Registered number: 05914196 Charity number: 1119654
FUNGAL BIOLOGY LIMITED
UNAUDITED
TRUSTEES' REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021
FUNGAL BIOLOGY LIMITED (A company limited by guarantee)
CONTENTS
| Page | |
|---|---|
| Reference and administrative details of the Company, its Trustees and advisers | 1 |
| Trustees' report | 2 - 4 |
| Independent examiner's report | 5 - 6 |
| Statement of financial activities | 7 |
| Balance sheet | 8 - 9 |
| Notes to the financial statements | 10 - 20 |
FUNGAL BIOLOGY LIMITED (A company limited by guarantee)
REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 DECEMBER 2021
| Trustees | Professor G M Gadd |
|---|---|
| Professor P van West | |
| Professor N Magan | |
| Professor S Avery | |
| Company registered number 05914196 Charity registered number 1119654 Registered office Charles Darwin House 12 Roger Street London WC1N 2JU Company secretary Professor G M Gadd Accountants WR Partners Chartered Accountants Belmont House Shrewsbury Business Park Shrewsbury Shropshire SY2 6LG Bankers Royal bank of Scotland 15 Foregate Street Chester CH1 1HD |
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FUNGAL BIOLOGY LIMITED (A company limited by guarantee)
TRUSTEES' REPORT FOR THE YEAR ENDED 31 DECEMBER 2021
The Trustees present their annual report together with the financial statements of the Company for the year 1 January 2021 to 31 December 2021. The Annual report serves the purposes of both a Trustees' report and a directors' report under company law. The Trustees confirm that the Annual report and financial statements of the charitable company comply with the current statutory requirements, the requirements of the charitable company's governing document and the provisions of the Statement of Recommended Practice (SORP) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2019).
Since the Company qualifies as small under section 382 of the Companies Act 2006, the Strategic report required of medium and large companies under the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 has been omitted.
Objectives and activities
a. Policies and objectives
The objectives of the charity is to provide administrative and logistical support to the British Mycological Society and its members.
In setting objectives and planning for activities, the Trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit, including the guidance 'Public benefit: running a charity (PB2)'.
b. Activities undertaken to achieve objectives
The activites of the charity are to provide administrative and logistical support to the British Mycological Society and its members.
c. Main activities undertaken to further the Company's purposes for the public benefit
The charity provides support to the British Mycological Society, which inturn provides educational public benefit by promoting mycology in all its aspects
Achievements and performance
a. Main achievements of the Company
During the year the charity provided administrative and logistical support to the British Mycological Society at a cost of £42,322 (2020: £25,006). Charges are made on a full cost recovery basis with Fungal Biology only retaining £1 of unrestricted reserves at each balance sheet date.
Financial review
a. Going concern
After making appropriate enquiries, the Trustees have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the accounting policies.
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FUNGAL BIOLOGY LIMITED (A company limited by guarantee)
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021
b. Reserves policy
The policy of the charity is to not hold any reserves of its own. Expenses incurred by the charity are recharged to the British Mycological Society at cost. Closing reserves at December 2021 amounted to £1 (2020: £1).
c. Principal risks and uncertainties
The company is supported by its sister charity British Mycological Society, which has substantial unrestricted reserves.
Structure, governance and management
a. Constitution
Fungal Biology Limited is registered in England and Wales as a charitable company limited by guarantee and was set up by a Memorandum of Association.
b. Methods of appointment or election of Trustees
The management of the Company is the responsibility of the Trustees who are elected and co-opted under the terms of the Memorandum of Association.
Plans for future periods
The charity plans to continue to provide administrative and logistical support to the British Mycological Society.
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FUNGAL BIOLOGY LIMITED (A company limited by guarantee)
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021
Statement of Trustees' responsibilities
The Trustees (who are also the directors of the Company for the purposes 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. Under company law, the Trustees 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 its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Trustees are required to:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles of the Charities SORP (FRS 102);
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make judgments and accounting estimates that are reasonable and prudent;
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state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements;
-
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.
The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Company'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.
Approved by order of the members of the board of Trustees and signed on their behalf by:
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................................................
Professor G M Gadd
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Date: 23 August 2022
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FUNGAL BIOLOGY LIMITED (A company limited by guarantee)
INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 DECEMBER 2021
Independent Examiner's Report to the Trustees of Fungal Biology Limited ('the Company')
I report to the charity Trustees on my examination of the accounts of the Company for the year ended 31 December 2021.
Responsibilities and Basis of Report
As the Trustees of the Company (and 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 that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of the Company's accounts carried out under section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
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FUNGAL BIOLOGY LIMITED (A company limited by guarantee)
INDEPENDENT EXAMINER'S REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021
Independent Examiner's Statement
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:
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accounting records were not kept in respect of the Company as required by section 386 of the 2006 Act; or
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the accounts do not accord with those records; or
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the accounts do not comply with the accounting requirements of section 396 of the 2006 Act 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; or
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the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities [applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)].
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Bookkeeping services from a separate WR Partners office have been provided to the Charity during the year. The bookkeeping service is independent of the independent examiner's work. I confirm that the FRC's Revised Ethical Standard has been appropriately applied.
This report is made solely to the Company's Trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. My work has been undertaken so that I might state to the Company's Trustees those matters I am required to state to them in an Independent examiner's report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the Company and the Company's Trustees as a body, for my work or for this report.
Signed: Dated: 5 September 2022 Jane Tweedie BSc FCA DCha WR Partners Belmont House
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FUNGAL BIOLOGY LIMITED (A company limited by guarantee)
STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 DECEMBER 2021
| Note Income from: Other trading activities 3 Total income Expenditure on: Charitable activities 4 Total expenditure Net movement in funds Reconciliation of funds: Total funds brought forward Total funds carried forward |
Unrestricted funds 2021 £ 42,322 42,322 42,322 42,322 - 1 1 |
Total funds 2021 £ 42,322 42,322 42,322 42,322 - 1 1 |
Total funds 2020 £ 25,006 25,006 |
|---|---|---|---|
| 25,006 25,006 |
|||
| - | |||
| 1 1 |
The Statement of Financial Activities includes all gains and losses recognised in the year. The notes on pages 10 to 20 form part of these financial statements.
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FUNGAL BIOLOGY LIMITED (A company limited by guarantee) REGISTERED NUMBER: 05914196
BALANCE SHEET AS AT 31 DECEMBER 2021
| Note Fixed assets Tangible assets 9 Current assets Debtors 10 Cash at bank and in hand Creditors: amounts falling due within one year 11 Net current assets / liabilites Total assets less current liabilities Net assets Total net assets |
1,174 9,066 10,240 (10,239) |
2021 £ - - 1 1 1 1 |
- 6,180 6,180 (6,331) |
2020 £ 152 152 (151) 1 1 1 |
|---|---|---|---|---|
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FUNGAL BIOLOGY LIMITED (A company limited by guarantee) REGISTERED NUMBER: 05914196
BALANCE SHEET (CONTINUED) AS AT 31 DECEMBER 2021
| Note Charity funds Restricted funds 12 Unrestricted funds 12 Total funds |
2021 £ - 1 1 |
2020 £ - 1 |
|---|---|---|
| 1 |
The Company was entitled to exemption from audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit for the year in question in accordance with section 476 of Companies Act 2006.
The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements.
The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime.
The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:
................................................ Professor G M Gadd
Date: 23 August 2022
The notes on pages 10 to 20 form part of these financial statements.
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FUNGAL BIOLOGY LIMITED (A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021
1. General information
Fungal Biology Limited is a private limited company, limited by guarantee. The members of the company are the Trustees names on page 1. In the event of the company being wound up, the liability in rspect of the guarantee is limited to £10 per member. The company's registered office and principal place of business is at Charles Darwin House, 12 Roger Street, London, WC1N 2JU.
2. Accounting policies
2.1 Basis of preparation of financial statements
The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - 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 Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.
Fungal Biology Limited 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.
2.2 Income
All income is recognised once the Company has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.
2.3 Expenditure
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use.
Expenditure on charitable activities is incurred on directly undertaking the activities which further the Company's objectives, as well as any associated support costs.
All expenditure is inclusive of irrecoverable VAT.
2.4 Tangible fixed assets and depreciation
Tangible fixed assets are capitalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably.
Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost.
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FUNGAL BIOLOGY LIMITED (A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021
2. Accounting policies (continued)
2.4 Tangible fixed assets and depreciation (continued)
Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives, .
Depreciation is provided on the following basis:
Fixtures and fittings - 33% on cost
2.5 Debtors
Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
2.6 Cash at bank and in hand
Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
2.7 Liabilities and provisions
Liabilities are recognised when there is an obligation at the Balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.
Liabilities are recognised at the amount that the Company anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.
Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Statement of financial activities as a finance cost.
2.8 Financial instruments
The Company 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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FUNGAL BIOLOGY LIMITED (A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021
2. Accounting policies (continued)
2.9 Pensions
The Company operates a defined contribution pension scheme and the pension charge represents the amounts payable by the Company to the fund in respect of the year.
The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the compant pays a fixed contribution into a seperate entity. Once the contributions have been paid the company has no further payment obligations.
The contributions are recognised as an expense in the statement of finacial activities when they fall due. Amounts paid are shown in creditors as a liability on the balance sheet. The assets of the plan are held seperatley from the company in independently administered funds.
2.10 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 Company and which have not been designated for other purposes.
3. Income from other trading activities
Income from non charitable trading activities
| Unrestricted funds 2021 £ Intercompany charges 42,322 Total 2020 25,006 |
Total funds 2021 £ 42,322 25,006 |
Total funds 2020 £ 25,006 |
|---|---|---|
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FUNGAL BIOLOGY LIMITED (A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021
4. Analysis of expenditure on charitable activities
Summary by fund type
| Unrestricted funds 2021 £ Direct costs 42,322 Total 2020 25,006 |
Total funds 2021 £ 42,322 25,006 |
Total funds 2020 £ 25,006 |
|---|---|---|
5. Analysis of expenditure by activities
| Direct costs Total 2020 |
Activities undertaken directly 2021 £ 37,465 19,243 |
Support costs 2021 £ 4,857 5,763 |
Total funds 2021 £ 42,322 25,006 |
Total funds 2020 £ 25,006 |
|---|---|---|---|---|
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FUNGAL BIOLOGY LIMITED (A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021
5. Analysis of expenditure by activities (continued)
Analysis of direct costs
| Staff costs Hotels, travel and subsistence Printing and stationery Bank charges Internet and computer Storage charge Total 2020 Analysis of support costs Depreciation Insurance Sundry expense Bad debt Governance costs Total 2020 |
Activities 2021 £ 34,528 - 86 148 1,072 1,631 37,465 19,243 Activities 2021 £ 152 99 370 - 4,236 4,857 5,763 |
Total funds 2021 £ 34,528 - 86 148 1,072 1,631 37,465 19,243 Total funds 2021 £ 152 99 370 - 4,236 4,857 5,763 |
Total funds 2020 £ 14,540 17 346 305 783 3,252 19,243 |
|---|---|---|---|
| Total funds 2020 £ 151 - 144 1,982 3,486 5,763 |
|||
6. Independent examiner's remuneration
The independent examiner's remuneration amounts to an independent examiner fee of £630 (2020 - £600).
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FUNGAL BIOLOGY LIMITED (A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021
7. Staff costs
| Wages and salaries Social security costs Contribution to defined contribution pension schemes |
2021 £ 33,266 425 837 34,528 |
2020 £ 13,633 643 264 14,540 |
|---|---|---|
The average number of persons employed by the Company during the year was as follows:
| 2021 | 2020 | |
|---|---|---|
| No. | No. | |
| Employees | 2 | 1 |
No employee received remuneration amounting to more than £60,000 in either year.
8. Trustees' remuneration and expenses
During the year, no Trustees received any remuneration or other benefits (2020 - £NIL).
During the year ended 31 December 2021, no Trustee expenses have been incurred (2020 - £NIL).
9. Tangible fixed assets
| Cost or valuation At 1 January 2021 At 31 December 2021 Depreciation At 1 January 2021 Charge for the year At 31 December 2021 |
Fixtures and fittings £ 3,656 |
|---|---|
| 3,656 | |
| 3,504 152 |
|
| 3,656 |
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FUNGAL BIOLOGY LIMITED (A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021
9. Tangible fixed assets (continued)
| Tangible fixed assets (continued) | |
|---|---|
Net book value At 31 December 2021 At 31 December 2020 |
Fixtures and fittings £ - |
| 152 |
10. Debtors
| Due within one year Other debtors |
2021 £ 1,174 1,174 |
2020 £ - |
|---|---|---|
| - |
11. Creditors: Amounts falling due within one year
| Bank overdrafts Amounts owed to group undertakings Other taxation and social security Pension creditor Accruals and deferred income |
2021 £ - 7,393 - 117 2,729 10,239 |
2020 £ 70 3,629 369 116 2,147 |
|---|---|---|
| 6,331 |
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FUNGAL BIOLOGY LIMITED (A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021
| 12. | Statement of funds | ||||
|---|---|---|---|---|---|
| Statement of funds - current year | |||||
| Balance at | |||||
| Balance at 1 | 31 | ||||
| January | December | ||||
| 2021 | Income | Expenditure | 2021 | ||
| £ | £ | £ | £ | ||
| Unrestricted funds | |||||
| General Funds | 1 | 42,322 | (42,322) | 1 |
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FUNGAL BIOLOGY LIMITED (A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021
- Statement of funds (continued)
Statement of funds - prior year
| Statement of funds - prior year | ||||
|---|---|---|---|---|
| Balance at | ||||
| Balance at | 31 | |||
| 1 January | December | |||
| 2020 | Income | Expenditure | 2020 | |
| £ | £ | £ | £ | |
| Unrestricted funds | ||||
| General Funds - all funds | 1 | 25,006 | (25,006) | 1 |
- Summary of funds
Summary of funds - current year
| Summary of funds - current year | ||||
|---|---|---|---|---|
| General funds Summary of funds - prior year General funds |
Balance at 1 January 2021 £ 1 Balance at 1 January 2020 £ 1 |
Income £ 42,322 Income £ 25,006 |
Expenditure £ (42,322) Expenditure £ (25,006) |
Balance at 31 December 2021 £ 1 |
| Balance at 31 December 2020 £ 1 |
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FUNGAL BIOLOGY LIMITED
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021
14. Analysis of net assets between funds
Analysis of net assets between funds - current year
| Unrestricted funds 2021 £ Current assets 10,240 Creditors due within one year (10,239) Total 1 |
Total funds 2021 £ 10,240 (10,239) 1 |
|---|---|
Analysis of net assets between funds - prior year
| Tangible fixed assets Current assets Creditors due within one year Total |
Unrestricted funds 2020 £ 152 6,180 (6,331) 1 |
Total funds 2020 £ 152 6,180 (6,331) 1 |
|---|---|---|
15. Pension commitments
The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the group in an independently administered fund. The pension cost charge represents contributions payable by the group to the fund and amounted to £837 (2020: £264). The sum of £117 was payable to the fund at the balance sheet date and is included in creditors.
16. Members' liability
Each member of the charitable company undertakes to contribute to the assets of the company in the event of it being wound up while he/she is a member, or within one year after he/she ceases to be a member, such amount as may be required, not exceeding £10 for the debts and liabilities contracted before he/she ceases to be a member.
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FUNGAL BIOLOGY LIMITED
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021
17. Related party Transactions
The company supplies administrative support soley to the British Mycological Society (BMS). The Trustees are also Trustees of BMS. During the year ended 31 December 2021, this support was charged out in the sum of £42,322 (2020: £25,006). At 31 December 2021, the company owed BMS £7,393 (2020: £3,629).
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