Registered Number 03927089
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. (aANTARCTICcompany limited SCIENCEby guarantee) CHARITY NO 1090581
Directors’ Report and Unaudited Financial Statements for the year ended 31 December 2023
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Antarctic Science : Year ended 31 December 2023 : . Company Information , . Status Antarctic Science is a company limited by guarantee and a registered charity governed by its memorandum and articles of association. Charity Number: 01090581 ; Directors ; DrK R Lash Prof. M J Bentley . Dr JA Jackson Mr M Pinnock , Prof. D Pearce : Dr M Taylor Prof P Tyler (Resigned 9 June 2023) Dr A D Jungblut ; Prof P Convey : DrDr.A B RayaDavies Rey (Appointed 9 June 2023) . Secretary Brian Marshall _ Company Number 03927089 Registered Office Botanic House 98-100 Hills Road Cambridge Cambridgeshire CB2 1PH ; Independent examiner James Francis. FCA Ensors Accountants LLP incubator 2 The Boulevard Enterprise Campus ; Huntingdon . Alconbury PE28 4XA ae Solicitors Mills & Reeve : Botanic House ; 100 Hills Road Cambridge : ; CB2 1PH
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Antarctic Science Year ended 31 December 2023
Directors’ Report
The directors present their report and the financial staternents for the year ended 31. December 2023.
Structure and governance . ; "The organisation is a charitable company limited by guarantee, incorporated on 16 February 2000 and registered as a charity on 13 February 2002. The company was established under a Memorandum of Association which established the objects and powers of the charitable company and is governed under its Articles of Association.
The financial statements comply with the Charities Act 2011, the Companies Act 2006, the Memorandum and Articles of Association, and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard FRS 102 Charities SORP (effective January 2015).
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Objectives and activities
In planning the activities for the year the directors have had regard to the Charity Commissioners guidance on public benefit requirements.
The object of the charity is to educate the public about the Antarctic and its environment by the publication of a scientific journal and by the promotion, support and dissemination of research. The journal attracts papers from all of the countries currently undertaking Antarctic research. It publishes both review and.data papers as well as editorial comment and reviews of new publications.
In the light of improvements for public access to research publications supported by public funds demanded by European and American Governments, the journal has made all the necessary preparations to meet the Open Access requirements. This brings a fundamental change to income generation for the journal, but working with our publisher we believe this can be managed so as to maintain the charities activities (e.g. bursary awards to early career scientists). : Achievements and performance The charity.has continued to publish the journal with articles posted on-line as soon as they are ready and gathers them into issues every two months. The 2022 impact factor has reduced to 1.6 (cf 2.1 in 2021). We published 34 Scientific papers and 4 Editorials across a range of scientific disciplines. The journal's move into the humanities and social sciences has been maintained with 4 papers published in these fields. In-the 2023 round of bursary awards, 10 new awards were were made from 33 valid submissions, to a total of £52,636. £52,636. Note that in the accounts (charitable activities) the amount shown differs from this because 2 bursaries awarded awarded in 2022 were were claimed in 2023. We were were pleased to see see schemesubmissionsfor candidatesreturnsubmissionsfor candidatesreturnfor candidatesreturn candidatesreturnreturn to pre-pandemicfromfrom non-Englishlevels.speakingThislevels.speakingThisspeakingThisThis yearcountries,thecountries,thethe awardsandand wentaa webinartoto Australia,runrun by theIndia,internationalNew Zealand,AssociationSpain, theIndia,internationalNew Zealand,AssociationSpain,India,internationalNew Zealand,AssociationSpain,internationalNew Zealand,AssociationSpain,New Zealand,AssociationSpain, Zealand,AssociationSpain,AssociationSpain,Spain, UKof andPolarUSA.EarlyTheCareermentoringScientists,of andPolarUSA.EarlyTheCareermentoringScientists, andPolarUSA.EarlyTheCareermentoringScientists,PolarUSA.EarlyTheCareermentoringScientists,USA.EarlyTheCareermentoringScientists,EarlyTheCareermentoringScientists,TheCareermentoringScientists,CareermentoringScientists,mentoringScientists,Scientists, ; (APECS), has continued with the aim of maintaining the number of bursary applications received and increasing the diversity of applicants. applicants. : Dr Kate Hendry continues as Chair of the Board of Trustees. Prof. Paul Tyler left the board in 2023 and we record our gratitude for his service. The Board met three times in 2023. The Board continues to hold the bursary awards meeting in-person (with an option to attend virtually if ‘ required) and conducts all other meetings (usually two) virtually. Time extensions, incurring no extra costs, have been agreed for several bursary . : awards. Reserves Policy The charity seeks to produce the best financial financial return within an acceptable level of risk and meeting ethical considerations. The trustees wish to keep at least 10% of the assets that can be realised within three months. ; Financial Review ; ‘
'. In-the 2023 round of bursary awards, 10 new awards were were made from 33 valid submissions, to a total of £52,636. £52,636. Note that in the accounts (charitable activities) the amount shown differs from this because 2 bursaries awarded awarded in 2022 were were claimed in 2023. We were were pleased to see see schemesubmissionsfor candidatesreturnsubmissionsfor candidatesreturnfor candidatesreturn candidatesreturnreturn to pre-pandemicfromfrom non-Englishlevels.speakingThislevels.speakingThisspeakingThisThis yearcountries,thecountries,thethe awardsandand wentaa webinartoto Australia,runrun by theIndia,internationalNew Zealand,AssociationSpain, theIndia,internationalNew Zealand,AssociationSpain,India,internationalNew Zealand,AssociationSpain,internationalNew Zealand,AssociationSpain,New Zealand,AssociationSpain, Zealand,AssociationSpain,AssociationSpain,Spain, UKof andPolarUSA.EarlyTheCareermentoringScientists,of andPolarUSA.EarlyTheCareermentoringScientists, andPolarUSA.EarlyTheCareermentoringScientists,PolarUSA.EarlyTheCareermentoringScientists,USA.EarlyTheCareermentoringScientists,EarlyTheCareermentoringScientists,TheCareermentoringScientists,CareermentoringScientists,mentoringScientists,Scientists, (APECS), has continued with the aim of maintaining the number of bursary applications received and increasing the diversity of applicants. applicants.
The charity seeks to produce the best financial financial return within an acceptable level of risk and meeting ethical considerations. The trustees wish to keep at least 10% of the assets that can be realised within three months.
With the transition agreement in place with Cambridge University Press, and their new journal funding model, the move to Open Access publishing has continued. This has seen a reduction in income (of order of £14k), which taken together with rising publishing costs (~£12k over 3 years), has meant income has started to exceed outgoings. This has been sustainable over the last two years by reducing the cash held on current account, i.e. no impact on reserves held. In April 2024 the Board will consider what measures to take to run the charity at the new income level (which is predicted by CUP to remain at this level). The Board and Editor-in-Chief, working with our publisher, will continue to seek ways to promote the journal (so as to increase income) through social media activity, promotions at scientific conferences and broadening the scope of articles, but other measures are likely to have to be taken.
Directors
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The directors who served during the year are stated below:
Dr K R Lash
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Prof. M J Bentiey : : A Jackson Mr M Pinnock . Prof. D Pearce : Dr M Taylor : Prof P Tyler . (Resigned 9 June 2023) Dr A D Jungblut . Prof P Convey : Dr. A:-Raya Rey Dr 8 Davies {Appointed 9 June 2023) :
__.DrJ A Jackson
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Antarctic Science
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Year ended 31 December 2023
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Contents
| Directors’ report 1-2 _ independent examiner's report 3 | : |Statement of financial activities : 4 | Balance sheet 5-6 . Notes to the financial statements 7-9 ; ,
The following page does not form part of the statutory accounts
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Detailed income and expenditure account
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Antarctic Science
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Year ended 31 December 2023
independent examiner's report to the Trustees of Antarctic Science
| report to the charity trustees on my examination of the accounts of the Company for the year ended 31 December 2023.
Responsibilities and basis of report
As the charity's trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ("the 2006 Act").
| Having satisfied myself thatthe accounts oftheCompany | Companyare notrequired tobe audited under Part 16 ofthe2006 Actand are eligible for | |
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| : | independent examination, | report in respect ofmy |
| (the 2011 Act’). In carrying outmy examination | ||
| Act. |
Independent examiner’s statement
|| have completed myexamination. | confirm that no material matters havecame tomy attention in connection with the examination givingmecause|| have completed myexamination. | confirm that no material matters havecame tomy attention in connection with the examination givingmecause|| have completed myexamination. | confirm that no material matters havecame tomy attention in connection with the examination givingmecause|
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|to believe:|||
|1. accounting recordswere not kept in respect oftheCompanyas required bysection 386 ofthe 2006 Act; or|||
|2. theaccounts do not accord with those records; or|||
|3. theaccounts do notcomply with the accounting requirements ofsection 396 ofthe 2006Actotherthan any||requirement thatthe accounts|
|give a ‘true and fair viewwhich is not a matterconsideredas partofan independent examination; or|||
|4. the accounts have not been prepared in accordance with the methods and principles ofthe Statement ofRecommended Practice for|||
|accounting and reporting by charities [applicable to charities preparing theiraccounts in accordance with the Financial Reporting Standard|||
|applicabie in the UK and Republic of freland ( FRS 102)).|||
|| have no concerns and have come across no other matters in connectionwith theexamination towhich attention should be drawn in this report in|||
|order to enable a proper understanding ofthe accounts to be reached.|:||
|James Francis FCA|||
|Ensors Accountants LLP|:||
|Chartered Accountants|:||
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| Antarctic Science : Year ended 31 December 2023 | Directors’ Responsibilities
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The directors are responsible for preparing the Directors’ Report and the financial statements in accordance with applicable iaw and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the : financial statements in accordance with United Kingdom: Generally Accepted Accounting: Practice (United Kingdorn Accounting Standards. and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or-loss of the company for that period. In preparing these financial statements, the directors are required to:
-select suitable accounting policies and apply therm consistently:
-make judgements and estimates that are reasonable and: prudent:
-prepare the financial statements on the going concern basis unless it is-inappropriate to presume that the company will continue in business,
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the campany’'s transactions and disclose. with reasonable accuracy at any time the financial position of the 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 company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Small company exemptions
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This report. is prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
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Signed on behalf of the directors
Mr M Pinnock ‘ : Director :
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Antarctic Science
Year ended 31 December 2023
Statement of Financial Activities (including Income & Expenditure Account) for the year ended 31 December 2023
| Unrestricted | Restricted | Total | Total | ||||||
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| Funds | Funds | Funds | Funds | ||||||
| Note | ; | 2023 | 2022,—~« | ||||||
| £ | £ | £ | £ | ||||||
| income | |||||||||
| Income from scientificjournal | 73,210 | - | 73,210 | 65,648 | |||||
| Other income | - | - | - | - | |||||
| Bank interest | 5,744 | < | 5,744 | 6,241 | |||||
| Donations | - | - | - | - | |||||
| Total income | 2 | 78,954 | - | 78,954 | 71,889 | ||||
| Expenditure | |||||||||
| Managing editor | . | 19,672 | - | 19,672 | 17,626 | ||||
| Charitable activities | 52,636 | - | 52,636 | 64,317 | |||||
| Other costs | 12,755 | - | 42,755 | 8,795 | |||||
| Total expenditure | 3 | 85,063 | - | 85,063 | 90,738 | ||||
| Netincome forthe year | (6,109) | - | (6,109) | (18,849) | |||||
| Gain or loss on investment fund | 6,745 | - | 6,745 | —*(18,470) | |||||
| Reconciliation offunds | |||||||||
| Total funds broughtforward | 332,056 | 1,400 | 333,456 | 367,775 | |||||
| Totalfundscarriedforward | 332,692 | 4,400 | 334,092 | 333,456 | : |
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Antarctic Science
. Year ended 31 December 2023
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Balance Sheet
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Notes 2023 2022
& £ £ £
Fixed assets ‘ ;
: Tangible assets 6 : “ “
investments 7 105,300 98,555 .
' ; CurrentDebtors assets 8 73,683 19.167
250,345 250,466
| Cash at bank and in hand 176,662 231,299
Creditors: amounts falling due within
one year 9 (21,553) (15,565)
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| ;TotalNet current assetsassets less current liabilities 228,792334,092 234,901333,456
| Funds ;
i Restricted 10 4,400 1,400
| Unrestricted 332,692 332,056
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Antarctic Science
Year ended 31 December 2023
Balance Sheet (continued)
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For the financial year ended 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. :
The directors acknowledge their responsibilities for compiying 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 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.
" The financial statements were approved by the board of directors and authorised for issue on 20 May 2024 and are signed on its behalf by:
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Mr M Pinnock Director
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bate: aomeysoas 21 June Q024-
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Company Registration No. 03927089
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| Year ended 31 December 2023 ;
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Antarctic Science
Notes to the financial statements
- Accounting policies | Company information Antarctic Science Limited is a company limited by guarantee incorporated in-England and Wales, registration number 03927089. The registered office is Botanic House, 98-100 Hills Road, Cambridge, Cambridgeshire, CB2 1PH. : Accounting convention These financial statements are prepared in accordance with FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" ("FRS 102 Charities SORP") and in accordance with the Companies Act 2006. | . The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial | statements are rounded to the nearest £. . q Going Concern | The financial statements have been prepared on a going concern basis as, after making appropriate enquiries, the trustees have reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future at the time of approving the financial’ statements.
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Income : Allquantifiedincomingwithresourcesreasonableareaccuracy.included:inThethefollowingstatementspecificof financialpoliciesactivitiesare appliedwhento particularthe charity:iscategoriesentitledofto income:the income. and: the amount can be
Scientific journal income : Income is defived from a share of the profits fromthe publication of the journal Antarctic Science and is included in. the period to which the journal relates. Turnover is the amount dervied from the provision of goods/services, and stated after trade discounts, other sales taxes.and net of VAT.
Donations
Donations are recognised at the point.in which they are received by the charitable company. Restricted funds are subject to specific conditions by. donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.
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Interest receivable...
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Interest is included when receivable by the charitable company.
Expenditure
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Expenditure is recognised on an accruals basis as_a liability is incurred: Expenditure includes VAT, which is not recovered, and is reported as part of the expenditure to which it relates.
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Charitablebeneficiaries.expenditure comprises those costs incurred by the charitable company in the delivery: of its activities. and services for its
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Governance costs include those costs associated with meeting the constitutional and statutory requirements of the charitable company and include accountancy fees and costs linked to the management of the charity:
The charitable company makes grants at the discretion of the trustees. The grants are charged to the Statement of Financial Activities in the |: “. yearTangible that they are fixed assets awarded.and depreciation Bo , | Depreciation is provided at rates calculated to write off the cost less residual value of each asset over its expected useful life, as follows:
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Gomputer.equipment.- Hardware Computer equipment - Software
=. 33% straight line - 100%
2° Income
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The turnover and net incoming resources for the year are attributable to the principal activity of the charitable company which is the publication of a scientific journal. Turnover is recognised on an accruals basis. ;
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Antarctic Science
Year ended 31 December 2023
Notes to the financial statements
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| 3 | Total expenditure | : | 2023 | 2023 | 2022 | 2022 | |||
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| Journal Costs | |||||||||
| Managing editor | “ | 19,672 | 17 626 | ’ | |||||
| 9,872 | e826. | ||||||||
| Charitable activities | |||||||||
| Paymentofbursaries | 52,636 | 64,317 | |||||||
| _ __ | 52,636 | 64,317 | |||||||
| The bursaries are paid to young Antarctic scientists to enable them | to | pursue research projects. | |||||||
| Othercosts | |||||||||
| Meetings | 4,043 | 748 | |||||||
| Accountancy | : | 2,376 | 2,273 | ||||||
| Legal and professional | 6,661 | 3,494 | |||||||
| Website costs | 2,105 | 4,735 | |||||||
| Subscriptions | 361 | 347 | |||||||
| Sundry | 90 | 78 | |||||||
| Printing and stationery | 119 | 119 | |||||||
| 12,755 — |
8,795 == ii ii iiir |
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| Totalexpenditure | 85,063 | 90,738 | |||||||
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4 Trustees emoluments
Trustees received no remuneration (2022 - £nil) but were reimbursed expenses of £590 (2022 - £450) for travel and subsistence. There was an expense incurred in the year of £453 (2022 - £299) for the Trustees meeting.
‘ There was an expense incurred in the year of £29 (2022 - £nil) for a one off small gift provided to a leaving board member.
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Included within marketing costs is £2,000 (2022 - £nil) of reimbursed expenses to a trustee in relation to travel to a conference for journal promotion.
5 Taxation
The charitable company has no liability to corporation tax for the year ended 31 December 2023 due to its charitable status.
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Year ended 31 December 2023
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Notes to the financial statements
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6 Tangible fixed assets . Fixtures, fittings : : equipment ’ £ Cost Att January 2023 : 1,170 Additions : Disposals - At 31 Deceniber 2023 ; 1170 Depreciation . Att January 2023 1,170 Charge for the year ~ On-disposais , : . : At 31 December 2023 4,179 Net book values At31. December 2023 B At31 December 2022 : . - : ~ ad7 Market investments : Caost.or valuation : Att January 2023 : 98/555 Additions - IncomeRevaluationtetained in account ; 6,745= Disposals : = At31 December 2023 ; 405,300 Carrying amount At 31. December 2023 405,300 At 31 Decernber 2022 ee): 8 Debtors , 2023 2022 ; £ £ Trade debtors 73,209 18,361 Prepayments and accrued income 473 806 . 73,683 19.167 9 Creditors: amounts falling due within one year ; 2023 2022 £ ft Accruals & deferred income . 21,553 : 15,565 : 21,553 ___ 15,565 410 Restricted funds There is a historical amount brought forward of £1,400, these donations must be used solely for busaries. ; 44 Control ‘The: company-is limited by guarantee and has no-share capital. Under the terms of the memorandum and articles each member is liable to contribute a sum not exceeding £1 in the event of the company being wound up.
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Year ended 31 December 2023
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Detailed income and expenditure account
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|,|*|2023|2022|
|Total|Total|
|£|£|
|Income|:|73,210|65,648|
|Managing|editor|19,672|17,626|
|Website|costs|2,105|4,735|
|Meetings|:|1,043|748|
|Accountancy|2,376|2,273|
|Legal|and|professional|:|6,661|3,494|
|Bursaries|52,636|64,317|
|Subscriptions|:|361|347|
|Sundry|90|78|
|Printing|and|stationery|119|119|
|85,063|90,738|
|Operating|surplus|(deficit)|(17,854)|(25,090)|
|Interest|receivable|
|Bank|deposit|interest|5,744|6,241|
|Gain|or loss on|investment|fund|6,745|(15,470)|
|Net surplus|(deficit)|for the year|636|(34,319)|
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