REGISTERED CHARITY NUMBER: 313861
Report of the Trustees and
Unaudited Financial Statements for the Year Ended 31 July 2021
for
The Society for Educational Studies
Reeve & Co
Chartered Certified Accountants
Unit 14 Oak House
Witham Park
Waterside South
Lincoln
LN5 7FB
The Society for Educational Studies
Contents of the Financial Statements
for the Year Ended 31 July 2021
|
Page |
Report of the Trustees |
1 to 4 |
Independent Examiner's Report |
5 |
Statement of Financial Activities |
6 |
Balance Sheet |
7 |
Notes to the Financial Statements |
8 to 12 |
Detailed Statement of Financial Activities |
13 to 14 |
The Society for Educational Studies
Report of the Trustees
for the Year Ended 31 July 2021
Thetrusteespresenttheirreportwiththefinancialstatementsofthecharityfortheyearended31July2021. The
trusteeshaveadoptedthe provisionsof AccountingandReportingby Charities:Statementof Recommended Practice
applicableto charitiespreparingtheiraccountsin accordancewiththe FinancialReportingStandardapplicablein the
UK and Republic of Ireland (FRS 102) (effective 1 January 2019).
OBJECTIVES AND ACTIVITIES
Objectives and aims
The aims of the Society are to discuss and promote study and research in education by:
- ensuring the quality and status of research and scholarship in educational studies;
- encouraging debate and discussion especially on educational policy issues;
- acting as a public voice for educational studies especially in responding to critical attacks on the quality
and integrity of the field;
-recognisingdistinctioninthefieldofeducationalstudiesbyawardingofthestatusof'FellowoftheSociety of
Educational Studies', FSES;
- sponsoringthe worldclasspublicationThe BritishJournalof EducationalStudiesas a vehicleto promotethe above
aims;
Theseaimsareachievedthroughofferingsmallresearchgrantstoearlycareerresearcherstoadvancea particular
fieldofstudy;throughcelebratingthebestbookspublishedinthefieldofeducationeachyearthroughthe Annual
BookPrizes;holdinganannualtwo-daycolloquiumonathemerelatedtoeducation,attendedby international
delegates;publishingtopqualityarticlesintheBritishJournalofEducationalStudies,encouraginginteresting and
relevant special issue proposals, and re-publishing articles via themed virtual issues.
Overview
TheSocietyhas,in2020-21,continuedtobe impactedbythecoronaviruspandemic.In2020theSocietywasable to
offerextensionstoit's2020AnniversarySmallGrantFollow-Onfundingschemetothreeprevious2020 Anniversary
Grantees.Whilemuchofthisdisseminationworkwaspausedduetothepandemic,somedisseminationhas been
possibleandtheSocietyandgranteeshaveworkedflexiblytobestusethefunds.The2020AnnualColloquium was
postponedfrom September2020 to September2021: thereforeplanningfor an in-personevent took place in 2020-21
to keep key note speakersengaged,and those that had registered/submittedpapers up to date on arrangements. The
ColloquiumwilltakeplaceinSeptember2021atOrielCollege,Oxford.TheSocietyhascontinuedtoengage the
educationalcommunitythroughitsjournal.OtheractivitieshavebeenlimitedwithBoardmeetingstaking place
remotely in 2020-21. Plans are being developed to offer a new round of small grant funding opportunities in 2021-22.
Grantmaking
TheFollow-Onfundingopportunitiesofferedto3grantholdershavebeenextendedduetothepandemic. This
fundingwaslargelyintendedtobeusedfordisseminationactivitiesoftheoriginalresearch.Grantees generally
remained in contact with the Society but some activities have been delayed and/or rethought.
Events and Annual Colloquium
The AnnualColloquium,underthetheme'PublicIntellectualsandEducationina changingsociety',duetotake place
in September 2020 was postponed to September 2021.
Page 1
The Society for Educational Studies
for the Year Ended 31 July 2021
Report of the Trustees
ACHIEVEMENT AND PERFORMANCE
A review of our achievements and performance
TheExecutiveCommitteeundertakeregularreviewsofthecharitableactivitiesoftheSociety,includingits impact
withinandbeyondtheAcademy,andgeneralvalueformoneyandcosteffectiveness.Inadditiontoareview of
Societyactivity,theExecutiveCommitteeplanfortheyearaheadandbeyond.Planninghasbeendifficultduring the
pandemic,butthe2020Colloquium,titled'PublicIntellectualsandEducationinachangingSociety'has been
rescheduled2021(datetobeconfirmed).ThreemembershavebeennominatedtobecomeTrusteesatthe 2021
AGM..
SeparatereportsareavailablefromtheEditorof theBritishJournalof EducationalStudies,TheBookReviews Editor,
the Book Awards chair. As well as a successfulyear in terms of submissionsand publicationsin the Journal,the Journal
has consolidatedthe move to six issues per year. . There is no Book Award for the second year in succession.Plans are
in place to ensure that books are awarded in 2021-22 and to hold a new call for small grant applications in 2021-22.
The Society has honoured one new Fellow in 2020-21, Professor Ivor Goodson.
FINANCIAL REVIEW
Investment policy and objectives
TheSocietycontinuestoworkwithQuilterCheviotandPunterSouthallFinancialManagementtoprovidea secure
basis for its asset managementand future charitableexpenditure.The currentcontractwith Punter Southallruns until
February 2022. Decisions will be taken by the Executive regards whether to remain with them or to move.
Reserves policy
TheExecutiveCommitteehavereviewedthereservesoftheSociety.TheFinancialReportthataccompanies this
reportshows a healthyyear for the Society,with a surplusof £292,150,which have increasedthe Society'sreserves to
£1,286,983.TheExecutiveCommitteewillcontinuetomonitortheseandmakeactivedecisionswith regards
expenditureof charitablefundsin the best interestof the Society'saims.Currentexpenditureis more thancovered by
the Society's annual income.
Financial performance
The charity produced a surplus of £292,150 (2020: £41,731).
The expenditure on charitable activities amounted to £35,885 (2020: £83,283).
The charity'sbalancesheetremainsverystrongandtheunrestrictedfundsof thecharityarenow£1,286,983 (2020:
£994,833).
FUTURE PLANS
The 2021AnnualColloquiumwilltakeplacein September2021.It willbe heldin-personat OrielCollege,Oxford. The
Societywill lead the way regardsa returnto in-personevents as othersocietieskeep theirannualconferences online.
The Societyhas selectedits Fellowfor 2020-21,ProfessorIvor Goodson.Plansare beingdevelopedto opena new call
for small grantopportunities,whichwill be linkedto the 2022 AnnualColloquium,whichwill take placein September
2022.Theimmediatefuture,globally,remainsfairlyuncertain,sotheSocietywillcontinuetorelyonit'swebsite to
communicatewith members. Havingsaid that,the possibilityfor representationat major conferencesin 2022 is being
looked at including AERA and BERA.
STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document
The charity is controlled by its governing document, a deed of trust and constitutes an unincorporated charity.
Page 2
The Society for Educational Studies
Report of the Trustees
for the Year Ended 31 July 2021
The charity is controlled by its governing document, a deed of trust, and constitutes an unincorporated charity .
The charity's governing document is the revised constitution adopted at the 2020 Annual General Meeting.
The charity is constituted as a charitable trust.
TheofficersoftheExecutiveCommittee,namelytheChair,SecretaryandTreasurernormallyholdofficefor three
years from the date of their election and are ex-officio members of the Executive Committee.
MembersoftheExecutiveCommitteeareelectedattheAnnualGeneralMeetingandholdofficefromthedate of
theirelection.Theymayservetwoperiodsofofficeconsecutively,eachofthreeyears.Theperiodofmembership of
the Executive Committee is suspended for those member selected to ex-officio positions during their term of office.
Therearenoregionalorbranchorganisations.TheSocietyforEducationalStudies(SES)seekstoestablish and
maintain contact with the national organisations concerned with specialised aspects of education.
The Executive Committee meets at least three times per year and holds and reports to an Annual General Meeting.
TheExecutiveCommitteesetsupsuchsub-committeesasdeemednecessary.Thesesub-committeesreportto the
Executive Committee and at the Annual General Meeting.
Key management remuneration
SES has continuedwith the roles of Editorand AssistantEditorfor theThe AssistantEditorrole is well-established and
supports the Editor with international work as well as leading on Virtual and Special Issues.
Key management and personnel information
SEShascontinuedwiththerolesofEditorandAssistantEditorfortheBritishJournalofEducationalStudies. The
AssistantEditorrole has worked well in its first year and supportsthe Editorwith internationalwork as well as leading
on Virtual and Special Issues.
Risk management
TheExecutiveCommitteemanagethecharity'sprogressattrusteemeetingsandundertakeacomprehensive review
annually. As part of this process the Executive Committee consider :-
-
Risks to the charity;
-
Systems and procedures required to mitigate risks identified;
-
Implementation of any such procedures;
-
Possible conflicts of interest of Executive Committee members at any stage.
REFERENCE AND ADMINISTRATIVE DETAILS
Registered Charity number
313861
Principal address
24 Thackeray Road
Clevedon
North Somerset
BS21 7JQ
Trustees
Professor J Arthur OBE
Professor G McCulloch
Professor A Peterson
Dr T Harrison
Professor G Attwood
Professor H Bryan
Dr R Race
Page 3
The Society for Educational Studies
Report of the Trustees
for the Year Ended 31 July 2021
REFERENCE AND ADMINISTRATIVE DETAILS
Independent Examiner
Reeve & Co
Chartered Certified Accountants
Unit 14 Oak House
Witham Park
Waterside South
Lincoln
LN5 7FB
Investment brokers
Quilter Cheviot
Two Snow Hill
Snowhill
Queensway
Birmingham
B4 6GA
Approved by order of the board of trustees on ............................................. and signed on its behalf by:
........................................................................
Professor J Arthur OBE - Trustee
Page 4
Independent Examiner's Report to the Trustees of
The Society for Educational Studies
Independent examiner's report to the trustees of The Society for Educational Studies
IreporttothecharitytrusteesonmyexaminationoftheaccountsofTheSocietyforEducationalStudies(the Trust)
for the year ended 31 July 2021.
Responsibilities and basis of report
AsthecharitytrusteesoftheTrustyouareresponsibleforthepreparationoftheaccountsinaccordancewith the
requirements of the Charities Act 2011 ('the Act').
I reportin respectof my examinationof the Trust'saccountscarriedoutundersection145 of the Act andin carrying
out my examinationI have followedall applicableDirectionsgiven by the CharityCommissionundersection 145(5)(b)
of the Act.
Independent examiner's statement
I havecompletedmyexamination.I confirmthatnomaterialmattershavecometomyattentioninconnection with
the examination giving me cause to believe that in any material respect:
1. accounting records were not kept in respect of the Trust as required by section 130 of the Act; or
2. the accounts do not accord with those records; or
3. 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.
Ihavenoconcernsandhavecomeacrossnoothermattersinconnectionwiththeexaminationtowhich attention
should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Mr Paul Reeve FCCA
Reeve & Co
Chartered Certified Accountants
Unit 14 Oak House
Witham Park
Waterside South
Lincoln
LN5 7FB
Date: .............................................
Page 5
The Society for Educational Studies
Statement of Financial Activities
for the Year Ended 31 July 2021
Notes
INCOME AND ENDOWMENTS FROM
Donations and legacies
Other trading activities
2
Investment income
3
Total
EXPENDITURE ON
Charitable activities
General educational support
Other
Total
Net gains/(losses) on investments
NET INCOME
RECONCILIATION OF FUNDS
Total funds brought forward
TOTAL FUNDS CARRIED FORWARD |
31.7.21
Unrestricted
fund
£
2,139
160,000
20,894
183,033
35,885
11,612
47,497
156,614
292,150
994,833
1,286,983 |
31.7.20
Total
funds
£
-
160,199
20,235 |
|
|
180,434
83,283
10,704 |
|
|
93,987
(44,716) |
|
|
41,731
953,102 |
|
|
994,833 |
The notes form part of these financial statements
Page 6
The Society for Educational Studies
Balance Sheet
31 July 2021
Notes
FIXED ASSETS
Investments
6
CURRENT ASSETS
Cash at bank
CREDITORS
Amounts falling due within one year
7
NET CURRENT ASSETS
TOTAL ASSETS LESS CURRENT LIABILITIES
NET ASSETS
FUNDS
8
Unrestricted funds
TOTAL FUNDS |
31.7.21
Unrestricted
fund
£
923,262
373,121
(9,400)
363,721
1,286,983
1,286,983
1,286,983
1,286,983 |
31.7.20
Total
funds
£
767,185
235,555
(7,907) |
|
|
227,648 |
|
|
994,833 |
|
|
994,833 |
|
|
994,833 |
|
|
994,833 |
ThefinancialstatementswereapprovedbytheBoardofTrusteesandauthorisedforissue on
............................................. and were signed on its behalf by:
.............................................
J Arthur OBE - Trustee
The notes form part of these financial statements
Page 7
The Society for Educational Studies
Notes to the Financial Statements
for the Year Ended 31 July 2021
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
Thefinancialstatementsof thecharity,whichis a publicbenefitentityunderFRS 102,havebeenprepared in
accordancewiththeCharitiesSORP(FRS102)'AccountingandReportingbyCharities:Statement of
RecommendedPracticeapplicabletocharitiespreparingtheiraccountsinaccordancewiththe Financial
ReportingStandardapplicablein the UK and Republicof Ireland(FRS 102) (effective1 January2019)', Financial
ReportingStandard102 'The FinancialReportingStandardapplicablein the UK and Republicof Ireland'and the
CharitiesAct 2011. The financialstatementshave been preparedunder the historicalcost convention,with the
exception of investments which are included at market value, as modified by the revaluation of certain assets.
Income
All incomeis recognisedin the Statementof FinancialActivitiesoncethe charityhasentitlementto the funds,
it is probable that the income will be received and the amount can be measured reliably.
Expenditure
Liabilitiesarerecognisedasexpenditureassoonasthereisalegalorconstructiveobligationcommitting the
charitytothatexpenditure,itisprobablethatatransferofeconomicbenefitswillberequiredin settlement
andtheamountof theobligationcanbe measuredreliably.Expenditureis accountedforonanaccruals basis
andhas been classifiedunderheadingsthataggregateall costrelatedto the category.Wherecostscannot be
directlyattributedtoparticularheadingstheyhavebeenallocatedtoactivitiesonabasisconsistentwith the
use of resources.
Grants offered subject to conditionswhich have not been met at the year end date are noted as a commitment
but not accrued as expenditure.
Taxation
The charity is exempt from tax on its charitable activities.
Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restrictedfundscanonlybeusedforparticularrestrictedpurposeswithintheobjectsofthe charity.
Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Furtherexplanationofthenatureandpurposeofeachfundisincludedinthenotestothe financial
statements.
2. OTHER TRADING ACTIVITIES
OTHER TRADING ACTIVITIES |
|
|
|
31.7.21 |
31.7.20 |
|
£ |
£ |
Royalties |
160,000 |
160,199 |
continued...
Page 8
The Society for Educational Studies
Notes to the Financial Statements - continued
for the Year Ended 31 July 2021
3. INVESTMENT INCOME
INVESTMENT INCOME |
|
|
|
31.7.21 |
31.7.20 |
|
£ |
£ |
Dividends |
20,894 |
20,235 |
4. TRUSTEES' REMUNERATION AND BENEFITS
Thetrusteeshavereceivedhonorariaandroundsumexpenseallowanceswhilstperformingdutiesfor the
Trust.
Honoraria
James Arthur received £2,500 (2020: £2,500)
Gaynor Attwood received £3,000 (£2020: £3,000)
Tom Harrison received £3,000 (2020: £2,000)
Gary McCulloch received £8,500 (2020: £8,500)
Andrew Peterson received £4,000 (2020: £4,000)
Aidan Thompson received £7,000 (2020: £7,000)
Round sum expense allowances
James Arthur received £nil (2020: £360)
Andrew Peterson received £nil (2020: £360)
Trustees' expenses
Thetrusteeshavebeenreimbursedfortravelandotherexpensesincurredwhilstperformingdutiesfor the
trust.
Expenses reimbursed
James Arthur received £nil (2020: £522)
Gaynor Attwood received £nil (2020: £323)
Helen Hanna received £nil (2020: £1,003)
Tom Harrison received £nil (2020: £463)
Gary McCulloch received £nil (2020: £76)
Andrew Peterson received £nil (2020: £173)
Michael Waring received £nil (2020: £208)
5. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
INCOME AND ENDOWMENTS FROM
Other trading activities
Investment income
Total
EXPENDITURE ON
Charitable activities
General educational support |
Unrestricted
fund
£
160,199
20,235
180,434
83,283 |
|
|
continued...
Page 9
The Society for Educational Studies
Notes to the Financial Statements - continued
for the Year Ended 31 July 2021
5.
COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued
Other
Total
Net gains/(losses) on investments
NET INCOME
RECONCILIATION OF FUNDS
Total funds brought forward
TOTAL FUNDS CARRIED FORWARD
6.
FIXED ASSET INVESTMENTS
MARKET VALUE
At 1 August 2020
Additions
Disposals
Revaluations
At 31 July 2021
NET BOOK VALUE
At 31 July 2021
At 31 July 2020
There were no investment assets outside the UK.
Cost or valuation at 31 July 2021 is represented by:
Valuation in 2020
Valuation in 2021
Cost |
Unrestricted
fund
£
10,704
93,987
(44,716)
41,731
953,102
994,833
Listed
investments
£
767,185
87,537
(88,074)
156,614
923,262
923,262
767,185
Listed
investments
£
(44,716)
156,614
811,364
923,262 |
|
|
continued...
Page 10
The Society for Educational Studies
Notes to the Financial Statements - continued
for the Year Ended 31 July 2021
7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
|
31.7.21 |
31.7.20 |
|
£ |
£ |
Trade creditors |
4,600 |
3,107 |
Other creditors |
4,800 |
4,800 |
|
9,400 |
7,907 |
8. MOVEMENT IN FUNDS
Unrestricted funds
General fund
TOTAL FUNDS
Net movement in funds, included in the above are a
Unrestricted funds
General fund
TOTAL FUNDS |
s follows:
Incoming
resources
£
183,033
183,033 |
At 1.8.20
£
994,833
994,833
Resources
expended
£
(47,497)
(47,497) |
Net
movement
At
in funds
31.7.21
£
£
292,150
1,286,983
292,150
1,286,983
Gains and
Movemen
losses
in funds
£
£
156,614
292,150
156,614
292,150 |
Net
movement
At
in funds
31.7.21
£
£
292,150
1,286,983
292,150
1,286,983
Gains and
Movemen
losses
in funds
£
£
156,614
292,150
156,614
292,150 |
|
|
|
|
292,150 |
Comparatives for movement in funds
Unrestricted funds
General fund
TOTAL FUNDS |
At 1.8.19
£
953,102
953,102 |
Net
movement
in funds
£
41,731
41,731 |
At
31.7.20
£
994,833 |
|
|
|
994,833 |
continued...
Page 11
The Society for Educational Studies
Notes to the Financial Statements - continued
for the Year Ended 31 July 2021
8. MOVEMENT IN FUNDS - continued
Comparative net movement in funds, included in the above are as follows:
Unrestricted funds
General fund
TOTAL FUNDS |
Incoming
resources
£
180,434
180,434 |
Resources
expended
£
(93,987)
(93,987) |
Gains and
Movement
losses
in funds
£
£
(44,716)
41,731
(44,716)
41,731 |
Gains and
Movement
losses
in funds
£
£
(44,716)
41,731
(44,716)
41,731 |
|
|
|
|
41,731 |
A current year 12 months and prior year 12 months combined position is as follows:
Unrestricted funds
General fund
TOTAL FUNDS |
At 1.8.19
£
953,102
953,102 |
Net
movement
At
in funds
31.7.21
£
£
333,881
1,286,983
333,881
1,286,983 |
|
|
|
A currentyear12monthsandprioryear12monthscombinednetmovementinfunds,includedinthe above
are as follows:
Unrestricted funds
General fund
TOTAL FUNDS |
Incoming
resources
£
363,467
363,467 |
Resources
expended
£
(141,484)
(141,484) |
Gains and
Movement
losses
in funds
£
£
111,898
333,881
111,898
333,881 |
Gains and
Movement
losses
in funds
£
£
111,898
333,881
111,898
333,881 |
|
|
|
|
333,881 |
9. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 31 July 2021.
Page 12
The Society for Educational Studies
Detailed Statement of Financial Activities
for the Year Ended 31 July 2021
Detailed Statement of Financial Activities
for the Year Ended 31 July 2021 |
|
|
|
31.7.21 |
31.7.20 |
|
£ |
£ |
INCOME AND ENDOWMENTS |
|
|
Donations and legacies |
|
|
Subscriptions |
2,139 |
- |
Other trading activities |
|
|
Royalties |
160,000 |
160,199 |
Investment income |
|
|
Dividends |
20,894 |
20,235 |
Total incoming resources |
183,033 |
180,434 |
EXPENDITURE |
|
|
Charitable activities |
|
|
Research awards |
- |
23,768 |
Other |
|
|
Management fee |
6,334 |
5,833 |
Adviser charge |
5,278 |
4,871 |
|
11,612 |
10,704 |
Support costs |
|
|
Management |
|
|
Colloquium costs |
- |
19,413 |
Costs of delegates attending other conferences |
(1,922) |
(8,737) |
Celebration dinner |
- |
10,165 |
Meeting costs |
4,850 |
6,494 |
Marketing and secretarial expenses |
67 |
66 |
Other costs |
90 |
152 |
|
3,085 |
27,553 |
Governance costs |
|
|
Honoraria |
28,000 |
27,000 |
Independent examiner fees |
4,800 |
4,962 |
|
32,800 |
31,962 |
Total resources expended |
47,497 |
93,987 |
Net income before gains and losses |
135,536 |
86,447 |
Realised recognised gains and losses |
|
|
Carried forward |
135,536 |
86,447 |
This page does not form part of the statutory financial statements
Page 13
The Society for Educational Studies
Detailed Statement of Financial Activities
for the Year Ended 31 July 2021
Realised recognised gains and losses
Brought forward
Realised gains/(losses) on fixed asset
investments
Net income
31.7.21 |
31.7.20 |
£ |
£ |
135,536 |
86,447 |
156,614 |
(44,716) |
292,150 |
41,731 |
This page does not form part of the statutory financial statements
Page 14