THE BYRON SOCIETY
REGISTERED CHARITY NO: 265458
ACCOUNTS
YEAR ENDED 31ST DECEMBER 2021
VSCT TAX CONSULTANCY LTD
CHARTERED CERTIFIED ACCOUNTANTS
186 TOOTING HIGH STREET
LONDON, SW17 0SF
THE BYRON SOCIETY
Index
| Pages | |
|---|---|
| 1 | Trust Information |
| 2 - 3 | Report of the Trustees |
| 4 | Independent Examiner's Report |
| 5 | Statement of Financial Activities |
| 6 | Balance sheet |
| 7 - 9 | Notes to the financial statements |
THE BYRON SOCIETY
| Trustees Principal Address: Bankers: U.K Charity Status: Independent Examiner: |
TRUST INFORMATION The Lord Byron Mr B Beatty Flat 404 Chalmers House York Road London SW11 3QT HSBC Bank PLC 315 Fulham Road London SW10 9QJ Metro Bank One Southampton Row London WC1B 5HA Registration No: 265458 VSCT Tax Consultancy Ltd 186 Tooting High Street London SW17 0SF |
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Page 1
THE BYRON SOCIETY
REPORT OF THE TRUSTEES
The Trustees present their report and unaudited financial statements of the Society for the year ended 31 December 2021.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing Document
The Society is governed by its constitution dating from 1971 and last amended in 1991. The Constitution is currently being updated.
Organisational Structure
The Society's Executive Committee are elected or re-elected at the Annual General Meeting on the basis of the nominations received. The officers are persons stipulated in the constitution.
The Executive Committee manage the Society's affairs and meet generally no less than twice a year.
The work of implementing most of their policies is carried out by the officers, including the Director. Meetings of the officers are held on an "as required basis" and in addition further meetings are held one month before the annual general meeting to approve budgets and finalise the accounts and the annual report for approval by the Trustees.
The day-to-day running of the Society is delegated to the Director, Dr Emily Paterson-Morgan.
The Officers on the date of approval of the report and during the year were:
The Lord Byron - President Mr Kenneth Robbie - Chairman Dr David Woodhouse - Treasurer Dr Emily Paterson-Morgan - Director
The other members of the Executive Committee on the date of approval of the report and during the year were the below named:
Mr Richard Deakin Mrs Lydia Diamandi-Greer Mrs Katerina Jeffrey Dr Christine Kenyon-Jones Dr Alan Rawes Dr Jonathon Shears Ms Josefina Tuominen Prof. Roderick Beaton
Risk management
The Trustees have a duty to identify and review the risks to which the charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error.
OBJECTIVES AND ACTIVITIES Objectives and aims
The Byron Society aims to support education and research into the life and work of the poet Lord Byron.
Page 2
THE BYRON SOCIETY
REPORT OF THE TRUSTEES (continued)
Objectives for the Year
The Society continues to organise a full programme of events for members (regularly updated on its website). It supports the Byron Journal and the International Association of Byron Societies It also supports relevant conferences and runs a bursary scheme open to any Ph.D. student accepted at a UK university to study for a doctorate materially concerned with the works of Lord Byron.
OBJECTIVES AND ACTIVITIES
Significant activities
The Society provides lectures, readings, social events and outside visits to places of literary interest and supports Byron scholarship in various ways. The Society is the owner of The Byron Journal, which continues to be published by Liverpool University Press.
Public benefit
The objects of the Society are the promotion of education and research into the life and works of Lord Byron. The Trustees confirm that they have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the Society's aims and objectives and in planning future activities and setting the policy for the year.
FINANCIAL REVIEW
The Society generated a surplus in the sum of £11,657 (2020: deficit £836). Receipts totalled £29,092 (2020: £24,497) which consist mainly of a donation from the Elma Dangerfield Trust in the sum of £20,000. The expenses decreased to £17,435 (2020: £25,333). The total funds as at December 2021 amounted to £39,437 (balance brought forward from the previous year: £27,780). The main assets are cash at bank (Metro Bank and HSBC) of £36,409 (2020: £29,414).
FUTURE DEVELOPMENTS
The Society will continue to hold events and support scholarship through the bursary and through the Byron Journal.
Accountants
The Independent Examiner has expressed his willingness to continue to act on behalf of the Society.
Approved by order of the board of Trustees on ............................... and signed on its behalf by:
………………………………………………….
The Lord Byron - Trustee
Page 3
THE BYRON SOCIETY
Independent Examiner's Report to the Trustees for the year ended 31 December 2021
I report on the Accounts of the Society for the year ended 31st December 2021 which are set out on pages 5 to 9.
Respective responsibilities of Trustees and Examiner
As the Society's Trustees you are responsible for the preparation of the accounts and you consider that the audit requirement of section 144(2) of the Charities Act 2011 (the 2011 Act) does not apply and that an independent examination is needed. It is my responsibility:
-
to examine the accounts (under section 145(1) 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
-
to state whether particular matters have come to my attention.
Basis of 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 Society 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 statements below.
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 2011 Act; and
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to prepare accounts which accord with the accounting records and to 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.
| ……………………………………….. C.Y, DOOKHEEA, FCCA, ATT, STEP (Affiliate) 186 TOOTING HIGH STREET LONDON, SW17 0SF |
INDEPENDENT EXAMINER DATE: ……………………… |
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Page 4
THE BYRON SOCIETY
STATEMENT OF FINANCIAL ACTIVITIES
YEAR ENDED 31ST DECEMBER 2021
| Income Notes Donations and Legacies Donations and Grants 1(d) Members' Subscriptions 11 Functions Byron Journal Royalties 11 Bank Deposit Interest (Gross) 2 Total Income Expenditure Raising Funds Functions & Meeting Expenses Byron Journal Subscriptions Donations, Bursaries and Awards 4 Charitable Expenditure Executive Director's fees Others Advertising Postage & Stationery Accountancy Charge Professional Fees Paypal Charges Sundry Expenses Website, IT and Software Total Expenditure Net Income of the Year Total Funds brought forward Total Funds carried forward |
£ £ 20,000 7,145 70 1,867 29,082 29,082 10 29,092 1,013 2,640 4,750 8,403 5,000 5,000 500 492 1,464 686 119 72 699 4,032 17,435 11,657 27,780 39,437 £ 2021 |
£ £ 20,000 2,299 186 2,005 24,490 24,490 7 24,497 6,094 2,355 5,000 13,449 5,000 5,000 375 164 1,224 5,100 - - 21 6,884 25,333 (836) 28,616 27,780 £ 2020 |
£ £ 20,000 2,299 186 2,005 24,490 24,490 7 24,497 6,094 2,355 5,000 13,449 5,000 5,000 375 164 1,224 5,100 - - 21 6,884 25,333 (836) 28,616 27,780 £ 2020 |
|---|---|---|---|
| 24,497 | |||
| 13,449 5,000 6,884 |
|||
| 25,333 | |||
| (836) 28,616 |
|||
| 27,780 £ |
The statement of financial activities includes all gains and losses in the year. All income and expenditure derive from continuing activities.
The notes on pages 7 to 9 form part of these accounts.
Page 5
THE BYRON SOCIETY
BALANCE SHEET AS AT 31ST DECEMBER 2021
| Notes Current Assets Prepayments & Accrued Income 8 Cash in Hand Creditors: Amounts falling due within one year Other Creditors & Accruals 9 Net Current Assets Total Assets Less Current Liabilities Financed By: General Funds - Unrestricted 10 |
2021 £ 7,382 36,409 43,791 (4,354) 39,437 39,437 £ 39,437 £ |
2020 £ 2,005 29,414 31,419 (3,639) 27,780 27,780 £ 27,780 £ |
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Approved by the the Board of Trustees on: ……………………………………...................... and signed on its behalf by:
…………………………………….
The Lord Byron - Trustee
Page 6
THE BYRON SOCIETY
NOTES TO THE ACCOUNTS
YEAR ENDED 31ST DECEMBER 2021
1 Accounting Polices
The principal accounting policies are summarised below and have been applied consistently throughout the year and in the preceding year.
(a) Basis of Accounting
The Financial Statements have been prepared under the historic cost convention with items recognised at cost or transaction value unless otherwise stated in the notes to these Accounts. The Financial Statements have been prepared in accordance with the Statement of Recomended Practice: Accounting and Reporting by Charities preparing their Accounts in accordance with Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued on 16 July 2014 and the Charities Act 2011.
The Society constitutes a public entity benefit as defined by FRS 102.
(b) Going Concern
The Society received £20,000 during the year as a donation and expects that this support will continue in future years. The Trustees therefore consider that there are no material uncertainties about the Society's ability to continue as a going concern.
(c) Reconciliation with previous Generally Accepted Accounting Practice
In preparing the Accounts, the Trustees have considered whether, in applying the accounting policies required by FRS 102 and the Charities SORP FRS 102, a restatement of comparative items was needed. No restatements were required.
(d) Income
This represents subscriptions and donations receivable together with royalties and income from various functions/activities.
All income is included in the Statement of Financial Activities (SoFA) when the Society is entitled to the income and the amount can be quantified with reasonable accuracy. The following specific policies are applied to the particular categories of income:
- Subscriptions
These represent subscriptions received during the year and subscriptions fees held in the Society's Paypal account, some of which relate to earlier years.
- Investment income
This is included in the accounts when receivable.
- Grants and donations
Grants and donations are only included in the SoFA when the Society has unconditional entitlement to the resources.
Page 7
THE BYRON SOCIETY
NOTES TO THE ACCOUNTS
YEAR ENDED 31ST DECEMBER 2021
(e) Expenditure:
Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is reported as part of the expenditure to which it relates.
Support Costs comprise those costs incurred by the charity in the delivery of its activities and services for its members.
2 Investment Income
| Investment Income | ||
|---|---|---|
| Deposit Account Interest Raising Funds Support Costs Donations made are as follows: Ph.D bursary Byron with the Poets index Donation to Museum (Greece) Award and Prizes Manchester University Conference |
2021 £ 10 £ 2021 £ 8,403 £ 2021 £ 3,000 - 1,000 750 - 4,750 £ |
2020 £ 7 £ |
| 2020 £ 13,449 £ |
||
| 2020 £ 4,500 500 - - |
||
| 5,000 £ |
3 Raising Funds
4 Donations made are as follows:
5 Trustees' Remuneration & Related Party Transactions
No Trustees received any remuneration or benefits during the year ended 31 December 2021 (2020: Nil).
There were no Trustees' expenses paid for the year ended 31 December 2021 (2020: Nil).
The Trustees have not been in receipt of any remuneration nor reimbursement of expenses. The Director serving in the year received fees of £5,000 during the year (2020: £5,000).
6 Taxation
The Society, as a registered charity, is exempt from tax on income and gains falling within section 524 of the Income Tax Act 2007 or section 256 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects. No tax provision is therefore required.
Page 8
THE BYRON SOCIETY
NOTES TO THE ACCOUNTS
YEAR ENDED 31ST DECEMBER 2021
- 7 Unrestricted funds comprise those funds which the Trustees are free to use in accordance with the charitable objects.
Restricted funds are funds which have been given for a particular purpose or project.
8 Debtors: Amounts falling due within one year
| Other Debtors Subscriptions - Paypal Royalties |
2021 £ 584 4,931 1,867 7,382 |
2020 £ - - 2,005 |
|---|---|---|
| 2,005 |
9 Creditors: Amounts falling due within one year
| Creditors: Amounts falling due within one year | ||
|---|---|---|
| Trade Creditors Other Creditors |
2021 £ - 4,104 4,104 £ |
2020 £ - 3,639 |
| 3,639 £ |
10 Movement in Funds
| Movement in Funds At 01.01.21 £ Unrestricted Funds General Fund 15,434 Unrestricted bequests 12,346 Total Funds 27,780 Incoming Resources £ Unrestricted Funds General Fund 29,092 Subscriptions and Royalties Subscriptions Royalties |
Net Movement in Funds £ 11,657 - 11,657 Resources expended in Funds £ (17,435) 2021 £ 7,145 1,867 9,012 £ |
At 31.12.21 £ 27,091 12,346 |
|---|---|---|
| 39,437 | ||
| Movement in Funds £ 11,657 |
||
| 2020 £ 2,299 2,005 |
||
| 4,304 £ |
11 Subscriptions and Royalties
12 Independent Examiner's Fee
The Independent Examiner's fee for the year 2021 amounted to £1,464 inclusive of Vat (2020: £1,224 inclusive of Vat).
Page 9