The Society for Educational Studies Statement of Financial Activities For The Year Ended 31 July 2023
| Note Incoming from: Charitable activities 3 Investment income 4 Total income Expenditure on: Raising funds Charitable activities Total expenditure 5 Net gains/(losses) on investments Net movement in funds Reconciliation of funds: Total funds brought forward Total funds carried forward 12 |
2023 2022 Unrestricted Restricted Total Total Funds Funds Funds Funds £ £ £ £ 160,000 - 160,000 162,016 29,172 - 29,172 22,465 |
|---|---|
| 189,172 - 189,172 184,481 12,417 - 12,417 8,610 176,144 - 176,144 62,246 |
|
| 188,561 - 188,561 70,856 (36,978) - (36,978) (59,919) |
|
| (36,367) - (36,367) 53,706 1,340,689 - 1,340,689 1,286,983 |
|
| 1,304,322 - 1,304,322 1,340,689 |
All of the above results are derived from continuing activities.
There were no other recognised gains or losses other than those stated above.
The attached notes form part of these financial statements.
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The Society for Educational Studies Balance Sheet As at 31 July 2023
| 2023 Notes £ £ Fixed Assets: Investments 9 989,249 Current Assets: Cash at bank and in hand 324,623 324,623 Creditors: Amounts falling due within one year: 10 (9,550) Net Current Assets 315,073 Total net assets 1,304,322 Funds: 12 Unrestricted - General funds 1,304,322 1,304,322 |
2022 £ £ 948,598 401,641 401,641 (9,550) 392,091 1,340,689 1,340,689 1,340,689 |
2022 £ £ 948,598 401,641 401,641 (9,550) 392,091 1,340,689 1,340,689 1,340,689 |
|---|---|---|
| 1,340,689 | ||
| 1,340,689 | ||
| 1,340,689 |
Approved by the Board of Trustees on XX November 2023 and signed on its behalf by:
…………………………………………………….
Professor J Arthur OBE - Trustee
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The Society for Educational Studies Notes to the Financial Statements For The Year Ended 31 July 2023
1 Accounting policies
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 Charities SORP (FRS 102).
The charity 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 or note.
b) Going concern
The trustees consider that there are no material uncertainties about the charity's ability to continue as a going concern. The trustees do not consider that there are any 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 reporting period.
c) Income
Income is recognised when the charity has entitlement to the funds, any performance conditions attached to the income have been met, it is probable that the income will be received and that the amount can be measured reliably.
d) Donations of gifts, services and facilities
Donated professional services and donated facilities are recognised as income when the charity has control over the item or received the service, any conditions associated with the donation have been met, the receipt of economic benefit from the use by the charity of the item is probable and that economic benefit can be measured reliably. In accordance with the Charities SORP (FRS 102), volunteer time is not recognised so refer to the trustees’ annual report for more information about their contribution.
On receipt, donated gifts, professional services and donated facilities are recognised on the basis of the value of the gift to the charity which is the amount the charity would have been willing to pay to obtain services or facilities of equivalent economic benefit on the open market; a corresponding amount is then recognised in expenditure in the period of receipt.
e) 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.
f) Fund accounting
Unrestricted funds are available to spend on activities that further any of the purposes of charity. Restricted funds are donations which the donor has specified are to be solely used for particular areas of the charity’s work or for specific projects being undertaken by the charity.
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The Society for Educational Studies Notes to the Financial Statements For The Year Ended 31 July 2023
g) Expenditure and irrecoverable VAT
Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably. Expenditure is classified under the following activity headings:
- Costs of raising funds comprise of trading costs and the costs incurred by the charity in inducing third parties to make voluntary contributions to it, as well as the cost of any activities with a fundraising purpose.
● Expenditure on charitable activities includes the costs of delivering services and other educational activities undertaken to further the purposes of the charity and their associated support costs.
- Other expenditure represents those items not falling into any other heading.
Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred.
h) Allocation of support costs
Support costs are those functions that assist the work of the charity but do not directly undertake charitable activities. Support costs include back office costs, finance, personnel, payroll and governance costs which support the charity and its and activities.
i) Debtors
Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
j) Cash at bank and in hand
Cash at bank and cash 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.
k) Creditors and provisions
Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.
l) 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 with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.
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The Society for Educational Studies Notes to the Financial Statements For The Year Ended 31 July 2023
2 Detailed comparatives for the statement of financial activities
| Income from: Donations Other trading activities Investments Total income Expenditure on: Raising funds Charitable activities Total expenditure Net gains on investments Net income Reconciliation of funds: Total funds brought forward Total funds carried forward 3 Income from charitable activities Royalties 4 Income from investments Interest and dividends |
2022 2022 2022 Unrestricted Restricted Total £ £ £ - - - 162,016 - 162,016 22,465 - 22,465 184,481 - 184,481 8,610 - 8,610 62,246 - 62,246 70,856 - 70,856 (59,919) - (59,919) 53,706 - 53,706 1,286,983 - 1,286,983 1,340,689 - 1,340,689 2023 2022 Unrestricted Restricted Total Total £ £ £ £ 160,000 - 160,000 162,016 |
2022 2022 2022 Unrestricted Restricted Total £ £ £ - - - 162,016 - 162,016 22,465 - 22,465 |
|---|---|---|
| 184,481 - 184,481 |
||
| 8,610 - 8,610 62,246 - 62,246 |
||
| 70,856 - 70,856 |
||
| (59,919) - (59,919) |
||
| 53,706 - 53,706 |
||
| 1,286,983 - 1,286,983 |
||
| 1,340,689 - 1,340,689 |
||
| 160,000 - 160,000 162,016 |
||
| 2023 2022 Unrestricted Restricted Total Total £ £ £ £ 29,172 - 29,172 22,465 |
||
| 29,172 - 29,172 22,465 |
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The Society for Educational Studies Notes to the Financial Statements For The Year Ended 31 July 2023
5 Analysis of expenditure
Current financial year
| Cost of raising funds Charitable Activities Support costs Governance costs 2023 Total 2022 Total £ £ £ £ £ £ Research awards - 73,223 - - 73,223 1,363 Adviser charge - - - - - - Celebration dinner - - - - - 1,132 Colloquium costs - - 8,073 - 8,073 8,702 Costs of delegates attending other conferences - - - - - - Investment management fee 12,417 - - - 12,417 8,610 Journal costs - 3,000 - - 3,000 - Meeting costs - - 58,130 - 58,130 18,089 Marketing and secretarial expenses - - - - - - Other costs - - 968 - 968 210 Honoraria - - - 28,000 28,000 28,000 Independent examiner fees - - - 4,750 4,750 4,750 12,417 76,223 67,171 32,750 188,561 70,856 Support costs - 67,171 (67,171) - - Governance costs - 32,750 - (32,750) - Total expenditure 2022 12,417 176,144 - - 188,561 Total expenditure 2022 8,610 62,246 - - 70,856 All of the above expenditure was unrestricted. |
Cost of raising funds Charitable Activities Support costs Governance costs 2023 Total 2022 Total £ £ £ £ £ £ - 73,223 - - 73,223 1,363 - - - - - - - - - - - 1,132 - - 8,073 - 8,073 8,702 - - - - - - 12,417 - - - 12,417 8,610 - 3,000 - - 3,000 - - - 58,130 - 58,130 18,089 - - - - - - - - 968 - 968 210 - - - 28,000 28,000 28,000 - - - 4,750 4,750 4,750 |
Cost of raising funds Charitable Activities Support costs Governance costs 2023 Total 2022 Total £ £ £ £ £ £ - 73,223 - - 73,223 1,363 - - - - - - - - - - - 1,132 - - 8,073 - 8,073 8,702 - - - - - - 12,417 - - - 12,417 8,610 - 3,000 - - 3,000 - - - 58,130 - 58,130 18,089 - - - - - - - - 968 - 968 210 - - - 28,000 28,000 28,000 - - - 4,750 4,750 4,750 |
|---|---|---|
| 12,417 76,223 67,171 32,750 188,561 - 67,171 (67,171) - - - 32,750 - (32,750) - |
70,856 | |
| 12,417 176,144 - - 188,561 |
||
| 70,856 | ||
Previous financial year
| Previous financial year | |||||
|---|---|---|---|---|---|
| Cost of | |||||
| raising | Charitable | Support | Governance | 2022 | |
| funds | Activities | costs | costs | Total | |
| £ | £ | £ | £ | £ | |
| Research awards | - | 1,363 | - | - | 1,363 |
| Adviser charge | - | - | - | - | - |
| Celebration dinner | - | - | 1,132 | - | 1,132 |
| Colloquium costs | - | - | 8,702 | - | 8,702 |
| Costs of delegates attending | |||||
| other conferences | - | - | - | - | - |
| Investment management fee | 8,610 | - | - | - | 8,610 |
| Meeting costs | - | - | 18,089 | - | 18,089 |
| Marketing and secretarial | |||||
| expenses | - | - | - | - | - |
| Other costs | - | - | 210 | - | 210 |
| Honoraria | - | - | - | 28,000 | 28,000 |
| Independent examiner fees | - | - | - | 4,750 | 4,750 |
| 8,610 | 1,363 | 28,133 | 32,750 | 70,856 | |
| Support costs | - | 28,133 | (28,133) | - | - |
| Governance costs | - | 32,750 | - | (32,750) | - |
| Total expenditure 2022 | 8,610 | 62,246 | - | - | 70,856 |
| Total expenditure 2022 | - | - | - | - | |
| All of the above expenditure was | unrestricted. |
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The Society for Educational Studies Notes to the Financial Statements For The Year Ended 31 July 2023
6 Net income / (expenditure) for the year
| This is stated after charging / (crediting): Independent examiner's fees |
2023 2022 £ £ 3,958 3,958 |
|---|---|
7 Analysis of staff costs, trustee remuneration and expenses, and the cost of key management personnel
There was no staff employed by the charity (2022: none).
The trustees have received honoraria and round sum expense allowances whilst performing duties for the charity.
Honoraria:
James Arthur received £2,500 (2022: £2,500) Gaynor Attwood received £3,000 (£2022: £3,000) Tom Harrison received £3,000 (2022: £3,000) Gary McCulloch received £8,500 (2022: £8,500) Andrew Peterson received £4,000 (2022: £4,000) Aidan Thompson received £7,000 (2022: £7,000)
Trustees' expenses
The trustees have been reimbursed for travel and other expenses incurred whilst performing duties for the charity.
Expenses reimbursed:
James Arthur received £1,048 (2022: £1,019). Gaynor Attwood received £354 (£2022: £852). Tom Harrison received £5,760 (2022: £1,067). Gary McCulloch received £796 (2022: £280). Andrew Peterson received £718 (2022:£385). Aidan Thompson received £919 (2022: £1,059). Stephen Parker received £578 (2022: £517). Lynn Revell received £208 (2022: £77). Robin Simmons received nil (2022: £489). Richard Race received £837 (2022: £55). Hazel Bryan received £103 (2022: £254).
8 Taxation
The charity is exempt from income tax as all its income is charitable and is applied for charitable purposes.
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The Society for Educational Studies Notes to the Financial Statements For The Year Ended 31 July 2023
| 9 10 **11 ** |
Fixed asset investments Investments at fair value: Listed investments - UK Movements Market value at the start of the year Additions Disposals at carrying value Net gain/(loss) Market value at the end of the year Creditors: amounts falling due within one year Accruals Analysis of net assets between funds Current year Fixed assets investments Net current assets Net assets at the end of the year Previous year Fixed assets investments Net current assets Net assets at the end of the year |
2023 2022 £ £ 989,249 948,598 989,249 948,598 948,598 923,262 216,795 243,625 (139,166) (158,370) (36,978) (59,919) 989,249 948,598 2023 2022 £ £ 9,550 9,550 9,550 9,550 General unrestricted Restricted Total funds £ £ £ 989,249 - 989,249 315,073 - 315,073 |
2023 2022 £ £ 989,249 948,598 |
|---|---|---|---|
| 989,249 948,598 |
|||
| 948,598 923,262 216,795 243,625 (139,166) (158,370) (36,978) (59,919) |
|||
| 989,249 948,598 |
|||
| 2023 2022 £ £ 9,550 9,550 |
|||
| 9,550 9,550 |
|||
| 1,304,322 - 1,304,322 |
|||
| General unrestricted Restricted Total funds £ £ £ 948,598 - 948,598 392,091 - 392,091 |
|||
| 1,340,689 - 1,340,689 |
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The Society for Educational Studies Notes to the Financial Statements For The Year Ended 31 July 2023
12 Movements in funds Current year
| Unrestricted funds: General funds Total unrestricted funds Total funds Previous year Unrestricted funds: General funds Total unrestricted funds Total funds |
At the start of the year Income & gains Expenditure & losses Transfers At the end of the year £ £ £ £ £ 1,340,689 189,172 (225,539) - 1,304,322 |
|---|---|
| 1,340,689 189,172 (225,539) - 1,304,322 |
|
| 1,340,689 189,172 (225,539) - 1,304,322 |
|
| At the start of the year Income & gains Expenditure & losses Transfers At the end of the year £ £ £ £ £ 1,286,983 184,481 (130,775) - 1,340,689 |
|
| 1,286,983 184,481 (130,775) - 1,340,689 |
|
| 1,286,983 184,481 (130,775) - 1,340,689 |
13 Related party transactions
There were no related party transactions for the year (2022: none) other than those shown in note 7.
14