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2023-12-31-accounts

BJU INTERNATIONAL

REPORT AND FINANCIAL STATEMENTS (A company limited by guarantee) FOR THE YEAR ENDED 31 DECEMBER 2023

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 A McNeill
Treasurer K Anson (to 1 July 2023)
J McGrath (from 1 July 2023)
Other Trustees P Chu
B Duggan
S Jain
S Mark
I McKeand
A Robinson
M Tran
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
First Floor, River House
1 Maidstone Road
Sidcup
Kent
DA14 5RH
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 2023. 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 issued in October 2019.

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 strategy to achieve these objectives is:

Publication of BJU International Journal continues to be a major activity of the charity. An international spread of papers was published in 12 issues of the Journal during 2023. A special Urological Society of Australia and New Zealand (USANZ) issue was published in June, containing papers specially collected from that region, and five special issues containing abstracts from the Annual Scientific Meetings of the Urological Society of Australia and New Zealand (USANZ), the Caribbean Urological Association (CURA), the Hong Kong Urological Association (HKUA), the Singapore Urological Association, and the Malaysian Urological Conference were published in February, April, June, November and November respectively.

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 Inc. is the journal’s publisher. 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 BJU International prizes were awarded in 2023. The BJUI Blandy Prize was awarded for the best paper published in the Journal by an author based in Europe. The BJUI Americas Prize was awarded for the best paper published by an author based in North or South America. The BJUI Global Prize was awarded for the best paper published by an author anywhere else in the world. The prizes all provide funding towards educational activities.

BJUI Compass is a fully open access journal owned by the charity and published under contract with John Wiley & Sons Inc., which launched in 2020. Dr Michael Gorin is the Editor-in-Chief and is supported by an international team of three Associate Editors. Six online issues were published in 2023. The BJUI Compass Editorial Office team is shared with BJU International Journal and is based in the BJU International office.

Mr Robert Mills is the Editor of BJUI Knowledge . In 2023 the Editorial Team was restructured from a small team of Associate Editors to a larger international panel of Consulting editors, supporting the Editor. Content continues to be reviewed and updated. The BJUI Knowledge Editorial Office team is based in the BJU International office.

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, BJU International arranged a BJUI guest lecture. The charity also gave a donation to the Urology Bootcamp, an intensive training course for UK urology trainees, where content from BJUI Knowledge was used to support learning objectives.

Internationally, the charity continued to encourage the dissemination of knowledge and raise the profile of the journals and BJUI Knowledge within the global urological community through its links with many urological associations around the world. In 2023 BJU International guest lectures were arranged at the annual meetings of the Urological Society of Australia and New Zealand (USANZ), the Hong Kong Urological Association (HKUA), the Urological Association of Asia (UAA), the Caribbean Urological Association (CURA), the Malaysian Urological Association (MUA), the Sri Lankan Association of Urological Surgeons (SLAUS) and the Urological Society of India (uro-oncology section). Three speakers at the BAUS–BJUI–USANZ Sub-Plenary at the American Urological Association (AUA) annual conference, were sponsored by BJU International; the programme was organised by BAUS in 2023 on a three-year rotation with BJU International and USANZ, with all administration organised by BJU International.

Through such support for the training and continuing education of urologists, the charity aims to contribute to improving the 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 BJU International and BJUI Compass journals; maintaining the readership of and growing high quality submissions to BJU International Journal; the impact factor of BJUI International Journal; the growth of submissions to BJUI Compass and the development in its readership; and the engagement of the urological community in using BJUI Knowledge content and contributing to the development and updating of material for the platform.

Achievements and Performance

The BJU International charity has long term and developing affiliations with many urological associations. Affiliations are in place with the Arab Association of Urology (AAU), the Bangladesh Association of Urological Surgeons, the Cambodian Urological Association, the Confederación Americanas de Urología (CAU), the Caribbean Urological Association (CURA), the Hong Kong Urological Association (HKUA), the International Alliance of Urolithiasis, the International Neuro-Urology Society (INUS), the Kuwait Urological Association, the Malaysian Urological Association (MUA), the Myanmar Nephro-urology Society, the Pan-African Urological Surgeons Association (PAUSA), the Singapore Urological Association, the Sri Lankan Association of Urological Surgeons (SLAUS), the Taiwan Urological Association, the Thai Urological Association, the Turkish Association of Urology, the Urological Association of Asia (UAA) and the Urological Society of Australia and New Zealand (USANZ). An asterisk marks the affiliations which started during 2023. A major recent strategy has been to engage with international associations and their members, registering trainees for free access to BJUI Knowledge and arranging group subscriptions for Consultant members. Members of these societies are eligible for 30% discount on the Article Processing Charges for BJUI Compass.

BJU International Journal

BJU International is an official Journal of BAUS and the official Journal of the Bangladesh Association of Urological Surgeons, the Cambodian Urological Association, the Caribbean Urological Association (CURA), the Hong Kong Urological Association (HKUA), the International Neuro-Urology Society (INUS), the Irish Society of Urology, the Kuwait Urological Association*, the Pan-African Urological Surgeons Association (PAUSA), the Singapore Urological Association, the Sri Lankan Association of Urological Surgeons (SLAUS), the Swiss Continence Foundation, the Thai Urological Association and the Urological Society of Australia and New Zealand (USANZ). It is an affiliated Journal of the Indonesian Urological Association (IUA) and the International Alliance of Urolithiasis. An asterisk marks the affiliations which started during 2023.

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, Editorial board and peer reviewers.

In addition to having extensive international institutional and individual subscriptions, in 2023 current Journal content was available at low-cost or free access to 4,327 institutions in 70 low- and middle-income countries through the Research4Life programme.

The 2023 impact factor (IF) of the Journal (an international measure used to evaluate the performance of academic journals) was 4.5.

4

BJU INTERNATIONAL (A company limited by guarantee)

REPORT OF THE TRUSTEES - continued

BJUI Compass

The first issue of the open access journal, BJUI Compass , was published in 2020. Submissions in 2023 grew by 36% compared to 2022 and full text downloads grew by 75%. Six online issues were published in 2023 and readership almost quadrupled compared to 2020. Since gaining recognition in PubMed Central in April 2022, all published content is indexed on both PubMed and PubMed Central. The journal was recommended for inclusion in Clarivate’s Emerging Sources Citation Index (ESCI) which means that it will receive its first impact factor in 2024.

Through the Reserach4Life initiative, authors in 127 countries were eligible for discounts or waivers on the Article Processing Charge (APC) when publishing in BJUI Compass in 2023 .

BJUI Knowledge

BJUI Knowledge provides interactive continuing medical education (CME) modules and an online video library of surgical procedures covering the planned urology curriculum and a convenient way of recording CPD activity. Existing content is reviewed and updated on a three-yearly cycle. The BJUI Knowledge CME content is accredited by the Royal College of Surgeons of Edinburgh (RCSEd) and The College of Surgeons of Hong Kong and approved by the Royal Australasian College of Surgeons (RACS). Short courses based on published modules were launched in 2023 as a new content type. The number of registered users in 2023 grew by 42% over 2022 and usage grew 90%.

Financial Review

An operating surplus of £114,981 (2022: £24,591) was achieved for the year ended 31 December 2023, and the unrealised gain on the investments resulted in net movement in funds realizing a surplus of £352,185 (2022: deficit of £169,150). Funding comes principally from the charity’s share of the revenue resulting from the publishing of the Journal and from investment income.

The share of the publishing royalties in 2023 was £937,938 (2022: £911,727). This was made up of BJUI journal income of £888,190 (2022: £887,609) and BJUI Compass Income of £49,748 (2022: £24,118). The investments made a gain during the year of £237,204 (2022: loss £193,741).

Investment Policy

Responsibility of management of the charity’s investments was 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 2023.

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 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 £750,000 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 . Now that these products are established, a new designation of £1,000,000 has been made to cover costs to support projects for the strategic development of varied income streams.

The current level of unrestricted reserves is £2,282,397 (2022: £1,927,290). 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 expected subscription income decline as a result of the ongoing transition to open access across the academic publishing sector. The Trustees will continue to monitor the changing publishing environment, review the charity’s strategy for further adapting to open access on a regular basis and consider the financial implications. Designated funds at the year end total £2,242,144 (2022: £2,245,066).

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 2023.

4

BJU INTERNATIONAL (A company limited by guarantee)

REPORT OF THE TRUSTEES - continued

The principal potential risks to the charity are:

The charity is investing in a publication strategy over the next few years to prepare for and adapt to a predominantly open access environment in the future. The first steps in this strategy were the launch of BJUI Compass and taking advantage of transformational agreements brokered by the journals’ publisher, Wiley, to allow authors to publish open access.

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.

Contractual agreements are in place with all members of the Editorial Teams for the journals and CME 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 is adopted for the CME platform as necessary.

Future Plans

The charity will continue to follow the long-term strategy for charitable expenditure. Investment will be made to the infrastructure supporting BJUI Knowledge and work will commence to secure an ongoing publishing contract beyond 2025. 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 subscribers, through marketing and communications activities. Further opportunities for developing varied income streams are being actively sought.

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:

A McNeill – Chair J McGrath – Treasurer (from 1 July 2023) K Anson – Treasurer (to 1 July 2023) I McKeand P Chu A Robinson B Duggan – appointed 1 July 2023 M Tran – appointed 1 July 2023 S Jain D Winkle A Koupparis – resigned 1 February 2024 P Zondervan S Mark

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, John McGrath, nominated Trustee, Innes McKeand and the Chief Executive are on the Investment Sub-committee which monitors the performance of CCLA. The Trustees appoint other subcommittees as required. The Trustees also receive guidance on their duties and responsibilities as Trustees from professional advisers as needed.

Remuneration of staff is reviewed on an annual basis by the Trustees. Reviews of the performance of the Chief Executive are conducted by the Chair 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 the Chief Executive and the Trustees. The Trustees are not paid for their role as Trustees.

Trustees’ recruitment and appointment

The Chair, 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 their term as a Trustee. The Chair 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 Chair, Treasurer and Chief Executive as appropriate to their individual needs.

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 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:

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 …28 June 2024.... by:

A McNeill Chair

7

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 2023 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:

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:

8

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:

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:

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.

9

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.

Greytown House First Floor, River House 1 Maidstone Road Sidcup Kent DA14 5RH

M Wilkes (Senior Statutory Auditor)

For and on behalf of Azets Audit Services, Statutory Auditor

Date:[1 July 2024]

10

BJU INTERNATIONAL (A company limited by guarantee)

STATEMENT OF FINANCIAL ACTIVITIES INCORPORATING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 31 DECEMBER 2023

Total Total
Unrestricted Unrestricted
Funds Funds
Notes 2023 2022
£ £
INCOME FROM:
Charitable activities 3 1,088,343 1,052,942
Investment income 2 19,615 3,106
____ ____
Total Income 1,107,958 1,056,048
____ ____
EXPENDITURE ON:
Charitable activities:
Grants and donations 93,599 129,788
Continuing Medical Education (CME) 352,207 363,447
Journal 492,380 433,487
BJUI Compass 54,791 104,735
____ ____
Total expenditure 4 992,977 1,031,457
____ ____
Net income and net movement in funds 114,981 24,591
before gains and losses on investments
(Loss)/gain on investments 12 237,204 (193,741)
______ ______
NET MOVEMENT IN FUNDS 352,185 (169,150)
Fund balances brought
forward 1 January 2023 4,172,356 4,341,506
______ ______
Fund balances carried
forward 31 December 2023 £4,524,541 £4,172,356
______ ______

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 transactions in 2023 were derived from unrestricted transactions.

11

BJU INTERNATIONAL (A company limited by guarantee)

BALANCE SHEET

AS AT 31 DECEMBER 2023

Registered company number: 01793312

2023
Notes
£
Fixed Assets
Tangible fixed assets
11
Investments
12
Current assets
Cash at bank and in hand
717,315
Debtors
13
243,030
Current asset investments
350,000
___
1,310,345
Creditors:Amounts falling
due within one year
14
(66,937)
______
Net current assets

Total funds

Represented by:
Unrestricted funds
Designated funds
15
General funds

Total funds
16		 2023
Notes
£
Fixed Assets
Tangible fixed assets
11
Investments
12
Current assets
Cash at bank and in hand
717,315
Debtors
13
243,030
Current asset investments
350,000
___
1,310,345
Creditors:Amounts falling
due within one year
14
(66,937)
______
Net current assets

Total funds

Represented by:
Unrestricted funds
Designated funds
15
General funds

Total funds
16		 2022
£
£
1,242,144
2,038,989
___
3,281,133
967,576
249,355
-
__
1,216,931
(91,426)
__
1,243,408
__

£4,524,541
__

2,242,144
2,282,397
_____

£4,524,541
 2022
£
£
1,242,144
2,038,989
___
3,281,133
967,576
249,355
-
__
1,216,931
(91,426)
__
1,243,408
__

£4,524,541
__

2,242,144
2,282,397
_____

£4,524,541
£
1,245,066
1,801,785
___
3,046,851
1,125,505
__
£4,172,356
__
2,245,066
1,927,290
______
£4,172,356

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

24 June 2024

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

A McNeill Chair

J McGrath Treasurer

12

BJU INTERNATIONAL (A company limited by guarantee)

CASH FLOW STATEMENT

FOR THE YEAR ENDED 31 DECEMBER 2023

Notes 2023 2022
£ £
Cash flows used in operating activities:
Net cash used in by operating activities 18 80,720 52,659
Cash flows from investing activities:
Dividends, interest and rents from investments 19,615 3,106
Purchase of computers, fixtures and fittings (596) (1,380)
Purchase of current asset investments (350,000) -
____ ____
Net cash provided by investing activities (330,981) 1,726
____ ____
Change in cash and cash equivalents in the year (250,261) 54,385
Cash and cash equivalents at the beginning of the year 967,576 913,191
____ ____
Cash and cash equivalents at the end of the year £717,315
____		 £967,576
____

13

BJU INTERNATIONAL (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

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 and Republic of Ireland issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Charities Act 2011, the Companies Act 2006 and UK Generally Accepted Accounting Practice.

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) 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 2023

1. ACCOUNTING POLICIES (Continued)

(d) 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.

(e) 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.

(f) 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 2023

1. ACCOUNTING POLICIES (Continued)

(g) Expenditure

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

(h) 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.

(i) Fixed asset investments

Fixed asset 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.

(j) Current asset investments

Current asset investments are short term highly liquid investments and are held at fair value. These include cash on deposit and cash equivalents with a maturity of less than one year.

(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.

16

BJU INTERNATIONAL (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

1. ACCOUNTING POLICIES (Continued)

(n) 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.

(o) 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.

(p) 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.

(q) 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.

(r) 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		 2023
£
6,490
13,125
____
£19,615
 2022
£
491
2,615
____
£3,106

17

BJU INTERNATIONAL (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

3. INCOME FROM CHARITABLE ACTIVITIES 2023 2022
£ £
Journal distribution 888,190 887,609
Journal salaries, fees and costs rechargeable 31,692 30,925
____ ____
£919,882 £918,534
BJUI Compass distribution 49,748 24,118
BJUI Compass costs rechargeable 25,971 25,490
____ ____
£75,719 £49,608
CME income £92,742 £84,800
____ ____
£1,088,343
____		 £1,052,942
____
4. TOTAL EXPENDITURE
Direct Grant Support Total Total
Charitable Costs Costs 2023 2022
£ £ £ £ £
Charitable activities:
Grants and donations - 57,574 36,025 93,599 129,788
Continuing Medical Education
(CME) 260,943 - 91,264 352,207 363,447
Journal 408,321 - 84,059 492,380 433,487
BJUI Compass 25,971 - 28,820 54,791 104,735
____ ____ ____ ____ ____
£695,235
____		 £57,574
___		 £240,168
____		 £992,977
____		 £1,031,457
____

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.

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

Direct BJUI Compass cost relate to editorial fees and bank charges.

18

BJU INTERNATIONAL (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

5
NET INCOME
Net income is stated after charging/(crediting):
Depreciation
Loss on disposal of fixed assets
Auditors remuneration:
Audit fee
Other services

6
STAFF COSTS
Wages and salaries
Social security costs
Employer’s contribution to pension schemes

Employees		 2023
£
3,011
506
8,450
8,888
__

2023
£
341,865
29,004
27,795
__
£398,664

____		 2022
£
9,912
-
8,600
7,000
__
2022
£
323,787
31,469
24,776
__
£380,032
____

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

Number
7
____		 Number
7
____

The number of employees who received annual emoluments of more than £60,000 are as follows:

£60,000 - £69,999
£90,000 - £99,999		 1
1
 -
1

Of the employees whose emoluments exceed £60,000 none (2022: 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 £8,549 (2022: £20,641) were reimbursed to 7 (2022: 8) 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 £118,347 (2022: £113,475).

19

BJU INTERNATIONAL (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

7
CHARITABLE SUPPORT
Grants:
Urology Simulation Bootcamp
BURST
Speakers:
BAUS
CURA
UAA
AUA
Turkish Urology Association
USANZ
USI
HKUA
MUA
SLAUS
Prizes:
BJUI Blandy prize
BJUI Americas prize
BJUI Global Prize
Staff and support costs
8
GOVERNANCE COSTS
Trustee’s expenses
Audit fee
Legal & professional		 2023
2022
£
£
12,500
10,000
-
20,026
118
159
1,502
3,384
-
36,307
18,839
12,124
-
1,831
5,384
-
1,926
-
4,766
-
4,285
-
1,947
-
270
3,002
3,037
3,000
3,000
-
_
_
57,574
89,833
36,026
39,955
_
_
£93,600
£129,788
_
_
2023
2022
£
£
7,339
14,333
8,450
8,600
-
275
_
_
£15,789
£23,208

20

BJU INTERNATIONAL (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

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 CME platform, as included within Note 4 the schedule of total expenditure.

total expenditure.
2023 2022
£ £
Office costs 39,916 42,081
Accountancy and advisory fees 8,888 7,000
Insurance 5,066 5,893
Legal and professional - 8,803
Depreciation 3,011 9,912
Bank charges 1,211 1,040
Loss on disposal of fixed assets 506 -
Bad debts 260 -
Consultancy 3,513 4,467
Meeting and travel expenses 5,064 7,622
Executive member and meeting expenses 1,210 9,037
Governance Costs 15,789 23,208
Staff Costs 155,734 147,307
____ ____
£240,168
____		 £266,370
____

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 Medical
donations Education Journal BJUI Total
(CME) Compass
£ £ £ £ £
Costs 93,599 352,207 492,380 54,791 992,977
Revenue - (92,742) (919,882) (75,719) (1,088,343)
____ ____ ____ ____ ____
Net cost funded from other £93,599 £259,465 £(427,502) £(20,928) £(95,366)
income
____ ____ ____ ____ ____

21

BJU INTERNATIONAL (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

11 TANGIBLE FIXED ASSETS Land and Computer Fixtures, fittings
Buildings Equipment and equipment Total
£ £ £ £
Cost
As at 1 January 2023 1,229,000 44,207 69,904 1,343,111
Additions - 596 - 596
Disposals - (12,170) (12,170)
____ ____ ____ ____
As at 31 December 2023 1,229,000 32,633 69,904 1,331,537
____ ____ ____ ____
Depreciation
As at 1 January 2023 - 38,478 59,568 98,046
Charge for the year - 1,447 1,564 3,011
Eliminated on disposal - (11,664) - (11,664)
____ ____ ____ ____
As at 31 December 2023 - 28,261 61,132 89,393
____ ____ ____ ____
Net Book Values
At 31 December 2023 £1,229,000 £4,371 £8,773 £1,242,144
____ ____ ____ ____
At 31 December 2022 £1,229,000 £5,729 £10,337 £1,245,066
____ ____ ____ ____
12 FIXED ASSET INVESTMENTS 2023 2022
£ £
Market value at 1 January 2023 1,801,785 1,995,526
Change in value in the year 237,204 (193,741)
____ ____
Market value at 31 December 2023 £2,038,989
____		 £1,801,785
____
Historical cost at 31 December 2022 £1,618,841
____		 £1,618,841
____

All investments at the 31 December 2023 and 31 December 2022 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.

22

BJU INTERNATIONAL (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

13 DEBTORS 2023 2022
£ £
Other debtors 17,374 7,233
Prepayments and accrued income 225,656 242,122
____ ____
£243,030
____		 £249,355
____
14 CREDITORS: Amounts falling due within one year £ £
Trade creditors 27,779 29,880
Other creditors 647 7,033
Social security and other taxes 7,505 13,664
Accruals and deferred income 31,006 40,849
____ ____
£66,937
____		 £91,426
____
15 DESIGNATED FUNDS As at As at
1 January New Designations 31 December
2023 Designations Released 2023
£ £ £ £
Tangible fixed asset fund 1,245,066 - (2,922) 1,242,144
Strategic development fund 1,000,000 - - 1,000,000
______ ______ ______ ______
£2,245,066
______		 £-
______		 £(2,922)
______		 £2,242,144
______

The purposes of the Designated Funds are as follows: -

23

BJU INTERNATIONAL (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

16 ANALYSIS OF NET ASSETS BETWEEN FUNDS

Unrestricted Designated Total funds
funds funds 2023
£ £ £
Fixed assets - 1,242,144 1,242,144
Investments 1,038,989 1,000,000 2,038,989
Current assets 1,310,345 - 1,310,345
Creditors due within one year (66,937) - (66,937)
____ ____ ____
£2,282,397
____		 £2,242,144
____		 £4,524,541
____

17 RELATED PARTIES

There are no related party transactions to disclose.

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

RECONCILIATION OF NET INCOME/EXPENDITURE TO
FLOW FROM OPERATING ACTIVITIES		 NET CASH
2023 2022
£ £
Net income/(expenditure) for the year 352,185 (169,150)
Adjustments for:
Depreciation charge 3,011 9,912
Loss on disposal of fixed assets 507 -
(Gains)/loss on investments (237,204) 193,741
Dividends, interest and rents from investments (19,615) (3,106)
(Increase)/Decrease in debtors 6,325 (9,017)
(Decrease)/increase in creditors (24,489) 30,279
____ ____
Net cash used in operating activities £80,720
____		 £52,659
____

24

BJU INTERNATIONAL (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

19 RESERVES (2022 comparative)

DESIGNATED FUNDS As at As at
1 January New Designations 31 December
2022 Designations Released 2022
£ £ £ £
Tangible fixed asset fund 1,253,598 1,380 (9,912) 1,245,066
Educational & editorial projects 750,000 - (750,000) -
Strategic development fund - 1,000,000 - 1,000,000
______ ______ ______ ______
£2,003,598
______		 £1,001,380
______		 £(759,912)
______		 £2,245,066
______
ANALYSIS OF NET ASSETS BETWEEN FUNDS
Unrestricted
Designated		 Total funds
funds funds 2022
£ £ £
Fixed assets - 1,245,066 1,245,066
Investments 801,785 1,000,000 1,801,785
Current assets 1,216,931 - 1,216,931
Creditors due within one year (91,426) - (91,426)
____ ____ ____
£1,927,290
____		 £2,245,066
____		 £4,172,356
______

25