2020-12-31-accounts

BJU INTERNATIONAL

REPORT AND FINANCIAL STATEMENTS (A company limited by guarantee)

FOR THE YEAR ENDED 31 DECEMBER 2020

Registered Company No. 01793312 Registered Charity No. 289273

BJU INTERNATIONAL (A company limited by guarantee)

CONTENTS

	Page
Reference and administrative details	1
Report of the Trustees	2 – 7
Independent auditor’s report	8 – 10
Statement of financial activities	11
Balance sheet	12
Cash flow statement	13
Notes to the financial statements	14 – 25

BJU INTERNATIONAL (A company limited by guarantee) REFERENCE AND ADMINSTRATIVE DETAILS

Chairman	K K Sethia
Treasurer	A McNeill
Other Trustees	K Anson
	P Chu
	A Koupparis
	D Malouf
	J McGrath
	D Winkle
	P Zondervan
Key management personnel	N Quinnen – Chief Executive
Charity Number	289273
Company Number	01793312
Registered Office	3 Junction Mews
	London
	W2 1PN
Independent Auditor	Azets Audit Services
	Regis House
	45 King William Street
	London
	EC4R 9AN
Bankers	Coutts & Co
	440 Strand
	London
	WC2 0QS
Investment Managers	CCLA Investment Management
	Senator House
	85 Queen Victoria Street
	London
	EC4V 4ET
	Quilter Cheviot Investment Management
	One Kingsway
	London
	WC2B 6AN

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BJU INTERNATIONAL (A company limited by guarantee)

REPORT OF THE TRUSTEES

The Trustees have pleasure in presenting their annual report and the audited financial statements of the charity for the year ended 31 December 2020. The Trustees have adopted the provisions of the Statement of Recommended Practice (SORP) “Accounting and Reporting by Charities” (FRS 102) in preparing the annual report and financial statements of the charity.

The financial statements have been prepared in accordance with the accounting policies set out in notes to the accounts and comply with the charity’s governing document, the Charities Act 2011 and 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 published on 16 July 2014 and Update Bulletin 1.

Objectives and Activities

The Trustees confirm that they have referred to the guidance contained in the Charity Commission general guidance on public benefit when reviewing the charity’s aims and objectives and in planning future activities.

The objectives of the charity are:

• the advancement and improvement of education in urology, men’s health and related areas and the diffusion of knowledge of new and improved methods of teaching and practicing urology, men’s health and related areas

• for the purposes of the above objective to publish BJU International and other scientific and learned works related to urology, men’s health and related areas and also to promote lectures, demonstrations and exhibitions for the same purposes.

The strategy to achieve these objectives is:

• to focus the charity’s resources predominantly on long term educational publications: BJU International Journal, a long-established journal publishing primary research, a new open access journal, BJUI Compass , and BJUI Knowledge, an online platform for urologists providing interactive continuing medical education (CME) and a place to record continuing professional development (CPD) in response to the growing requirement for continuing professional development and revalidation

• to maintain and develop links with urologists in the UK and around the world to optimise awareness, support for and use of these publications.

Publication of the BJU International Journal continues to be the main activity of the charity. An international spread of papers was published in 12 issues of the Journal during 2020. One special Urological Society of Australia and New Zealand (USANZ) issues was published in September.

Professor Freddie Hamdy took over as the Editor-in-Chief of the BJU International Journal in mid-2020 and is supported by an international team of associate editors and section editors. John Wiley & Sons were reappointed to continue as the journal’s publishers when the current publishing contract ended at the end of 2020. BJU International appoints the editorial team and the Editor maintains editorial control. The Journal Editorial Office team is employed by the charity and is based in the BJU International office.

Three annual Journal prizes for urological trainees provided funding towards educational activities. The BJUI Journal Coffey-Krane Prize was awarded for the best paper published in the Journal by an author who was a trainee based in The Americas. The BJU International Global Prize was awarded for the best paper published in the Journal by an author who was a trainee based anywhere in the world other than The Americas or Europe. The BJU International John Blandy Prize was awarded for the best paper published in the Journal by an author who was a trainee based in Europe.

The first issue of the open access journal, BJUI Compass was published in March 2020. The Editor Dr John Davis is supported by a team of associate and consulting editors.

Mr Robert Mills is the Editor of BJUI Knowledge . He is supported by a team of associate editors. The BJUI Knowledge Editorial Office team is based in the BJU International office. Content continues to be reviewed and updated.

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BJU INTERNATIONAL (A company limited by guarantee)

REPORT OF THE TRUSTEES - continued

In the UK, at the British Association of Urological Surgeons (BAUS) Annual Meeting held online, BJUI arranged a BJUI guest lecture. A donation was made to Urology Bootcamp, a training course for urology trainees run by the Department of Urology, St James University Hospital, Leeds. This course was postponed because of the Covid pandemic and is scheduled to take place in 2021. A donation was made to support the activities of the British Urology Researchers in Surgical Training (BURST). Funding was provided for prizes at a meeting of the BAUS Section of Trainees (BSoT.

The charity continued to encourage the dissemination of knowledge and raise the profile of the BJU International Journal and BJUI Knowledge within the international urological community through its links with many of the urological associations around the world. In 2020 BJU International guest lectures were arranged online at the annual meetings of the Hong Kong Urological Association (HKUA), the Malaysian Urological Association (MUA), the Sri Lanka Association of the Urological Surgeons (SLAUS) and the Caribbean Urological Association (CURA). Other plans for support of annual conferences had to be cancelled because of the Covid pandemic.

Through such support for the training and continuing education of urologists, the charity aims to contribute to improving understanding and advancing clinical practice in urology thus benefiting patients suffering from urological conditions.

Measures for assessment of the success of the activities of the charity include: affiliations with urological associations; the engagement of the urological community in contributing to the development and editing of content for the BJU International Journal; maintaining the readership of the BJU International Journal; engagement in online BJU International Journal activity; the impact factor of the Journal and the engagement of the urological community in contributing to the development and editing of content for BJUI Knowledge and the uptake of the platform. In future, the level of submissions to BJUI Compass and the growth in its readership will be additional measures of success.

Achievements and Performance

BJU International Journal

BJUI has long term and developing affiliations with many urological associations. Affiliations are in place with the HKUA, the Indonesian Urological Association (IUA), the MUA, the Myanmar Nephro-urology Society, SLAUS and USANZ. BJU International is an official Journal of BAUS and the official Journal of USANZ, CURA, HKUA, the Irish Society of Urology and the Swiss Continence Foundation. It is an affiliated Journal of the Indonesian Urological Association (IUA) and the International Alliance of Urolithiasis.

Submissions to the Journal continue to be received from around the world and the editorial process involves the participation of an internationally based team of associate editors, section editors and peer reviewers.

In addition to having extensive international institutional and individual subscriptions, in 2020 current Journal content was available at low-cost or free access to 6,696 developing world institutions.

The impact factor (IF) of the Journal (an international measure used to evaluate the performance of academic journals) increased slightly from 4.524 in 2019 to 4.806 in 2020.

BJUI Knowledge

BJUI Knowledge provides interactive continuing medical education (CME) modules covering the planned urology curriculum and a convenient way of recording CPD activity. Existing content is reviewed and updated. The BJUI Knowledge CME content is accredited by the Royal College of Surgeons Edinburgh (RCSEd) and The College of Surgeons of Hong Kong and approved by the Royal Australasian College of Surgeons (RACS).

BJU Compass

The first issue of the open access journal, BJUI Compass , was published in 2020.

Factors beyond the control of the charity which could have affected the achievement of objectives include: the Covid pandemic, the limited time available for urologists to give freely to spending time of the development and peer review of content; the potential demand on contributing urologists from other urological journals and educational initiatives and the pressure on institutional journal subscriptions due to pressure on library budgets and open access.

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BJU INTERNATIONAL (A company limited by guarantee) REPORT OF THE TRUSTEES - continued

Financial Review

Net movement in funds for the year ended 31 December 2020 was a surplus of £516,137 (2019: £237,618). Funding comes principally from the charity’s share of the net profit resulting from the publishing of the Journal and from investment income. Wiley paid a signing payment of £250,000 to the charity on renewal of the publishing contract.

The share of the publishing royalties in 2020 was £647,916 (2019: £693,643). The investments made a gain during the year of £ 104,766 (2019: £189,091).

BJUI Education Ltd has been dormant since 1 January 2013.

Investment Policy

Responsibility of management of the charity’s investments was transferred from Quilter Cheviot to CCLA. The policy of the Trustees is that the funds be managed on the basis of medium risk with a balance between capital growth and income in respect of the General Fund. Investment performance is reviewed six monthly against set financial indices by the Treasurer and the Chief Executive. The investment policy statement was reviewed and approved by the Trustees in December 2020.

Reserves Policy

The charity’s policy is to have a level of reserves equivalent to one year to 18 months’ expenses for the charitable company plus contingency funds as a buffer while adapting to the change in publishing business models with the accelerating shift to open access over the next five to 10 years and likely decline in subscription income. The Trustees have agreed on this level of reserves being £775k to £1,500k to be retained to cover these changes in the publishing market, and to provide a degree of stability for the future.

Funds of £331,534 were used from the designated fund of £750,000 for Educational and Editorial projects to cover the ongoing costs of BJUI Knowledge and costs in the establishment and running of BJUI Compass . A further designation has been made to restore the fund to £750,000 to support the ongoing costs of BJUI Knowledge , and the development of BJUI Compass , the possible development of a second wholly open access journal and the need to prepare for and adapt to the probability of predominantly open access publishing environment in the future.

The current level of unrestricted reserves is £1,980,884 (2019: £1,467,483). Although these reserves exceed the upper limit of the reserves policy the Trustees consider that it is advisable to take a prudent approach at this time bearing in mind the unknown impact of open access and the additional uncertainty about the impact of the Covid pandemic on the academic publishing sector. The Trustees will continue to monitor the changing publishing environment, review the charity’s strategy for adapting to open access on a regular basis and consider the financial implications. The Trustees have noted the potential impact of the COVID-19 crisis on the academic publishing sector and consider that it is possible that it will have some impact upon the activities of the charity in the medium term. Designated funds at the year end total £2,005,689 (2019: £2,002,093).

Risk Management

• The Trustees review the risks to the charity on an annual basis. The principal risks and uncertainties that BJU International faces and the policies, systems and procedures to mitigate those risks are summarised in the Risk Register for the charity. The Trustees have continued to monitor the potential risks to the charity and the Risk Register was reviewed and updated in December 2020. The Trustees have also considered and will continue to monitor the risks resulting from the COVID-19 crisis.

The principal potential risks to the charity are:

• changes in the financial model of academic publishing due to open access, which has become more likely, or other factors

• damage to the reputation of the journals or CPD platform due to an ethical issue

• risk of adverse publicity because of activity on social media

• lack of development of sufficient CPD subscription revenue to contribute adequately to ongoing running costs of BJUI Knowledge in the long term, if it becomes unsustainable for this to be partially funded by journal revenue

• sudden unplanned departure of the Editor of the BJUI Journal, the Editor of BJUI Compass or the Editor of BJUI Knowledge, the Chairman or Chief Executive

• a decline in revenue in the medium to long term due to the economic effect of COVID-19 on academic institutions and libraries

• a significant decrease in reserves in the short to medium term because of the COVID-19 situation.

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BJU INTERNATIONAL (A company limited by guarantee)

REPORT OF THE TRUSTEES - continued

The charity is investing in a publication strategy over the next few years to prepare for and adapt to the likelihood of a predominantly open access environment in the future. The first step in this strategy was the launch of BJUI Compass.

Contractual agreements are in place with all members of the editorial teams for the journals and CPD platform and the Editors report regularly to the Chief Executive and Trustees. A robust process is in place for handling ethical issues relating to the journals in line with the Committee on Publication Ethics (COPE) Code of Conduct and the Trustees are informed about ongoing issues. A similar approach will be adopted for the CPD platform if necessary. When required, a Governance Sub-Committee is established to assist the Editors in handling ethical issues.

The journals have a social media policy and processes for managing its social media strategy and a similar approach is used for the CPD platform.

The support and engagement of urological associations, around the world continues to be sought for BJUI Knowledge, with the aim of encouraging widespread use by consultants and trainees and ultimately generating subscription revenue to contribute towards the ongoing running costs of the platform.

The financial consequences of the COVID-19 situation will be monitored closely with the investment managers and the publisher of the journals.

The academic publishing process is conducted largely online and has not been significantly affected by the COVID19 situation. As a result of migrating to cloud-based IT systems, as part of business continuity planning, the staff of the charity are all able to work effectively from home as required during the COVID-19 lock down.

Future Plans

Subject to the financial impact of the COVID-19 situation, the charity will continue to follow the long-term strategy for charitable expenditure developed and approved in 2018. Investment will be made in the publication strategy which enables adaptation to an evolving open access environment. Expenditure on grants to support urological associations internationally will continue in future years. Development of additional content for BJUI Knowledge will continue alongside development of an international subscriber base, made up of subscriptions by organisations and individual subscriptions.

Structure, Governance and Management

Constitution

BJU International adopted amended Articles of Association at its Annual General Meeting on 30 June 2020, following a review of the Articles by the Trustees. The company registration number is 01793312.

Trustees

The Trustees when complete consist of at least six individuals who are over the age of 18, all of whom support the Objects and at least two thirds of the Trustees to be registered medical practitioners in active clinical practice. The Trustees who served during the year were:

K K Sethia (Chairman) A McNeill (Treasurer) K Anson P Chu J Cresswell – resigned 15 May 2020 A Koupparis R MacDonagh – resigned 8 February 2021 J McGrath D Malouf D Winkle P Zondervan

Organisational structure and decision making

The Trustees are responsible for the management of the charity and the decisions of the charity are made by the Trustees. The Trustees delegate day-to-day responsibility for the management of the charity to the Chief Executive, Nicola Quinnen. The Treasurer, Alan McNeill, and the Chief Executive are on the Investment Sub-committee which

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BJU INTERNATIONAL (A company limited by guarantee)

REPORT OF THE TRUSTEES - continued

monitors the performance of Quilter Cheviot and CCLA. The Trustees appoint other sub-committees as required. The Trustees also receive guidance on their duties and responsibilities as Trustees from professional advisers.

Organisational structure and decision making

Under the amended Articles adopted in June 2020 there is no longer a class of Executive Members.

The Executive Members during the year were: A Muneer – resigned 20 April 2020 P Heathcote – resigned 16 April 2020.

Remuneration of staff is reviewed on an annual basis by the Trustees. Reviews of the performance of the Chief Executive are conducted by the Chairman and Treasurer. The salary of the Chief Executive is set by the Trustees and is reviewed annually. The key management personnel of the charity are considered to be the Chief Executive and the Trustees. The Trustees are not paid for their role as Trustees.

Trustees’ recruitment and appointment

The Chairman, the Treasurer and elected Trustees are elected by the members of the charity at a General Meeting, each for a term of five years, at the end of which they shall retire but be eligible for re-election for one further term of three years. The period in office held by the Treasurer runs concurrently with his/her term as a Trustee. The Chairman shall serve for an initial term of five years at the end of which they may be eligible for re-election for a further term of up to two years and, with the agreement of the Trustees, in exceptional circumstances for a further period thereafter.

Induction and training of Trustees

New Trustees will be provided with a set of briefing documents relating to their duties as Trustees and the work of BJU International. These documents will include:

• The Memorandum and Articles of Association of BJU International, which comprise the governing document of the charity

• The most recent Annual Report and Accounts for BJU International

• The minutes of BJU International Trustees and General Meetings for the previous 12-month period

• Policy documents relating to governance in conducting the work of the charity

• Copies of or links publications from the Charity Commission which might assist Trustees in fulfilling their responsibilities; the publications provided may change from time to time.

New Trustees will also be provided with additional induction into the activities of the charity by the Chairman, Treasurer and Chief Executive as appropriate to their individual needs.

Covid-19 and going concern

As noted above, the process of online academic publishing has not to date been significantly affected by the COVID19 crisis, however the revenue of the charity is likely to be affected in 2021 due a decline in journal subscription revenue because of pressure on the budgets of academic institutions and libraries. This pressure may persist in the medium to longer term as a result of COVID-19.

The charity can continue publication of its educational resources as normal. Activities such as guest lectures and workshops are on hold while there are travel restrictions.

Trustees' responsibilities statement

The Trustees (who are also directors of BJU International for the purposes of company law) are responsible for preparing the Trustees’ Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law 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 charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for the year. In preparing these financial statements, the Trustees are required to:

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BJU INTERNATIONAL (A company limited by guarantee) REPORT OF THE TRUSTEES - continued

• select suitable accounting policies and then apply them consistently;

• observe the methods and principles in the Charities SORP(FRS102);

• make judgements and estimates that are reasonable and prudent;

• state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

• prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in operation.

The Trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Disclosure of information to the auditors

We, the Trustees of the charitable company who held office at the date of approval of these Financial Statements as set out above each confirm, so far as we are aware, that:

• there is no relevant audit information of which the charitable company’s auditor is unaware; and

• we have taken all the steps that we ought to have taken as trustees to make ourselves aware of any relevant audit information and to establish that the auditor is aware of that information.

Auditors change of name

On 7 September 2020 Group Audit Service Limited trading as Wilkins Kennedy Audit Services changed its name to Azets Audit Services Limited. The name they practice under is Azets Audit Services and accordingly they have signed their report in their new name.

Signed on behalf of the board of Trustees on …30 June 2021………………… by

:

K K Sethia Chair

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BJU INTERNATIONAL (A company limited by guarantee)

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS

Opinion

We have audited the financial statements of BJU International (the ‘charitable company’) for the year ended 31 December 2020 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

• give a true and fair view of the state of the charitable company’s affairs as at 31 December 2019 and of its incoming resources and application of resources, for the year then ended;

• have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

• have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The trustees are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

• the information given in the trustees’ report, which includes the directors’ report prepared for the purposes of company law, for the financial year for which the financial statements are prepared is consistent with the financial statements; and

• the directors’ report included within the trustees’ report has been prepared in accordance with applicable legal requirements.

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BJU INTERNATIONAL (A company limited by guarantee)

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS (continued)

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the directors’ report included within the trustees’ report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

• adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

• the financial statements are not in agreement with the accounting records and returns; or

• certain disclosures of trustees’ remuneration specified by law are not made; or

• we have not received all the information and explanations we require for our audit; or

• the trustees were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies’ exemptions in preparing the trustees’ report and from the requirement to prepare a strategic report.

Extent to which the audit was considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above and on the Financial Reporting Council’s website, to detect material misstatements in respect of irregularities, including fraud.

We obtain and update our understanding of the entity, its activities, its control environment, and likely future developments, including in relation to the legal and regulatory framework applicable and how the entity is complying with that framework. Based on this understanding, we identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. This includes consideration of the risk of acts by the entity that were contrary to applicable laws and regulations, including fraud.

In response to the risk of irregularities and non-compliance with laws and regulations, including fraud, we designed procedures which included:

• Enquiry of management and those charged with governance around actual and potential litigation and claims as well as actual, suspected and alleged fraud;

• Reviewing minutes of meetings of those charged with governance;

• Assessing the extent of compliance with the laws and regulations considered to have a direct material effect on the financial statements or the operations of the company through enquiry and inspection;

• Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;

• Performing audit work over the risk of management bias and override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for indicators of potential bias.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of noncompliance. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

Responsibilities of trustees

As explained more fully in the trustees’ responsibilities statement, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charitable company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

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BJU INTERNATIONAL (A company limited by guarantee)

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS (continued)

Auditor’s responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Use of our report

This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Regis House 45 King William Street London EC4R 9AN

M Wilkes (Senior Statutory Auditor)

For and on behalf of Azets Audit Services, Statutory Auditor

Date: 14 July 2021

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BJU INTERNATIONAL (A company limited by guarantee)

STATEMENT OF FINANCIAL ACTIVITIES

FOR THE YEAR ENDED 31 DECEMBER 2020

		Total	Total
	Notes	2020	2019
		£	£
INCOME FROM:
Charitable activities	3	1,401,475	1,146,731
Investment income	2	47,528	48,785
		____	____
Total Income		1,449,003	1,195,516
		____	____
EXPENDITURE ON:
Raising funds:
Investment management costs		1,177	2,630
Charitable activities:
Grants and donations		74,922	119,871
Continuing Professional Development (CPD)		413,363	478,145
Journal		523,117	514,958
BJUI Compass		25,063	31,385
		____	____
Total expenditure	4	1,037,642	1,146,989
		____	____
Net income and net movement in funds		411,361	48,527
before gains and losses on investments
Gain / (loss) on investments	12	104,776	189,091
		______	______
NET MOVEMENT IN FUNDS		516,137	237,618
Fund balances brought
forward 1 January 2020		3,470,386	3,232,768
		______	______
Fund balances carried
forward 31 December 2020		£3,986,523 ______	£3,470,386 ______

The notes on pages 14 to 25 form part of the financial statements.

All transactions are derived from continuing activities.

All recognised gains and losses are included in the Statement of Financial Activities.

All income and expenditure in 2019 related to unrestricted funds.

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BJU INTERNATIONAL (A company limited by guarantee)

BALANCE SHEET

AS AT 31 DECEMBER 2020

Registered company number: 01793312

2020 Notes £ Fixed Assets Tangible fixed assets 11 Investments 12 Current assets Cash at bank and in hand 872,700 Debtors 13 385,916 ___ 1,258,617 Creditors:Amounts falling due within one year 14 (236,706) ______ Net current assets Total funds Represented by: Unrestricted funds Designated funds 15 General funds Total funds 16	2020 Notes £ Fixed Assets Tangible fixed assets 11 Investments 12 Current assets Cash at bank and in hand 872,700 Debtors 13 385,916 ___ 1,258,617 Creditors:Amounts falling due within one year 14 (236,706) ______ Net current assets Total funds Represented by: Unrestricted funds Designated funds 15 General funds Total funds 16	2019 £ £ 1,255,639 1,708,974 ___ 2,964,613 386,880 389,025 __ 775,905 (155,260) __ 1,021,911 __ £3,986,523 __ 2,005,639 1,980,884 _____ £3,986,523	2019 £ £ 1,255,639 1,708,974 ___ 2,964,613 386,880 389,025 __ 775,905 (155,260) __ 1,021,911 __ £3,986,523 __ 2,005,639 1,980,884 _____ £3,986,523	£ 1,252,903 1,596,838 ___ 2,849,741 620,645 __ £3,470,386 __ 2,002,093 1,467,483 ______ £3,470,386

The financial statements have been prepared in accordance with the special provisions of Part 15 of the Companies Act relating to small companies.

30 June 2021

The financial statements were approved on ………………. and signed on behalf of the Board by:

K K Sethia Chair

A McNeill Treasurer

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BJU INTERNATIONAL (A company limited by guarantee)

CASH FLOW STATEMENT

FOR THE YEAR ENDED 31 DECEMBER 2020

	Notes	2020	2019
		£	£
Cash flows used in operating activities:
Net cash used in by operating activities	18	454,754	(81,552)
Cash flows from investing activities:
Dividends, interest and rents from investments		47,528	48,785
Purchase of computers, fixtures and fittings		(9,104)	(791)
Proceeds from sale of investments		1,611,482	696,632
Purchase of investments		(1,618,841)	(662,287)
		____	____
Net cash provided by investing activities		31,065	82,339
		____	____
Change in cash and cash equivalents in the year		485,819	787
Cash and cash equivalents at the beginning of the year		386,880	386,093
		____	____
Cash and cash equivalents at the end of the year		£872,700 ____	£386,880 ____

13

BJU INTERNATIONAL (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2020

1. ACCOUNTING POLICIES

BJU International is a company limited by guarantee in the United Kingdom. In the event of the charity being wound up, the liability in respect of the guarantee is limited to £1 per member of the charity. The address of the registered office is given in the charity information on page 1 of these financial statements. The nature of the charity’s operations and principal activities are set out on page 2.

The charity constitutes a public benefit entity as defined by FRS 102.

The principal accounting policies adopted, judgements and key sources of estimation uncertainty in the preparation of the financial statements are as follows:

(a) Basis of preparation

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 (FRS 102) issued on 16 July 2014, update Bulletin 1, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Charities Act 2011 and UK Generally Accepted Practice as it applies from 1 January 2015.

The financial statements are presented in sterling (£) which is also the functional currency for the charity.

(b) Going concern

After reviewing the Charity’s forecasts and projections and taking into account the economic conditions and possible changes in trading performance, the Trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. The Charity therefore continues to adopt the going concern basis in preparing its financial statements.

(c) Basis of Consolidation

The charity has opted not to prepare consolidated accounts, under Section 398 of the Companies Act 2006, as it is a small group with a dormant subsidiary.

(d) Judgements and key sources of estimation uncertainty

Accounting estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

The following judgements (apart from those involving estimates) have been made in the process of applying the above accounting policies that have had the most significant effect on amounts recognised in the financial statements:

Useful economic lives of tangible assets

The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets. See note 11 for the carrying amount of the property plant and equipment, and note e for the useful economic lives for each class of assets.

There are no key assumptions concerning the future and other key sources of estimation uncertainty at the reporting date that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.

14

BJU INTERNATIONAL (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2020

1. ACCOUNTING POLICIES (Continued)

(e) Tangible Fixed Assets

Tangible assets other than freehold land are stated at cost. Depreciation is provided on tangible assets to write down their value over their estimated useful life. The following rates have been applied:

Computer equipment 33[1] /3% straight line Fixtures, fittings and equipment 15% reducing balance

Freehold land and buildings have not been depreciated on the basis that the Trustees have a policy of regular maintenance and repair so that the property retains a high residual value, any subsequent depreciation charge or accumulated depreciation is deemed to be immaterial.

At each reporting date, property, plant and equipment are reviewed to determine whether there is any indication that those assets have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any affected asset is estimated and compared with its carrying amount. If the estimated recoverable amount is lower, the carrying amount is reduced to its estimated recoverable amount, and an impairment loss is recognised immediately in SoFA.

If an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but not in excess of the amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of impairment is recognised immediately in SoFA.

(f) Funds

Unrestricted funds are available for use at the discretion of the trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes.

Designated funds comprise unrestricted funds that have been set aside by the trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements.

Restricted funds comprise donations or grants given for a specific purpose of the charitable company.

(g) Income

All income is included in the Statement of Financial Activities when the charity is legally entitled to the income, after the amount can be quantified with reasonable accuracy and it is probable that the income will be received. The following specific policies are applied to particular categories of income:

• Signing bonus income is recognised when received.

• Investment income is made up of bank and other interest income and is included when receivable plus related tax refunds.

• Income from charitable activities are attributable to the company’s 75% share of the net surplus arising from the publication of BJU International. The publishing surplus is that of the year which coincides with the accounting year of the company.

• CPD subscription income is recognised in full in the year of receipt, and any income relating to future years deferred in the balance sheet.

(h) Expenditure

Expenditure is accounted for on an accruals basis, net of recoverable VAT.

• Costs of generating funds are those costs incurred in managing the investment portfolio.

• Charitable expenditure and CPD expenditure is classified under headings by which they are directly attributable consistent with the use of resources. It includes both costs allocated directly to such activities and those costs of an indirect nature necessary to support them.

15

BJU INTERNATIONAL (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2020

1. ACCOUNTING POLICIES (Continued)

• Grants and donations are treated as expended when paid or when the amount is deemed to be payable.

(i) Support costs allocation

Support costs are those that assist the work of the charity but do not directly represent charitable activities and include office costs, governance costs and administrative payroll costs. They are incurred directly in support of expenditure on the objects of the charity and include project management carried out at Headquarters. Where support costs cannot be directly attributed to particular headings they have been allocated to cost of raising funds and expenditure on charitable activities on a basis consistent with use of the resources.

The analysis of these costs is included in note 9.

(j) Investments

Investments are recognised initially at their transaction value which is normally the transaction price less transaction costs. Subsequently, they are measured at fair value with changes recognised in ‘net gains / (losses) on investments’ in the SoFA if the shares are publicly traded or their fair value can otherwise be measured reliably

Investments in subsidiaries are measured at cost less impairment.

(k) Trade and other debtors

Trade and other debtors are measured at transaction price less any impairment unless the arrangement constitutes a financing transaction in which case the transaction is measured at the present value of the future receipts discounted at the prevailing market rate of interest. Loans are initially measured at fair value and are subsequently measured at amortised cost using the effective interest method less any impairment.

(l) Derivative financial instruments

Derivative financial instruments are recognised at fair value using a valuation technique with any gains or losses being reported in the income statement/profit and loss account. Non-basic financial instruments are recognised at fair value in the balance sheet under the appropriate heading and any fair value movements are recognised in the income statement.

(m) Trade and other creditors

Trade and other creditors are measured at their transaction price unless the arrangement constitutes a financing transaction in which case the transaction is measured at present value of future payments discounted at prevailing market rate of interest. Other financial liabilities are initially measured at fair value net of their transaction costs. They are subsequently measured at amortised cost using the effective interest method.

(n) Investment in subsidiaries

Investments in subsidiaries are accounted for at cost less impairment in the financial statements.

(o) Cash and cash equivalents

Cash and cash equivalents in the balance sheet comprise cash at banks and in hand and short-term deposits with an original maturity date of three months or less. For the purpose of the consolidated cash flow statement, cash and cash equivalents consist of cash and cash equivalents as defined above, net of outstanding bank overdrafts.

16

BJU INTERNATIONAL (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2020

1. ACCOUNTING POLICIES (Continued)

(p) Foreign currency translation

Foreign currency transactions are initially recognized by applying the foreign currency amount the spot exchange rate between the functional currency and the foreign currency at the date of the transaction.

Monetary assets and liabilities denominated in a foreign currency at the balance sheet date are translated using the closing rate.

(q) Employee benefits

Short-term employee benefits, including holiday entitlement and other non-monetary benefits, and contributions to defined contribution plans are recognised as an expense in the period in which they are incurred.

(r) Tax

The charity is an exempt charity within the meaning of schedule 3 of the Charities Act 2011 and is considered to pass the tests set out in Paragraph 1 Schedule 6 Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes.

(s) Legal status

BJU International is a company limited by guarantee. The Memorandum of Association restricts the liability of members on winding up to £1 unless their liability becomes unlimited through contravention of the Memorandum.

2.

3.

INVESTMENT INCOME	2020	2019
	£	£
Dividends	45,682	48,698
Interest receivable	1,846	87
	____	____
	£47,528 ____	£48,785 ____
INCOME FROM CHARITABLE ACTIVITIES	2020	2019
	£	£
Net share of Journal profit	647,916	683,618
Journal salaries, fees and costs rechargeable	405,693	353,196
Signing bonus	250,000	-
	____	____
	£1,303,609	£1,036,814
CPD income	72,724	99,892
BJUI Compass income	25,142	10,025
	____	____
	£1,401,475 ____	£1,146,731 ____

17

BJU INTERNATIONAL (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2020

4.

TOTAL EXPENDITURE
	Direct	Grant	Support	Total	Total
	Charitable	Costs	Costs	2020	2019
	£	£	£	£	£
Raising funds:
Investment management costs	1,177	-	-	1,177	2,630
Charitable activities:
Grants and donations	-	32,751	42,171	74,922	119,871
Continuing Professional
Development (CPD)	293,880	-	119,483	413,363	478,145
Journal	403,634	-	119,483	523,117	514,958
BJUI Compass	25,063	-	-	25,063	31,385
	____	____	____	____	____
	£723,754 ____	£32,751 ___	£281,137 ____	£1,037,642 ____	£1,146,989 ____

All costs are allocated between the expenditure categories noted above on a basis designed to reflect the use of the resource. Costs relating to a particular activity are allocated directly, others are apportioned on an appropriate basis being, time spent.

Investment management costs represent fees charged by Quilter Cheviot which has now been transferred to CCLA, in relation to the investments shown within note 12.

Direct journal costs relate to recharged salaries, fees and other costs recharged. The income is shown in note 3.

Direct BJUI Compass cost relate to editorial fees.

5 NET INCOME Net income is stated after charging/(crediting): Depreciation Auditors remuneration: Audit fee Other services	2020 £ 6,368 6,300 7,000	2019 £ 7,113 5,948 10,500

18

BJU INTERNATIONAL (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2020

6	STAFF COSTS	2020	2019
		£	£
	Wages and salaries	350,593	375,652
	Social security costs	37,122	39,549
	Employer’s contribution to pension schemes	28,017	32,313
		____	____
		£415,732 ____	£447,514 ____
	Employees

The total average monthly number of employees during the year were as follows:

	Number	Number
	9 ____	10 ____
The number of employees who received annual emoluments of more than £60,000 are as follows:
£100,000 – £109,999	1 ____	1 ____

Of the employees whose emoluments exceed £60,000 none (2019: none) have retirement benefits accruing under defined benefit pension schemes.

The split of the above employment costs attributable to Charitable Activities and support costs is shown within Note 9.

During the year expenses totaling £nil (2019: £58,104) were reimbursed to no (2019: 10) Trustees to cover the travelling and subsistence costs involved in attending meetings of Trustees, including those from overseas. No payments were made to Trustees by way of remuneration.

The key management personnel comprise all the trustees and the Chief Executive. The total employee benefits of the key management personnel of the charitable company were £130,642 (2019: £135,394).

19

BJU INTERNATIONAL (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2020

7 GRANTS PAYABLE Grants to institutions: BJUI guest lecturer at USANZ Sponsorship of Urology Bootcamp BJUI guest lecturer at CURA Teaching course BAUS BSoT BAUS BJUI guest lecturers IUA BJUI guest lecturers AUA BJUI guest lecturer HKUA BJUI guest lecturer UAA Urology in Myanmar BURST Staff and support costs 8 GOVERNANCE COSTS Trustee’s expenses Audit fee Legal & professional	2020 2019 £ £ - 1,221 10,000 10,000 - 3,973 - 2,844 500 - - 6,549 7,251 11,274 - 3,134 - 12,226 - 15,000 10,000 - _ _ 32,751 61,221 42,171 58,650 _ _ £74,922 £119,871 _ _ 2020 2018 £ £ 4,167 58,104 6,300 5,968 12,120 2,835 _ _ £22,587 £66,907

20

BJU INTERNATIONAL (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2020

9 SUPPORT COSTS

The following support costs have been allocated between the Charitable Activities of Grant making and Publishing the journal and development of the CPD platform, as included within Note 4 the schedule of total expenditure.

expenditure.
	2020	2019
	£	£
Office costs	44,926	44,255
IT upgrade costs	-	27,167
Accountancy and advisory fees	7,000	10,500
Insurance	4,157	4,144
Legal and professional	19,815	12,644
Depreciation	6,368	7,113
Bank charges	1,130	1,224
Recruitment	-	13,125
Consultancy	7,360	17,635
Meeting and travel expenses	3,009	14,897
Executive member and meeting expenses	942	3,387
Governance Costs	22,587	66,907
Staff Costs	163,843	168,002
	____	____
	£281,137 ____	£391,000 ____

10 SUMMARY ANALYSIS OF EXPENDITURE AND RELATED INCOME FOR CHARITABLE ACTIVITIES

This table shows the cost of the three main charitable activities and the sources of income directly to support those activities.

support those activities.
	Grants	Continuing
	and	Professional
	donations	Development	Journal	BJUI	Total
		(CPD)		Compass
	£	£	£	£	£
Costs	74,922	413,363	523,117	25,063	1,036,465
Total Journal revenue, including royalties	-	(72,724)	(1,053,609)	(25,142)	(1,151,475)
plus rechargeable salaries, fees and costs
	____	____	____	____	____
Net cost funded from other income	£74,922	£340,639	(£530,491)	(£79)	(£115,010)
	____	____	____	____	____

21

BJU INTERNATIONAL (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2020

11	TANGIBLE FIXED ASSETS	Land and	Computer	Fixtures, fittings
		Buildings	Equipment	and equipment	Total
		£	£	£	£
	Cost
	As at 1 January 2020	1,229,000	29,950	69,904	1,328,854
	Additions	-	9,104	-	9,104
		____	____	____	____
	As at 31 December 2020	1,229,000	39,054	69,904	1,337,958
		____	____	____	____
	Depreciation
	As at 1 January 2020	-	22,908	53,043	75,951
	Charge for the year	-	3,836	2,532	6,368
		____	____	____	____
	As at 31 December 2020	-	26,744	55,575	82,319
		____	____	____	____
	Net Book Values
	At 31 December 2020	£1,229,000	£12,310	£14,329	£1,255,639
		____	____	____	____
	At 31 December 2019	£1,229,000	£7,042	£16,861	£1,252,903
		____	____	____	____
12	FIXED ASSET INVESTMENTS			2020	2019
				£	£
	Market value at 1 January 2020			1,596,838	1,442,092
	Additions			1,618,841	662,287
	Proceeds			(1,611,481)	(696,632)
	Change in value in the year			104,776	189,091
				____	____
	Market value at 31 December 2020			£1,708,974 ____	£1,596,838 ____
	Historical cost at 31 December 2020			£1,618,841 ____	£1,302,669 ____

In quarter one of 2020 the investments managed by Quilter Cheviot Investment Management were all sold. The proceeds were invested by CCLA in the COIF Ethical Investment Fund. All investments at the 31 December 2020 are held in the COIF Ethical Investment Fund.

The fair value of listed investments is determined by reference to the mid-market value of one share in the Fund at the Balance Sheet date.

In 2019 there were no individual holding classes of investment assets that make up more than 5% of the total market value of investments.

This balance is made up of:	2019
UK Fixed Interest	171,036
Overseas Fixed Interest	56,151
UK Equities	507,247
Overseas Equities	602,548
Alternative Investments	241,420
Investment in subsidiary (note 12.1)	1
	____
	£1,596,838 ____

22

BJU INTERNATIONAL (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2020

12.1 Investment in subsidiary

The subsidiary undertaking, BJUI Education Ltd, was incorporated on 29 September 2010 with number 07391792. It is deemed to be a subsidiary by virtue of common control. First set of accounts were for the period from 29 September 2010 to 31 December 2011 and from 1 January 2013 the company has been dormant.

13	DEBTORS			2020	2019
				£	£
	Other debtors			236,903	136,756
	Prepayments and accrued income			149,013	252,269
				____	____
				£385,916 ____	£389,025 ____
14	CREDITORS: Amounts falling due within one year			£	£
	Other creditors			786	6,055
	Social security and other taxes			116,136	101,050
	Accruals and deferred income			119,784	48,155
				____	____
				£ 236,706 ____	£155,260 ____
15	DESIGNATED FUNDS	As at			As at
		1 January	New	Designations	31 December
		2020	Designations	Released	2020
		£	£	£	£
	Tangible fixed asset fund	1,252,903	9,103	(6,367)	1,255,639
	Educational & editorial projects	750,000	331,534	(331,534)	750,000
		______	______	______	______
		£2,002,903 ______	£340,739 ______	£(337,903) ______	£2,005,639 ______

The purposes of the Designated Funds are as follows: -

• (a) Tangible fixed asset fund - this fund represents the net book value of the fixed assets which are not considered to be available funds for expenditure.

• (b) Educational & editorial fund - Funds have been spent on the development, promotion and maintenance of online educational resources in urology. A further designation has been made to bring the fund up to the agreed £750,000 level for ongoing costs of the online CPD platform and investment in the development of at least one open access journal.

23

BJU INTERNATIONAL (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2020

16 ANALYSIS OF NET ASSETS BETWEEN FUNDS

	Unrestricted	Designated	Total funds
	funds	funds	2020
	£	£	£
Fixed assets	-	1,255,639	1,255,639
Investments	958,974	750,000	1,708,974
Current assets	1,258,617	-	1,258,617
Creditors due within one year	(236,706)	-	(236,706)
	____	____	____
	£1,980,885 ____	£2,005,639 ____	£3,986,524 ____

17 RELATED PARTIES

There are no related party transactions to disclose.

18 RECONCILIATION OF NET INCOME/EXPENDITURE TO NET CASH FLOW FROM OPERATING ACTIVITIES

				2020	2019
				£	£
	Net income for the year			516,137	237,618
	Adjustments for:
	Depreciation charge			6,368	7,113
	Disposal of fixed asset			-	1,281
	(Gains)/Loss on investments			(104,776)	(189,091)
	Dividends, interest and rents from investments			(47,528)	(48,785)
	Decrease/(increase) in debtors			3,109	(77,102)
	Increase/(decrease) in creditors			81,446	(12,586)
				____	____
	Net cash used in by operating activities			£454,754 ____	£(81,552) ____
19	RESERVES (2019 comparative)
	DESIGNATED FUNDS	As at			As at
		1 January	New	Designations	31 December
		2019	Designations	Released	2019
		£	£	£	£
	Tangible fixed asset fund	1,260,506	791	(8,394)	1,252,903
	Educational & editorial projects	750,000	409,637	(409,637)	750,000
		______	______	______	______
		£2,010,506 ______	£ 410,428 ______	(£418,031) ______	£2,002,903 ______

24

BJU INTERNATIONAL (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2020

ANALYSIS OF NET ASSETS BETWEEN FUNDS

	Unrestricted	Designated	Total funds
	funds	funds	2019
	£	£	£
Fixed assets	-	1,252,903	1,252,903
Investments	846,838	750,000	1,596,838
Current assets	775,905	-	775,905
Creditors due within one year	(155,260)	-	(155,260)
	____	____	______
	£1,467,483 ____	£2,002,903 ____	£3,470,386 ______

20 POST BALANCE SHEET EVENT

Subject to the financial impact of Covid-19, the Trustees have assessed the operational and financial impact on the charitable company in Trustee’s Report on pages 4, 5 and in the going concern statement at note 1.b.

25