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2021-12-31-accounts

BJU INTERNATIONAL

REPORT AND FINANCIAL STATEMENTS (A company limited by guarantee) FOR THE YEAR ENDED 31 DECEMBER 2021

Registered Company No. 01793312 Registered Charity No. 289273

BJU INTERNATIONAL (A company limited by guarantee)

CONTENTS

Page Page
Reference and administrative details 1
Report of the Trustees 2 7
8 10
Statement of financial activities 11
Balance sheet 12
Cash flow statement 13
Notes to the financial statements 14 24

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

Chairman A McNeill
Treasurer K Anson
Other Trustees P Chu
S Jain
A Koupparis
S Mark
J McGrath
I McKeand
A Robinson
D Winkle
P Zondervan
Key management personnel S Anderton Chief Executive
Charity Number 289273
Company Number 01793312
Registered Office 3 Junction Mews
London
W2 1PN
Independent Auditor Azets Audit Services
Greytown House
221-227 High Street
Orpington
Kent
BR6 0NZ
Bankers Coutts & Co
440 Strand
London
WC2 0QS
Investment Managers CCLA Investment Management
Senator House
85 Queen Victoria Street
London
EC4V 4ET

1

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 2021. The Trustees have adopted the provisions of the Statement of Recommended Pract y Charitie (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 an 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 activities.

The objectives of the charity are:

The strategy to achieve these objectives is:

Publication of BJU International Journal continues to be the a major activity of the charity. An international spread of papers was published in 12 issues of the Journal during 2021. Three special Urological Society of Australia and New Zealand (USANZ) issues were published in May, October and December, and one special issue containing abstracts from the Malaysian Urological Conference was published in November.

Professor Freddie Hamdy is the Editor-in-Chief of BJU International Journal and is supported by an international team of associate editors and section editors. John Wiley & Sons is blisher and a renewed contract commenced in 2021 under a revenue sharing model (previously it was a profit share model). 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.

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 prize provides funding towards educational activities. Other Journal prizes were not awarded in 2021 owing to the COVID-19 pandemic and the subsequent cancellation of conferences.

Dr John Davis is the Editor of BJUI Compass , a fully open access journal owned by the charity which launched in 2020. Six online issues were published in 2021. The Editor is supported by an international team of associate and consulting editors. The BJUI Compass Editorial Office team is shared with BJUI journal and is based in the BJU International office.

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

2

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. The charity gave a donation to the BAUS UK Fellowship programme, supporting urologists coming to work in the UK. A donation was made to support the activities of Urolink, a group working with urologists in low and middle income countries.

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 2021 BJU International guest lectures were arranged online at the annual meetings of the Urological Society of Australia and New Zealand (USANZ), Hong Kong Urological Association (HKUA) 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; the level of submissions to BJUI Compass and the growth in its readership, 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.

Achievements and Performance

BJU International Journal

BJU International has long term and developing affiliations with many urological associations. A new affiliation with the Turkish Urological Association commenced in 2021. Other affiliations are in place with the Hong Kong Urological Association (HKUA), the Indonesian Urological Association (IUA), the International Alliance of Urolithiasis, the Malaysian Urological Association (MUA), the Myanmar Nephro-urology Society, the Sri Lankan Association of Urological Surgeons (SLAUS) and the Urological Society of Australia and New Zealand (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 2021 current Journal content was available at low-cost or free access to 4,660 developing world institutions.

The impact factor (IF) of the Journal (an international measure used to evaluate the performance of academic journals) increased from 4.806 in 2020 to 5.588 in 2021, its highest figure yet.

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). New content types in the form of Quick Checks and Bite-sized learning were launched in 2021.

BJU Compass

The first issue of the open access journal, BJUI Compass , was published in 2020. Six online issues were published in 2021 and readership more than doubled compared to 2020. The journal returned a profit for the first time.

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.

3

BJU INTERNATIONAL (A company limited by guarantee)

REPORT OF THE TRUSTEES - continued

Financial Review

Net movement in funds for the year ended 31 December 2021 was a surplus of £354,983 (2020: £516,137). Funding revenue resulting from the publishing of the Journal and from investment income.

The share of the publishing royalties in 2021 was £980,233 (2020: £647,916). This was made up of BJUI journal income of £965,048 and BJUI Compass income of £15,185. The investments made a gain during the year of £286,552 (2020: £104,776).

BJUI Education Ltd has been dormant since 1 January 2013.

Investment Policy

Responsibility of managed by 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 2021.

Reserves Policy

of reserves equiv 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 expected 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 £402,966 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 £2,337,908 (2020: £1,980,884). 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 ongoing impact of the COVID-19 pandemic on the academic publishing sector. The Trustees will continue to monitor the changing further 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 £2,003,598 (2020: £2,005,639).

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 2021. 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:

4

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 as 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

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 and engagement of an international subscriber base, made up of subscriptions by organisations and individual subscriptions, through increased marketing and communications activities.

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 S Jain appointed July 2021 A Koupparis R MacDonagh resigned February 2021 S Mark appointed July 2021 J McGrath I McKeand appointed July 2021 D Malouf resigned June 2021 D Winkle P Zondervan

5

BJU INTERNATIONAL (A company limited by guarantee)

REPORT OF THE TRUSTEES - continued

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, Sophia Anderton. The Treasurer, Ken Anson, nominated Trustee, Innes McKeand and the Chief Executive are on the Investment Sub-committee which monitors the performance of CCLA. The Trustees appoint other sub-committees as required. The Trustees also receive guidance on their duties and responsibilities as Trustees from professional advisers

Nicola Quinnen announced her intention to retire as Chief Executive at the end of 2021 and a competitive recruitment process was undertaken to appoint a replacement. Sophia Anderton was appointed to start in January 2022.

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.

Tru d 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:

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 was affected to a small extent in 2021 due to 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.

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.

6

BJU INTERNATIONAL (A company limited by guarantee)

REPORT OF THE TRUSTEES - continued

Trustees' responsibilities statement

The Trustees (who are also directors of BJU International for the purposes of company law) are responsible for prepar 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:

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:

Signed on behalf of the board of Trustees on 13 June 2022 by:

A McNeill

Chair

7

BJU INTERNATIONAL (A company limited by guarantee)

Opinion

We have audited the financial statements of BJU International (the charitable com he year ended 31 December 2021 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, ncial Reporting Standard applicable in the UK and Republic of United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our res lities 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 r al 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 audit 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:

8

BJU INTERNATIONAL (A company limited by guarantee)

INDEPENDENT AUDITOR PORT 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 dir 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:

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 l 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:

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

bilities 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 charitabl 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.

9

BJU INTERNATIONAL (A company limited by guarantee)

INDEPENDENT AUDIT PORT TO THE MEMBERS (continued)

onsibilities 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 aud 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 website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our audito 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.

Greytown House 221-227 High Street Orpington Kent BR6 0NZ

M Wilkes (Senior Statutory Auditor) For and on behalf of Azets Audit Services, Statutory Auditor

Date: 24 June 2022

10

BJU INTERNATIONAL (A company limited by guarantee)

STATEMENT OF FINANCIAL ACTIVITIES

FOR THE YEAR ENDED 31 DECEMBER 2021

Total Total
Notes 2021 2020
£ £
INCOME FROM:
Charitable activities 3 1,092,876 1,401,475
Investment income 2 13,120 47,528
____ ____
Total Income 1,105,996 1,449,003
____ ____
EXPENDITURE ON:
Raising funds:
Investment management costs - 1,177
Charitable activities:
Grants and donations 69,163 74,922
Continuing Professional Development (CPD) 489,421 413,363
Journal 453,878 523,117
BJUI Compass 25,103 25,063
____ ____
Total expenditure 4 1,037,565 1,037,642
____ ____
Net income and net movement in funds 68,431 411,361
before gains and losses on investments
Gain on investments 12 286,552 104,776
______ ______
NET MOVEMENT IN FUNDS 354,983 516,137
Fund balances brought
forward 1 January 2021 3,986,523 3,470,386
______ ______
Fund balances carried
forward 31 December 2021 £4,341,506
______		 £3,986,523
______

The notes on pages 14 to 24 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.

11

BJU INTERNATIONAL (A company limited by guarantee)

BALANCE SHEET

AS AT 31 DECEMBER 2021

Registered company number: 01793312

2021
Notes
£
Fixed Assets
Tangible fixed assets
11
Investments
12
Current assets
Cash at bank and in hand
913,191
Debtors
13
240,338
___
1,153,529
Creditors:Amounts falling
due within one year
14
(61,147)
______
Net current assets

Total funds

Represented by:
Unrestricted funds
Designated funds
15
General funds

Total funds
16		 2021
Notes
£
Fixed Assets
Tangible fixed assets
11
Investments
12
Current assets
Cash at bank and in hand
913,191
Debtors
13
240,338
___
1,153,529
Creditors:Amounts falling
due within one year
14
(61,147)
______
Net current assets

Total funds

Represented by:
Unrestricted funds
Designated funds
15
General funds

Total funds
16		 2020
£
£
1,253,598
1,995,526
___
3,249,124
872,700
385,916
__
1,258,617
(236,706)
__
1,092,382
__

£4,341,506
__

2,003,598
2,337,908
_____

£4,341,506		 2020
£
£
1,253,598
1,995,526
___
3,249,124
872,700
385,916
__
1,258,617
(236,706)
__
1,092,382
__

£4,341,506
__

2,003,598
2,337,908
_____

£4,341,506		 £
1,255,639
1,708,974
___
2,964,613
1,021,911
__
£3,986,523
__
2,005,639
1,980,884
______
£3,986,523

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

The financial statements were approved on 13 June 2022 and signed on behalf of the Board by:

A McNeill Chair

K Anson Treasurer

12

BJU INTERNATIONAL (A company limited by guarantee)

CASH FLOW STATEMENT

FOR THE YEAR ENDED 31 DECEMBER 2021

Notes 2021 2020
£ £
Cash flows used in operating activities:
Net cash used in by operating activities 18 31,144 454,754
Cash flows from investing activities:
Dividends, interest and rents from investments 13,120 47,528
Purchase of computers, fixtures and fittings (3,773) (9,104)
Proceeds from sale of investments - 1,611,482
Purchase of investments - (1,618,841)
____ ____
Net cash provided by investing activities 9,347 31,065
____ ____
Change in cash and cash equivalents in the year 40,491 485,819
Cash and cash equivalents at the beginning of the year 872,700 386,880
____ ____
Cash and cash equivalents at the end of the year £913,191
____
£872,700
____

13

BJU INTERNATIONAL (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2021

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 ns 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 C 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 1(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 2021

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 Fixtures, fittings and equipment

33[1] /3% straight line 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:

15

BJU INTERNATIONAL (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2021

1. ACCOUNTING POLICIES (Continued)

(h) Expenditure

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

(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 reco et gains / (losses) o n 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.

16

BJU INTERNATIONAL (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2021

1. ACCOUNTING POLICIES (Continued)

(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.

(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.
INVESTMENT INCOME
Dividends
Interest receivable		 2021
£
13,016
104
____
£13,120		 2020
£
45,682
1,846
____
£47,528

17

BJU INTERNATIONAL (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2021

3. INCOME FROM CHARITABLE ACTIVITIES
INCOME FROM CHARITABLE ACTIVITIES 2021 2020
£ £
Journal distribution 965,048 647,916
Journal salaries, fees and costs rechargeable 1,027 405,693
Signing bonus - 250,000
____ ____
£966,075 £1,303,609
BJUI Compass distribution 15,185 -
BJUI Compass costs rechargeable 25,161 25,142
____ ____
£40,346 £25,142
CPD income £86,455 £72,724
____ ____
£1,092,876
~~____~~		 £1,401,475
~~____~~

The journal distribution was based on a profit share arrangement in the 2020 year and a revenue arrangement in 2021, due to a change in contract in January 2021.

4. TOTAL EXPENDITURE

TOTAL EXPENDITURE
Direct Grant Support Total Total
Charitable Costs Costs 2021 2020
£ £ £ £ £
Raising funds:
Investment management costs - - - - 1,177
Charitable activities:
Grants and donations - 23,300 45,863 69,163 74,922
Continuing Professional
Development (CPD) 359,475 - 129,945 489,421 413,363
Journal 323,933 - 129,945 453,878 523,117
BJUI Compass 25,103 - - 25,103 25,063
____ ____ ____ ____ ____
£708,512
____		 £23,300
___
£305,753
____		 £1,037,565
____		 £1,037,642
____

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.

18

BJU INTERNATIONAL (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2021

5 NET INCOME 2021 2020
£ £
Net income is stated after charging/(crediting):
Depreciation 5,814 6,368
Auditors remuneration:
Audit fee 6,675 6,300
Other services 7,350 7,000
~~______~~ ~~______~~
6 STAFF COSTS 2021 2020
£ £
Wages and salaries 368,162 350,593
Social security costs 38,890 37,122
bution to pension schemes 41,590 28,017
____ ____
£448,642 £415,732
~~____~~ ~~____~~
Employees

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

Number Number
10 9
~~____~~ ~~____~~
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 (2020: 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 £2,703 (2020: £nil) were reimbursed to 5 (2020: none) 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 £140,630 (2020: £130,642).

19

BJU INTERNATIONAL (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2021

7
GRANTS PAYABLE
Grants to institutions:
Urolink donation
BAUS
John Blandy prize
Sponsorship of Urology Bootcamp
BSoT BAUS
BJUI guest lecturers AUA
BURST
Staff and support costs
8
GOVERNANCE COSTS
Trus
xpenses
Audit fee
Legal & professional		 2021
£
15,000
5,300
3,000
-
-
-
-
_
23,300
45,863
_
£69,163
~~_~~
2021
£
2,703
6,675
-
_
£9,378		 2020
£
-
-
-
10,000
500
7,251
15,000
_
32,751
42,171
_
£74,922
~~_~~
2020
£
4,167
6,300
12,120
_
£22,587

20

BJU INTERNATIONAL (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2021

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.
2021 2020
£ £
Office costs 53,187 44,926
Accountancy and advisory fees 7,350 7,000
Insurance 5,538 4,157
Legal and professional 10,811 19,815
Depreciation 5,814 6,368
Bank charges 1,371 1,130
Recruitment 38,776 -
Consultancy 8,546 7,360
Meeting and travel expenses - 3,009
Executive member and meeting expenses 1,644 942
Governance Costs 9,378 22,587
Staff Costs 163,338 163,843
____ ____
£305,753
____		 £281,137
____

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 69,163 489,421 453,878 25,103 1,037,565
Total Journal revenue,
including royalties plus
rechargeable salaries, fees
and costs - (86,455) (966,075) (40,346) (1,092,876)
____ ____ ____ ____ ____
Net cost funded from other £69,163 £402,966 £(512,197) £(15,243)
£(55,311)
income ____ ____ ____ ____ ____

21

BJU INTERNATIONAL (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2021

11 TANGIBLE FIXED ASSETS Land and Computer Fixtures, fittings
Buildings Equipment and equipment Total
£ £ £ £
Cost
As at 1 January 2021 1,229,000 39,054 69,904 1,337,958
Additions - 3,773 - 3,773
____ ____ ____ ____
As at 31 December 2021 1,229,000 42,827 69,904 1,341,731
____ ____ ____ ____
Depreciation
As at 1 January 2021 - 26,744 55,575 82,319
Charge for the year - 3,658 2,156 5,814
____ ____ ____ ____
As at 31 December 2021 - 30,402 57,731 88,133
____ ____ ____ ____
Net Book Values
At 31 December 2021 £1,229,000 £12,425 £57,731 £1,253,598
____ ____ ____ ____
At 31 December 2020 £1,229,000 £12,310 £14,329 £1,255,639
~~____~~ ~~____~~ ~~____~~ ~~____~~
12 FIXED ASSET INVESTMENTS 2021 2020
£ £
Market value at 1 January 2021 1,708,974 1,596,838
Additions - 1,618,841
Proceeds - (1,611,481)
Change in value in the year 286,552 104,776
____ ____
Market value at 31 December 2021 £1,995,526 £1,708,974
~~____~~ ~~____~~
Historical cost at 31 December 2021 £1,618,841
~~____~~		 £1,618,841
~~____~~

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 and 31 December 2021 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 2021 and 2020 there were no individual holding classes of investment assets that make up more than 5% of the total market value of investments.

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. It was wound down on 14 January 2022.

22

BJU INTERNATIONAL (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2021

13 DEBTORS 2021 2020
£ £
Other debtors 8,529 236,903
Prepayments and accrued income 231,809 149,013
____ ____
£240,338
£385,916
____ ____
14 CREDITORS: Amounts falling due within one year £ £
Trade creditors 4,029 -
Other creditors 4,672 786
Social security and other taxes 20,273 116,136
Accruals and deferred income 32,173 119,784
____ ____
**£61,147 ** £ 236,706
~~____~~ ~~____~~
15 DESIGNATED FUNDS As at As at
1 January New Designations 31 December
2021 Designations Released 2021
£ £ £ £
Tangible fixed asset fund 1,255,639 3,773 (5,814) 1,253,598
Educational & editorial projects 750,000 402,966 (402,966) 750,000
______ ______ ______ ______
£2,005,639
______		 £406,739
______		 £(408,780)
______		 £2,003,598
______

The purposes of the Designated Funds are as follows: -

16 ANALYSIS OF NET ASSETS BETWEEN FUNDS

Unrestricted Designated Total funds
funds funds 2021
£ £ £
Fixed assets - 1,253,598 1,253,598
Investments 1,245,526 750,000 1,995,526
Current assets 1,153,529 - 1,153,529
Creditors due within one year (61,147) - (61,147)
____ ____ ____
£2,337,908
~~____~~		 £2,003,598
~~____~~		 £4,341,506
~~____~~

23

BJU INTERNATIONAL (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2021

17 RELATED PARTIES

There are no related party transactions to disclose.

18 RECONCILIATION OF NET INCOME/EXPENDITURE TO NET RECONCILIATION OF NET INCOME/EXPENDITURE TO NET RECONCILIATION OF NET INCOME/EXPENDITURE TO NET CASH CASH
FLOW FROM OPERATING ACTIVITIES
2021 2020
£ £
Net income for the year 354,983 516,137
Adjustments for:
Depreciation charge 5,814 6,368
(Gains) on investments (286,552) (104,776)
Dividends, interest and rents from investments (13,120) (47,528)
Decrease in debtors 145,578 3,109
(Decrease)/increase in creditors (175,559) 81,446
____ ____
Net cash used in by operating activities £31,144 £454,754
~~____~~ ~~____~~
19 RESERVES (2020 comparative)
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
______ ______ ______ ______
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
~~______~~

24