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:
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles in the Charities SORP;
- make judgements and estimates that are reasonable and prudent;
- state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
- 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:
- examine the accounts under section 145 of the 2011 Act;
- 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
- 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:
- (1) which gives me reasonable cause to believe that in any material respect the requirements:
- to keep accounting records in accordance with section 130 of the Charities Act 2011; and
- 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.
Page 9
## **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