020 £ 10,330 |
||
| 2020 £ 10,196 |
|||||||
| Balance at 31 March 2021 £ (145,116) (4,731) |
|||||||
| (149,847) | |||||||
| Balance at 31 March 2020 £ (171,821) (1,645) |
|||||||
| (173,466) |
13 Analysis of net assets between funds
Page 13
British Society of Gerontology
Notes to the Financial Statements for the Year Ended 31 March 2021
| Current assets Current liabilities Total net assets 14 Analysis of net funds Cash at bank and in hand Current asset investments Net debt |
Unrestricted funds General £ 145,117 (1) 145,116 At 1 April 2020 £ 152,941 10,196 163,137 |
Restricted funds £ 4,731 - 4,731 Cash flow £ (26,332) 3,590 (22,742) |
Total funds £ 149,848 (1) 149,847 At 31 March 2021 £ 126,609 13,786 |
|---|---|---|---|
| 140,395 |
Page 14