Charity Number: 299756
The British Society for Eighteenth-Century Studies
Financial statements For the year ended 30 November 2020
The British Society for Eighteenth-Century Studies
Index to the financial statements
| Page | |
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| Annual report of the executive committee | 1 - 3 |
| Independent examiner's report | 4 |
| Statement of financial activities | 5 |
| Balance sheet | 6 |
| Notes to the financial statements | 7 – 11 |
The British Society for Eighteenth-Century Studies
Annual report of the executive committee for the year ended 30 November 2020
Objectives and activities
Object of charity
The object of the Society is the advancement of research, scholarship, and public education in particular by the promotion of study of the cultural history of the eighteenth century.
Principal activities undertaken
In furtherance of its objectives the Society engaged in the following main activities during the year:
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Held a conference at St Hugh’s College, Oxford in January 2020;
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Held a series of online seminars for early-career and postgraduate scholars;
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Held full committee meetings;
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Produced further volumes of its journal.
Public benefit
The executive committee has had regard to the Charity Commission guidance on public benefit when considering its objectives.
Achievements and performance
Review of activities
The executive committee was pleased with the activities arranged and managed by the Society during a difficult year. The Covid-19 pandemic presented immediate difficulties for the organisation of committee meetings, our partnership with other institutions, and our conference planning. We responded to these difficulties by moving all committee meetings online, updating our funding offers, and transforming our conferences into a series of online seminars (to replace the postgraduate and early-career conference) and a major online event (to replace our annual conference in 2021).
Through this year we have considered how to spend the surplus from the International Congress on the Enlightenment in 2019. A working group consisting of Professor Warman (BSECS President), Dr Harriman-Smith (BSECS Treasurer), Professor Mark Towsey (President, Eighteenth-Century Scottish Studies Society), and Dr Caroline Roberts (former BSECS Treasurer) offered a recommendation to the Society’s Executive Committee, and they approved a distribution of the funds to support scholars at Masters, PhD, Post-Doc, and beyond at institutions around the UK.
In this financial year, the Society gave awards and prizes to the value of £1,200. This activity was limited by the impact of Covid-19 on our partner organisations. The publishers of the journal, WileyBlackwell, receive all subscriptions and pay the society a lump sum for each issue of the journal and share of any future profits, an arrangement which is now well-established and successful.
Financial review
Financial position
The movement in funds for the year is set out in the statement of financial activities on page 5.
The Society’s unrestricted reserves at 30 November 2020 amounted to £194,207 and restricted funds were £10,299 making total reserves of £204,506.
Enquiries about the Society should be addressed to the Administrative Secretary, Emma Salgard Cunha: secretary@bsecs.org.uk
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The British Society for Eighteenth-Century Studies
Annual report of the executive committee for the year ended 30 November 2020 (continued)
Structure, governance and management
Governing document
The British Society for Eighteenth Century Studies is an unincorporated society and is a registered charity, number 299756. A revised constitution was drafted by the Society and approved at an Annual General Meeting of the Society on 5 January 2011.
Reserves policy
The executive committee ensures reserves are sufficient to meet the cost of our conferences and funding of the journal for 12 months.
Reference and administrative details
The officers of the Society during the year were:
President: Professor Caroline Warman Vice President: Professor Brycchan Carey Treasurer: Dr James Harriman-Smith Administrative secretary: Dr Emma Salgard Cunha
The following individuals were members of the executive committee during the year:
President: Professor Caroline Warman Past President: Professor Matthew Grenby Vice President: Professor Brycchan Carey Treasurer: Dr James Harriman-Smith Executive secretary: Dr Emma Salgard Cunha Journal Editor: Professor Kate Tunstall Ordinary Members: Professor Matthew McCormack Professor Olivette Otele Dr Helen Williams Dr Emrys Jones Dr Philip Connell Dr Jessica Clement Dr Ryan Hanley Dr Oliver Cox Dr Danielle Thom Dr Nicholas Seager Dr Gemma Tidman Dr Brianna Robertson-Kirkland Dr Declan Gilmore-Kavanaugh Dr Adam James Smith Dr Madeleine Pelling Dr Alice Marples Mr Alexander Hardie-Forsyth Ms Tina Janssen Ms Katie Noble
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The British Society for Eighteenth-Century Studies
Annual report of the executive committee for the year ended 30 November 2020 (continued)
This report was approved by the Board on 5 January 2021 and signed on its behalf by:
Dr James Harriman-Smith Treasurer
Page 3
The British Society for Eighteenth-Century Studies
Independent examiner’s report to the Executive committee of The British Society for Eighteenth Century Studies
I report to the Charity Trustees on my examination of the accounts of The British Society for Eighteenth-Century Studies for the year ended 30 November 2020.
Responsibilities and basis of report
As the Trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (‘the 2011 Act’).
I report in respect of my examination of the Trust’s accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
Independent examiner's statement
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
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accounting records were not kept in respect of the Trust as required by section 130 of the 2011 Act; or
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the accounts do not accord with those records; or
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the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a ‘true and fair view’ which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
This report is made solely to the Trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. My work has been undertaken so that I might state to the Trustees those matters I am required to state to them in an independent examiner’s report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the Trust and its Trustees as a body, for my work or for this report.
S Robinson BA FCA FCIE DChA MCMI Kreston Reeves LLP Chartered Accountants Chatham Maritime
16 January 2021
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The British Society for Eighteenth-Century Studies
Statement of financial activities for the year ended 30 November 2020
| Unrestricted Restricted Funds Funds £ £ Income from: Donations and legacies Donations 240 155 Sponsorship 4,105 - Charitable activities Income from conference 54,034 - Income from PG conference - - Income from ICE conference - - Subscriptions received 23,170 - Investments: Bank interest 630 39 Total income 82,179 194 Expenditure on: Charitable activities Conference expenses 54,146 - ICE conference expenses 8,885 - ISECS affiliation fees (note 3) 1,191 - Journal and publications 1,500 - Accountancy fees 1,002 - Bursaries - 1,200 Sundry expenses (note 4) 3,191 - Total expenditure 9,915 1,200 Net income / (expenditure) 12,264 (1,006) Fund balances 1 December 2019 181,943 11,305 Fund balances 30 November 2020 194,207 10,299 |
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The British Society for Eighteenth-Century Studies
Balance sheet As at 30 November 2020
| Current assets Deferred expenditure (note 5) Cash on PayPal account Cash at bank Current liabilities Creditors and accruals Deferred income (note 6) Net current assets Funds(note 7) Restricted funds Mason Lecture Prizes and Awards Fund Unrestricted funds Designated funds General funds Total funds |
2020 £ - 1,540 204,856 206,396 1,770 120 1,890 204,506 5,422 4,877 10,299 82,940 111,267 194,207 204,506 |
2019 £ 3,785 4,346 214,227 222,358 1,509 27,601 29,110 193,248 5,403 5,902 11,305 - 181,943 181,943 193,248 |
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The financial statements were approved and authorised for issue by the executive committee on 5 January 2021 and signed on their behalf by:
Dr James Harriman-Smith Treasurer
Page 6
The British Society for Eighteenth-Century Studies
Notes to the financial statement for the year ended 30 November 2020
1) General information
The British Society for Eighteenth-Century Studies is a charity registered in England with number 299756. Its principal office is 62 Bridges View, Gateshead NE8 1NZ.
2) Accounting policies
Basis of preparation of financial statements
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) and the Charities Act 2011.
The financial statements have been prepared to give a 'true and fair' view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a 'true and fair' view. This departure has involved following the 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 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.
The British Society for Eighteenth-Century Studies meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.
Going concern
The Trustees assess whether the use of going concern is appropriate i.e. whether there are any material uncertainties related to events or conditions that may cast significant doubt on the ability of the Trust to continue as a going concern. The Trustees make this assessment in respect of a period of at least one year from the date of authorisation of the financial statements and have concluded that the Trust has adequate resources to continue in operational existence for the foreseeable future and there are no material uncertainties about the Trust’s ability to continue as a going concern, thus they continue to adopt the going concern basis of accounting in preparing the financial statements.
Whilst the impact of the COVID-19 pandemic has been assessed by the Trustees, so far as is reasonably possible, due to its unprecedented impact on the worldwide economy it is difficult to evaluate with any certainty the potential outcomes on the Charity's future activities. However, taking into consideration the Charity's level of reserves, the Trustees believe that the Charity will be able to continue in operational existence for the foreseeable future.
Fund accounting
General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the objectives of the Charity.
Designated funds comprise the ICE Legacy Fund, which will be used to fund projects that further the charitable objectives of BSECS.
Restricted funds comprise the Mason Lecture Fund and the Prizes and Awards Fund.
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The British Society for Eighteenth-Century Studies
Notes to the financial statement for the year ended 30 November 2020 (continued)
2) Accounting policies (continued)
Income
Subscriptions are credited to the statement of financial activities in the year in which they are received.
Income received in respect of conferences is credited to the statement of financial activities in the year in which the conference takes place.
Expenditure
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably.
All expenditure is inclusive of irrecoverable VAT.
Interest receivable
Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the bank.
Debtors
Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
Cash at bank and in hand Cash at bank and in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
Liabilities and provisions
Liabilities are recognised when there is an obligation at the Balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably. Liabilities are recognised at the amount that the charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide. Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised within interest payable and similar charges.
Financial instruments
The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.
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The British Society for Eighteenth-Century Studies
Notes to the financial statements for the year ended 30 November 2020 (continued)
3) ISECS affiliation fees
Paid in the year Less:Creditor at 1 December 2019 Add: Creditor at 30 November 2020 Charge for year per statement of financial activities |
2020 2019 £ £ 942 501 (501) (870) 441 (369) 750 501 1,191 132 |
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4) Sundry expenses
Sundry expenses per the statement of financial activities consist primarily of committee meeting expenses and the reimbursement of the committee members' travelling/administrative expenses incurred in representing the Society.
During the year no committee members received any remuneration (2019: Nil).
Expenses of £619 (2019: £5,185) were reimbursed to 3 (2019: 3) officers of the society.
The Charity has no employees.
5) Deferred expenditure
Conference expenses paid in advance 6) Deferred income Conference fees received in advance Donation for 2021 conference |
2020 £ - 2020 £ - 120 120 |
2019 £ 3,785 2019 £ 27,601 - 27,601 |
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The British Society for Eighteenth-Century Studies
Notes to the financial statements for the year ended 30 November 2020 (continued)
7) Statement of funds – current year
| Balance b/f £ Income £ Unrestricted funds Designated funds ICE Legacy Fund - - General funds 181,943 82,179 Total Unrestricted Funds 181,943 82,179 Restricted funds Mason Lecture 5,403 19 Prizes and Awards 5,902 175 Total Restricted Funds 11,305 194 Total Funds 193,248 82,373 Statement of funds – prior year Balance b/f £ Unrestricted funds General funds 82,165 Restricted funds Mason Lecture 5,364 Prizes and Awards 9,408 Total Restricted Funds 14,772 Total Funds 96,937 |
Income £ - 82,179 |
Expenditure £ Transfers £ Balance c/f £ - 82,940 82,940 (69,915) (82,940) 111,267 (69,615) - 194,207 - - 5,422 (1,200) - 4,877 (1,200) - 10,299 (71,115) - 204,506 Income £ Expenditure £ Balance c/f £ 628,056 (528,278) 181,943 39 - 5,403 269 (3,775) 5,902 308 (3,775) 11,305 628,364 (532,053) 193,248 |
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82,179 |
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19 175 |
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| 194 | |||
| 82,373 | |||
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The British Society for Eighteenth-Century Studies
Notes to the financial statements for the year ended 30 November 2020 (continued)
8) Analysis of net assets between funds – current year
| Restricted Funds Unrestricted Funds £ £ Current assets 10,299 196,097 Creditors due within one year - (1,890) 10,299 194,207 Analysis of net assets between funds – prior year Restricted Funds Unrestricted Funds £ £ Current assets 11,305 211,053 Creditors due within one year - (29,110) 11,305 181,943 |
Total 2020 £ 206,396 (1,890) 204,506 Total 2019 £ 222,358 (29,110) 193,248 |
Total 2019 £ 222,358 (29,110) 193,248 Total 2018 £ 134,718 (37,781) 96,937 |
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9) Related party transactions
The Charity has not entered into any related party transactions during the financial year and there are no balances outstanding either to or from any related parties.
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