SOCIETY_FOR_THE_ADVANCEME - Accounts

The Trustees present their annual report and financial statements for the year ended 31 December 2022.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's governing document, the Companies Act 2006 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 and Republic of Ireland (FRS 102) (effective 1 January 2019)".

The objectives of the charity included in the Articles and Memorandum of Association are as follows:

• To edit the Journal of Management Studies

• To provide for the delivery and holding of lectures, discussions, exhibitions, public meetings, classes and conferences

• To make payments for carrying out research; the results of which will be publicly disseminated

• To offer and award prizes to winners of thesis, or essays, or other similar competitions

The Trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake.

Review of activities and future developments

The principal activity of the charitable company during the year was the publication of the Journal of Management Studies in conjunction with Wiley-Blackwell.

The charity has a publishing agreement with Wiley-Blackwell for the continued publication of the Journal of Management Studies. The agreement provides for profit from the journal to be shared equally between the two parties, with the charity retaining the editorial control over the journal and with Wiley-Blackwell being responsible for publication and distribution.

The Journal of Management Studies has continued to operate at a surplus. The surplus on the journal was £1,132,526 (2021; £1,147,092). This was shared equally between the company and Wiley-Blackwell.

The charitable company had a net expenditure (i.e. had overall net loss) for all activities of £40,650 (2021;£140,264 net gain).

Whilst access to the contents of the journal is via a subscription charge, the intended beneficiaries of the charity - being scholars and academics - have free access to the journal via their university membership. In addition, Wiley-Blackwell makes provision for low-cost access in developing countries. Changes within the academic publishing landscape in the form of Plan S, are shifting the business model away from subscription charges to article level charges. In navigating these changes, Wiley-Blackwell have entered into a number of transformative deals globally that allow academics within institutions that are part of those deals to publish their papers in an Open Access format, thereby allowing free access for all readers, not just those with an institutional subscription. In 2022, 70.33% of JMS papers were published as Open Access. This is a shifting landscape at present with more deals likely to be made and increasing numbers of papers to be Open Access.

The charity intends to continue editing and publishing the Journal of Management Studies in the future. Annual prizes will also continue to be awarded for the best paper and best reviewer (Mike Wright Prize). The Grigor McClelland award, for a 'pathbreaking' dissertation, introduced in 2011 continues to be awarded. The dissertations are judged by an international panel of senior business and management academics which include representatives from both the Journal of Management Studies and the charity as well as the European Group for Organization Studies (EGOS). The charity now also funds needs-based bursaries (The Karen Legge Bursary scheme launched in 2023) to assist scholars to attend professional development workshops and other events run by the Journal of Management Studies.

In 2011 the charity introduced a scheme to provide small, one-off grants to groups that can be used to develop early career business and management academics. The scheme now runs twice a year. Allocating approximately £50,000 for each round of applications, the charity has been able to support seminars and workshops which could not have been funded from other sources. From 2 July 2018 it was agreed to raise the total for each round to £75,000.

In the early part of 2012 uncertainty in respect of the future of academic publishing stemming from the publication of the Finch Report made the council cautious of exhausting their reserves as the impact of changes in the industry is not known. Council continues to exercise caution in its reserves policy regarding the impact of open access publishing on future revenue streams.

At the end of 2014, the charity entered into an agreement with the British Academy involving the commitment of £100,000 per year for five years to co-fund Small Research Grants. Towards the end of 2017, the charity entered into a further agreement formally signed on 12 April 2017 with the British Academy involving the commitment of £100,000 per year to co-fund the British Academy's Future of the Corporation project. The Future of the Corporation Project has now completed, with the final payment made in June 2021.

At the end of 2018, the charity entered into an agreement with the British Academy of Management for a collaborative grant scheme. The scheme would fund five research projects to a maximum of £150,000 each. Awards began in 2020 with the programme to run until 2026. The scheme was reviewed in 2022 and a decision was made to reduce the funding to £60,000 per year for the remainder of the programme., though legacy commitments would be honoured.

Reserves and investment policies

In view of potential fluctuations in annual income, the organization depends on a reliable source of income from investments. Accordingly, the intended policy of the organization is to hold sufficient reserves to generate a minimum annual income of between £200,000 and £250,000 to enable it to continue its charitable activities.

The trustees considered the most appropriate level of free reserves at 31 December 2021 would be £250,000. The actual free reserves at 31 December 2021 were £1,514,042 which is £1,264,042 in excess of our target figure. The excess reserves will be utilised as opportunities to develop and advance management studies are identified by the trustees.

Unrestricted reserves represent funds which are freely available for general use.

Designated reserve balances held at 31 December 2022 were £232,496 (2021;£280,133).

The Charity has reviewed its investment policy and in 2020 the Investment Committee sought professional external advice. This took into consideration the need to achieve an optimum amount and type of investment, providing the best financial return within an acceptable level of risk. Following external advice, the Investment Committee recommended to the Charity that £250,000 should be invested in the first instance, over a three year time horizon. This was considered an appropriate amount, allowing the Charity to at least maintain the real value of its assets and generate funds to support education activities. The report on investments made to date states a value at 31 December 2022 of £247,785 (2021:£282,282). We are also seeking to diversify our earning capabilities to ensure a sustainable income stream. Thus the Charity is researching further suitable ways to invest excess reserves. However, we will proceed with caution, given the uncertainty surrounding the impact of Plan S on income and will see how our current investments perform.

Risk management

The Trustees have assessed the major risks to which the charity is exposed, in particular those related to the operations and finances of the charitable company, and are satisfied that systems are in place to mitigate exposure to the major risks.

Structure, governance and management

The charity is a company limited by guarantee and was set up by the Charity Commission Scheme.

The company is governed by the Articles and Memorandum of Association.

The purpose of SAMS is to act as a governing body for the Journal of Management Studies (JMS), with responsibility for hiring editors and assessing their performance, as well as the overall performance of the journal. Additionally, SAMS is responsible for allocating funds generated by JMS to activities aimed at building capacity in the management studies community, including conferences, workshops, grants and prizes. SAMS comprises 28 trustees, the majority of whom are full professors in universities in the UK, Europe, the United States, Canada and Australia. Trustees work to ensure that SAMS operates effectively and efficiently in meeting its aims.

The SAMS trustees meet four times each year. Meetings usually took place face-to-face but due to COVID-19 pandemic all meetings in 2020-21 were conducted using video conferencing. In 2022 a decision was made to hold two meetings a year face-to-face and two via video conferencing, as a means to contain costs and for sustainability reasons. Meetings are scheduled well in advance and papers circulated early to ensure that trustees are able to attend and also consider issues ahead of meetings. All decisions about strategy, policy and practice are reviewed by the full membership of SAMS and must be endorsed before they can be acted upon. Ongoing assessment of risks to income, as well as potential risks arising from expenditure, is undertaken. Trustees are required to declare any potential or actual conflicts of interest, which are then evaluated by the trustees collectively. A register of interests is maintained. Trustees receive no payment for their roles, but expenses associated with participation in SAMS meetings and other activities are reimbursed.

SAMS elects a Chair, Deputy Chair and a Treasurer. Specific tasks are managed through a series of committees responsible for the recruitment and performance of the JMS editors, recruitment of trustees, investments, funding of activities, the Grigor McClelland Award and liaison with the British Academy and the British Academy of Management. SAMS has a contract through which it pays Durham University for the provision of a dedicated administrative office which also supports JMS. Day to day management of the charity is delegated to the Chair supported by the administrator.

The Council has the following committees:

• Investments

• Developing the Management Studies Community Scheme (formerly known as Funding Opportunities) making decisions as to which initiatives, which mainly benefit early career business and management academics, to provide funding for

• SAMS Recruitment

• JMS Recruitment

• British Academy Liaison

• Grigor McClelland Doctoral Dissertation Award

• Editorial Review

• Plan S/Open Access

• British Academy of Management Collaborative Grant Scheme

• Strategic Partnership Committee

• Karen Legge Bursaries Committee

The Trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were:

Method of recruitment, appointment and induction of Trustees

The management of the charitable company is the responsibility of the Trustees who are elected and co-opted under the terms of the Articles and Memorandum of Association.

Since the Journal of Management Studies is the leading European-based journal in its field, members of the Society for the Advancement of Management Studies Council (the Board) are required to be senior academics in Management and Business Studies at the level of full professor or in a minority of cases high-performing early-career scholars. In addition to their own teaching and academic work such candidates are also likely to be members of other boards of learned societies and other journals. It follows that the circle from which recruits can be drawn is rather small. When vacancies arise potential trustees are assessed by a recruitment committee of Council which makes recommendations for approval by the full Council. Trustees are elected at the council meeting receiving the recommendations from the recruitment committee.

The chair of Council then invites the chosen candidates to join the Council. Trustees are elected for a three-year term, subject to renewal, and with a maximum of three such terms possible.

In accordance with the company's articles, a resolution proposing that GBAC Limited be reappointed as auditor of the company will be put at a General Meeting.

The charity provides public benefit as a charity by making available the Journal of Management Studies to all members of the public. Our trustees have complied with their duty in accordance with the UK Charities Act 2011 to follow the Charity Commission's guidance on the operation of this public benefit and the trustees feel that the activities of the charity are such that the requirement is fulfilled without unfair restriction on access and without producing any detriment to the public.

The trustees of the charitable company guarantee to contribute an amount not exceeding £1 to the assets of the charity in the event of winding up.

The trustees report was approved by the Board of Trustees.

The Trustees, who are also the directors of Society for the Advancement of Management Studies Limited for the purpose 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 charity and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that year.

In preparing these financial statements, the Trustees are required to:

- select suitable accounting policies and then apply them consistently;

- observe the methods and principles in the Charities SORP;

- make judgements and estimates that are reasonable and prudent;

- state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.

The Trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charity 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 charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

In so far as the trustees are aware, there is no relevant audit information of which the charitable company’s auditors are unaware, and the trustees have taken steps that they ought to have taken in order to make ourselves aware of any relevant audit information and to establish that the Charity’s auditors are aware of that information.

Opinion

We have audited the financial statements of Society for the Advancement of Management Studies Limited (the ‘charity’) for the year ended 31 December 2022 which comprise the statement of financial activities, the statement of financial position, the statement of cash flows and notes to the financial statements, including 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:

give a true and fair view of the state of the charitable company's affairs as at 31 December 2022 and of its incoming resources and application of resources, for the year then ended;

have been prepared in accordance with the requirements of the Companies Act 2006.

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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the charity 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.

In auditing the financial statements, we have concluded that the trustees 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 charity’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 Trustees with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditors' report thereon. The Trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon. 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 course of 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 this gives rise to a material misstatement in the financial statements themselves. 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.

We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion:

the information given in the financial statements is inconsistent in any material respect with the trustees report; or

sufficient accounting records have not been kept; or

the financial statements are not in agreement with the accounting records; or

we have not received all the information and explanations we require for our audit.

As explained more fully in the statement of trustees responsibilities, the Trustees, who are also the directors of the charity for the purpose 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 charity’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.

We have been appointed as auditor under section 144 of the Charities Act 2022 and report in accordance with the Act and relevant regulations made or having effect thereunder.

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 auditors' 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.

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

We obtained an understanding of the company and the sector in which it operates to identify laws and regulations that could reasonably be expected to have a direct effect on the financial statements. We obtained our understanding in this regard through discussions with management, application of cumulative audit knowledge and experience of the sector.

We determined the principal laws and regulations relevant to the company in this regard to be those arising from the Companies Act 2006, Local tax laws and regulations, Anti Money Laundering Legislation and Bribery Act 2010.

We designed our audit procedures to ensure the audit team considered whether there were any indications of non-compliance by the company with those laws and regulations. These procedures included, but were not limited to; a review of the Board minutes throughout the year and post year end. A review of general ledger transactions and discussions with management.

We also identified the risks of material misstatement of the financial statements due to fraud. We considered, in addition to the non-rebuttable presumption of a risk of fraud arising from management override of controls, and and we addressed this by challenging the assumptions and judgements made by management when auditing that significant accounting estimate.

As in all of our audits, we addressed the risk of fraud arising from management override of controls by performing audit procedures which included, but were not limited to: the testing of journals; reviewing accounting estimates for evidence of bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditors' report.

Use of our report

This report is made solely to the company’s members, as a body, in accordance with section 391 of the Companies Act 2014. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditors' 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 company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

GBAC Limited is eligible for appointment as auditor of the charity by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006.

The statement of financial activities includes all gains and losses recognised in the year.

All income and expenditure derive from continuing activities.

The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 31 December 2022, although an audit has been carried out under section 144 of the Charities Act 2011.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements under the requirements of the Companies Act 2006, for the year in question in accordance with section 476.

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

Society for the Advancement of Management Studies Limited is a private company limited by guarantee incorporated in England and Wales. The registered office is 16 Spencer Road, Strawberry Hill, Twickenham, TW2 5TH.

The financial statements have been prepared in accordance with the charity's governing document, the Companies Act 2006 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 and Republic of Ireland (FRS 102) (effective 1 January 2019)". The charity is a Public Benefit Entity as defined by FRS 102.

The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

At the time of approving the financial statements, the Trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the Trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

Unrestricted funds are available for use at the discretion of the Trustees in furtherance of their charitable objectives.

Designated funds are those which the charity has set aside to meet the grants payable in future periods which have been committed before the year end by way of signed agreements.

Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

Donations are recognised when the charity has been notified in writing of both the amount and settlement date. In the event that a donation is subject to conditions that require a level of performance before the charity is entitled to the funds, the income is deferred and not recognised until either those conditions are fully met, or the fulfilment of those conditions is wholly within the control of the charity and it is probable that those conditions will be fulfilled in the reporting period.

Income from charitable activities is an editorial fee consisting of 50% of the trading surplus of the Journal of Management Studies published in conjunction with Blackwell Publishing Limited, known as Wiley-Blackwell.

Income from investments represents interest from bank deposits and an invetsment portfolio. Interest on funds held on deposit is recognised 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. Income received within the investment portfolio is recognised when dividends are credited to the investment portfolio.

All expenditure is accounted for on an accruals basis and has been included under expenses categories that aggregate all costs for allocation to activities.

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that settlement will be required and the amount of obligation can be measured reliably.

Support costs include the central functions and have been allocated to activity cost categories on the basis of time spent administering each charitable activity.

All support costs have been treated as as unrestricted expenditure as they relate to the overall running of the charity.

Governance costs include those costs incurred in the governance of the Charity's assets and are associated with constitutional and statutory requirements.

Fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net income/(expenditure) for the year. Transaction costs are expensed as incurred.

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets, which include trade and other receivables and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities, including trade and other payables and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.

Provisions are recognised when the charity has a legal or constructive present obligation as a result of a past event, it is probable that the charity will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision is measured at present value, the unwinding of the discount is recognised as a finance cost in net income/(expenditure) in the period in which it arises.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Joint arrangements which are not an entity

The charity has an agreement with Blackwell Publishing Limited, known as Wiley-Blackwell, to publish the Journal of Management Studies jointly. The arrangement is shared equally between the charity and Wiley-Blackwell.

The charity's share of income and expenditure is disclosed on a proportional-consolidation basis within applicable account balances.

Fund accounting

General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the charitable company 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.

In the application of the charity’s accounting policies, the Trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Charitable Income

Charitable Income

Share of publishing income

Charitable Expenditure

Charitable Expenditure

Publication and editorial costs

Scholarships, grants and courses

Events

Durham University administration fee

Trustees expenses

Governance costs includes payments to the auditors of £3,970 (2021- £3,780) for audit fees.

The average monthly number of employees during the year was:

Services are instead provided by staff employed by the University of Durham and their costs are included in the fee in note 7.

The charity is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or section 252 of the Taxationof Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects.

The charity entered into an signed agreement in November 2018 with the British Academy of Management to fund a number of Research Grants over a seven year period. Three projects are underway and at the year end no amounts were payable.

A gift agreement with The British Academy for its "Small Research Programme" was signed in early 2020 which at the year end committed to future payments £110,000.

During the year no member of the Board of Trustees received any remuneration or benefits in kind and 10 trustees (2021: 2 trustees) had expenses for travel, subsistence and accommodation, direct and indirect, of £10,266 (2021 : £375).

The charity entered into an agreement in 2018 with the British Academy of Management which committed it to a number of grants payable over several years.

At the time of signing the accounts only three of these projects had a signed contract and installments had been paid for amounts committed to prior to the year end. There were no amounts at the year end due on these projects as milestones had not yet been met.

The amounts estimated to be payable subject to future projects being undertaken and meeting milestones, discounted to Net Present Values using a discount factor of 5% is £232,496.

The charity had no debt during the year.